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September 30, 2000, Chandigarh, India   
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France to hire 10,000 software experts NEW DELHI, Sept 29 — Hyundai Motor India Limited (HMIL) today launched a new top-end version of its mid-sized car ‘Accent GLX’ priced at Rs 6.85 lakh (ex-showroom Delhi), and hinted at an imminent hike in the prices of both Santro and accent shortly following an increase in production costs. BHEL net increases 10 pc to Rs 599.4 cr Sapphire Techno opens B2B portal Denmark rejects Europe’s currency |
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| Power boards offered rebate NEW DELHI, Sept 29 — Alarmed by whopping outstandings of over Rs 15,300 crore from state electricity boards (SEBs) and slippage in monthly realisation, the National Thermal Power Corporation (NTPC) today offered a 25 per cent rebate on outstanding surcharge amount to those SEBs which agreed to clear their entire dues. Canbank opens centre Golden Mouse award
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Industry still in grip of slowdown: CII NEW DELHI, Sept 29 (PTI) — Indian industry continues to be gripped by economic slowdown with most sectors posting low or negative growth during the first half this fiscal, according to CII data. Majority of the sectors in the capital goods, basic goods, intermediate goods, consumer goods segments recorded less than 10 per cent or negative growth in production during April to September this year, as per the data released today. Almost 52 of the 129 sectors analysed recorded less than 10 per cent growth rate in production during the period under review as compared to 41 sectors in the corresponding period last year. Sectors which posted a negative growth rate in production also jumped up from 18 to 29 during the first six months of the current fiscal. Negative growth in production was mostly reflected in the capital goods segment with power equipment posting negative growth rates ranging from a high of 53.8 per cent in telecom cables to 2.5 per cent in energy metres. In the basic goods segment, the oil sector recorded a negative growth in production of 4 per cent, the data said. Poor performance by the consumer durable segment, including automobiles and television sectors, led to an overall dismal growth in production. Heavy commercial vehicles, scooters and cars segments posted high negative growth rates ranging from 24 per cent to 6 per cent during the first six months of the current fiscal while both the colour and black and white television posted negative growth of 20 per cent and 30 per cent respectively during the period under review. Industry performance in terms of seats was also poor with as many as 47 sectors posting low to negative growth in sales as against only nine sectors recording over 20 per cent growth in sales during the first six months of the fiscal. The only sectors which performed well in terms of sales included textile, machinery, motor cycles, refinery and air conditioners. The cellular services sector posted the highest growth in sales with 76 per cent growth recorded during the period under review. Sectors which posted a double dight negative growth in sales included telecom cables, transmission line towers, wagons heavy commercial vehicles and scooters. Exports, however, continued to be on the growth path with 18 sectors posting growth of over 20 per cent during April-September this year as against only 12 sectors during the corresponding period last year. The sectors which posted negative growth in exports also came down to 12 as compared to 29 sector in 1999-2000.
Growth slips to 5.8 pc in Q1 NEW DELHI, Sept 29 (PTI) — Poor performance of the agriculture sector and a slowdown in manufacturing pulled down economic growth to 5.8 per cent in the
first quarter of the current fiscal from 6.9 per cent a year ago. Though the mining, power and transport sectors improved their performance in the quarter compared to last year, the slowdown in the two major sectors brought down the growth in GDP at constant prices to 5.8 per cent, according to latest quarterly estimate released by the Central Statistical Organisation today. The agriculture sector, which recorded a modest 2.5 per cent growth during April-June compared to 4.9 per cent last year was affected by negative growth in rice, pulses and oilseeds in the last rabi season. The GDP at constant prices for the quarter was estimated at Rs 2,86,524 crore as against Rs 2,70,732 crore in the same period of 1999-2000. The manufacturing sector grew by 5.5 per cent during the quarter compared to 6.1 per cent a year ago, mainly on account of the marked slowdown in cement industry. Cement recorded a poor 3.6 per cent growth during the period compared to 21.3 per cent a year ago. Trade, hotels, transport and communication, which forms the single segment among GDP constituents recorded a 7.7 per cent growth this year compared to 6.1 per cent in April-June last year. The slowdown in the first quarter is likely to put pressure on the economy achieving the targeted 6.5 per cent growth during the current fiscal year. |
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France to hire 10,000 software experts PARIS, Sept 29 (PTI) — France today said it wanted to hire 10,000 Indian software professionals as part of the efforts to step-up Indo-French co-operation for which MoU was signed here. The MoU, signed by Indian IT Minister Pramod Mahajan and French Minister for Foreign Trade Francois Huwart, envisages promoting collaboration and exchange of information pertaining to the booming infotech sector over the next three years an official statement said there. The ongoing two-day visit of Mr Mahajan to Paris assumes significance as France, for the first time, has admitted a shortage of 10,000 software professionals and 50,000 technicians and was keen to hire them from India, Nasscom officials revealed. India on its part has highlighted New Delhi’s enormous potential to address the French software industry’s demands. Meanwhile, under the agreement signed here last evening, a new working group on IT would be set up to identify and facilitate programmes to explore and to implement innovation and incubation of IT talent in India and France. Both countries have also agreed to develop IT skills through various exchange programmes and jointly organised conferences. Mr Mahajan is accompanied by IT Secretary P.V. Jayakrishnan and a 20-member industry delegation led by Mr Dewang Mehta, President of Nasscom. Major infotech heavyweights including Infosys, Satyam Infoway and Wipro are also a part of the Indian delegation. The MoU also envisages increasing Internet connectivity between India and France by joint development of interactive multi-media broadband content, information security and e-government. To facilitate this, the IT working group meetings will be held once a year in the respective countries. The two ministers also addressed the joint working group, consisting of experts and business leaders from both sides. Mr Mahajan also met senior representatives from the French software companies during a breakfast meeting organised by French software association Syntec, here today. The Indian side made detailed presentations on e-commerce, micro electronic and IT enabled services followed by one-to-one between companies in the post-lunch session. “Soon after this conference we are expecting deals worth of between $ 5 and 8 million,” Mr Mehta said, adding that both the sides expected the business to develop in three modes — Indian software exports to France, from France to India, especially telecom related software and Indian and French companies working together for exports to third countries. The current Indo-French interaction is propelled by the fact that India’s software exports to France last year was $ 28 million and the industry estimates show that it could reach about $ 50 million this year. Nasscom is confident that with imaginative policies it could even reach $ 100 million by next year. The first meeting of the Indo-French Joint Commission was held in 1998, in which IT was included in the list of areas to be discussed under joint working groups. However, the French side was not keen then to widen areas of co-operation in the IT sector, including hiring Indian professionals in French companies. With Germany showing the way for hiring Indian sortware professionals, Paris does not want to lose the opportunity in catching up with their traditional rival who is miles ahead of France in industrial growth. But the present strict visa regime remains a big hurdle in expanding ties between the Indian and French IT groups. Unless the French modify their laws and visa regime and permit professionals to come work here on a temporary basis like in Germany and Japan, the kind of growth and expansion we are looking at will be hampered”, Indian officials pointed out. The Indian delegation took up the matter with the French Minister for Foreign Trade and also brought his attention on the difficulties of Indian companies in opening their subsidiaries in France. |
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Hyundai unveils Accent GLX, hints at Santro NEW DELHI, Sept 29 (UNI) — Hyundai Motor India Limited (HMIL) today launched a new top-end version of its mid-sized car ‘Accent GLX’ priced at Rs 6.85 lakh (ex-showroom Delhi), and hinted at an imminent hike in the prices of both Santro and accent shortly following an increase in production costs. The company is also all set to introduce its luxury sedan Sonata in India in the first quarter of 2001, sporting a price tag of Rs 10-12 lakh, Hyundai Motor India Managing Director Yang Soo Kim told newspersons here today. Sonata, to be introduced with a 40-50 per cent local content level will mark the company’s foray into the luxury segment of the Indian passenger car market. The company expects to sell around 1,500-2,000 units of the car in a year. Though the
company is yet to finalise the exact quantum of hike in prices, Hyundai Director (Marketing and Sales) B.V.R. Subbu said efforts would be made to minimise the price increase. “We are facing an imminent hike in steel prices and it will translate into an increase in our production costs. We cannot afford to absorb the entire hike and will have to pass on some incremental costs. So a price hike is inevitable. But we will try to minimise the prices by cutting costs and greater localisation efforts.” Priced around Rs 68,000 higher than its current higher-end version Accent GLS, The GLX model is expected to drive the company to achieve total sales of 80,000 units his fiscal. Of this, the company expects Santro to account for 68,000 units and accent for 12,000 units. With this new model, Hyundai now has five offerings in the mid-sized
category — Accent GLE (Rs 5.71 lakh), GLE with power steering (Rs 5.98 lakh), GLS (Rs 6.74 lakh), Accent diesel (6.74 lakh) and GLX (Rs 6.85 lakh). The company expects the new GLX model to account for 15-20 per cent of total demand for Accent. The new model boasts of a stereo system, rear spoiler, sporty alloy wheels and keyless entry system. |
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BHEL net increases 10 pc to Rs 599.4 cr NEW DELHI, Sept 29 (PTI) — Bharat Heavy Electricals Ltd today announced a 10 per cent increase in the profit at Rs 599.4 crore for 1999-2000 on a turnover of Rs 6,634 crore. The company had secured orders worth Rs 7,221 crore in the last financial year, BHEL Chairman and Managing Director K.G. Ramachandran said, adding that the dividend has been increased to 30 per cent for 1999-2000 compared to 25 per cent in the previous year. Mr Ramchandran also said export orders of the company increased seven-fold in two years with a record export order of Rs 703 crore during last financial year. Major export orders included 2X159 mw ISO gas turbine generating units from Iraq and turnkey orders from Bangladesh and Oman for large size gas turbine-based power plants (124 mw ISO). Addressing shareholders at 36th Annual General Meeting of the company, said BHEL had decided to take up infotech as a business initiative. “With its expertise in IT and rich experience in power station engineering, servicing and allied areas, BHEL can leverage itself to diversify into new economy sector of IT and IT-enabled services,” Mr Ramachandran said. |
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Sapphire Techno opens B2B portal MUMBAI, Sept 29 (UNI) — Sapphire Technologies, promoted by the O.P. Jindal group, today launched Steelemart.com, a B2B portal. The portal proposed to provide marketplace for the exchange of steel related products to its participants. According to a release here, Steelemart will provide producers, middlemen, distributors, suppliers, original equipment manufacturers, service centres and other end users with a secure online environment to pick and choose new business associates and partners for completing business transaction online basis. Steelemart has tied up with specific service provider for the benefit of the portal. The portal will provide partners in logistics, authentic content
providers, third party inspection agencies, insurance, credit-rating of user, security payment and others. — Indiaport.com.for logistics, Centre for Montoring Indian Economy for content and Geo Chem Laboratories for inspection have committed their services to Steelmart, more are being included for the benefit of portal users. |
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Denmark rejects Europe’s currency COPENHAGEN, Sept 29 (AFP) — Denmark rejected the eruo voting not to join 11 other western European states in the common currency and raising new questions about the pace and scope of Europe’s political integration. In a national referendum, Danes balked at
scrapping their historic currency, the krone, for the troubled euro, and in the process broadcast a message of concern about ceding local identity and sovereignty to a European superstate. Prime Minister Poul Nyrup Rasmussen who campaigned heavily in support of the euro described the outcome as a humiliating “defeat” for Denmark and said he accepted responsibility for the consequences. As many as 53.1 per cent of the four million voters who took part in the landmark plebiscite decided against joining the
euro zone. The result was a more pronounced victory for the “no” camp than the opinion polls forecast. The referendum was regarded as a barometer of public confidence in the currency itself and in efforts led by Europe’s powerhouses, particularly France and Germany, to consolidate the continent’s decision-making processes. The euro, fresh from an unprecedented intervention by the world’s top central banks to prop it up, slipped to just under the 88-cent mark in New York trading soon after the outcome of the Danish vote became clear. In Brussels, the European Union voiced regret at the Danish decision and called on Copenhagen to respect its existing engagements to the European currency. The massage from Denmark clearly and quickly crossed its borders, with Britain and Sweden, the only other EU states that have still not moved to join the euro zone, listening very closely. Commenting on the vote in Denmark, British Prime Minister Tony Blair downplayed the impact it would have on a raging debate within Britain on whether or not to make a stronger commitment to Europe. “Denmark has its own decision. We have our own decision,” Blair told BBC radio. But the Swedish Prime Minister Goeran Persson admitted that the outcome of the vote in Denmark would have a direct impact on sentiment in Sweden for closer European integration. “It’s obvious that the result of the Danish referendum on
the euro will have an influence on the domestic debate in Sweden,” Persson told state television. Both Britain and Sweden have pledged to consult their citizens on whether or not to join the euro zone, but neither country has yet set a date of doing so. France has vowed that European economic and political integration will go ahead despite the Danish “no”, but warned that the rejection could lead to a “two-speed” Europe. French Prime Minister Lionel Jospin however said Denmark had little economic weight within the EU and its rejection of euro was “not a problem.” Analysts attributed the referendum result to mainly the right-wing fear about the dilution of Denmark’s national identity and worries that acceptance would cut the country’s generous welfare benefits. Danish Prime Minister Rasmussen, for whom the “no” vote was a humiliating defeat, said it would not make him step down. |
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Power boards offered rebate NEW DELHI, Sept 29 (PTI) — Alarmed by whopping outstandings of over Rs 15,300 crore from state electricity boards (SEBs) and slippage in monthly realisation, the National Thermal Power Corporation (NTPC) today offered a 25 per cent rebate on outstanding surcharge amount to those SEBs which agreed to clear their entire dues. “We have given a concession of up to 25 per cent on surcharge to some states, including Andhra Pradesh, for settling dues... we are willing to consider in case of others,” new Chairman and Managing Director of NTPC C.P. Jain told reporters here. Stating that the NTPC would sign an agreement with GRIDCO, a power supply utility in Orissa, for one-time clearance of total dues of Rs 840 crore by next month, Mr Jain said GRIDCO would issue bonds for the purpose. Out of the total outstandings of Rs 15,310 crore, the surcharge component it about Rs 5,600 crore. Mr Jain said and asserted that the NTPC would not let its claim on surcharge go as it comprised mainly the cost of money invested by it. The NTPC had claimed a total of Rs 7,983 crore as principal amount for securitisation with a cut-off date of December, 1999, and clarified that actual amount would be decided by the government. Asked if the NTPC was in race for taking responsibility of setting up a special purpose vehicle, being contemplated by the Power Ministry, for securitisastion of Rs 10,000 crore dues of central power utilities, Mr Jain said. “There us a proposal but the decision has to be taken by the government. It is also to be decided as to how much of our principal is cleared through securitisation. |
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CHANDIGARH, Sept 29 — Canbank Investment Management Services (CIMS), the Asset Management Company of Canbank Mutual Fund, today opened its Investors Relations Centre (IRC) in Sector 34-A, here. The IRC inaugurated by Mr K.Raghunath, General Manager, Canara Bank, Chandigarh circle will provide service to investors and general public in investor counselling and related services. Mr Raghunath said the opening of the centre is yet another step to provide multifarious services to the public in banking and related financial areas. Mr R.K. Madhukar, Chief General Manager, CIMS, Mumbai, said the fund is in the process of repositioning itself to emerge as an aggressive market player and plans to reach out to a large section of small investors and institutions in semi urban areas and non-metro cities. |
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Golden Mouse award MUMBAI, Sept 29 (UNI) — The Golden Mouse award for “the best newcomer of the year” was presented to the advertising and marketing portal, www.brandquiver.com. Mr Ranjyoti Barooah, CEO of Brand Dotcom. Ltd, said: “Qualitative accolades, like the Golden Mouse are particularly motivating at this juncture when the dotcom business appears to have lost some of its lustre. This award will further motivate us to passionately carry on with our dream of continuously enhancing one services and thereby the experience of our customers”. The awards have been instituted by Bangalore-based Mediazindia.net, the co-organiser of the India Internet World Exhibition. |
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Time for Punjab to use IT: Sawhney CHANDIGARH, Sept 29 — In the present-day scenario the thrust should be on using information technology (IT) for the development of agriculture and industry. Stating this at a seminar on “Value Creation through Vertical Networking”, at the CII here today, Prof Mohanbir Singh Sawhney, a global expert in e-commerce, said: “Instead of following the states or countries which are ahead of us in IT and related areas, we need to learn from them and think about where can we create value”. “Punjab has always been the leader in adopting the latest technology in different sectors. In IT also, instead of trying to follow any other state we should frame out own strategies after identifying our strength and estimating where we need to excel”, he said. While agricultural and industrial sectors are already established in Punjab, now is the time to use IT for further growth in these spheres. “Traditional strength in manufacturing in no case should be ignored”, he added. Regarding policies and rules adopted by a state in business he opined that these should remain same, irrespective of changes in the ruling parties. “In fact, the government should keep itself out of this. We need to ensure manufacturers that rules and policies will remain unchanged. Only an environment that survives individuals and political transactions can assure steady growth”, Mr Sawhney said. On failure of dotcom companies, he said these were not working in the right direction. “Dotcom activity is focused on domestic consumer market whereas the scope and incentive is more in B2B connectivity business.” E-services revolution is taking place globally, which also has a wide scope. Punjab has contributed intellectual capital to the world. There is no dearth of talent in the govt sector. It has to become a “user friendly” state”, Mr Sawhney said. Mr Ramesh Inder Singh, Secretary, Industries and Commerce, Punjab and Mr I.S. Paul, Chairman, CII, were also present.  |
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Beware of coils & mats MUMBAI: Allethrin, the active ingredient used in mats and coils to repel mosquitoes, is dangerous and can prove fatal after prolonged use, according to a leading city-based manufacturer of mosquito coils. Allethrin exposure can lead to deformity at childbirth and conditions such as brain tumors and leukaemia, said Mr Vijay Gokhale, Director of the 52-year-old Bombay Chemicals Limited. Addressing a press conference here, Mr Gokhale said that infants are at a high risk when exposed to mats and coils containing insecticide-based chemical repellents and informed that the developed nations restricted usage of products containing allethrin to outdoors only. Since these poisonous insecticides used in coils, mats and vaporisers get inhaled for eight hours during sleep at night, there are manufacturers of these products who recently decided to launch 10 hours jumbo coils and 12 hours mats with red colour, he observed.
Her chutney
on BBC TV
LONDON: A Mumbai-trained chef is on her way to fame and fortune after winning a food and drink competition organised by BBC Television. Manju Malhi’s winning recipe was for coriander chutney. She made the chutney in a blender in her own kitchen in a London suburb and filmed the entire operation on a friend’s home video camera. When the BBC called her to say she had won the competition by beating hundreds of other contestants, she couldn’t believe her luck. She attributes her success to the influence of her mother, Kami, and the two years she spent doing an Indian cookery course in Mumbai. The Guardian newspaper says celebrity agents who are billing her as the next Madhur Jaffrey have snapped up Malhi. In an interview with the newspaper Malhi said;” My family always wanted me to be a doctor and thought I was dreaming when I said I wanted to work in television. I am amazed my home video helped me so much, because it looks so amateurish. But the chutney has always been a winner with my friends.” — IANS.
Allen quits
Microsoft board
REDMOND (USA): Paul Allen is leaving Microsoft’s Board of Directors but will remain an adviser to Bill Gates, the prep school buddy with whom he co-founded the company. Allen, the world’s third-richest man with an estimated net worth of $ 36 billion, will spend about the same amount of time working with Microsoft, but will focus less on business and more on technology. Allen will formally leave the board on November 9, the day of Microsoft’s annual shareholders’ meeting. “Being an active board member for a dynamic and successful company such as Microsoft is a time-consuming role and one I have enjoyed for many years,” Allen said in a news release. “This new role will enable me to spend my time on technology and product where I can really make a significant contribution.” Allen and Gates founded Microsoft in 1975. Allen left in 1983 in the midst of a battle with Hodgkin’s disease. He went on to be come a successful entrepreneur and investor, and today has a hand in some 140 new media companies. — AP
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PSIEC CHANDIGARH, Sept 29 — The Punjab Small Industries and Export Corporation (PSIEC) has been accorded the ISO 9002 by the Joint Accreditation System of Australia and New Zealand. The PSIEC has become the first infrastructure development corporation in the state with its accreditation under the system. The certification will facilitiate external parties with international linkages that the PSIEC as a corporation as is working as per an international standards and hence its corporate image would get enhanced. The certificate of the ISO 9002 was released by Punjab Chief Minister Parkash Singh Badal. Those who were present included Mr Ramesh Inder Singh, Principal Secretary to CM, Mr S.K. Sandhu, MD, PSIEC, Mr D.S. Guru, Director Industries and Mr Sarvesh Kaushal, Special Principal Secretary to the Chief Minister.
Telecom strike NEW DELHI, Sept 29 (PTI) — Stage is set for the launch of the largest Indian company on Sunday with agitating telecom officers today calling off their protest actions demanding job security in Bharat Sanchar Nigam Limited. BSNL, with assets of Rs 63,000 crore and an anticipated revenue of Rs 20,000 crore per annum, being formed through corporatising the Department of Telecom Services, will begin its operations on October 1 without any hickups as the officers have called off their agitation on an assurance from the Prime Minister Atal Behari Vajpayee on job security.
Price index SHIMLA, Sept 29 (UNI) — The all-India consumer price index number for industrial workers (CPI-IW) on base 1982=100 for August last has decreased by two points to stand at 443 points, according to the Labour Bureau here today. |
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