 |
| Saturday,
January 13, 2001, Chandigarh, India   
|
AOL, Time Warner close merger deal
Explore energy resources: Pant
Industrial production declines to 6 pc
LG to double investment Effluent plants to
get 25 pc subsidy |
|
|||||||||||||||||||||||||||||
|
Pentamedia eyes Disney
model HDFC net rockets
90 per cent MTNL rates for cell service
Now online help for
IIT, PMT students HFCL signs pact with Cisco Systems Drop in PC sales
|
|
AOL, Time Warner close merger
deal WASHINGTON, Jan 11 (Reuters) — Internet giant America Online Inc. on Thursday cleared the last regulatory hurdle to acquire Time Warner Inc., winning the conditional Federal Communications Commission approval for the creation of the world's biggest media company. Exactly a year and a day after the companies announced their historic marriage of old and new media, the five-member FCC unanimously agreed to let AOL and Time Warner go forward despite a dispute over what conditions to put on the companies. However, the commissioners voted 3-2 to place restrictions on the new company's advanced instant messaging system when it runs over Time Warner's cable lines. They also voted to force further access to the cable pipeline by competing Internet services. "These conditions are designed to protect the open competitive nature of the Internet," FCC Chairman William Kennard said. "They protect consumers and avoid heavy-handed regulation by using a narrowly-tailored market opening approach." The FCC approval, after months of internal discussion at the agency, allows the world's biggest Internet services provider to close its $106.2 billion purchase of the media and cable conglomerate to create an unparalleled company spanning television programming, movies, magazines and cyberspace. Time Warner has the second-largest collection of cable systems in the USA and an enormous publishing arm that includes Sports Illustrated and People magazines while AOL has close to 29 million Internet subscribers, including 2.6 million Compuserve members. The two companies won antitrust approval from the Federal Trade Commission on December 14 after agreeing to open cable television lines to several rival Internet service providers before launching AOL's own service and allowing consumers a wide choice of content. The new AOL Time Warner Shares of AOL closed up $2.34 to $47.23 while shares of Time Warner shares rose $4.19 to $71.19. Although consumer groups had pressed hard for regulators to put strict limitations on the combination, one organization hailed Thursday's action by the FCC as a step toward expanding consumer choice. "What could have been a disaster for consumers now holds the potential to promote competition and consumer choice," Gene Kimmelman, co-director of Consumers Union said in a statement. The companies had hoped for quick FCC approval once they got FTC clearance but communications regulators became locked in weeks of debate over details of its own set of conditions. The conditions adopted did not appease all sides however. The two Republicans on the panel, Michael Powell and Harold Furchtgott-Roth, disagreed with attaching any conditions, while Democrat Gloria Tristani wanted tougher ones on instant messaging. Conditions on AOL Time Warner But, the commission stopped short of forcing AOL to make its current popular instant messaging software that allows real-time chats via typed messages interoperate with that of rivals like Microsoft and ExciteAtHome. "At the end of the day, I believe the record and the anti-competitive theory did not support mandating interoperability," Powell said in a statement. While Tristani pushed hard for the tougher condition she said "voting in favor of the decision serves consumers better than lodging a dissent." The instant messaging conditions expire in five years but AOL Time Warner can petition the FCC earlier arguing that the conditions are no longer necessary because contracts with big competitors have been reached or an industry-wide standard for interoperability exists.
|
|
Explore energy resources: Pant NEW DELHI, Jan 12 — The Deputy Chairman of Planning Commission, Mr K. C. Pant, has called for measures to increase the availability of energy from domestic resources to match the rapidly growing demand in the coming years. “As the energy needs of the country are going to increase at a rapid rate in the coming decades, it is imperative to take steps to increase the proven energy resources available indigenously”, Mr Pant said while delivering the valedictory speech, in the international conference on oil and hydrocarbons Petrotech 2001 which concluded here today. There is an urgent need to step up exploration for coal, oil and natural gas, Mr Pant said adding that there was also an urgent need to take up exploration of on-shore and off-shore hydrocarbon basins. “Even though India has sizeable energy resources in terms of coal, hydro-electricity and nuclear energy, domestic hydrocarbon resources, are not sufficient to sustain the increasing demand for energy”, he said. Expressing concern over the continued decline in India’s self-sufficiency in oil, the Planning Commission Deputy Chairman said it was imperative to put in place prudent demand side management practices and adopt more efficient technologies in all sectors. Underlining the need for developing alternative fuel to neutralise the volatile price fluctuations in the international market, Mr Pant said that there was a need to upscale the proven technologies such as Fischer-Tropsch on a wider spectrum. “The developed countries took initiatives after the first oil shock of 1973 to contain the demand of petroleum products. However, the efforts made in India in this direction have not been to the desired level”, Mr Pant observed. By 2020, total consumption of oil was projected to increase at an annual rate of 2.3 per cent. What, however, was a matter of concern, was that two-thirds of the increase in energy demand over the period 1995-202 was expected to come from India, China and other developing countries.
|
|
Industrial production declines to 6 pc NEW DELHI, Jan 12 (PTI) — Continuing the downward trend in the current financial year, industrial production has declined to 6 per cent in the April-November period of current financial year as against 6.2 per cent registered in the same period of the previous year. The manufacturing sector with over two-third weightage in the index of industrial production (IIP) grew at 6.3 per cent in the first eight months compared to 6.6 per cent growth posted in the corresponding period last year. According to quick estimates of IIP released by the Central Statistical Organisation (CSO) here today, the manufacturing sector, however, showed signs of recovery in November, 2000 as it registered a higher growth of 6.5 per cent against just 3.7 per cent in November 1999. The Electricity sector also registered a lower growth rate of 4.9 per cent during April-November, 2000, compared to 8.2 per cent last year. The mining sector, however, recovered further and posted a growth rate of 4.1 per cent against a meagre 0.5 per cent growth registered in the first eight months in last financial year, the CSO release said. Despite a rise in the consumer goods sector, IIP dipped due to a fall in the intermediate goods and capital goods while basic goods with more than one-third weightage remained unchanged. The basic goods sector stood firm at the 1999-2000 figure of 5.3 per cent even in the current financial year, CSO release said. Growth in the capital goods sector fell sharply to 3.7 per cent during April-November, 2000, as against a growth of 8.2 per cent in the previous financial year. In November last, capital goods sector registered a negative growth of 0.1 per cent as compared to an impressive 9 per cent growth last year. The intermediate goods sector recorded a growth of 4.8 per cent, which was lower than previous year’s figure of 8.6 per cent. However, in November, it made a comeback by posting 4.6 per cent growth as against a negative growth of 0.4 per cent in the last year. Consumer goods, however, grew by 8.8 per cent in the first eight months of current financial year as against the 4.3 per cent growth achieved last year. Within the consumer goods sector, consumer durables grew by 19.6 per cent as compared to 13.1 per cent a year ago while consumer non-durables grew by 5.3 per cent in the first eight months of 2000 whereas the growth in the last year was only to the tune of mere 1.6 per cent,
CSO release said.
|
|
LG to double investment KOLKATA, Jan 12 (PTI) — LG Electronics India, will divest 25 per cent of the equity to fund the company’s future expansion plans. Managing Director of the company K.R. Kim told reporters here today that LG had appointed an outside agency to study the market in detail, which is expected to be completed by March this year. Mr Kim said the public issue was likely to hit the market sometime this year. The company, which has established itself as a player in the CTV and home appliances segments, has made investments around $ 100 million in India. Mr Kim said more investments to the tune of another $ 100 million would be made within 2003. The investments would be directed to set up units which would manufacture frost-free refrigerators, fully-automatic washing machines and a host of other products like mobile phones, note books and LCD TV monitors. Since the start of its Indian operations in 1997, the company posted a turnover of Rs 1903 crore during the year-end December 2000 and a profit before tax of Rs 75 crore. Mr Kim said the company would commence assembly of PC monitors at its Noida facility in May this year and hoped to increase its sales from 300,000 units in 2000 to 500,000 units this year. The company had also plans to increase its range of PC monitors to 14 from the current 10 models and the new models would include the launch of LG’s finger print recognition monitor and the Internet model in October this year. Mr Kim said the company had launched its PC camera in the Indian market this month and would focus on consolidating its market leadership position in Flatron monitors by attaining market share of 55 per cent in the current calendar year. “We will launch 15.1” TFT LCD monitor in February and note book PCS in June this year. We are also going to launch our combo model DVD ROM and CDR/w in March this year,” he said. “After setting up our software centre in Bangalore in 1996 we are going to set up an inhouse r&d and
HRD centre in India not only to train the Indian employees but also to serve foreign employees of
LGE in South East Asia and Northern Africa,” he added.
|
|
Effluent plants to get 25 pc subsidy NEW DELHI, Jan 12 (UNI) — The Haryana State Pollution Control Board (HSPCB) has launched a scheme of giving 25 per cent subsidy on common effluent treatment plants (CETP) up to a maximum limit of Rs 10 lakhs, Mr H.S. Bains, Chairman, HSPCB said. Mr Bains said this at a meeting held at the PHDCCI here today. The board also decided to resume the subsidy given for sewage treatment plants for smaller towns to the extent of 25 per cent up to a maximum limit of Rs 10 lakh. Six of the steps have already been installed in various towns of the state and six more have been sanctioned by the Government of India which are likely to be installed very soon. Regarding the grant of consent application, Mr Bains said the date had been extended up to January 31, 2001. Talking about the mandatory public hearing for project requiring environmental impact assessment (EIA) Mr Bains said that no objection certificate (NOC) would now be given within seven days of receipt of application. The
PHDCCI in a press note issued here said the HSPCB had also set up assistance cell for providing technological inputs to the likes of foundry and electro-plating industry in the state. |
|
Pentamedia eyes Disney
model MADRAS, Jan 12 (Reuters) — Pentamedia Graphics, emulating the Disney business model, is venturing into theme parks, according to a senior company official. Pentamedia, which announces its results for the October-December quarter later on Friday, recently acquired a theme park-cum-entertainment complex, Maayajaal (Illusions), by buying its developer, Hotel Whales, for 694 million rupees ($14.89 million) in stock. The park is located just outside Madras. "We want to use the digital assets created from our animation work like Walt Disney did with their characters, and plan to make this first-of-its-kind digital theme park," Pentamedia Chief Operating Officer K. Srinivasan told Reuters on Thursday. "One projection dome is ready and we expect 150 million rupees in revenue from this in the first year. So when we have all nine domes, including a digital zoo, ready in about 15-18 months, then we can look at real revenue from this business." Recent moves by the firm to consolidate its position as a provider of animation and special effects to Hollywood's entertainment industry include the acquisition of a majority stake in Emmy award winning American animation firm Film Roman. Srinivasan said the firm was now close to wrapping up a $10 million equal joint venture deal with another leading US-based special effects creator, Digital Domain, for taking on special effects projects for Hollywood. "The due diligence has been completed and the final legal paperwork is being done and it should be completed by March 31 and this venture will help us bid for more projects at more competitive rates as we can produce them out of India," he added. An analyst with a local securities firm, who was the only one among several analysts contacted by Reuters willing to comment on the company, said Pentamedia's recent addition of a motion capture technology studio would help the firm cut delivery time. "This should help them finish their projects more quickly and add significantly to their margins," said Pratish Krishnan, equity analyst with Cholamandalam Securities. The company, which hived off its business software division in the third quarter last year, posted a net profit of 357.1 million rupees on sales of 1.06 billion in the July-September quarter of 2000. |
|
HDFC net
rockets 90 per cent BOMBAY, Jan 12 (Reuters) — HDFC Bank on Friday announced that its third-quarter net profit has jumped 90 per cent, marginally beating analysts' expectations. The net profit for the three months ended December rose to 537.2 million rupees ($11.54 million) from 281.7 million rupees a year earlier. The analysts had expected profit to rise 70 to 80 per cent, mainly due to a merger early last year. HDFC Bank said the results were not comparable with those of the corresponding period in the previous year because of that merger with Times Bank last February. "I had expected the net profit to rise by 70 to 80 per cent because of the merger. But going forward, I don't think the bank can sustain such a growth rate in the next financial year," said Manish Karwa, a banking analyst at Pranav Securities. Total income rose to 3.72 billion rupees in the third quarter, up from 1.9 billion a year earlier. That was mainly due to greater interest income, which rose to 3.26 billion rupees from 1.60 billion rupees a year ago. |
|
MTNL rates for cell service MUMBAI, Jan 12 (PTI) — Union Communications Minister Ram Vilas Paswan today announced the rates for MTNL’s cellular phone service, Dolphin, at Rs 1.50 per minute for incoming calls and Rs 2.70 per minute for outgoing. “The monthly rentals for the mobile phone will be Rs 400, and registeration for the service will begin on January 15 and February 15 in Delhi and Mumbai, respectively”, Mr Paswan told reporters here today. He said MTNL would commence cellular service from January 26 in Delhi and February 28 in Mumbai. During the first phase, MTNL would provide service to one lakh customers, increasing to three lakh users in the second phase, the minister said. |
Now online help for IIT, PMT students NEW DELHI, Jan 12 (UNI) — Students preparing for IIT-JEE or CBSE-PMT, stuck up with some questions at a time when there is no one around to help out, can now look up to a new website for solutions. The website “piewebtutor.com”, which was launched last June, now has an online doubt clearing (ODC) section where the computer savvy student can freely chat with a tutor whenever there is a doubt. And the website enables the student to access his tutor from anywhere in his country, for a fee of Rs 1,200 for one year and Rs 1,500 for two years. According to Chief Programme Director C. V. Kalyan Kumar of the education division of PIE Solutions and Systems which was launched two years ago, tutors at the ODC also provide counselling. A group of students can join together to register themselves, thus making this facility even cheaper. Students can register online for ODC. PIE consultant Pallab Bose said in addition to classroom teaching, online teaching with auto checking is provided on the website at a fee of Rs 4,000 for one year and Rs 5,000 for two years. Mr Kalyan Kumar said attempts were also being made to introduce course material and the ODC in Hindi and regional languages, and to open PIE centres outside the national capital region. HFCL signs pact with Cisco Systems BOMBAY, Jan 12 (Reuters) — Himachal Futuristic Communications (HFCL) said today it was buying equipment made by San Diego-based Cisco Systems Inc, the world's largest maker of Internet networking gear. The equipment will enable HFCL to offer telecom services for packet-switched networks. Unlike traditional circuit-switched networks, packet-switched networks transmit information in small bursts, thereby cutting communications costs. "We were not doing packet switched networks at all, it is an entirely new area for us," Mahendra Nahata, Managing Director of Himachal Futuristic told Reuters. The firm also said it would work jointly with Cisco on projects to integrate large telecom networks in India. "We will perform systems integration for packet-switched networks and will complement our equipment with Cisco's," Nahata said. Nahata, however, said it was too early to predict the effect this would have on Himachal Futuristic's revenue and profit. Prateek Agarwal, analyst with SBI Capital Markets, said the move opened a big business area to Himachal. "They can now target the IP networks, can go to all those who are laying fibre optic networks," Agarwal said. Many Indian companies are wiring the country with fibre optic networks to boost bandwidth capacity in response to explosive growth in the number of Internet users in the world's second-most populous nation, and in the amount of data being transmitted via the Net. India is expected to approve the use of IP telephony, a technology that makes possible transmitting voices over the Internet rather than via conventional phone lines. Himachal shares were trading at 1,198.50 at mid-afternoon, up 4.7 per cent on the day, following news of the Cisco equipment agreement. HFCL also said it and Sweden's Ericsson had agreed to jointly bid to supply GSM cellular services equipment to Bharat Sanchar Nigam Ltd (BSNL). BSNL, which provides fixed-line phone services throughout India except in Bombay and New Delhi, plans to begin providing cellular service in 600 cities from October. Drop in PC sales NEW DELHI, Jan 12 — The computer hardware sector, which is in not experiencing multiple growth like the software sector, today urged budgetary sops from the government while projecting a drop in annual sale of personal computers in the country. “With less than expected sales of PCs, sales for 2000-01 have been revised from 1.9 million units to 1.75 million units,” said Mr Vinay Deshpande, President of the Manufacturers’ Association of Information Technology (MAIT). He said the sales forecast have been scaled down because of lower sales in the second quarter. Mait President, however said the Minister for Information Technology, Mr Pramod Mahajan, has assured that the government was keen on developing India into a hardware manufacturing destination and pushing reforms to further develop the market. In 1999-2000, PC sales totalled 1.4 million units. The hardware sector in its recommendations to government for the coming Budget and the Exim policy said the Customs duty on all imported parts and components must be brought to nil especially items of dual usage. There should be a minimum 10 per cent differential between input parts and components and finished goods. MAIT has also urged to simplify procedures to increase velocity of business. MAIT has also urged the government to abolish the special additional duty on all IT products, reduce local levies excise duty to 8 per cent and sales tax to nil to make IT affordable.  |
bb
Coop bank Oilseed sector Uco Bank Marconi centre Company Secy Netfinex.com |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 120 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
