The Tribune, Chandigarh, India

Cars pass British Petroleum and Aral petrol stations in Berlin on Monday. British Petroleum will buy the oil and petrol station business of Germany's largest power group E.ON AG in a cash and stock deal, the companies said on Monday. Under the deal, BP will initially acquire 51 per cent of E.ON's Veba Oel unit, including Aral, the country's largest chain of petrol stations.
— Reuters

Pollution board cautions industries
Gurgaon, July 16
The Haryana State Pollution Control Board today cautioned the industries in the state to get its approval under the “consent management scheme” by August 16,failing which it would unilateraly initiate action against the defaulting units.

Is new pill better than Viagra?
Toronto, July 16
If the tiny diamond-shaped Viagra was considered a magical solution to male sexual dysfunctions, Canadian scientists claim to have produced a new pill that holds greater promise.

Centurion Bank opens branch in Panchkula
Chandigarh, July 16
Centurion Bank will now provide banking solutions to banks in the North. Negotiations are already on with a few banks here, while it already has provided this service to two banks in the South, said Ms Shyamla Khera, Regional Head, North, while talking to The Tribune here today.

‘Immigration consultants should form a body’
Chandigarh, July 16
In a wake of unearthing of the recent immigration scandals and the meeting held by the SP, Mr H.S. Dhaliwal, Managing Director of Can-Asia, Mr Rupinder Batth said today that there is an urgent need of formulating a body which can regulate the working and standards of immigration consultants in Chandigarh and its surrounding areas.

Indian Post ties up with Prudential ICICI
Mumbai, July 16
Department of Indian post today tied up with Prudential ICICI Asset Management to distribute the mutual fund’s products from select post offices in Mumbai, Delhi, Chennai, Bangalore and Chandigarh.

Raise exit ceiling to 10,000 units
New Delhi, July 16
The industry today welcomed the decision of UTI to lift the freeze on sale and repurchase of US-64 schemes. Welcoming the decision of the UTI to offer US-64 holders the option to exit up to a ceiling of 3000 units at fixed prices, Assocham suggested enhancing the exit ceiling to at least 10,000 units.

ROUND-UP

Yahoo Japan profit spurts 122 pc
Tokyo, July 16
Top Internet portal Yahoo Japan said on Monday its parent operating profit surged 122 per cent in the April to June quarter from the previous year as a late spurt of Internet growth in Japan boosted advertising revenues.

Insurance cover for rape victims
Arcus to open 10 more stores

Rights issue of Maruti likely

Kolkata, July 16
The Centre is considering floatation of rights issue of Maruti Udyog Limited in a bid to dilute its holding in the 50:50 joint venture with Suzuki Motor Corporation of Japan.

Union Minister for Heavy Industries Manohar Joshi told reporters here today that the government would not subscribe to the issue, but would offer its subscription to the financial institutions.

The government would seek the consent of the JV partner before floatation of the issue, he said, since “as per the agreement with Suzuki, we have to get their consent before the move.”

Asked if there would be an agreement with the employees on the issue, he said “we will take the employees into confidence.”

Meanwhile, the process of disinvestment of public sector units has been slowed down due to the large scale agitation by the Balco employees, Joshi said, adding the government was taking steps to speed up the process.

He said 100 of the 240 public sector units in the country were running at a loss. In West Bengal, 15 out of 19 PSUs incurred losses and six of them would be closed down.

The units to be closed down in the state were Reyrolle Burn Limited, Weighbird Industries, Mining and Allied Machineries Corporation, Cycle Corporation, Bharat Process and Mechanical Engineering Limited, Rehabilitation Industries Corporation.

While restructuring process was already underway in three units in the state - Bharat Brakes and Valves Limited, Jessop and Hindustan Cables - there were plans for undertaking the exercise in a number of others to facilitate joint ventures (JVs).

Asked about the government’s stake in the proposed JVs, he said it could be brought down to 26 per cent.

On the ailing wagon makers in the state like Burn Standard, Jessop and Braithweight, he said the Centre was aware of the delay in release of wagon orders and would take steps to expedite the same.

The Department of Heavy Industries has already sent two letters to Railway Minister Nitish Kumar on the issue.

Before arriving at a final decision a high powered Cabinet committee headed by the Prime Minister thoroughly reviewed each case separately leaving no scope for any wrong doing, Mr Joshi emphasised.

To a query on the Maruti disinvestment programme, the minister said no such decision would be taken without consulting its Japanese partner Suzuki. Apart from downsizing its present workforce through a VRS scheme, so other disinvestment programme was on the anvil in case of Maruti Udoyog, the minister clarified. PTI, UNI

Ups and downs of Indo-Pak trade

Agra, July 16
Like the mood swings at the India-Pakistan summit here, trade between the two countries has swung widely, from virtual free movement of goods across the border after 1947 to the war years when there was almost no business.

In the early years, goods and traders moved across freely between the two countries. India imported raw jute, raw cotton and foodgrains while Pakistan bought coal, textiles, sugar, matches, jute goods and iron and steel.

In 1948-49, bilateral trade totalled Rs 1.84 billion. But as the first war between the two countries broke out over Kashmir, trade began to fall. By 1950-51, when the era of planning started in India, it had fallen to Rs. 870 million. This constituted just about 6 per cent of India’s global trade.

This went up again in 1951-52 to Rs 1.3 billion, but dropped dramatically the next year to Rs 527 million, slipped to Rs 136 million in 1958 and then to Rs105 million in 1965-66, when the second war was fought.

There was negligible trade for almost a decade until 1975, when bilateral trade stood at Rs 229 million. It fell to Rs107 million in 1976-77. This kept rising until 1980-81, slipped again to Rs 286 million in 1984-85.

It rose again, hitting Rs 5.2 billion in 1992-93, soon after India opened up its economy.

Despite Indian accusations of Pakistan’s supporting terrorism in Kashmir, two-way trade kept growing during the 1990s, standing at Rs 13.5 billion. The figure for 1999-2000, the last year for which figures are available, was Rs 7 billion.

The main items of Indian exports are tea, spices, oil meals, fruit and vegetable seeds, iron ore, drugs and pharmaceuticals, dyes and intermediaries, and paper and wood products. India’s main imports were fruits and nuts, organic and inorganic chemicals, textile yarn, fabrics, sugar and leather.

According to Indian officials, Pakistan has allowed the import of only 600 items from India. While New Delhi has liberalized the visa regime, and business visitors from Pakistan are exempted from reporting to the police, Pakistan has not reciprocated the gesture.

In the process, smuggling and “third country trade” — by which imports are made through a third country - is much more than bilateral trade. Pakistan insists that there can be no progress in boosting bilateral trade until the Kashmir problem is resolved.

Pakistani and Indian officials discussed trade issues only briefly during the summit talks between President Pervez Musharraf and Prime Minister Atal Behari Vajpayee. Though Vajpayee had included his finance and commerce ministers in his delegation in the hope that all issues would be discussed, Musharraf remained true to his word and said trade and other confidence-building measures could be discussed only “in tandem” with recognition of Kashmir as a dispute between the countries. IANS

Agra buzzes with cellphone signals

Agra, July 16
Escotel Mobile Communications, the cellular network provider in western Uttar Pradesh, recorded 40,000 extra calls from 8 a.m yesterday till midnight due to hectic media activity during the Vajpayee-Musharraf summit.

The company normally handles 10,000 calls per day. With the media centre buzzing with hectic activity, it saw a four-fold increase in call traffic.

“I have never seen such a conglomeration of cellphones in the area,’’ said head of the company’s district operations Indu Bhushan Asthana.

Escotel had added the capacity and strength by installing two extra cubes in hotel Mughal Sheraton. Each added the network’s capacity to handle 300 more calls. The company earlier had three torch-like beams to manage 100 simultaneous calls in the area.

Still, he said, the network used only 80 per cent of its total capacity. It normally accommodates 8,000 subscribers with roaming facility. Yesterday, there were 10,200 roamers in its network.

Because of interconnection arrangements, some visitors experienced difficulty in getting through, with their cell phone screens showing “network load.’’ PTI

Bharti acquires Spice Cell

New Delhi, July 16
Bharti Group has bought 100 per cent equity in Spice Cell, the cellular operator in Kolkata, for an estimated amount of about $ 90 million in an all-cash deal.

Spice Cell, which provides cellular services in Kolkata, was owned by ModiCorp and Hong Kong based Distacom in the ratio of 51:49.

“We have bought the entire equity in Spice Cell. We have taken over the management of the company,” Sunil Mittal, promoter of Bharti Group said but refused to comment on the value of the deal.

According to highly placed company sources, the deal was close to $ 90 million.

When contacted, ModiCorp officials confirmed the deal and said that Bharti has already paid Rs 100 crore towards advance payment while balance amount would be paid after completion of due-diligence of company.

With this development, Bharti would not be in race for acquiring 4th cellular slot in Kolkata thereby paving the way for Reliance promoted Reliable Internet to be the sole bidder in the last and final round of bidding scheduled for July 19.

Bharti is currently following an aggressive bidding practice in various circles.

It has ensured a licence for Mumbai circle for Rs 203.66 crore, with Reliance promoted Reliable Internet, the only other bidder in the circle, opting out of the race having bid less than the reserve price of Rs 203.65 crore.

Reliable bid only Rs 90.15 crore in the second round for the circle.

At the end of second round of bidding for 4th cellular player in 17 circles, Bharti is leading the race for acquiring licences for seven circles out of 11 it bid for.

Bharti Group currently operates cellular services in New Delhi, Karnataka, Himachal Pradesh and Andhra Pradesh.

Bharti which has taken over the control and management of Spice Cell with immediate effect, would soon be introducing its brandnames, Airtel and Magic in Kolkata.

The acquisition has been made through Bharti Cellular a wholly-owned subsidiary of Bharti Televentures Ltd.

“The acquisition of Kolkata markes an important milestone for bharti as it wanted to make its presence felt in the eastern part of India. It was also important that Bharti took over a running operation in Kolkata as opposed to building a new one as it expects a massive build out for the new licences under the fourth slot,” Mittal said.

With the acquisition, Bharti now operates in three of the four major metros besides operating in Bangalore and Hyderabad. The addition of Spice Cell customers takes Bharti’s total mobile customer base to over 8 lakh.

Lazard India acted as the bankers and advisors to Bharti, ABN Amro for Distacom and HSBC for Modicorp. PTI

	Pollution board cautions industries Tribune News Service Gurgaon, July 16 The Haryana State Pollution Control Board today cautioned the industries in the state to get its approval under the “consent management scheme” by August 16,failing which it would unilateraly initiate action against the defaulting units. The Chairman of the Haryana State Pollution Control Board, Mr H.S. Bains, who was addressing captains of industry here during an interactive session with them organised by the Gurgaon Chamber of Commerce and Industry (GCCI), said that the Board was taken aback at the lacklustre response of the industry to the scheme. He disclosed that out of about 500 units, about 150 had not applied for the consent to carry on the production. A large number of them had filed the applications which were deficient in giving the details. The consent management scheme is of the Centre which enjoins upon the units to get consent from the concerned State Pollution Control Boards for carrying on their production. This was possible only after they satisfied the environment pollution norms. He further said that after obtaining the mandatory “consent” from the Board, the units can then apply for obtaining two year (in the case of most polluting units category) and five year (less polluting categories) concessions with regard to obtaining approval certificate on the issue of their pollution status. He said that the Board was compelled to force closure of about 50 out of about 350 hazardous units in Faridabad as they did not shift their operational base within the stipulated time. He cautioned that another 40 units in Faridabad are likely to face the same fate. On the demand for a garbage/solid waste disposal management scheme, Mr Bains said that a site having an area of about 32 acres has been identified in Faridabad. The proposed scheme to be set up here will be for the benefit of the units in Faridabad and Gurgaon districts, he added. Earlier speaking on the occasion, the founding President of the GCCI, Mr P.K. Jain referred to the “absence of drainage” and sewerage system at some of the points in the city which created very peculiar situation for several industries. This created many complications for the industry and the Board. “Those who had to provide these facilities never entered the picture in any meaningful fashion in the solution of the problem”, he said. The President of the GCCI, Mr S. Aggarwal appreciated the state government’s concern on the control of environment pollution and urged that the industry and the Board work harmoniously to achieve the target.
	Is new pill better than Viagra? Toronto, July 16 If the tiny diamond-shaped Viagra was considered a magical solution to male sexual dysfunctions, Canadian scientists claim to have produced a new pill that holds greater promise. The new pill, Cialis, has demonstrated improved erections in 88 per cent of 4,000 men studied worldwide and is much better than the potency pill Viagra, said Dr. Gerald Brock, an urologist in London in the province of Ontario. Cialis should be in the market soon. Based on reactions of his patients, who are a part of the clinical trial in Canada, Brock has been quoted as saying that the effect of Cialis lasts longer and has few side effects compared to Viagra. "Men have reported it lasting up to 36 hours, which means if he takes it on Friday night it will still be effective Saturday night," Brock, the lead researcher in the Cialis project, was quoted as saying in the National Post. "It's also fast acting with men achieving an erection after sexual stimulation within 16 minutes of taking 20 mg (pill). That's fairly significant." Cialis, being developed by Lily Icos, will be submitted within a couple of weeks to the Canadian health department for scrutiny and approval, said Brock. Its side effects are negligible and include headache, mild backache, some facial flushing and stomach upset. Cialis was submitted to the U.S. Food and Drug Administration two weeks ago for approval and will also be submitted to Europe next week. IANS
	Centurion Bank opens branch in Panchkula Tribune News Service Chandigarh, July 16 Centurion Bank will now provide banking solutions to banks in the North. Negotiations are already on with a few banks here, while it already has provided this service to two banks in the South, said Ms Shyamla Khera, Regional Head, North, while talking to The Tribune here today. Ms Khera was here in connection with the inauguration of a new branch at Panchkula and an offsite ATM at Hotel Mountview. The bank is keen on providing ATM card management solutions and networking of the branches of other banks, with its already established infrastructure. "This will help us rake in substantial revenues", said she. An ATM management solution to another bank would mean that Centurion Bank will establish an offsite ATM for another bank, where customers of the bank will be able to use their ATM cards as well as those provided by Centurion Bank. In case of networking, the bank, via its own infrastructure, helps the other bank to network its branches . "The bank does not have any merger plans, at least for the time being", she said on the rumours of merger and emphasised that at present the focus is on expansion with major thrust on the North. There are eight branches in the region (Punjab, Haryana, Chandigarh Rajasthan , Delhi and UP) which will shortly be increased to 13, including one branch at Jalandhar. In Punjab and Chandigarh alone, the bank mobilised Rs 216 crore deposits and advances were around Rs 30 crore by the end of March, 2001. Emphasis will be on retail asset financing and we already have attained top position in financing two wheelers. "As many as 2 lakh two wheelers were financed by us in less than three years", she said. The bank is also active in retail trade financing, financing of construction equipment and commercial vehicles. Mr L.M. Goyal, Chief Secretary, Haryana, inaugurated the Panchkula branch at Sector 10 and the offsite ATM was inaugurated by Mr G. K. Marwaha, Chairman, the Chandigarh Housing Board. With this, the bank has a network of 53 branches and 105 ATMs. Mr G. S. Channi, Head, Punjab, was also present .
	‘Immigration consultants should form a body’ Tribune News Service Chandigarh, July 16 In a wake of unearthing of the recent immigration scandals and the meeting held by the SP, Mr H.S. Dhaliwal, Managing Director of Can-Asia, Mr Rupinder Batth said today that there is an urgent need of formulating a body which can regulate the working and standards of immigration consultants in Chandigarh and its surrounding areas. He said, “The benefit of formulating such a body will regulate and result in avoiding unscrupulous activities by those companies which are not registered with the Ministry of Labour, India and by this regulatory body. The recognition from Ministry of Labour is a prerequisite for any consultant to practice this profession”. Mr Batth feels that a regulatory body will confirm that the general public will not be duped by unrecognised agents. He said, “The formulation of such a body will ensure that proper receipts are issued for every penny taken by the consultants/agents which will in turn build the trust in the general public.”
	Indian Post ties up with Prudential ICICI Mumbai, July 16 Department of Indian post today tied up with Prudential ICICI Asset Management to distribute the mutual fund’s products from select post offices in Mumbai, Delhi, Chennai, Bangalore and Chandigarh. “The postal department will get a commission ranging from 0.5 per cent to 1.5 per cent on unit basis. This will definitely enhance the revenue generation of the subsidised system”, Union Minister for Telecommunications Ram Vilas Paswan told reporters after launching the “Child Care Plan” scheme here. He said the post-tie up would depend upon the Prudential ICICI to aggressively market its products in the rural areas, which are within the reach of the Indian Postal service. “The mutual fund distribution market is worth Rs 700 crore and we hope to gather enough resources to earn a good commission by the year-end”, Director General, Department of Posts, B.N. Som said. He said the postal service would leverage the opportunity by making optimum use of its countrywide network of 1.54 lakh post offices. The department has also tied with IDBI Principal and SBI Mutual Funds for distribution of their products, Som said. Prudential ICICI Managing Director, Shailendra Bhandari , said Child Care Plan would be first scheme to be made available at the post office. PTI
	Raise exit ceiling to 10,000 units Tribune News Service New Delhi, July 16 The industry today welcomed the decision of UTI to lift the freeze on sale and repurchase of US-64 schemes. Welcoming the decision of the UTI to offer US-64 holders the option to exit up to a ceiling of 3000 units at fixed prices, Assocham suggested enhancing the exit ceiling to at least 10,000 units. Assocham President Raghu Mody said transaction up to 10,000 units will boost the confidence of small investors who had suffered due to suspension of sale and repurchase of units. UTI has not yet declared the current net asset value (NAV). It would have been prudent for UTI to have declared the current NAV right now, and its composition in terms of debt, equity etc to give a clear picture to the huge body of investors, he said. FICCI reiterated the need to shift the declaration of NAVs on a weekly basis for US-64 which will help in making the scheme more transparent and investor friendly.

ROUND-UP

Yahoo Japan profit spurts 122 pc

Tokyo, July 16
Top Internet portal Yahoo Japan said on Monday its parent operating profit surged 122 per cent in the April to June quarter from the previous year as a late spurt of Internet growth in Japan boosted advertising revenues.

Operating profit came to 1.92 billion yen ($15.38 million), while current profits, or profits before tax and extraordinary items, grew 121 per cent to 1.95 billion yen.

But compared to the previous three months, advertising revenues fell due to uncertainty in Japan’s economic outlook and signs of a slowdown in online advertising in the USA. Reuters

Insurance cover for rape victims

Bangalore, July 16
And now an insurance policy for rape victims. According to Associate Professor of the Singapore-based Nanyang Technological School, Shahidur Rahman, with the high number of rape cases being reported in south Africa, a new insurance product has emerged, that being a rape insurance policy that will give help to rape victims.

“Though the product faced strong opposition in the country by feminist groups society at large, it has gradually gained acceptance in South Africa, and to-date, even more insurance companies have jumped on the bandwagon”, Rahman said in a paper to the fifth Annual Asia Pacific Risk and Insurance Conference, which began here today. PTI

Arcus to open 10 more stores

New Delhi, July 16
Home products retailer Arcus today said it will invest Rs 100 crore in opening 10 one-stop retail super stores over the next three years.

“The company’s first store came up in Gurgaon which will be followed by one in Mumbai. Later the company plans to have more such stores in Delhi, Mumbai, Chennai, Hyderabad, Bangalore and Kolkata at a total cost of Rs 100 crore,” Arcus President I.S. Narula said here.

“We will soon come up with our website which has been developed by a Swedish firm. Our aim is to venture into e-tailing, apart from the usual brick-and-mortar stores,” he said. PTI