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Wednesday,
September 19, 2001, Chandigarh, India
  
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Steps
yield results, markets jump Rupee
slips again
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Asia
relieved that Wall Street plunge not worse
Govt yet
to win ‘Basmati’ battle Bharti
to clear dues within 48 hours Asia
Resorts offers to adjust AMC amount India
attracts $ 2.3 b FDI, says report HP to
get aid for ‘Food Parks’ SSI:
ensure regular power supply Wipro
launches new products
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Steps yield results, markets jump New Delhi, September 18 Ahead of the government’s decision to allow margin trading in bourses, a move that would give more leverage to capital in the markets, the RBI confirmed that the RBI-SEBI Technical Committee discussed margin trading. An RBI statement said it has been decided to allow banks to finance margin trading. It is proposed to allow banks to provide finance to stock brokers for the purpose of margin trading in actively traded scrips which form part of the NSE-Nifty and BSE-Sensex within the overall existing ceiling for bank exposure to capital market. The banks would be required to maintain a minimum margin of 40 per cent. The RBI said the guidelines on the subject, which would be issued separately, would be operative for an initial period of 60 days and further refined later. The government’s confirmation that it was looking at the possibility of raising the ceiling on investments by foreign institutional investors also boosted sentiments. Stock operators in the Capital felt there was also expectations that the government would speed up the second phase of reforms to buoy investors sentiments. There were also reports that the FIIs would be allowed to participate in all equity derivative products. Currently they are allowed to participate only in index futures. An initial stock rally across Asia today also helped buoy trading sentiments in the country’s bourses. Though several international bourses were in the red, the fact that it was business as usual for the New York Stock Exchange since yesterday had brought in some confidence across the world. Reflecting the new found optimism in the Indian economy, the battered BSE staged a rally with the Sensex closing at 2680.04, more than 101 points from the previous close. The sensex had fallen by more than 502 points in the last five sessions. Other major bourses like the Delhi Stock Exchange and the Chennai Stock Exchange also recorded recoveries. Analysts said though the volume of trading in information technology stocks were high several old economy stocks were much in favour. The reason: Several IT companies have exposure abroad while old economy stocks are confined to the domestic economy. Infrastructure companies, pharmaceuticals and petroleum companies were much in demand.
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Rupee slips again
Mumbai, September 18 The currency opened at wide range of
Rs 47.86/91, further drifted lower on panic-driven dollar demand from importers and foreign banks, triggered by fears over the US retaliation strike in Afghanistan. The unit breached the 48-mark and touched the day’s low of 48.02 in the mid-morning deals. The rupee closed at a new record closing low of 47.97/99, shedding 14 paise from the previous day’s close of 47.83/88.
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Asia relieved that Wall Street plunge not worse
Singapore, September 18 The Dow Jones Industrial Average tumbled 684.81 points, or 7.13 per cent, to a near three-year low of 8,920.70 on the first trading day since last Tuesday’s devastating attacks, but markets across Asia responded with stronger openings, led by a 3.22 per cent morning rise in Japan’s Nikkei index. Analysts were acutely aware the global outlook was still very uncertain and the risks were weighted towards recession, despite the best efforts of US officials to talk up the economy. Global rate cuts
The Federal Reserve cut its key short-term interest rate by half a percentage point before Wall Street reopened after its longest closure since the Great Depression, and made it clear it was prepared to do so again if necessary to keep the economy growing. The Fed was matched by the Bank of Canada, and then the European Central Bank announced a half-point cut that it said was coordinated with the United States. The Swiss National Bank quickly followed the ECB. The Bank of Japan, which started a two-day Policy Board meeting on Tuesday, is also expected to ease its already ultra-loose monetary stance — although Governor Masaru Hayami said the decision would not come on Tuesday.
US dollar off lows
The US Dollar pulled back from its multi-month lows against the yen and the euro, as the global easings and wariness of more Bank of Japan intervention tempered the urge to sell dollars.
Asian markets stronger
In points terms Wall Street’s fall was its largest ever. But in percentage terms it was not even in the Top 10 steepest daily drops, dwarfed by the record 22.6 per cent fall of Black Monday, October 19, 1987. “There were steep price falls, but that was to be expected,’’ Robertson said. Indeed, the Dow’s 7.13 per cent fall was close to the Nikkei’s total loss of 7.66 per cent since the attacks. Asia’s second-largest stock market, Hong Kong, opened up over 2 per cent and extended its gain to 2.64 per cent in late morning.
Reuters
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Govt yet to win ‘Basmati’ battle Chandigarh, September 18 This was indicated in a letter written by the Agriculture Ministry to Mr Rajiv Arora, Director, Agriculture, Haryana. The letter, which was received here today, was written in response to Haryana Government’s queries about the implication of the United States Patent Office’s (USPTO) decision on the US firm’s, Rice Tec, attempt to monopolise traditional Basmati varieties of India. The Ministry’s letter said there were two basic issues regarding Basmati. First, there is the issue of protection of the name Basmati around the world as an identifier of origin or a geographical indication. India’s stand has been that Basmati is a geographical indication as it implies a type of rice grown in a particular area. The stand taken by Rice Tec has been that Basmati is not a geographical indication but a generic name for a variety of rice that can be used for rice grown outside the traditional growing area. The second issue was pertaining to challenge to a patent which had been obtained in the USA by Rice Tec in September, 1997. It was Indian Government’s challenge to Rice Tec regarding the patent in the USPTO and the USPTO’s decision on the issue which had been widely reported in the media as “patenting of Basmati”. The letter said that the crux of the patent as initially granted was that Rice Tec had grown rice in the US and Caribbean islands with characteristics similar to those of Basmati. This patent primarily related to cross-bred rice lines and grains developed by Rice Tec. The patent also dealt with a method for the development of the rice lines. In all 20 claims were made in this patent application. The Government of India decided to challenge the patent to safeguard the commercial interest of the country. The Department of Agricultural Research and Education, ICAR and the Directorate of Rice Research were engaged in finalising the application and documents in consultation with Attorneys, Kumaran and Sagar. Referring to reports suggesting that USPTO had granted exclusive rights to Rice Tec to use the word ‘Basmati’, the letter said that proceedings at the USPTO did not touch the issue of use of the name ‘Basmati’. “Neither has Rice Tec made any claim for use of the word Basmati at the USPTO. In fact the USPTO does not have any jurisdiction in the patent re-examination proceedings to grant any such exclusive rights to Rice Tec or anyone else”, the Union Ministry said.
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Bharti to clear dues within 48
hours New Delhi, September 18 The dues pertain to the company's cellular licence in the Punjab circle. Bharti Mobile had acquired the licence of the Punjab circle from JT Mobile. The Cabinet Committee on Economic Affairs (CCEA), which met today, has also decided to refer the case to a sole arbitrator who will be appointed after due consultation with the Ministry of Law. “The dispute on the payability of licence fee dues for the period between April 18,1996 and March 10,1998, including interest, will be referred by the government to a sole arbitrator to be appointed in consultation with the Ministry of Law”, Communications Minister Pramod Mahajan told newspersons after the Cabinet meeting. The Bharti group, meanwhile, has said that it would clear the outstanding dues within the next 48 hours. “We are pleased that after a gap of five years the government has accepted and upheld Bharti’s position that a genuine dispute exists on this whole case and are please to note that now this case is in the hands of an arbitrator no the licensor”, the Bharti statement said. The Cabinet also decided that the Letters of Intent (LoI) to cellular, basic and national long distance operators will be converted to licences after the receipt of the outstanding amount in cash. The Bharti group has obtained LoIs for basic services in eight basic telecom circles and one long distance telecom telephony. They also have LoI for eight cellular circles involving an entry of Rs 690 crore. The Cabinet has also decided to restore the terminated Punjab circle licence with a migration to the new regime as envisaged by the New Telecom Policy of 1999. |
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Asia Resorts offers to adjust AMC
amount Ludhiana, September 18 The Citizens Welfare Association, a local NGO, had filed a writ petition in the Punjab and Haryana High Court on the behalf of some members, alleging that the company had cheated them by not providing free accommodation. The company was asking for AMC amounting to Rs 1,000-3,000 at the time of stay against the promise of free accommodation for a week with actual utility charges of electricity, water and other services. Further the company had started making excuses for not providing free accommodation to the members. The court had ordered the SSP, Ludhiana, to conduct an enquiry and take appropriate action. Mr Akash Garg, Managing Director of the company, when contacted on the phone at Parwanoo, admitted that the AMC had been charged from about 80 members during the past many years. However, after receiving complaints from some members, the AMC had been made optional. He said: “We had introduced AMC after getting affiliation from the RCI, to provide additional facilities at abroad. Some of the members had agreed to pay the amount for the renovation of rooms. However, it has been now made optional for the members and the already charged amount can be adjusted with the utility charges. Further there is a provision of refunding the amount under the scheme.” It is learnt that about 35 members from Ludhiana have already filed affidavits before the ASP, Mr Shive Kumar Verma, alleging overcharging of AMC, a hefty increase in the utility charges and violation of terms and conditions by the company. Mr Harinder Pal Singh, a businessman, alleged that he was forced to pay Rs 5000 as the AMC for 2000 and 2001, besides Rs 1000 as utility charges when he stayed at the company resort for just one day on September 28 this year. Mr Davinder Singh of Globe Batteries, Mr Rohit Bajaj, Mr Gurdit Singh, Mr Bhupinder Singh and Mr Rajesh Naiyer and others in their affidavits, have alleged that despite repeated complaints, the management had not tried to address their grievances. They have alleged that the local police, instead of conducting an impartial investigation, was rather threatening them with dire consequences. Mr Hardesh Goel, President of the Citizen Welfare Association, had met the SSP, Ludhiana, and demanded that the enquiry should be completed soon. He alleged that the police had declined to accept the affidavits of other members through registered post. Mr Shive Kumar Verma, ASP, declined comments about the progress of investigation. He denied the allegation that the complainants have been threatened for approaching the Press. Regarding the allegation of making excuses at the time of reservation, Mr Garg said, “We have kept aside 20 rooms at Parwanoo and 10 rooms at Manali for 800 members out of total 57 rooms.” However, the insiders at the Chandigarh and Parwanoo offices admitted that the scheme has been suspended due to the controversy of overcharges in the name of AMC and utility charges. Most of the customers were not happy as preference was given to non-members at the time of reservation. The Citizens’ Welfare Association has urged the SSP, Ludhiana to expedite the enquiry or it would be forced to approach the court for further instructions. It has
expressed doubts about the offer of the company as it had not made any commitments in writing.
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Company denies
charges Chandigarh, September 18 A delegation of the association led by its President, Mr Hardesh Goel, had met the SSP, Ludhiana, on September 7, and alleged that the company had failed to fulfil its promise of providing free accommodation for a week in a year after charging over Rs 1 lakh from a businessman, Mr Ravinder Pal Singh, in 1998, under the time share scheme. Describing the news reports published on the basis of the allegations levelled by Mr Goel as “factually incorrect” and “which have been maliciously twisted with ulterior motives”, the Managing Director of the company, Mr Akash Garg, said here that Mr Ravinder Pal Singh’s entitlement to accommodation in the company’s resorts at Parwanoo and Manali was to start from 1999. As a goodwill gesture the company provided him accommodation for eight days in 1998 itself. Till date he had availed accommodation for 28 days against his entitlement of 21 days. Against the contracted period of seven days’ stay in a year, Mr Singh, he said, availed himself of 13 holidays in 2000, advancing his entitlement for 2001. Alleging that Mr Goel, a practising advocate of Ludhiana, floated the association for his personal gains, Mr Garg said that he(Mr Goel) had invited a number of the company’s time share holders as well as of the other companies to become members of his organisation on payment of nominal charges. A complaint was lodged with the Ludhiana police against Asia Resorts under Sections 415 and 420, IPC. Since no cognisable offence was made out in view of Mr Ravinder Pal Singh having availed full quota of his entitlement of holidays with the company, the police did not take any action. Mr Garg said thereafter Mr Goel as the advocate of Mr Singh filed a petition in the Punjab and Haryana High Court seeking directions to the police to lodge an FIR against the company. He said when the petition came up for hearing the court was not satisfied with the allegations contained in the petition and it directed the petitioner to annex “better particulars”. On the next date of hearing, without even issuing notices to the respondents, the court disposed off the petition with a formal order that in case an offence was made out the police should proceed in accordance with the law. Mr Garg said Mr Goel apparently blew this out of proportion. He said no offence was made out under Sections 415 and 420 of the IPC because the complainant had already availed his entitlement of holidays with the company. He said Mr Singh had not paid his annual maintenance charges so far and he had no cause for any grievance whatsoever. He alleged that Mr Goel and Mr Singh were “trying blackmailing tactics to extort money out of the company by filing false complaints and by publishing false news items”.
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India attracts $ 2.3 b FDI, says
report New Delhi, September 18 FDI inflows into South Asia, however, remained almost the same in 2000 with India, the largest recipient in the sub-continent receiving $ 2.3 billion. FDI inflows into Asia during 2000 reached a figure of $ 143 billion — a 44 per cent increase driven by the FDI boom in Hong Kong and China. In India, the inward FDI flow during the year stood at $ 2.3 billion — an increase of $ 0.1 billion as compared to the previous year. FDI inflow into India is still far away from the peak level of 1997 when it touched $ 3.6 billion. In 1999, FDI as a percentage of GFCF stood at 2.4 per cent, down from 2.9 per cent in 1998 and 3.8 per cent in 1997. Significantly, India’s outward FDI flow has increased from $ 0.1 billion in 1999 to $ 0.3 billion in 2000. India’s inward FDI stocks stood at $ 19 billion in 2000 and accounted for 3.6 per cent of the GDP. Compared to other emerging economies in the region, India still lags behind and in 2000 occupied the eighth rank in terms of FDI inflows. Hong
Kong, China occupies the topmost position with $ 64 billion, followed by China ($ 41 billion), and Korea $ 10 billion. According to the WIR, the upsurge in inflows by $ 40 billion over 1999 in Hong Kong, China was underpinned in part by a general improvement in the local business environment following strong recovery of the economy over the past two years. A marked growth in reinvested earnings was related to the improved profit position of foreign affiliates in the economy. Reliance Industries occupied the 41st rank among the top 50 TNCs of developing countries. Reliance Industries, with business interests in chemicals and petrochemicals had a total asset of $ 6,733 million. General Electric of the USA continued to be first position in terms of foreign assets among the top 100 transnational corporations of the world. In 1999, the foreign assets of GE was valued at $ 141.1 billion and the total assets of the company was valued at $ 405.2 billion. No Indian company figured the list of the top 100 TNCs of the world.
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HP to get aid for ‘Food Parks’ New Delhi, September 18 State Chief Minister Prem Kumar Dhumal, who met Union Minister for Food Processing Industries Chaman Lal Gupta today, said that various incentives were being given by the Central and state governments for setting up food processing units. He said that the parks would be of big benefit to the agriculturists of the state. |
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SSI: ensure regular
power supply Gurgaon, September 18 The owners of the SSI hold special grudge against the present situation on the power front as they were affected the most. The General Secretary of the Udyog Vihar Industries Association (UVIA), Mr A.P. Jain said that the units in the small scale did not have the resource to run generators. Even if some managed, the power through the generators were not ample enough to run computers and highpowered technological
equipments. Also, with constant use of generators the cost of production soars, making it untenable to compete with others in the business. Mr Jain was critical of the functioning of the telephone department. The computerised complaint number of “198” was not functioning for the past about 20 days. The department was apathetic to the problems relating to telephones lines. This creates problems for the industrialists as most of the business dealings are based on fast communication, he added.
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Wipro launches new products Chandigarh, September 18 The exhibition showcased the Fantasy range from the company, which marked Wipro’s entry into landscape lighting, said Mr Anuj Dhir, Zonal Manager of Wipro. Mr Rajesh Kochhar, Vice-President, Wipro Lighting, commented that customers can source their requirements of wall lights, pathway lights, drive overs, bush lights, flood lights under water lights etc from just one source.
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