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Saturday,
September 22, 2001, Chandigarh, India  
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No need to hike oil prices, says Naik
Sinha: no long-term impact of crisis
Zee airs new-look shows
Popcorn seller now cinema boss |
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GM gets Daewoo
for $ 400 million FICCI to host
apparel exhibition HPSEB may not find
it easy to hike tariff B.K. Gupta elected FHRAI president PNB honours
six officers
IDBI Bank may offer 20 pc to Muscat
bank
Indian wheat for
Malaysia
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No need to hike oil prices, says Naik New Delhi, September 21 Mr Naik, who returned from Shanghai today after attending the World Petroleum Congress, said his Saudi Arabian counterpart, Dr Ali Naimi, had given an assurance that OPEC would not only maintain the oil supplies but would also try to maintain oil price stable at around $ 25 a barrel. The Petroleum Minister said he had pointed out soon after the terror attacks in the USA that the sharp rise in petroleum prices in the international market was a result of panic reaction and he has been proved right. After breaching the $ 31 per barrel mark, crude prices in the international market has started coming down to reasonable levels. Dr Naimi has assured Mr Naik that Saudi Arabia believes in long term contract business and discouraged spot market sales which result in “gambling”. The Saudi Minister assured that the oil supply chain would be maintained despite the disturbed conditions after the terrorist attacks on the USA. When asked if the government’s move to dismantle the administered price mechanism for petroleum products would be affected due to the uncertainty in the international prices, Mr Naik said he would meet Finance Minister Yashwant Sinha tomorrow in this connection. Mr Naik also spoke on the need for India to maintain strategic reserves of oil stocks to tide over any crisis. The present stocks were satisfactory but he wanted a permanent mechanism to ensure such a level of comfort.
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Sinha: no long-term impact of crisis
Karnal, September 21 “There is no need for panic in stock markets and on the foreign exchange front because the impact is likely to be short term,” Sinha told reporters after inaugurating a “Kisan Mela” organised here in the memory of former Deputy Prime Minister, Devi Lal. “There will be no long-term effect; this is the general feeling the world over,” he said, adding that the centre was keeping a close watch on the developments. About fears of oil price increase in the wake of recent developments, Sinha said “OPEC has already indicated it was taking comforting measures and that the supply of oil would be kept up.” Asked if the Centre has drawn up any “contingency plan” to deal with the fallout of the US strikes, he said some steps were taken even before the attack in view of economic slowdown. “The government had already drawn up a list of measures in view of the slowdown of economy. Now the immediate effect is being felt in the stock market and foreign exchange,” he said. Referring to measures to tone up stock markets, he said they were being “expedited” wherever necessary and “some more steps are under consideration”. The forex situation was being monitored by the RBI and by and large there was calm, Sinha added.
PTI
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Zee airs new-look shows Chandigarh, September 21 The new look is generating more revenue as the channel which normally had two to three sponsors per show earlier is now having at least five to six sponsors for each of its programmes, she said. The channel’s new look mantra “Naye Andaaz Mein Zee TV- Nahin Dekha to Kya Dekha” is the result of an extensive research over more than five months. The channel introduced 24 new shows last month. “All shows which have been introduced include one or more of such factors, as exotic overseas locations, extra-marital relationships, music-based programmes, tangled love stories and interactive formats. These have been found by the Zee team to attract viewers”, said Ms Dalton. For a change, the channel has decided not to overstretch the soap operas or other shows and has introduced 26-week or less than that programmes. “Aap jo bolein haan to haan, aap jo bolein naa to naa” — the country’s first audience participation show — is expected to increase the viewership. “We have already started receiving a tremendous response for this show”, she added. While “Dollar Bahu”, which is based on a novel by Sudha Murthy, “Sarhadein” and “Sansaar” have exotic locales while Nilaam Ghar, “Baazi Kiski” and “Razzmazz” are new fun-filled family shows.
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Popcorn seller now cinema boss
Durban, September 21 While still at school, South African Indian Shaffie Mohamed Ali was determined to work in cinema. "I used to watch black and white movies and was lost in the magic of the big screen. There was a drive-in cinema near our house, and I got a part-time job there, working weekends selling popcorn." Ironically, while Ali was allowed to serve the exclusively white customers when he started 25 years ago, his family and other South African Indians were not allowed to watch the movies playing there. Apartheid legislations of the white minority government at that time strictly segregated all facilities, even cinemas, by race groups. Today, as general manger of the South African movie giant Ster-Kinekor, Ali oversees more than a dozen cinema complexes across the province. Knowing fully well there were limited opportunities for South African Indians, Ali persevered selling popcorn, sweets and soft drinks behind the counter, hoping things would change one day. By the late 1970s, he was entrusted with a managerial position in this regard. The change he had hoped for happened in the mid 1980s, when Ster-Kinekor decided to open up its cinemas to all race groups in defiance of government policies. "I think the decision by the then managing director, Philip McDonald, was brilliant," Ali said. "I remember him saying at one stage in the white-run conservative town of Boksburg — which once imposed a night-time curfew allowing only whites to be on the streets — that he would close the cinema down if they refused to allow all people access to it." In his new position as general manger of the company for the province, Ali said he accepted that he would find it hard to stay behind a desk after all the hands-on tasks he had been involved in for so many years. "I made it clear to my seniors that I'm going to try to find a balance between being in the field, implementing strategies and looking ahead for the company." When Ali joined the industry, the once thriving Bollywood film business here was dying as the advent of video and India's economic boycott of South Africa's apartheid policies took their toll. Pirated videos of Indian films became the order of the day, and most South African Indian cinemas were converted to shopping malls. Ali is thrilled at having been one of those who helped revive the industry. Though independent distributors had already started this revival process, Ster-Kinekor did not initially think it was a viable option. Ali said: "It started with the film 'Kuch Kuch Hota Hai' a few years ago. We were offered the screening rights when a local friend called me from Mauritius and said the film was to be released in a few months time." "The title stuck and even though Shah Rukh Khan was not a very big star here, we decided to show the movie." "It paid exceptionally handsome dividends, grossing more than some of the Western movies we were showing then, and set new records for our company." "Kuch Kuch Hota Hai's" success led to a revival of interest in Hindi movies at Ster-Kinekor.
IANS
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GM gets Daewoo for $ 400 million Seoul, September 21 GM’s memorandum of agreement today confirmed it would take over four of Daewoo Motor’s plants, including two of its major plants in South Korea, and may include the contentious ageing Pupyong plant in its fold “should it be appropriate”. The move provides the world’s biggest automaker with a foothold in one of Asia’s biggest car markets and forms a company with $ 5 billion in annual revenues. “We have focused on this for sometime because we always believed that there was a valuable market strategy,” Alan Perriton, GM’s executive in charge of alliances, said in a telephone interview with Reuters. “We hope we could reach a definitive agreement by year-end,” he added. GM would pay $ 400 million in cash to form a 67:33 joint venture with Daewoo’s main creditor, state-run Korea Development Bank (KDB), with the U.S. auto giant taking the larger share, he said. The Korean side would foot $ 197 million. GM’s takeover of South Korea’s third largest automaker includes participation by Italy’s Fiat and other partners, Perriton said. For the Korean government, GM’s acquisition of Daewoo Motor would be a major milestone not only in its two-year hunt for a suitor for the third-ranked automaker, but also in demonstrating Seoul’s willingness to restructure debt-laden companies. Perriton said the Daewoo deal would give GM immediate access into the Asia Pacific market, additional technological development capabilities as well as sales and distribution networks in countries that GM has not been focused on. GM, its alliance partners and the present Daewoo Motor management team will run the joint venture company. Perriton said GM would export part of Daewoo Motor’s output to Europe and North America. GM plans to acquire only four of Daewoo’s 16 production units, both overseas and in Korea, while buying all of the Korean automaker’s 22 overseas sales subsidiaries.
Reuters |
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FICCI to host
apparel exhibition New Delhi, September 21 The five-day event starting December 5 this year, will be held in New Delhi and will showcase all components of the apparel industry. The Indian apparel market is growing at the rate of 4 to 5 per cent over the past few years in quantity terms with the branded segment providing the thrust of the growth. The branded segment in itself has clocked a consistent growth in the range of 10 to 15 per cent on annualised basis during the last few years. According to a study conducted by a retail consultancy firm, KSA Technopak, the unbranded and unorganised sector has more or less grown at a rate similar to the population growth in country.
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HPSEB may not find
it easy to hike tariff Shimla, September 21 The board had, in its tariff application filed before the commission, worked out the cost of power supply at Rs 2.70 per unit. However, the commission, after hearing the views of the PHD Chamber of Commerce, ACC cement plant and some other organisations representing different sections of consumers, has ordered the board to conduct an exhaustive study to know the status of existing manpower and on its basis prepare both short-term and long term plans for its rational deployment and bringing necessary improvements in its efficiency. The plan should also include strategies for updating systems and skills of human resources through scientific management of engineering resources for increased productivity. It has given six months’ time to the board to complete the task. The board has been burdened with surplus staff, which increases the cost of power substantially. For instance in most countries on an average there are 350 to 450 consumers per employee, whereas in the board there is an employee for every 45 consumers. The deployment of manpower is thus eight to 10 times higher than elsewhere. The board will have to reduce it in a phased manner. The commission has also taken notice of the high transmission and distribution losses and directed it to segregate the technical and commercial losses and conduct relevant load flow studies and submit concrete plans to reduce the losses, along with details of investment required by March, 2002. The transmission and distribution losses of the board are over 25 per cent as against 8 to 11 per cent in developed countries. Thus the board has quite a task on hand to bring down the losses. The commission has also ordered the board to undertake load research and work out the demand for the next 10 years, including the peak requirement at different times to the day.
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B.K. Gupta elected FHRAI president New Delhi, September 21 It is for the first time in the 40-year history of the FHRAI that a President has been elected from Uttar Pradesh. His role will be very crucial and pivotal due to innumerous problems faced by the hospitality industry.
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PNB honours six officers Chandigarh, September 21 Speaking on the occasion Mr U.S. Bhargava, General Manager, PNB (Northern Zone) said that the new concept of Chairman’s Club is aimed at recognition of high level of performance and individual/group motivation for achieving targets in perfect harmony with corporate goals.
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Re closes at record low Bathinda Ref Intl Certification Royal Caribbean Jolen Intl Numero Uno SAIL |
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