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Wednesday,
January 16, 2002, Chandigarh, India  
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Kerosene, LPG prices likely to go up
SA nations lay stress on trade pacts
Suzuki may get Maruti stake: Joshi |
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Palio declared ‘Car of the Year’
Bush pushes for free trade, tax cuts
SBI to launch subsidiary
Yamaha unveils plans
Essar slashes night tariffs
Sanyo, Samsung tie-up
Moser Baer net jumps 62.46 pc
Oracle Japan posts rise in
profit
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Kerosene, LPG prices likely to go
up New Delhi, January 15 The Petroleum Minister, Mr Ram Naik said the hike in prices would be necessitated as the government wants to bring down the subsidy on kerosene from the existing 37 per cent to 33 per cent from April 1. Speaking to newspersons on the sidelines of the fourth Indian Oil and Gas Conference here, the Minister said after the APM is dismantled any prices change would be effected in the General Budget. He said like kerosene, the government has also decided to reduce the subsidy on cooking gas (LPG) from the existing 40 per cent to 15 per cent. However, the subsidy would not be reduced in one go as the burden on the consumer would be too heavy, Mr Naik said. “Bringing down subsidy on LPG, which presently is at around 40 per cent, to residual level would be difficult in one go as it would entail increasing consumer prices by about Rs 90 per cylinder. We have now decided to phase the subsidy on LPG out in 3-5 years,” Mr Naik said. The Minister stressed that the government was fully geared for the proposed deregulation effective April 1, 2002. Mr Naik said one of the challenges in the post deregulated regime would be to ensure uninterrupted and adequate supply of petroleum products at fair prices throughout the country including far-flung areas. To ensure a level playing field and to promote competition, access to monopolistic infrastructure in the nature of common carrier system on non-discriminatory basis and at reasonal tariffs by all entities would need to be ensured, he said. Other challenges include having an appropriate duty structure, balanced development of the oil sector, administration of subsidies on kerosene and LPG and freight subsidy for far flung areas.
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SA nations lay stress on trade pacts Chandigarh, January 15 Heads of Diplomatic Missions of the SADC countries, including Namibia, South Africa, Tanzania, Zimbabwe, Angola, Zambia and Mauritius, are here on a four-day visit at the invitation of the PHDCCI. Emphasising the need to tap the markets that hold tremendous potential, Ms Carreira mentioned the primary areas — agriculture, human resource development, small and micro industries, IT, light engineering — in which India can assist the SADC region. In the agricultural sector, the areas for possible cooperation are seed technology, dairy farming, agricultural research, irrigation and water management and non-conventional energy sources, she said. In the small and micro enterprises, the SADC countries are specially looking forward for Indian enterprise in the fields of transfer of technology, machine tool manufacturing plants, training-cum-service centres, emporiums and development and capacity building. “We are open to joint ventures and new enterprises and our country, apart from offering good infrastructure, has no forex restrictions, no Customs duty or sales tax on raw materials and equipment, free repatriation of profits, etc which help provide an industry-friendly environment particularly to the foreign investors”, said Mr A K M Kiwanuka, High Commissioner of Tanzania. The SADC region requires Indian expertise in industrial value addition, joint ventures in textiles, engineering goods and appliances, transfer of technical skill and establishment of a technology information bank. The countries of the region aim to develop an information society by setting up the requisite IT infrastructure and encouraging the growth of software and hardware development facilities there, said Ms Lucia Muvingi, High Commissioner, Zimbabwe. The SADC which came into existence in 1992, consists of 14 South African countries which have formed a regional group to promote economic cooperation and integration among themselves to enhance the economic development of the region. Earlier, in his welcome address, Mr Vikram Sehgal, Chairman, PHDCCI Chandigarh committee, said despite the huge potential that exists for bilateral trade between India and the SADC countries, the export and import basket has remained limited and restricted to a few items. Mr Rajiv Bali, co-Chairman, PHDCCI, Chandigarh committee, mentioned that tourism was another area that holds tremendous potential in the SADC countries as in India and efforts should be undertaken to improve the flow of tourists among the countries. Yesterday, at a meeting with senior government officers of the Haryana Government led by Chief Secretary Mr L M Goyal, the Haryana Government offered to help the SADC countries in the areas of agriculture and agro-processing, water conservation techniques, agricultural science, technical education IT, etc. The heads of missions of the SADC countries also met Mr Om Prakash Chautala today , where the CM proposed the SADC nations to train their farmers in Haryana in modern agricultural techniques. He also offered to help them in setting up an agricultural university in the SADC region. They also interacted with the Vice-Chancellor of Panjab University today. The Heads of Missions will meet the Governor and the Chief Minister, Punjab, and UT officials tomorrow.
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Suzuki may get Maruti stake: Joshi New Delhi, January 15 “If the financial institutions are unwilling to pick up the shares, we will sell it to Suzuki,” Union Heavy Industries Minister, Mr Manohar Joshi said while speaking at the inaugural function of the 6th Auto Expo which got underway here today. The government holds 48 per cent stake in Maruti, while Japan-based Suzuki Motors holds about 50 per cent, balance being held by the Maruti employees. On the issue of pollution norms, the Minister said that Euro II norms will be applicable in the entire nation from April 2005, while seven big cities will convert to Euro III norms on the same date. “I am happy to note that India has already started the production of Euro-II and Euro-III complaint automobiles,” he added. Mr Joshi said that two new emission testing centres are proposed to be set up in the country - one each in northern India and southern India. The new centres will facilitate faster adoption of better technology and also develop India specific technologies. The minister said the government and the industry need to focus on emission norms and fuel efficiency, safety standards of automobiles, major improvements of road infrastructure, facilitating easier financing of automobile ownership and rationalisation of road tariffs and better rail-road coordination, he said.
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Palio declared ‘Car of the Year’
New Delhi, January 15 Introduced in September last year, Fiat India’s big ace also won the “Best Value for Money Car’’ at an award presentation ceremony organised last evening by CNBC India and Autocar in association with Goodyear and Amaron. The car is designed by Giorgetto Giugiaro, who has been voted as “Car Designer of the Century’’ by the motoring press worldwide. Palio model choices include 1.2 litre engines and the muscular 1.6 and the prices range from Rs 3.49 lakh (ex-showroom in Delhi) for the base 1.2 EL to Rs 4.99 lakh for the 1.6 litre GTX version. Heavy Industries Minister Manohar Joshi handed out the “Best Car of the Year” trophy to FIL last evening. He was joined on the podium by cricketer Sachin Tendulkar, Palio’s brand ambassador, who popped a champagne cork, triggering a big applause from the audience. Ford Mondeo took home the “Best Driver’s Car’’ and the “Best Looks and Styling’’ trophies. Hyundai Motors India which was named the “Manufacturer of the Year’’, while Mercedes C Class received the “Most Technologically Advanced Car’’ trophy. Tata Indica won the “Best Improved Car’’ statuette, while Maruti 800 went into the “Hall of Fame”. Variants
Riding on the success of its flagship product “Palio”, the Indian subsidiary of Italian auto giant Fiat SpA will launch a sporty variant “Sport” and a limited signature edition “S10” of the premium small car next month. Besides, the company is rolling out two new versions of the “Palio” — “Weekend” and “Adventure” — by year-end, Fiat India Managing Director M.P. Bianchi said.
UNI, PTI
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Bush pushes for free trade, tax cuts Aurora (Missouri), , January 15 Bush visited a farm-equipment manufacturer in Illinois, then spoke to hundreds of farmers at a rally here, praising the US Congress for giving him broader authority to negotiate a lowering of trade barriers. His two-day swing also takes him to Louisiana today. “Fearful people want to build walls around America. Confident people believe we ought to tear them down,” Bush said. “I know the American worker can out-produce anybody, anywhere in the world.... I know the American farmer is more efficient and can raise more crop than anybody, anywhere in the world. I’m confident we need to open up markets, not close them down. “I’m confident what this nation needs is to level the playing field and have trade that will create jobs all across America.” Bush also defended the tax cuts adopted last year and his plan to revive the US economy with further cuts. He also underlined his opposition to new taxes.
AFP
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SBI to launch subsidiary
Kolkata, January 15 “Total investment of around Rs 600 crore is expected in the next two to three years in the upgradation of the technology front of the bank,” Chairman of the SBI Janki Ballabh said here today in the sidelines of the Bank Economists Conference (Becon). The technology upgradation also included the setting-up of online banking facilities for both individuals and corporates. “The online function dealing with individuals will be known as ‘Online SBI’, while that for the corporate ones will be known as ‘Future online SBI,” he said. Speaking about the possibilities of investment in the capital market by the bank after the 6 per cent level fixed by the RBI, he said the exposure of the bank was at a minimal level of around Rs 500 crore when the total asset base of the bank stood at around Rs 2,500 crore. The bank, however, might invest in the stock market in some of the prospective areas for the long term. “We may invest in some of stocks in the capital market, if the situation improves,” he said. Talking about the credit offtake in the present financial year, he said maximum results were obtained in the retail sector while the corporate sector was in a precarious condition. To a specific query about the status of the SBI Home Finance company the present position of which is in a very bad shape, he said the final decision whether to revive the company from its present condition or to close down the company would be taken by the next financial year 2002-03. “We certainly reach a concrete decision regarding the subject by the next fiscal,” he said.
UNI
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Yamaha unveils plans
New Delhi, January 15
“We are bringing in Rs 350 crore from Yamaha to invest in YMI. Most of these funds will be used to re-orient our product development and sales channel
management system. We are also launching two new motor cycles in 2002”, Managing Director of YMI, Mr M. Shibuya said here during an interaction with newspersons in the ongoing 6th Auto Expo here.
TNS
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Essar slashes night tariffs Chandigarh, January 15 According to an official press release, the company is offering a 50 per cent activation waiver on any new post-paid plan purchased in Haryana during the month of January along with a free Strolley Bag. In case of Nite Bol, there will be no airtime tariff between 10 pm and 8 am. The talk time on Tring Starter Pack has also been increased to Rs 325. According to the new time based tariff structure, Tring subscribers would be billed at a discounted rate of R 0.75 per 30 seconds for outgoing calls and Rs 0.75 for 60 seconds for incoming calls between 10 pm and 8 am.
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Sanyo, Samsung tie-up OSAKA, Japan, January 15 Sanyo Electric, the world’s largest maker of rechargeable batteries, said in a statement the two also aimed to expand the scope of collaboration between their research and development arms. “We plan to move ahead with technological cooperation on mid- to long-term topics in basic technology in which we can complement each other’s resources,’’ Sanyo said in a statement.
Reuters
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bb
Craft mela Oil conservation Nabard scheme HCL in pact Sahara TV |
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