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Friday,
January 18, 2002, Chandigarh, India   |
Zhu okays Infosys office in Shanghai
Enron scandal: Bush for penalty to guilty |
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Proposals worth Rs 437 cr cleared
Decision on VAT on January 23 TVS to launch 12 models
Ford official for CNG fuel
GM targets 30 pc growth
SA delegation visits PTL
Maruti ‘car maker of the year’
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Zhu okays Infosys office in Shanghai
Bangalore, January 17 “Right now I am giving my approval”, Zhu said as he announced his instantaneous decision to loud applause while delivering an address on the Infosys campus on the city’s outskirts. “Just now, (Infosys Chairman Narayana) Murthy has explained to me that Infosys has branches all over the world but it does not have one in China. On the spot, he wishes to give an application to open an office in Shanghai. Right now, I am giving my approval”, he said. In his speech, Zhu made laudatory references to India’s strides in the software sector and proposed that both countries join hands in this area. Writing in the visitors’ book, Zhu commended Infosys for its “advanced technology, outstanding talent, modern management and tremendous achievement”. Later, speaking to reporters, Chief Operating Officer and Managing Director of Infosys Nandan M Nilekani, hailed Zhu’s decision, saying it demonstrated his “legendary ability” to take quick decisions. He said the Shanghai centre would have software development and marketing. Nilekani said they also made a presentation to the Chinese leader on the strides made by India in the IT sector, which impressed him. Earlier, Narayana Murthy described Zhu as the “Chief Architect” of economic reforms and recalled his role in downsizing the Chinese Government.
Let us join hands
In a significant initiative, Zhu Rongji proposed that India and China work together and promote each other in the IT sector and “make progress together”. “You are number one in software. We are number one in hardware. If we put hardware and software together, we are world’s number one”, Zhu said in his address. He noted that India had been widely recognised in the world as a very advanced nation in IT. “You (India) are number one in software exports. China is left far behind”, Zhu said. Noting that IT sector was growing very rapidly, he said China had all the advantages to develop the IT sector like India — huge population and big market. “Like you, we have launched a strategy of revitalising our nation through science and education”. “Let us join hands to consolidate our friendly ties and cooperate and work together for peace, development and prosperity of the world”, the Chinese leader said.
Trade grows by 25 pc
India’s trade with China is estimated to have registered a growth of 25 per cent during 2000-01, rising to $ 2.29 billion against $ 1.82 billion in 1999-00 with overall exports to China jumping a 53 per cent during the period. During 2000-01, India’s exports to China were valued at $ 829.24 million, indicating a rise of over 53 per cent compared to exports in 1999-00, while imports from China valued at $ 1467.9 million showed an increase of 14.09 per cent over the previous year. According to the present indications, the growth in trade is expected to continue during the current financial year 2001-02 as well, although the trade balance still continued to be in favour of China, an official press release said here.
PTI, TNS
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Enron scandal: Bush for penalty to guilty
Washington, January 17 “The President thinks that it is vital for the Department of Justice to pursue this wherever it goes, to whoever it goes and to do whatever it takes to investigate any criminal wrongdoing,” White House spokesman Ari Fleischer said yesterday. “If, as a result of that, anybody ends up with a prison sentence, that is the American system of justice and that is proper and that is the way it should work, and that is what the President wants to see pursued.” The statement comes as congressional lawmakers deepan their investigation into the bankruptcy of the energy titan and questionable procedures by its accounting from Arthur Andersen.
Andersen sued
An energy company has sued Arthur Andersen LLP, and experts predict that Andersen will soon face a rash of similar lawsuits accusing it of complicity in Enron’s spectacular collapse. With so much money at stake and potential victims, including shareholders, employees and clients of Enron, most experts believe the anticipated avalanche lawsuits will be lumped together into a few cases and granted class action status. Lawyers for Samson Investment Co. Filed a suit against Chicago-based Andersen on Tuesday, claiming it “recklessly disregarded evidence of questionable financial transactions between Enron and its insiders.” The lawsuit was filed the same day that Andersen fired a senior auditor who organised a mass destruction of Enron documents after federal regulators had requested information about the failing energy company. Andersen also said four partners in its Houston office would be stripped of management responsibilities and that three auditors had been put on administrative leave.
Agencies
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Proposals worth Rs 437 cr cleared New Delhi, January 17 In all Minister for Commerce and Industry Murasoli Maran cleared 53 FDI proposals which had earlier been approved by the Foreign Investment Promotion Board. Investment proposals were in several sectors, including chemicals, automobiles and software development. Among the major proposals was that of Aidqua Holdings(Mauritius) Inc for undertaking integrated water supply project at Tirupur in Tamil Nadu with an FDI of Rs 90 crore. Another proposal approved was of Omnium Francais Industrial ET Commercial of France for the manufacture and distribution of bitumin saturated organic fibre sheets at Pune with an FDI of Rs 102 crore. A proposal of Advantage India Inc of New York to undertake non-fund based activities like providing or procuring market research and research regarding economic and political factors was
approved. This involves an FDI of Rs 23.53 crore. Several other proposals related to expanding
existing business or amendments to existing arrangements.
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Decision on VAT on January 23 New Delhi, January 17 Speaking at a meeting organised by FICCI here, Dr Dasgupta said 15 out of 16 major states and two out of the three newly formed states were ready with the draft legislation. He said the main hurdle in implementing the state-level VAT was the delay in the amendment of the Central Sales Tax (CST) provisions. Though the Bill was to be introduced and passed in the winter session, but due to recent terrorist attacks on the Parliament building, it got delayed. Moreover, around 500 broad commodity groups have been identified for the state-level VAT involving two basic rates of 4 per cent and 10 to 12.5 per cent and ninety per cent of the 500 items will be covered under these basic rates.
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TVS to launch 12 models New Delhi, January 17 Among the new launches are a four stroke version of scooterette, TVS Scooty, and a new variant of the Fiero, Managing Director of the company, Venu Srinivasan said today during the ongoing Auto Expo 2002 here. TVS is showcasing the "Concept Hybrid Electric Vehicle" at the Auto Expo 2002. The vehicle runs on the hybrid electric system powered by a battery. The vehicle can achieve a maximum speed of 70 km per hour. There is no requirement for external charging of batteries, as the system is charge sustaining. Moreover, the range for the vehicle is not limited by batteries unlike conventional battery electric vehicles. Motor cycles are expected to constitute 50 per cent of TVS Motor’s total sales this year (against 41 per cent in 2000-01) with scooters and mopeds making up the rest.
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Ford official for CNG fuel
New Delhi, January 17 “On fuel basis CNG is the cleanest and most environment-friendly fuel available at present for Delhi,” Haren S Gandhi, Technical Fellow and Manager, Chemical Engineering Department of Ford Motor Company, told PTI at the ongoing Auto Expo here. “We cannot compare the percentage of the CNG-run vehicles in other world cities like London and New York and Delhi because they do not have as acute air pollution problem as exists in the Capital,” Gandhi said. The courts and the government should be praised for this initiative of converting all public transport vehicles into CNG mode, he said. “Given the pollution in Delhi, there was time constraint and the city could not wait for another cleaner technology to evolve in five-ten years - people would have choked to death,” Gandhi said. Once the infrastructure for providing sufficient CNG is in place, it would definitely prove to be a success in Delhi.
PTI |
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GM targets 30 pc growth New Delhi, January 17 "Lower prices, improved fuel efficiency and added features would help the company grow 30 per cent in the C-Class segment, which is estimated to register a 5 per cent growth in 2002," vice-president (marketing) of the company, Mr Rajeev Chaba, said. The new versions are powered with a new engine management system compatible with Euro III norms. However, no major price increase has been announced. While the 1.4 GL Opel Corsa has been priced at Rs 5,48,800 ( ex-Delhi) the 1.4 GLS Corsa is priced at Rs 5,83,520. The 1.6 GSi Astra is expected to cost Rs 7,63,000 while the 1.4 Swing is priced at Rs 6,23,168. "The maximum increase in the prices of models would be 1 per cent while in two cases the prices have actually gone down by up to 4.3 per cent", Mr Chaba said.
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SA delegation visits PTL Chandigarh, January 17 The delegation held detailed discussions with Mr A.M. Sawhney, Senior Vice-President-Marketing, PTL on issues concerning developments on the agriculture front and technology involved in manufacturing farm equipment. The African delegation showed keen interest in the product range being manufactured by the Swaraj group of companies.
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