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Thursday, May 9, 2002, Chandigarh, India
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Oil breaches $27 as US stocks fall
UK identifies 10 sectors for pacts
Spice ties up with Telivoice |
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USA world's top aid donor
SRL-Ranbaxy eyes 250-cr turnover |
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Carrier offers to buy 13.7 pc stake
LG to float IPO within 5 months
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Oil breaches $27 as US stocks fall Singapore, May 8 U.S. light crude breached the $27 a barrel mark for the first time in a week, gaining 51 cents in Asia to trade at $27.14. "The suicide bombings are keeping the markets on their toes although there still does not seem to be any real risk of a widening of the conflict into a pan-Arab war which will affect supply," said Simon Games-Thomas at NM Rothschild & Sons in Sydney. Israeli-Palestinian violence is one of the factors that have kept oil bubbling near six-month highs this year due to fears that any spread of unrest in the West Asia may lead to disruptions to oil flows. The West Asia pumps one-third of the world's crude oil. The prices had been on the retreat as Israel began to withdraw after six weeks of incursions into Palestinian territory and Iraq announced it would end a month-long embargo of its crude exports in support of the Palestinians. The embargo had failed to garner support from other Arab producing nations. Iraqi crude exports were due to resume on Wednesday, exactly one month after it announced it would stop sales of up to2 million barrels per day— 4 per cent of traded oil — in protest of the Israeli military action. Oil rallied 51 cents in New York on Tuesday on forecasts of a decline in U.S. fuel stocks as Iraq's self-imposed export ban began to bite into U.S. supplies. Baghdad is a big supplier to the USA, the world's largest oil consumer. But market expectations were exceeded when the American Petroleum Institute (API) booked a 4.5 million-barrel fall in national crude inventories, more than double the forecast drop of two million barrels. The API pegged crude stocks at a little over 321 million barrels in the week to May 3, shrinking the year-on-year surplus to just under 600,000 barrels. Gasoline stocks rose by nearly 4 million barrels to 214.41 million barrels, taking tanks to more than 16 million barrels above levels at the same point last year, the API said. Traders are keeping a close eye on gasoline inventories ahead of upcoming peak demand in the summer when Americans hit the road for vacation. Distillate stocks, comprising diesel fuel and heating oil, fell 426,000 barrels — against expectations of a small build — to 120.76 million.
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UK identifies 10 sectors for pacts Chandigarh, May 8 Addressing a CII session on Indo-British partnership with special focus on promotion of joint ventures and technology transfer between the two countries, he said 10 priority sectors had been identified as having scope for Indo-British partnership. These sectors were automotive industry, agri products, creative industries, education and training, environment, financial services, healthcare, IT-enabled services, recreation and leisure and telecommunications. Stressing that the objective of such a partnership was to convey information and receive it, to match opportunities and capabilities between Indian and British companies, he warned that government agencies like the British High Commission could offer no guarantees. Rather, they served as signposts for better business ties. He said organisations like the CII could not only foster better understanding between enterprises in the two countries but also provide platforms for interaction. Mr Alistair Elder, Third Secretary, Commercial, described the Indo-British partnership as a toolbox within which different organisations worked to generate mutual interest in the products and capabilities of the two countries. The UK was the largest cumulative investor in India. Today, the UK was India’s second largest trading partner after the USA and had the largest share of India’s markets. The Indo-British trade had grown by 68 per cent ever since the Indo-British partnership was forged in 1993 to increase trade and investment with particular emphasis on small and medium enterprises, said Mr R.M. Khanna, Chairman, Economic Affairs and Taxation Sub Committee, CII (NR). |
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Spice ties up with Telivoice
Chandigarh, May 8 Announcing this at a press conference held here today, Mr Vinod Sawhny, Managing Director, Spice said, “For the people of Punjab, who have strong ties in the USA and Canada, this service will help give a personal touch as the messages they send will be in their own voice at very economical rates. Today we are leveraging the benefit of this tieup with Sabeer Bhatia to offer this new service and we are confident that the service will receive an enthusiastic response”. Using the Spice Telivoice service, Punjab subscribers will be able to send voice messages from tomorrow to any phones — cellular as well as fixed — in the USA and Canada at a charge of Rs 6 per minute. To encourage the usage, the service will be free for seven days, announced Mr Sabeer Bhatia, entrepreneur and co-chairman, Telivoice. Mr Bhatia said besides being inexpensive, the service has the benefit that messages can be delivered at a convenient time of the day which is particularly useful in case of the USA and Canada which operate on multiple time zones. Comparing Voice over Internet service with voice messaging, he said the former has the disadvantage of PC and Internet penetration being much lower compared to the cellular penetration. “Moreover, it is much more convenient to use”, he said. The company is also planning to expand the service to European countries shortly, said Mr Bhatia. Additional features include recording the sender’s name, storage of important messages and choice of listening to the voice instructions in English, Hindi or Punjabi. |
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USA world's top aid donor
Tokyo, May 8 Japan had held onto its position as world's top donor for the preceding 10 years, but its official development assistance (ODA) in dollar terms was outstripped by that of the United States last year, mainly due to a dive in the value of the yen. "Japan has been the biggest donor for 10 years, but it appears that America will be the world's number one," said Misako Kaji, a spokeswoman for Prime Minister Junichiro Koizumi. Figures can be affected by the timing of payments, as well as by exchange rates, she said. Aid figures for 2001 will not be available until the Organisation for Economic Cooperation and Development (OECD) releases its official statistics on May 13 In 2000, Japan handed over $13.5 billion in ODA, compared with just under $10 billion from the USA.
Reuters |
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SRL-Ranbaxy eyes 250-cr turnover Chandigarh, May 8 SRL-Ranbaxy is today the single largest source of clinical laboratory testing in south-east Asia. Its clinical reference laboratory develops and provides incisive diagnostic, prognostic and monitoring tests and services to doctors and patients. Its facilities were the first in India to receive accreditation from NABL in 1998 and has recently completed the first audit review by the College of American Pathologists (CAP) of a facility in India. Mr Harpal Singh, Chairman of the SRL-Ranbaxy, told TNS in an interview that “it will be the aim of SRL-Ranbaxy to upgrade and develop the market. It will utilise its world gold standards, incisive technology and services to provide accurate solutions with ethical standards and care as its core values. Over the next five years, the company expects to increase its turnover to Rs 250 crore.” The company has assisted the doctors in optimising healthcare delivery through a range of branded products and services. In the coming years, SRL-Ranbaxy expects to increase its presence from 215 to 400 towns and increase the number of its collection
centres from 500 to over 2000. SRL-Ranbaxy at present has four laboratories in the country — one each in Mumbai, Bangalore, Delhi and Mohali. Mr Harpal Singh claimed that besides optimising the routine tests, the company had been responsible for commercialising specialised technologies and services. Mr Malvinder Mohan Singh, Director, SRL-Ranbaxy Laboratories, said: “SRL-Ranbaxy is a vital acquisition as it is the leader in laboratory testing business and has a strong quality culture as well as technological expertise. We feel confident that it has the potential to fully exploit opportunities for growth in the clinical testing area.” Mr Vidur Kaushik, CEO, said: “Over the past five years, the SRL has pioneered the development and progression of laboratory medical tests to international standards by implementing new technologies, creating test panels and quality standards.” |
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PNB turns 100
Magic roaming Chhabria stake Warehousing Corp JB Chemicals SBI Life policy |
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