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Saturday,
July 13, 2002, Chandigarh, India  
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US
shareholders lose $2.4 trillion No A-I
disinvestment now
PSIEC
fails to refund security deposit Industrial
output grows 3.8 pc |
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Now file
returns electronically
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US shareholders lose $2.4 trillion
New York, July 12 The Wilshire Total Market Index, the broadest index for the U.S. equity market, closed at its lowest point in almost 4 years on Wednesday and has tumbled more than 18 per cent so far this year. The decline also represents more than Germany's gross national product of about $2 trillion. GNP measures the dollar value of all goods and services produced in a country, plus income from abroad. U.S GDP, which measures the value of goods and services produced within the United States, is about $10 trillion. But for all the doom and gloom, some see recent sharp declines as good news. "It's going back to a more normal level. During the speculative bubble, (the Wilshire index) was (valued at) almost 2 times GDP," said Edgar Peters, chief investment officer for Panagora Asset Management, which manages $13 billion. "But it's pretty much run its course, despite all the pessimism. When that dissipates in the next few months, it will be a good buying opportunity for those who have the fortitude." The Wilshire index measures the stock performance of all U.S.-based companies. It had traded down 23.67, or 0.3 per cent, to 8,692.38 at late afternoon on Thursday. To find the value of stocks within the Wilshire index, multiply the index's point value by a number calculated by Wilshire Associates, which changes from time to time. The multiplier currently is 1.2. On Wednesday, the index closed at 8,716.38, giving it a value of $10.4 trillion. That was the lowest close for the market measure since October 8, 1998, when the Wilshire 5000 ended the day at 8,620.80. It also is a new low since the market peaked on March 24, 2000. Since the Wilshire's all-time high, the market gauge has tumbled about 41 per cent, reflecting a loss of nearly $7 trillion in market value. At the end of 2001, the Wilshire index closed at 10,707.68, representing a market value of $12.8 trillion.
Reuters
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No A-I disinvestment now New Delhi, July 12 The current environment is not ideal for the disinvestment of Air-India. So it would be first strengthened, the minister said, noting that the international carrier had made a Rs 30-crore profit for the first time in six years. “Air-India and Indian Airlines will have to be closed down if new aircraft are not acquired. The two airlines will get new aircraft and then we will go in for disinvestment. There is no time frame,” he said while addressing a seminar on “Growth of Civil Aviation: Crucial Role of Safety, Security and Facilitation”, organised by the Foundation for Aviation and Suistainable Tourism. Commenting that he had a long way to go in politics, Mr Hussain said he did not want to get into any controversy with regard to the purchase of new aircraft and hence he was ensuring that the whole deal was transparent. The CAG and the CVC would be involved in the deals to see that there was no scope for controversy, he said. As of now, Air-India was in the process of acquiring on lease six A-310s and four 747-400s on dry lease to expand its network which included starting a new flight to New York from December 2 and also services to Frankfurt, he added.
New Civil Aviation Act on cards
The government is working on coming out with a new comprehensive Civil Aviation Act and bringing in an Aviation Security Bill which will take a fresh look at threats in the modern context and do away with the multiplicity of legislations that exist in the sector. Mr Hussain said the draft of the new civil aviation policy would go to the Cabinet next month with amendments relating to security aspects incorporated in it. The new policy was being brought in the wake of the new challenges posed to civil aviation following the September 11 terrorist strikes in the USA, he added. Mr Hussain and Civil Aviation Secretary K. Roy Paul told the seminar that India’s security measures at airports, though found exacting by locals, had won world-wide approval, including that from the International Civil Aviation Organisation (ICAO). “We are at the moment on the
threshold of major changes in safety, security and facilitation in civil aviation,” the Secretary said while the minister promised “startling” changes through the new civil aviation policy. Mr Roy Paul said with new security concerns and other issues such as greenfield airports and states going for their own airports, a need had been felt to dismantle the Civil Aviation Act of the 1930s. Talks were stuck on getting slots for Air India at Heathrow Airport, he said.
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PSIEC fails to refund security deposit Chandigarh, July 12 Interestingly, some of the applicants had deposited security amounts varying from Rs 5,000 to Rs 20,000 with application forms in 1997 as well. According to the terms and conditions of the application form, the PSIEC was supposed to refund the security amount along with interest within six months in case of non-allotment. However, they were promised to be considered in the next lot on the same forms. Most of them have not got their security amount to date. Mr B.S. Baidwan, president, Mohali Industries Association, alleged, “The PSIEC has not only failed to refund the security amount of more than 1,000 applicants, but it is also demanding hefty amount from the allottees. ” Sources in the department disclosed that some of applicants had been refunded their security amount after they paid a hefty cut to some employees and on the recommendation of senior
officials. However, after repeated complaints of malpractices in the refund, the management recently decided to prepare a seniority list and the payments are now being made following the list. Mr P.S. Aujhla, MD of the corporation, was on leave and no other official was ready to come on record on the issue. A senior official, wishing not to be quoted, disclosed that the PSIEC had advertised in 1999 to allot about 150 industrial sheds in SAS Nagar.
However, around 2,200 persons had applied for these plots with a security amount varying from Rs 5,000 to Rs 20,000 depending upon the size of the plot. The plots were allotted only last year without paying any interest on security amount, he said, adding that: “We have refunded the security of nearly 1000 persons with 7 per cent rate of interest. However, around 1,000 applications are still pending due to non-release of funds from the Finance Department.”
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Industrial output grows 3.8 pc New Delhi, July 12 The quick estimates of index of industrial production (IIP) (base 1993-94) for May, 2002, stood at 168.9 which is higher by 3.8 per cent as compared to the May 2001. The cumulative growth during April to May, 2002-03 over the corresponding period of 2001-02 in the three sectors have been 5.6 per cent, 3.7 per cent and 3.8 per cent with the overall growth in the general index being 3.8 per cent. Ten out of the 17 two-digit industry groups have shown positive growth during May 2002, as compared to the corresponding month of the previous year. Beverages, tobacco and related products have shown the highest growth of 13.5 per cent followed by 12.4 per cent in basic chemicals and chemical
products (except products of petroleum and coal) and 11.6 per cent in wool, silk and man-made fibre textiles. On the other hand, other manufacturing industries have shown a growth of (-) 10.2 per cent followed by growth of (-) 6.6 per cent in leather and leather and fur products and (-) 3.4 per cent in non-metallic mineral products. last year. In the manufacturing sector, the recovery has come mainly in the basic goods and consumer non-durables categories. Basic goods registered a growth of 4.7 per cent in May this year as against 1.3 per cent last year while the cumulative growth stood at 4.2 per cent and 2.6 per cent during first two months of this year and last year.
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How to sell your idea at work
Charlottesville, July 12 To get your ideas accepted at work, it might be wise to take some advice from an expert on the subject. Maurer says there are three basic reasons that ideas get bounced: firstly “I don’t get it!” based on the idea’s content: secondly “I don’t like it!” based on the emotion surrounding it: and lastly “I don’t like it! based on the emotion surrounding it; and lastly “I don’t like you!” based on your track record or perhaps your lack of standing in the company. Too often, people just walk into a conference room, set up their power point software, “and just talk and talk and talk”, Maurer said. In the excitement over their brainstorm, they forget that their relationship with the audience “is as important as the idea”. At such meetings, self-absorbed presenters fail to monitor listeners reactions. “Our own excitement over the idea”, Maurer warned, “can shut down our willingness to pay attention to the reactions of those we are trying to convince. Whether we intend it or not, we are showing that the other person’s opinion doesn’t matter. You need to be quick to spot blank expressions on faces that say. “I don’t get it!” and find ways to avoid them, Maurer cautioned. “When we get caught up in our own idea, we can get way ahead of where others may be in thinking about how to solve a problem.” An employee can offer a well thought-out plan, complete with action steps, but if no one else has even been thinking about it, co-workers may be stunned, “so the more we try to explain and sell our idea, the more opposition we encounter,” Maurer said. Reaction to one’s idea inside the company may vary from enthusiasm on the part of the person who will champion it, to colleagues who will drag their feet over it, to those who will do whatever they can “to make sure your idea never succeeds”, Maurer said. One tactic is to find a supporter of your idea before it is presented and send this emissary out to test the waters and maybe drum up advance backing. He said one company considering a new idea sent some employees to visit another firm that had implemented a similar concept so they could anticipate the opposition to their idea when it advanced in house. Before presenting, it is wise to consider how colleagues think of you as an individual. Timing is critical. An idea that may be rejected because of a sluggish business cycle will be applauded six months later when business picks up. Maurer said, “companies may recognise the need for what you propose but the money isn’t there because people are frightened”. If your idea is turned down, “You’ve got to take a hard look in the mirror and ask why,” he said. “It could be as simple as a timing issue, lack of budget, or perhaps people didn’t understand what you said”.
Reuters
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