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Wednesday,
September 25, 2002,
Chandigarh, India  
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Rising oil prices hit Asia’s growth
10 pc growth for insurance: FICCI
New industrial policy to end ‘inspector raaj’
Rahul Bajaj Co-Chairman of Business Council |
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Hindujas demand more documents from CBI
Send voice mail, fax through Connect
Wheat target at 16.5 lakh tonnes
Bacardi Breezer launched
GNFC plans Rs 250 cr investment
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Rising oil prices hit Asia’s growth Singapore, September 24 US investment house Lehman Brothers has lowered its growth forecast for Asia by half a percentage point next year, and trimmed this year’s forecast, because it expects Brent oil to average about $30 a barrel for nine months. “The higher import bill from the (forecast) $4 a barrel rise in the oil prices will eat directly into the region’s current account surpluses,” Lehman Brothers regional economists Rob Subbaraman and Graham Parry wrote in a report. Fear of a war against Iraq and forecasts of falling U.S. oil inventories drove Brent crude to a one-year high above $29.50 a barrel today, a rise of almost 50 per cent since the start of the year. That threatens growth in Europe and the United States and consequently demands for Asia’s exports, the driver of the region’s upturn. “What is going on in Asia at the moment has actually been a fairly powerful export-led recovery,” said Michael Spencer, chief Asia economist at Deutsche Bank in Hong Kong. Apart from the weaker global demand, Lehman Brothers also expects an impact on domestic consumption in Asia as higher oil import prices push up production costs for oil-dependent goods. It now forecasts Asia ex-Japan to grow 5.5 per cent in 2002, just down from an earlier forecast of 5.6 per cent. There is a bigger impact in 2003, with the growth forecast lowered to 5.7 per cent from 6.2 per cent. Already the rise in the oil prices, and the fear they could go higher, has hit Asian currencies, with those not pegged at or near multi-month low against the dollar this week. That adds further to the cost of importing dollar-priced oil. The only good news for Asia is that there are counterbalancing factors that could limit the damage from a sustained oil price rise. Deflation in parts of the region, high unemployment and competition from China means price rises are likely to be contained and the region will avoid the policy dilemma of stagflation — slow growth and rising inflation. “Certainly with the deflation being the more pressing concern in most economies, it would be very difficult for firms to pass on the higher oil prices into prices of other goods,” said Spencer.
Reuters |
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10 pc growth for insurance: FICCI
New Delhi, September 24 According to a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), 52 per cent of the high income respondents and 57 per cent of the middle income group feel that the growth rate would be above 10 per cent. The findings are in line with the outcome of other studies. A study done by reinsurance major SwissRe, the domestic life insurance market is expected to notch up an average real growth of over 14 per cent a year during 2001-05, second only to Eastern Europe. Another study by the Life Insurance Corporation and consultancy firm KPMG revealed that the growth in the average insurance premium in India has been 8.2 per cent. The FICCI study showed that 35 per cent of the respondents, who included insurance companies, both life and non-life, insurance consultants and customers, felt that the market is large enough to accommodate more than 30 players. About 22 per cent said the current number of players is sufficient. Since the sector was opened to private players two years ago, 12 life insurance licenses and six non-life insurance licenses have been issued by the IRDA. UNI
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New industrial policy to end ‘inspector raaj’ Jalandhar, September 24 At the same time, the new industrial policy chalked out by the department and to be announced by the state government soon, envisaged to provide an “Inspector-free” atmosphere to the industry for ensuring its all around growth. Talking to The Tribune, Mr Avtaar Henry, the Punjab Minister for Industries, said he has directed the Punjab State Industrial & Export Corporation (PSIEC) authorities to either build new roads or repair the existing ones as the bad road condition in focal points was proving to be a big hurdle in the development of industry. “I have specifically directed the PSIEC authorities to ensure mettling of roads in these focal points within a period of one and a half months,” said Mr Henry, after an interface with the Jalandhar Industrial Focal Point (Extension) Association and its chairman Mr Shital Vij, who apprised him about the plight of industrialists operating from different focal points of the state. Industrialists, all over the state, were agitated that step motherly treatment was being meted out to those industrial units which were operating from various industrial focal points, which were lacking basic civic facilities and where roads were not repaired for years altogether. Criticising the former SAD-BJP Government for “ignoring” the industry sector, Mr Henry alleged that the previous government was so indifferent towards the industry that it went on to set-up such focal points in non-feasible areas like Muktsar and Pathankot where the PSIEC was not even able to sell a single plot. Referring to the withdrawal of subsidy to the tune of 25 per cent to the industry for installation of generators and the decision of the PSEB authorities to charge 5 per cent electricity duty for use of power generated through generators, Mr Henry said he would take up the matter with the PSEB chairman Mr Sudhir Mittal. He said the new industrial policy of the state would eliminate the “Inspectori-raaj” and would provide a very congenial growth oriented atmosphere to industrialists as the sate had already lagged behind in the industrial sector for decade long militancy. |
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Rahul Bajaj Co-Chairman of Business Council
London, September 24 The other Co-Chairman elected at the Council meeting last evening was Hugh Morgan, Chief Executive officer of Western Mining Company of Australia. They will succeed Lord Cairns of UK, the current Chairman of the Council. Bajaj told PTI that he and Morgan would assume their charges as Co-Chairman of the Council in December this year. Hitherto there used to be Chairman and Vice-Chairman. With yesterday’s election there would be no post of Vice Chairman and instead of Chairman there would be Co-Chairmen. The Commonwealth Business Council was established by Commonwealth Heads of Government in 1997 to involve the private sector in the promotion of trade and investment. The Council acts as a bridge for cooperation between business and government in order to help remove barriers of trade, mobilise investment into Commonwealth countries, foster a good environment for business and investment; promote good practice incorporate governance and corporate citizenship; and facilitate the expansion of e-commerce, especially in developing countries. The Forum promotes practices and policies for the enhancement of trade and investment and provides new opportunities for business networking and partnerships in support of the Commonwealth’s initiatives on democracy, good goverance and the economic and social development of its member countries.
PTI
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Hindujas demand more documents from CBI
New Delhi, September 24 Appearing for the Hindujas before Special Judge Prem Kumar, Counsel Amit Desai said the CBI did not give the copies of LRs sent to Austria, Switzerland and Sweden on March 4, 1999, December 8, 1998 and April 7, 2000 respectively and their reply, to the accused to prepare defence arguments. “In the interest of a fair trial, the CBI could not hold them,’’ he submitted, adding that these documents might support the case of the accused. The Hinduja brothers — Srichand, Gopichand and Prakashchand — are accused of receiving Rs 15 crore (80.80 Swedish kroners) from Bofors for the Rs 1437-crore gun deal. When there were charges of conspiracy and cheating against the Hindujas, all documents gathered by the agency should be provided to the accused to prove their innocence, Mr Desai said. Senior counsel Natarajan, appearing for CBI, said the Hindujas were not provided with the copies of the documents as they had nothing to do with them. They were related to some other accused.
UNI
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Send voice mail, fax through Connect Chandigarh, September 24 It will enable its subscribers to send voice mail and fax messages to any person, having an Internet connection and message listening facility. Launching the service, Mr Vijay Kaul, Chief Marketing Officer, said the service had been designed in-house by the R &D team of HFCL to add new services to Connect subscribers. He said:
‘‘With the upgraded technology and latest equipments, we are able to introduce this service that will provide an opportunity to our customers to send voice mail and fax messages to any Internet user at just Rs 5.40 per five minute.’’ Outlining the procedure of getting the service, Mr Sundeep Jauhar, senior Manager, Marketing, said: ‘‘Our subscribers would have to dial 1918 to register online or they can simply register themselves at www.fone2mail.hfclconnect.com without paying any charge. The customer care executive at 1918 will provide a customer with user ID and password to use the service.’’ He said on any phone, one will have to pay Rs 72 per three minutes to make an international call from Chandigarh to the USA, Rs 27 for a three-minute call from Chandigarh to Mumbai and Rs 14.40 per three-minute call from Chandigarh to Delhi, but the Connect service will be available at the nominal price. To send a message one will have to simply dial 1919 from any Connect phone to record ones message or to send fax. Within minutes the intended recipient will get the message in his mail account as an attachment along with sender's mail ID.
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Wheat target at 16.5 lakh tonnes Ferozepore, September 24 The target of production has been fixed at 16.45 lakh tonnes this year, 7000 tonnes more than last year. The ADC said that grams would be sown in 6000 hectares oat in 5000 hectares and oil seeds in 15000 hectares. He also said that 10,000 quintals of seeds of PBW-343 wheat would be disbursed among the cultivators on subsidy. Besides this, kits of other crop seeds would also be disbursed on subsidy to the cultivators. The respective SDMs have been asked to keep check on supply of seeds and pesticides so that spurious items were not allowed to be sold at any cost. He disclosed that two samples of fertilisers and 14 samples of pesticides failed the required chemical composition during check-ups by the local administration.
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Bacardi Breezer launched New Delhi, September 24 Available in lime, orange and cranberry flavours, the drink, which has alcohol content of 4.4 per cent, is available in 330 ml bottle at Rs 40. With this launch, Bacardi is expecting a major increase in its market share. “The international success of this brand is rooted in its ability to create and define a new drinking sector”, said Mr Jeff Macdonald, Marketing Director, Bacardi Martini India, while addressing a press conference here today.
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