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Wednesday,
October 16, 2002, Chandigarh, India
  
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SBI and ICICI among top 100 Asian banks
Hafed wheat, rice for Singapore, Oman
Microsoft overtakes GE |
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IT park concession to benefit DLF
India, China may post 6.8 pc growth
BPCL sell-off before this fiscal |
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Kulu shawls lose
warmth Singapore Industry
Minister in India
Cellphone use makes brains sharp
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SBI and ICICI among top 100 Asian banks
New Delhi, October 15 While the SBI with assets estimated at $ 68.9 billion is rated 26th among such banks, ICICI Bank is ranked 90th with $ 21.54 billion assets during the period, says the “Asian Banker Journal”. However, 27 other Indian banks figured in the list of top 300 banks in Asia in 2001, though many of them are ranked over 200 in the group. While the Bank of Baroda is ranked 138, the Bank of India and Canara Bank are ranked 157 and 125, respectively. The Central Bank of India is ranked 155, Indian Overseas Bank and Punjab National Bank at 195 and 137, respectively. the Union Bank of India is placed 169. Many of the banks are ranked above 200. They are: the Bank of Maharashtra rated 249, Citibank India 255, Corporation Bank 254, Allahabad Bank 230, Dena Bank 257, HDFC Bank 236, Indian Bank 202, IndusInd Bank 295, Jammu and Kashmir Bank 277, the Oriental Bank of Commerce 217, the Punjab and Sind Bank 284, Syndicate Bank 212, Uco Bank 200, the United Bank of India 240, UTI Bank 279 and Vijaya Bank 273. Interestingly, most of subsidiaries of the State Bank find a place in the top 300 banks in Asia. Besides the State Bank of India, the other ones are the State Bank of Bikaner and Jaipur (269), the State Bank of Hyderabad (245), the State Bank of Patiala (267) and the State Bank of Travancore (278), says the Journal.
PTI
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Hafed wheat, rice for Singapore, Oman
Chandigarh, October 15 While giving this information, a spokesperson for the federation said the wheat would be exported to Singapore, Bangladesh, Oman and Dubai. Out of the 90,000 metric tonnes of non-basmati, 46,500 metric tonnes had already been exported to Guinea and Mozambique. He said the export of wheat was being done for the first time by the Hafed and export of non-basmati rice have been made after a gap of about 15 years. Besides this, Hafed had also initiated a massive campaign for the construction of godowns and creating warehousing capacity for the storage of rice and other foodgrains to meet the requirements of covered storage space. Hafed had already constructed 3.22 metric capacity of godowns and it had also completed the construction of 2.65 metric tonnes capacity godowns through private parties under the seven-year guarantee scheme of the FCI. Rest of the 60000 mt capacity godowns had been provided to the FCI from Hafed’s godowns. With the completion of these godowns , Hafed had created additional capacity of 5,87,500 mt godowns, he added. He further informed that during the current rabi-2002 season, Hafed has made a record procurement of 75,361 mt mustard seed as against the purchase of 36,030 mt during rabi-2001. The spokesperson added that Hafed was also setting up a modern Kachchi Ghani Mustard Oil Mill at Narnaul of 30 TPD capacity with a project cost of Rs 2.83 crore. The project was likely to be completed during the current financial year, he added.
UNI
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Microsoft overtakes GE
Seattle, October 15 Microsoft, the world’s largest software maker, had a market capitalisation of $262.9 billion compared with GE’s market value of $240.9 billion on Monday, according to exchange data. Microsoft and GE, which started to trade places for the top spot in 1998, have been neck-to-neck in terms of market value for much of this year. Redmond, Washington-based Microsoft has lost about a quarter of its value this year, but shares of GE have fallen by nearly 40 per cent as the conglomerate tries to cope with slower growth. Wal-Mart Stores Inc. was the third-largest company by value with a market capitalisation of $ 238.1 billion, while No. 4 Exxon Mobil Corp. was worth $233.4 billion.
Reuters
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IT park concession to benefit DLF Chandigarh, October 15 According to the notification issued on October 4, sale or lease of built-up space in the government approved private software park will be exempted 90 per cent of the registration fee till December 31, 2003, from the date of publication of the notification (October 2, 2002). The exemption will be 75 per cent during January 1,2004, and June 30, 2005. The concession will be 60 per cent from July 1, 2005 and December 31, 2006, and from January 1, 2007 and June, 2008, it will be 45 per cent. An order to this effect, issued by the state government on the same day, added that the exemptions would also be available for sale or lease of land for setting up the IT industry. The order also added that the exemption would further be available to an organisation which had purchased land for setting up an IT park or cyber city for which the required approval had been obtained from the Department of Town and Country Planning. DLF Ltd, which had obtained the contract for the Cyber City project in 2000, had failed to take full advantage of the earlier order and complete the project within the time-frame mapped out for the project. This had allegedly led the state government to extend the concessions. The decision was reportedly approved by the Chief Minister in the first week of July. The notification, issued after the decision was okayed by the Cabinet, had perhaps come up against some obstacles which resulted into the inordinate delay in its publication. Revenue Department officials, however, claimed that by offering concessions for the project, Haryana had only imitated some of the other states that were following this policy for wooing the IT industry. "Except for DLF Ltd, no one else had come forward to set up the Cyber City", stated an official. Nevertheless, the state government, which collects 15.5 per cent of the value of the land as a registration fee for the urban areas and 12.5 per cent of the value of the land as a registration fee for the rural areas, will subject itself to huge loss of revenue because of the concessions. Moreover, while initially the project was envisaged as having only software manufacturing units, the scope of the project had been apparently broadened as it could be seen in the notification. The category of industries covered in the scope of IT industry, according to the notification, include electronic components such as transistors, switches, plugs, sockets, etc. |
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India, China may post 6.8 pc growth
Singapore, October 15 The economic growth of the two countries will surpass that of the total for developing Asia, which will average 6.3 per cent in 2003, up from 6.1 per cent this year and 5.6 per cent for last year, said the report by Dr Kenneth Rogoff, Director of the Research Department at the International Monetary Fund. The South-East Asian nations’ economic growth will average at 4.2 per cent for next year, up from 3.6 per cent this year and 2.6 per cent in 2001, the report added. Japan is likely to recover to a 1.1 per cent economic growth next year from minus 0.5 per cent this year and minus 0.3 per cent last year. Overall, the global economic growth will average 3.7 per cent in 2003, from 2.8 per cent this year and 2.2 per cent last year, said the report. According to the report, the European Union economic growth will slip to 1.1 per cent for this year from 1.6 per cent last year but firm up at 2.3 per cent in 2003. The economic growth of the United States was projected at 2.6 per cent in 2003, up from 2.2 per cent this year and 0.3 per cent last year.
UNI
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BPCL sell-off before this fiscal
New Delhi, October 15 “I don’t think there are any problems now related with the disinvestment in the oil majors.’’ “Our government is confident that the whole process will be completed by the end of this fiscal,’’ Mr Rudy told newspersons here after the inauguration of MMTC’s “Festival of Gold 2002”. Asked whether the government was still hopeful of the disinvestment in HPCL and BPCL given the opposition of senior cabinet ministers like George Fernandes and Murli Manohar Joshi over the manner in which it was proposed to be carried out, he said all such problems were being sorted out. “The whole exercise is currently in the final discussion stage. Earlier the oil PSUs were thought to be of strategic importance from the national security point of view. “But now such apprehensions have been cleared and the disinvestment process is on the right track,’’ he said. Mr Rudy declined to comment over the manner in which disinvestment would be carried out in the two oil PSUs. “I can’t say right now whether it will be through the initial public offer (IPO) route or through strategic sale.’’ ‘’These are complex issues and steps to arrive at a consensus are being taken,’’ he added.
UNI
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Kulu shawls lose
warmth Shimla, October 15 Now in fairs like Kulu Dasehra, Lavi Fair, the demand is for Ludhiana shawls as these are much cheaper and because these are made on machines, the look and texture is finer. Local weavers have been taken under their wings by big firms and as a result, the Ludhiana shawls have the same tapestry as that of Kulu and Kinnaur shawls. Due to hardships, the local weavers have agreed to migrate to Ludhiana. The traditional Kulu and Kinnauri shawls are made from sheep’s wool and processed on “Khadiaan” and after a gruelling task woven into shawls. The
shawl, then, falls in the price range between Rs 5000 and Rs 15,000. A weaver from
Sangla, Anil Negi, said, “Now, we are doomed. Our two hands cannot match the sophistication of machinery as the Ludhiana shawls are rich in texture and priced low”. The Kulu and Kinnauri shawl weavers are sore with the state for not supporting them in the age of modernisation.
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Singapore Industry
Minister in India Singapore, October 15 Prime Minister Atal Behari Vajpayee will inaugurate the Summit to be held in New Delhi on October 17 and Hyderabad on October 18.
UNI |
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