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Friday,
March 21, 2003, Chandigarh, India  
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War raises air fares, hits jobs
Sun Micro sued for favouring Indians
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Industry opposes VAT ICICI Prudential crosses 3 lakh
Ranbaxy gets US nod for Augmentin
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War raises air fares, hits jobs
London, March 20 Airlines have lost $30 billion in the last two years and have warned that any war will again hit earnings in 2003, as demand for tickets is expected to fall by as much as 20 per cent. To help airlines cope with a surge in jet fuel prices, IATA, the Geneva-based trade association, said more than 100 airlines had agreed to boost some international ticket prices by 2-3 per cent. Confirming a Reuters report, IATA said the increases would apply from April 15 to the most expensive business fares representing around 5 per cent of the world market, though they would not apply in Europe. Airlines cancelled flights to West Asia and other worldwide destinations as Britain issued a global terror alert ahead of a dawn attack on Iraq by UK and U.S. forces. Some airlines were expected to follow Continental Airlines Inc, the No. 5 U.S. carrier, which announced 1,200 job cuts on Wednesday and suggested more could come if war was prolonged. Top U.S. airlines cut flights by an average 15 per cent after the September 11 attacks in the United States, Goldman Sachs analyst Glenn Engel said. Still Standard & Poor's has put the largest airlines in Europe and Asia, including Japan Airlines System Corp, together with several U.S. peers on its CreditWatch list with negative implications. Germany's Lufthansa reported a 718 million euros 2002 operating profit on Wednesday, below analysts' forecasts and underscoring pricing pressures hitting carriers worldwide. Australia's Qantas Airways announced this week it would cut the equivalent of 1,000 jobs, or 3 per cent of its workforce. Singapore Airlines said it would scale back services to West Asia, the United States, North Asia and possibly Europe with details to follow soon.
Reuters
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IMPACT OF WAR Gold loses glitter New Delhi, March 20 Marketmen said the US attack on Iraq today took no one by surprise as major players had already build up war premium almost a month ago. “If this goes as per the US plan in this war, the bullion markets will see further weakness in precious metals, including gold,” said a bullion merchant Ravi Jalan. Gold in the international markets climbed down by more than $ 4 an ounce and quoted around $ 334.75 dollar. PTI Economy not to be hit: CII New Delhi, March 20 “We don’t expect it to be a long duration war. If the war gets over in over four weeks, then there will be no lasting impact and it clearly does not need the industry to revise the 6 per cent growth target,” CII President Ashok Soota said. The PHDCCI said the crisis was likely to hit Indian exports as it would cause a setback to the American economy. PHDCCI said the USA was the largest trading partner of India and the war would adversely affect the prospects of the software industry which accounted for more than 60 per cent of software exports.
PTI Stocks jump, Re slumps New Delhi, March 20 Backed by frenzied buying in the blue-chip stocks increased by 71.75 points and closed the day at 3192.93 points — up by 2.3 per cent. The government, however, played down any fears on the possible decline in exports from India with Commerce Minister Arun Jaitley saying the war was unlikely to affect exports. The rupee reacted sharply to the developments in Iraq and closed a one-month low against the US dollar at 47.7425/7525.
TNS
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Sun Micro sued for favouring Indians
Washington, March 20 The lawsuit claims that Sun had a bias in favour of hiring people from India, according to a report in the Boston Globe newspaper. The lawsuit cited as evidence statements made this year by Sun’s India-born co-founder, Vinod Khosla, on CBS television programme “60 Minutes” that at Sun, people from India “are favoured over almost anybody else”. It is feared that the lawsuit, filed in California’s Superior Court in Santa Clara, will trigger an intense debate between hi-tech companies and American engineers over the future of the H1-B visa programme. The California case was brought by Walter Kruz (52), an employee at Sun from May, 2000, until late 2001. During that period, Kruz says, Sun laid off about 2,500 of its workers in the USA, with hardly any of those laid of f were of Indian origin. Meanwhile, Sun
Microsystems today offered to donate free software worth $ 300 million to non profit Indian institutions and agreed to enhance cooperation in e-governance and networking with the Department of IT.
IANS
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Industry opposes VAT Amritsar, March 20 Even as the date for its implementation (April 1) draws closer, the Sales Tax Department has managed to send only a batch or two to Gurgaon to learn about the new system, revealed department sources. The Amritsar District Petrol Dealers Association went on an indefinite strike today. Mr V.S. Chatwal, President of association, accused the Punjab Government of being unfair with petroleum dealers by imposing VAT even when the Centre excluded several petrol products like kerosene oil, LPG, etc from VAT till 2005. Mr Vinod Verma, President of the Amritsar Shoddy Weavers Association, said the association had sent a memorandum to the Union Textile Ministry and the Finance Ministry opposing the levy of VAT. Punjab Pradesh Beopar Mandal President Amrit Lal Jain demanded abolition of CST before imposition of VAT and reduction of tax by 4 per cent. The Amritsar Piece Goods Association and the Textile Manufactures Association, including small scale
woollen, suiting and shawl industry and other associations have also taken an agitating stand against it.
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ICICI Prudential crosses 3 lakh
Chandigarh, March 20 She disclosed that Punjab and Haryana regions had been one of the key drivers of the company’s growth this year. She claimed that the company had succeeded in fetching more than 40 per cent share of the business among private insurance players. With the opening of the Ludhiana and Jalandhar branches in Punjab, the company now had a wider presence in the region. The company’s product range varied from traditional, child, pension, market linked and group plans, with health and medical riders. During April 2002 to January 2003 period, she said the private players had collectively garnered about 10 per cent of life insurance premium income, and over 30 per cent of pension business premium income during the same period.
TNS
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Ranbaxy gets US nod for Augmentin New Delhi, March 20 Concessional credit for J&K units NEW DELHI:
The RBI is planning to direct banks to grant credit at concessional rate to trade and industry of Jammu and Kashmir and set up an entrepreneurial development institute in the state. In a meeting of state government officials, bankers and RBI Deputy Governor G.P. Muniappan, it was also decided that Sidbi would increase refinance facilities to the state financial corporation.
PTI
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Ethanol tech 2-wheeler show Chamber meet Beopar Mandal Emerson UPS VAT protest MUL TrueValue |
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