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Saturday,
May 10, 2003, Chandigarh, India  
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SARS may cost Asia $28b: report
Govt allays fears on FDI in e-media
Govt concerned over rising inflation
Plan panel offer on bio-diesel industry
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Woo NRIs to tackle unemployment: minister IndusInd Bank net up 40.5 pc
Apollo Tyres net surges 226 pc
Timeshare, Club Mahindra open resort
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SARS may cost Asia $28b: report
Singapore, May 9 The Asian Development Bank (ADB) estimated on Friday those losses would range from $12 billion to $27.7 billion for East and Southeast Asia should SARS extend into the third quarter of 2003. In a report on the economic implications of SARS, the ADB estimated that if the epidemic lasted only one quarter it was likely to shave off 0.3 percentage points of growth in East Asia, down to 5.3 per cent; and 0.6 percentage points off growth in South East Asia, down to 3.4 per cent. But if the outbreak lasted over two quarters, it would likely to take off 0.9 percentage points off growth in East Asia, down to 4.7 per cent, and 2.5 percentage point off growth in South East Asia, down to 2.5 per cent. China gross domestic product growth would be moderately affected, remaining unchanged at 7.3 per cent if SARS only lasted one quarter and falling to 7 per cent if it lasted two quarter. But GDP growth in Hong Kong could fall from a projected 2 per cent to 0.8 per cent if SARS lasted one quarter and to a 1.4 per cent contraction if it was around for two quarters. In Singapore, growth could fall form a predicted 2.3 per cent to 1.9 per cent on the scenario of only one quarter of SARS and 0.7 per cent on a scenario of two quarters. In the short term, SARS mainly affected economic growth by reducing demand, with a dramatic decline in consumer confidence, and fell in service exports, in particular tourism-related exports, the report noted. Investment was also affected by reduced overall demand, heightened uncertainties and increased risks. Foreign investment inflow might be delayed or reduced in reaction to SARS. While the increased government spending would mitigate the impact, the ability of governments to revive economies facing widespread reductions in private spending was limited. The weakening of demand would further reduce inflation and intensify deflationary pressure in some economies, including China, Hong Kong and Taiwan. But one factor that might offset this impact was the rebound of private spending when SARS was brought under control, the ADB said. Consumers might compensate for their reduction in consumption by subsequently increasing their spending. While domestic consumption could quickly change once confidence resumed, it might take a longer period for foreign travellers and investors to return. While SARS had caused serious disruption to short-term economic growth, its long-term effects largely depended on whether the governments could speedily implement effective public health policies. IANS
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Govt allays fears on FDI in e-media New Delhi, May 9 Mr Prasad said the uplinking guidelines reviewed in March, 2003, required that the news and current affairs content provider for the channels uplinked from India must be accredited with the Press Information Bureau. Allaying fears of members that opening up could lead to foreign control of electronic media, Mr Prasad said the government had restricted FDI for the uplinking of foreign-owned television news channels to 26 per cent since it felt that potential for mischief against safety and security of the state was more with a channel which was largely dedicated to news and current affairs programme. He said a number of safegaurds had been provided in the guidelines for FDI in electronic media. “It has been obligatory for companies to take prior clearance from the government if they propose any change in equity,’’ he said. On the demand for having a strong regulator to ensure that rules were not violated by foreign players in electronic media, Mr Prasad said the government would take a decision once the Convergence Bill was taken up. About Direct to Home TV (DTH), the minister said the government would ensure that foreign equity participation in no way exceeded 49 per cent. He said news channels had been “totally segregated’’from entertainment channels so that they did not televise news. Sharing the concern of members on vulgar display of women in advertisements of undergarments, the Minister said the channels had been issued show cause notices following which many such advertisements had been withdrawn. Several opposition members accused the NDA Government of violating the promise made in the election manifesto on capping foreign equity in electronic media. Cautioning the government about allowing FDI, some members sought a reconsideration of 26 per cent cap on the FDI in the electronic media.
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Govt
concerned over rising inflation New Delhi, May 8 Finance Minister Jaswant Singh told the Parliamentary Consultative Committee here today, a press note said. He said the major contributing factors were the rise in the oil prices due to the war in Iraq and the affect of drought on edible oil. The Finance Minister said macro-economic situation in 2002-03 remained comfortable despite drought, uncertainty on the external front and delayed global recovery. The impact of the war was already in the reverse gear with the global oil prices falling from $ 35 per barrel. Effect of the Gulf war on the Indian economy could be further neutralised with a normal monsoon this year. The ministry had conducted a study in September 2002 to assess the likely consequences of Gulf War, he said adding historically India had strong bonds with Iraq and we have a particular role and mission in the restructuring of Iraq. Responding to the suggestions of some members, the Finance Minister said the system needed to move in pace with the developments and facilitate Indian companies in carrying out their projects in Iraq.
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Plan panel offer on bio-diesel industry Chandigarh, May 9 "During the recent discussions with chief ministers and planning bodies of Punjab and Haryana, the offer was made and the chief ministers who are desperately in search of alternative to wheat and paddy assured the two states would be able to meet the national demand," Planning Commission member Prof D.N. Tiwari said while talking to the Tribune here today. Mr Tiwari came to the city to participate in an interaction between Central Scientific Instruments Organisation (CSIO) and industry where also he urged the industry to immediately explore these sectors which could generate employment for more than five crore people. Inquiries from CSIO Director Dr R.P. Bajpai revealed CSIO, the technological prop of the industry in the region, had all capabilities to exploit the potential in these sectors immediately. Prof Tiwari, who is also the chairman of the national committee going into the aspect of bio-diesel, said with the sugar industry in crisis sugarcane should be turned into ethanol and the crop of jatropha (Ratan jot) should be grown in a big way. He informed proposals in this regard had already been sent to the Cabinet. Prof Tiwari informed that the electricity bill cleared couple of days back had freed power generation for private producers to allow the use of sugarcane in power generation. Prof Tiwari said jatropha apart from producing diesel would create 70 important chemicals as by-products. Around 1.5 crore jobs could be created through this exercise. He said a mission would be launched within a month in this regard. The Planning Commission member said India despite having the knowledge and raw material in the herbal sector could earn Rs 10,000 crore by the year 2005 from the herbal sector. The present output is Rs 3200 crore only. Prof Tiwari informed that India having 33 per cent of the raw material of the world produce of bamboo, considered a panacea for all environmental problems due to its nature of consuming the harmful gases, it has to enter this market in a big way but the industry has to come up with indigenous machines and processes to tap this market. The interaction was organised to celebrate the silver jubilee of the Indo-Swiss Training Centre which also expressed the need for the industry to come up for solutions to their technological problems to the centre.
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Woo NRIs to tackle unemployment: minister Chandigarh, May 9 Releasing the book Mr Kaypee said to tackle the growing unemployment in Punjab, the state had to woo the second and third generation NRIs to invest in Punjab but prior to that a sound environment for industrial growth had to be created. Training youngsters in the technical fields through short-term courses should be the first step towards it. Maintaining that the fast growing mechanisation is the rootcause of growing unemployment, Mr. Ashwani Sekhri said the government had to take up some drastic steps to curb this problem. Putting forward a suggestion to train persons in the areas like cooking and serving to make them skilled, he requested Mr. Kaypee to introduce diploma courses in various industrial branches in all colleges of Punjab so that along side their formal education, students could have an additional training. Dr. Gulshan Sharma, Director, ITFT, said the book covered a large number of areas and activities for promotion and development of the service sector in Punjab besides giving a global and Asian perspective. Those who spoke on the occasion included Wing Commander Vijay Mandrajog (retd), Mr. A Kalanidhi, Adviser, Ministry of Labour and Employment and Chairman of Punjab Technical University Distance Learning Centre and Information Technology expert Alam Sandhu.
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IndusInd Bank net up 40.5 pc
Mumbai, May 9 The Board of Directors has recommended a dividend of 14 per cent, same as in the previous year, the company said in a statement today. The earning per share improved to Rs 4.46 at the end of the year from Rs 3.17 in the previous year. The interest income grew to Rs 742.20 crore from Rs 710.06 crore in the previous year while total income for the year was higher at Rs 988.50 crore as against Rs 894.43 crore in the previous year. Interest expenditure rose by 2.5 per cent to Rs 560.92 crore during the year. Both deposits and advances rose to Rs 8,655.11 crore and Rs 5,363.19 crore. Investments rose to Rs 2,527.56 crore as against Rs 2,484.89 crore in the previous year. The ratio of gross NPAs to total advances stood at 5.24 per cent as against 6.59 per cent last year. The net NPA stood reduced at Rs 242.65 crore as against Rs 367.13 crore last year. UNI
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The
latest entry of three more FM radio stations in the Capital
spells a threat to the music cassette industry, though market
players are braving such a possibility.
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