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Samsung, Sony
forge alliance
LPG subsidy
scheme modified
Haryana exports
cross 10,000 cr Tax collection
rises in Haryana Uco Bank net
grows 83 pc |
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Dr Reddy’s net profit
inches up
Cell operators move Supreme
Court
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Samsung, Sony forge alliance
Seoul, October 28 The deal will give Sony, a steady supply of flat screens for televisions and computers — a key growth area for its struggling electronics division. It will guarantee Samsung a large customer and increase
the chances its screens would become the industry standard. The source told Reuters the two companies have agreed to establish a 50-50 LCD (liquid crystal display) screen joint venture in South Korea, with the chief executive coming from Samsung. “The joint venture deal worth 200 billion yen ($1.84
billion) will be announced at 3 p.m. (0600 GMT),” the source said. Samsung, already plans to invest 20 trillion won ($17 billion) in new LCD production lines by 2010. The world’s largest maker of LCD panels is LG.Philips LCD,
a joint venture between LG Electronics and Philips Electronics NC LG. Philips LCD also plans to invest $2.6billion in new flat screen production. Shares in Samsung, Asia’s most valuable technology stock with a market value of $61 billion, rose one percent to 452,500 won at 0057GMT, while the broader KOSPI was up 0.79 percent. Analysts say Samsung is a good fit with Sony’s plan to clinch the top spot in the fast-growing market for flat-panel TVs, in which the Japanese firm has been lagging. Sony confirmed last month it had been in talks with several firms, including Samsung, about a possible tie-up in flat
panels, but had made no decision.
Sony to cut 20,000 jobs
Sony Corp. said today it would cut 20,000 jobs
over three years as part of a package of new business measures aimed at reviving its profit structure, with 7,000 employees to go in Japan. It said the total workforce as of March stood at 1,54,500, excluding the finance sector. The company said it will implement a second phase of structural reforms of the group, including its
electronics, entertainment and other major divisions “to create a highly efficient, high added-value operational structure.” Sony said it also aimed to achieve a consolidated operating profit margin “of at least 10 per cent (excluding the financial business) by the end of fiscal year 2006.
— Reuters, AFP
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LPG subsidy scheme modified New Delhi, October 28 Ram Naik, however, clarified that this will not translate into any revision of prices of petrol and diesel. “Despite cross-subsidisation up to 33 per cent, there will be no revision of petrol and diesel prices”, Mr Naik said. The oil marketing companies are seeking compensation from the government for the losses that they were incurring on the PDS kerosene and LPG. Under the new scheme, the balance under recoveries will shared among the oil marketing companies and upstream oil companies. Terming it as an sharing mechanism as equitable, Mr Naik said Oil India Limited , which is small company with its areas of operations limited to the North-Eastern region of the country, have been exempted from sharing the under recoveries. Under the new system, ratio of profit after tax of 2002-03 of GAIL and the ONGC have been taken as the broad parameter for sharing of the burden between the two companies.
Reliance excluded from scheme Ram Naik today strongly defended the government decision of not including the Reliance group under the scheme of sharing under recoveries on LPG and kerosene, saying the private company has entered into commercial agreements with public sector oil companies for marketing their products. “If Reliance is brought under the scheme, it may export its products rather than selling to the marketing companies,” an aide of the minister said. Citing an
example, the aide said because of the last week’s shut down at Reliance’s Jamnagar refinery, the oil marketing companies had to import five cargoes of LPG (around 65,000 tonnes) on an emergency basis and they had to pay a higher price of $ 20 per tonne as compared to Reliance import parity price.
— UNI |
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Haryana exports cross 10,000 cr Chandigarh, October 28 An official spokesman said during a review meeting of the Industries Department, Mr S. C. Chaudhary, Secretary, said exports from the state had doubled during the past three years and had crossed Rs 10,000 crore in 2002-03. He said the exports included software worth Rs 4,500 crore, basmati, readymade garments and handloom products worth Rs 1,500 crore, Rs 1,500 crore and Rs 1,200 crore. Pickles, chemicals, electrical goods and guargum were among the other major items being exported from Haryana. On the issue of foreign direct
investment (FDI) in the state, Mr Chaudhary said proposals worth Rs 3,132 crore had been implemented in the state during the present government's tenure. This had been the biggest mobilisation of FDI in the state since 1991, the Industry Secretary was quoted to have said. Proposals worth Rs 4,819 crore of FDI were under consideration for implementation in the state. Moreover, domestic projects worth Rs 28,000 crore were under implementation in the state, including expansion of oil refinery and petrochemical complex in Panipat. |
| Tax collection rises in Haryana Chandigarh, October 28 After the implementation of VAT from April 1, the state has registered an increase of Rs 213.09 crore in the sales tax collection during the April-September period as against the corresponding period last year. The total sales tax collection during that period has reached Rs 1,401.44 crore as against Rs 1,188.35 crore collected during the corresponding period in 2002-03. The government is expecting an annual increase of 20 per cent by the end of the financial year. Senior officials in the Department of Sales Tax and Excise said implementation of VAT is likely to result in an additional tax collection by 5 or 10 per cent per cent as compared to the normal growth rate in tax collection. The growth rate in sales tax receipts in 2001-02 and 2002-03 had been 16.8 per cent and 14.4 per cent. A senior official of the department claimed that as against sales tax collection of Rs 2,465 crore during 2002-03, the government is expecting about Rs 3,000 crore collection during 2003-04. As far as excise duty on liquor is concerned, the target is to generate at least Rs 50 crore additional revenue during the current fiscal year, against Rs 880 crore collected during 2002-03. However, due to a decrease in the local area development tax (LADT) from 4 per cent 2 per cent, the central sales tax collection (CST) may marginally fall from Rs 867 crore collected during the previous year. During the first six months of the current year, the CST collection has declined by Rs 12 crore from Rs 415 crore to Rs 413 crore. He admitted that though the state economy was growing at an annual rate of 9 per cent as against about 6 per cent annual growth rate registered by the national economy, yet due to lower growth rate of manufacturing sector, the sales tax collection is not increasing proportionately. He admitted that there was still a wide scope for an increase in the tax collection by checking sales tax evasion, especially by the unorganised sector. With the introduction of electronic filing of sales tax returns and with the simplification of laws, the tax collection is likely to increase substantially. The department has plans to use a software for the verification of claims of purchases and sales. Interestingly, the department has registered an increase of 33.74 per cent in sales tax collections during July and 35.34 per cent in August this year. |
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Uco Bank net grows 83 pc
Kolkata, October 28 Declaring the first six months’ financial results of the bank, Mr Shetty said during April to September this year the operating profit of the bank had also gone up by 80.81 per cent to Rs 490 crore from Rs 271 crore, earned during the corresponding period of last year. Uco Bank’s profit after tax at the end of first half last year was to the tune of Rs 159 crore only, the bank Chairman said.
— UNI |
Cell operators move Supreme Court
New Delhi, October 28 “We have given a clearance to our lawyers. We are in the process of filing an appeal in the Supreme Court against the TDSAT’s majority judgement which permitted basic operators to offer WLL mobile services,” T.V. Ramachandran, Director-General of Cellular Operators Association of India (COAI), said. The COAI will seek upholding the judgement by the TDSAT Chairman D.P. Wadhwa, which had termed the WLL services as illegal. — PTI Relief for salaried class
NEW DELHI: Reeling under a hefty tax burden, the salaried class has something to cheer about at last with the Income Tax Department having taken a decision not to scrutinise the tax returns of salaried class to save it from harassment. “The Central Board of Direct Taxes (CBDT) has taken a decision to exclude this segment during the current fiscal from tax scrutiny, making a departure from the past,” says CBDT Chairman P.L. Singh. In earlier years, salaried people were picked up on random basis for scrutiny. “The Commissioners and Chief Commissioners have been given the power to take decision regarding the returns filed by the salaried class,” Mr Singh said. The Kelkar Committee had projected the number of assessees filing returns of income at over 2.70 crore during 2003-04. Of the total returns, an estimated 1.09 crore, roughly 40 per cent, constitute salary returns.
— UNI
Battery-operated bicycles in India
LUDHIANA: A UK firm will soon launch a battery-operated bicycle on Indian roads which will cost around Rs 5,000 and can run at a maximum speed of 60 km per hour. The firm, Ultra Motors, demonstrated and exhibited the different models of this bicycle here yesterday in the presence of the local cycle manufacturers. The local manufacturers have assured the firm that they would promote and have a tie-up with it. Ultra Motors Managing Director Iyan Woodcock told reporters here.
— UNI
Dilip Modi is COAI Chairman
NEW DELHI: The Cellular Operators Association of India today announced the appointment of Dilip Modi as its Chairman for one year. Modi, who was earlier Vice-Chairman of the COAI, was “unanimously elected” as the association’s Chairman at its Annual General Meeting held yesterday, a statement said, adding that Modi takes over from Rajeev Chandrasekhar. Anil Nayar, corporate director of Bharti Enterprises was elected as the Vice-Chairman of the COAI for 2003-04.
— PTI
S&P retains 12 banks’ ratings
NEW DELHI: Standard & Poor’s (S&P) retained the ratings of major Indian banks and financial institutions like the SBI, ICICI Bank, the IDBI and Bank of Baroda in terms of their outlook on foreign currency ratings. The local currency ratings have also been retained for eight nationalised banks, S&P said in a communique from Singapore. The eight banks whose ratings have been affirmed at “BBpi” level are the Bank of India, Canara Bank, Corporation Bank, the Oriental Bank of Commerce, the Central Bank of India, Indian Overseas Bank, Punjab National Bank and the Union Bank of India.
— PTI
Bayer may sell polymer unit parts
Frankfurt: Bayer is considering selling parts of its polymers division, the Financial Times Deutschland reported today, quoting internal company sources. Bayer is examining the possible spin-off or sale of its tyre rubber and ABS plastics activities, which account for annual sales of around two billion euros ($ 2.3 billion) or around one-fifth of its total polymers division, the newspaper said.
— AFP
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ICICI bonds Goodyear tyres Sonata pact NFL dividend ONGC deal TRAI charges Federal Bank Loans at 7 pc Mysore Bank |
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