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Nod to RCF Kapurthala expansion plan
Bush favours Wolfowitz as WB chief
$ 20-m ADB loan for J&K
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Amritsar on Thai Airways map
Oil scales new high of $57, Opec helpless
Moody’s to review RIL rating
Johnson defends its products
Crisis looms large on Mandi coop bank
Lodha got 99.99 pc votes in Birla AGM
Akalis seek tax exemptions for Punjab units to check exodus
Amara Batteries charged up on Punjab
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Nod to RCF Kapurthala expansion plan
New Delhi, March 17 The expansion plan would enhance the manufacturing capacity from the present level of 1,000 coaches to 1,400 coaches per annum, besides creating new employment opportunities in the state. Set up in 1985, the rail coach factory is a subsidiary of the Indian Railways that has earned name in manufacturing state-of-the-art coaches, including AC-3 tier coach, roof mounted AC package unit, IRY/IRY20 coach, prototype IRY rake, self-propelled accident relief trains and high-capacity parcel vans. In a written reply, Minister of State for Railways R. Velu today informed the Lok Sabha, “a work for capacity expansion of Rail Coach Factory, Kapurthala, has been included in the Railway Budget. It is proposed to enhance the manufacturing capacity from 1,000 to 1,400 coaches per annum,” he said. The minister added that the work would commence after the sanctioning of “detailed plans and estimates.” He was replying to a question asked by Punjab MP Gurjit Singh Rana. The minister, who had visited the factory premises last month, appreciated the contribution of the unit in setting up new benchmarks of efficiency in the public sector. Set-up with an investment of Rs 400 crore, the RCF has so far turned out over 15,000 coaches, and is currently contributing to more than 35 per cent of the total passenger coaches (broad gauge) in service of Indian Railways. The unit has plans to manufacture upgraded coaches for new trains, besides investing to bring down the costs of production. RCF Kapurthala in collaboration with Alstom-LHB GmbH, Germany, has been entrusted the task of developing and manufacture of modern, high-speed state-of-the-art coaches for Shatabdi Express, under transfer of technology contract. It is operating over its capacity and even exporting coaches to other countries, including Vietnam.
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Bush favours Wolfowitz as WB chief
Washington, March 17 The selection threatened to set off a bitter fight on the World Bank board, which must sign off on Washington’s choice, at a time when Bush has said improving trans-Atlantic relations and America’s image in the Arab world will be top priorities. Bush sought to head off any backlash over his nominee, calling French President Jacques Chirac, German Chancellor Gerhard Schroeder, Japanese Prime Minister Junichiro Koizumi, Italian Prime Minister Silvio Berlusconi and South African President Thabo Mbeki to make the case that Wolfowitz would make a “strong” leader of the international agency. Wolfowitz, seen as a driving neo-conservative voice behind Bush’s controversial strategy of pre-emptive military action and spreading democracy in the Muslim world, pledged to serve the bank’s multinational membership and to build consensus. “I understand that in this job I’ll be an international civil servant reporting to a multinational board, responsible for hearing all their views,” he told reporters. The bank provides billions of dollars in loans in the developing world. — Reuters
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$ 20-m ADB loan for J&K
New Delhi, March 17 The project, estimated to cost $ 358 million, is aimed largely at restoring existing facilities and services in two key infrastructure sector and rural and urban transport sectors, an ADB press note said here. The loan would cover 70 per cent of the total cost of the project and carries a 25 year term, including a grace period of five years, while the Centre and the state government would contribute $ 108 million towards the total project cost. More specifically, the Manila-based multilateral lending institution said, the urban sector component could cover water supply and drainage systems in Srinagar and Jammu, while the transport sector segment would finance rehabilitation of roads and bridges throughout the state. About 1,500 km of deteriorated roads under the public works department and 80 damaged and weak bridges in 14 districts would be rehabilitated. Observing that in Jammu and Srinagar, the rundown water distribution system had led to erratic service, high water losses and poor coverage, it said rehabilitation will benefit over two million persons. The ADB said drainage rehabilitation would significantly improve the level of sanitation of Jammu and Srinagar cities and benefit over one million persons. Meanwhile, Jammu and Kashmir Chief Minister Mufti Mohammad Sayeed told the Assembly today that there will be a separate executing agency for the ADB-funded projects to avoid any delays in implementation.
— PTI
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Amritsar on Thai Airways map
New Delhi, March 17 Mr Divaveja said though the airline, which is considered amongst the best around the world, would be looking at adding Ahmedabad as the first new destination from India but Amritsar could happen by the turn of the year. This would also depend on the availability of the new aircraft with the airline. Thai Airways, which announced the launch of its Royal Orchid Holidays, a complete package tour for the travellers from India to Thailand and even beyond, is looking at starting at least three flights a week from Amritsar and the other two destinations. It is also looking at providing the Indian passengers with the comfort of ‘First Class’ travel on Thai Airways by the end of the year by introducing the Boeing 777-300 aircraft on the India-Thailand sector. Thai Airways at present operates 28 flights per week from India covering Delhi, Mumbai, Bangalore and Kolkata. Launching the Royal Orchid Holidays, Mr Divaveja said although these holiday packages have been in existence for long they were now being introduced for the Indian travellers also. This, more importantly as, the Indian tourists have turned out to be the highest spenders in Thailand. It offers as many as 513 main tour plans, 71 stop over packages and 265 optional tours covering more than 116 destinations in 32 countries. He agreed that the packages offered by the Thai Airways could be little on the higher side than those being offered by some of the other airlines to Thailand itself, but he said that these packages would provide Indian travellers with more choice and a greater peace of mind.
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The world of rags and riches:
Mumbai, March 17 Dressed in a cream apparel with coloured frilled tuffs, the Princess arrived at the office of the Bombay Houseworkers’ Solidarity in Mazgaon to interact with domestic servants and get a first-hand account of exploitation, low wages, physical and sexual assault, hunger, lack of medical amenities as well as old-age services. According to Arokia Mary, coordinator of the organisation, “The Princess interacted with the domestic help and gathered information about their personal problems. However, there was no commitment either financially or otherwise, so far”. “We hope the visit of the Princess would highlight the problems of domestic servants, which we have been battling for years. Efforts to table a Bill in 1990 and 1996 in Parliament and in 1998 State legislature had failed. “The various Acts for organised labour fail to include domestic servants in its purview, hence they are paid less than the minimum wages, often irregularly as well”, she said. “Child domestic workers are not covered by the Child Labour Act of 1986 making them vulnerable to exploitation. A PIL for a legislation recognising them as workers is pending before the Supreme Court”, Mary said. The UN has recognised domestic work as a contemporary form of slavery. It is time that India gives due recognition to them, she said. Eleven-year-old Nisha, employed as a domestic help in two households in suburban Mumbai, narrated her hectic schedule to Princess Mathilde in addition to looking after her younger siblings and dropping out of school out of sheer economic constraints. ”I told her that we would like to have four holidays per month, medical benefits and bonus for work put in for years in a household,” informs Alpana, another domestic help. “We also spoke of migrant workers who work as full-time servants but we receive a measly remuneration when we go home”, Stella, another participant said. “We often return home with no savings. Neighbours back home also suspect that we are involved in some flesh trade, which makes it difficult to find a good match”, she said adding “We hope the Princess uses her good office to help us through”. Later in the day, the Princess visited the Bombay Institute of Deaf and Mute, where the students ‘chatted’ with her through animated gestures. She planted pecks on the cheeks of several students, who showered her with rose petals and thanked her in halting voices. The students later presented a cultural programme in her honour. Addressing the students, the Princess said, “Education is very important for children, and more so for students such as you, to ensure a brighter future”. Referring to Jeane Devos, one of the founders of organisations in Mumbai to work for the less privileged, the Princess said, “She is really a princess of India”. She visited an exhibition and was presented a mural by the students. — PTI
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Oil scales new high of $57, Opec helpless
London, March 17 US light crude broke above $57 for the first time, gaining $1.04 to $57.50 a barrel. London’s Brent crude, benchmark for European imports, rose $1.12 to a record $56 a barrel. “It’s not in our hands, prices are determined by the market,” said UAE Oil Minister Mohamed al-Hamli. The Organisation of the Petroleum Exporting Countries agreed on Wednesday to raise output by 500,000 barrels per day with immediate effect. The agreement allows the addition of a further 500,000 bpd if prices do not fall below $55 for U.S. crude. “If prices continue as they are now, then starting from next week we will start our (telephone) discussions,” Opec President Sheikh Ahmad al-Fahd al-Sabah told reporters in Isfahan, Iran. With its output already near a 25-year high, Opec is stretched to meet rising demand, encouraging the
investment community to bet that oil’s bull run can go further. Mainstream investors are diversifying into energy and commodities markets, driving US crude on average to $49.16 so far this year, up $7.70 from 2004’s average and $18 higher than the mean for 2003. Rodrigo Rato, the head of the International Monetary Fund, said on Thursday that, despite the risks posed by oil, world growth still was expected to beat 4 per cent in 2005. “Oil demand has continued to be more income elastic than expected and less price elastic and for now there is no obvious dynamic in play to derail demand significantly,” said Paul Horsnell of Barclays Capital.
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Sensex stumbles
Mumbai: The spiralling crude oil prices which scaled a historic high of $ 57.03 a barrel and sudden reversal in foreign fund inflows jerked the stock markets today, pulling down the Bombay Stock Exchange (BSE) Sensex by 77.36 points to 6,669.52 points on heavy selloff across the counters. The broad-based CNX Nifty of the NSE also tumbled by 27.05 points to end below the 2,100 barrier at 2,098.50.
— UNI
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Moody’s to review RIL rating
Mumbai, March 17 The rating action has been prompted by RIL’s improving operational fundamentals, backed by its low-cost positions, and strong contributions from petrochemicals and refining, the international rating agency said in a press note. It said RIL exhibits strong operations and financial metrics, which could support an investment grade profile. However, whether such a level is achievable depends upon our assessment of group’s standards of corporate governance, management’s growth strategy for its core business and affiliated investments, and the resultant expected financial profile as well as the potential financial support required from the RIL, it said.
— PTI
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Johnson defends its products
Mumbai, March 17 In a statement issued here, the company said its baby care products, including Johnson’s Baby Oil, “meet stringent global quality standards of Johnson and Johnson worldwide”. The company reiterated that it had conducted numerous tests before taking its products to the market. “More than 200 safety tests and extensive product trials have been conducted in India and many more across the world on babies and adults to ensure that Johnson and Johnson baby formulations are mild, gentle and safe for use on a baby’s sensitive skin,” the company said. The company insisted that it uses pure grade mineral on its baby oil products which “has been clinically proven to be mild, gentle and safe for use on baby’s sensitive skin”, the company said.
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Crisis looms large on Mandi coop bank
Mandi, March 17 Sources have revealed that if some drastic steps are not taken on war-footing, MUCBL’s Non- performing Assets (NPA) may shoot up to an unmanageable level by March 31 that can spell doom The sources told The Tribune that the MUCBL has registered over 400 new defaulters since October 27, 2004, when the Reserve Bank of India had dissolved the Board of Directors (BoD) of the bank as the apex bank detected the cases of misuse of one-time settlement of unsecured loans that had shot up the NPA to over 31 per cent. Ever since the RBI has restricted all transactions in the bank, the recovery of loans from the defaulters has come to a standstill and the fresh list of defaulters has crossed over 400. It is increasing every passing day, the sources disclosed. Depositors have stopped paying instalments since October 27, 2004, and the NPA may shoot up beyond 40 per cent as the recovery has fallen drastically to Rs 10, 000 and Rs. 20,000 per day. Nobody is bothered about the plight of the bank, sources confided. Adding to the sad plight of the MUCBL is the slow pace of inquiry being conducted by the state cooperative department ordered on February 8 last, the sources revealed. Though Chief Minister Virbhadra Singh had assured the members of the Mandi Citizens Council here at a dinner reception last week that the government would appoint a fulltime administrator for the bank yet his promise is yet to mature. Mr A.C. Shandil, new manager, MUCBL, when contacted said the bank has served notices to over 400 new defaulters. “The recovery of loans has come down. The NPA remains as high as 30 per cent, but situation will clear up by March 31,”
he said.
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Lodha got 99.99 pc votes in Birla AGM
Kolkata, March 17 The results were declared by Company Law Board. The results regarding the resolutions in respect of the election of Mr Lodha and the two others as directors at the AGM of the company, had been restrained by an interim order on September 14 by the Company Law Board on an application by “minority shareholders” primarily representing the BK Birla
Group. — UNI
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Akalis seek tax exemptions for Punjab units to check exodus
New Delhi, March 17 Participating in the General Budget debate, Akali Dal MP Sukhbir Badal, said, “the policies of the Central government have resulted in crippling the Punjab industry and thus increasing unemployment in the state.” He said due to tax exemptions in the neighbouring Himachal Pradesh, industries worth over Rs 1,000 crore had already moved out of the state, leading to further alienation of the unemployed youth. “It is in the national interest to save Punjab industry so that Pakistan does not take advantage of rising unemployment and disturb peace in the state.” Referring to the sharp increase in diesel and other input costs, the Akali Dal leader said the Centre should subsidise diesel prices, offer incentives for diversification of crops besides reducing interest rate to 6-7 per cent on agricultural loans. He wondered why no budget allocation was made to the state by the Tourism Ministry, and criticised the lower budget allocations, Rs 506 crore for the sports sector.
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Amara Batteries charged up on Punjab
Chandigarh, March 17 Talking about the expansion plans, he said: “Punjab and Haryana are important centres for automotive batteries as the passenger car, truck and tractor segments are booming here. In fact, 40 per cent of the automotive aftermarket business comes from the northern region”. With 55 already in place, five more outlets would be opened in Bathinda, Thane (Mumbai), Nagpur, Surat and Bhuj by the end of this fiscal. Also in the pipeline are outlets in Amritsar, Ludhiana and Jalandhar. While Gurgaon and Yamunanagar in Haryana have these outlets, Himachal Pradesh is yet to have one, Mr Indeevar stated. At present, the company has a 15 per cent market share in the organised sector. Following our tie-up with Maruti Udyog Limited ( MUL), we already have a sizeable order of one lakh batteries from them,” he
said. The manufacturing facility of the company at Tirupati (AP) has a capacity of 2 lakh batteries per month. The company is a supplier to Maruti, Ford, DaimlerChrysler, Swaraj Mazda, Ashok Leyland, Eicher, General Motors, Hindustan Motors, Honda, Mahindra and Mahindra and Telco, among others. It is the second largest manufacturer after Exide.
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