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TRAI moots lower spectrum charges
PowerGrid IPO to mop up Rs 300 cr
Two major banking Bills introduced
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Plan panel not satisfied with power reforms
Court orders Yukos to pay $ 2.2 b to Rosneft
2 pc CST from next fiscal
Indian curry for Pak palate
Indian firms win five Golden Peacock awards
Hutch slashes tariffs for pre-paid subscriber
UNCTAD chief
CPCL announces 120 pc dividend
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TRAI moots lower spectrum charges
New Delhi, May 13 It has also recommended that the present spectrum allocation criterion for both GSM and CDMA operators may be revised within one month of acceptance of the TRAI recommendations. To ensure the availability of adequate spectrum to achieve the target of 200 million mobile subscribers by 2007, TRAI has recommended immediate constitution of a group of ministers (GoM) assisted by professionals from defence, Department of Telecom and TRAI to draw a detailed time bound step-by-step programme and monitor its implementation. “This activity has to be taken up on war-footing to be able to meet the government objectives of growth,” it said. “The spectrum shortage is not likely to be faced in too many cities and certainly not all over the country. Area specific (city level or even specific area within a city) co-ordination may be required to ensure availability of adequate spectrum,” it said. Regarding the allocation of spectrum under the contentious 1,900 MHz band, TRAI said that 1,900 MHz band for CDMA operators cannot be vacated by defence. Therefore, both CDMA and GSM operators will have to be allocated 2 GHz band in third generation (3G) IMT 2000 spectrum. TRAI has also recommended that new operators should be allowed in areas where spectrum requirements of existing operators have been met and additional spectrum is available. It suggested that CorDECT spectrum be delinked from mobile spectrum and distributed rationally. The telecom regulator has also said that spectrum trading may be considered at a later stage through a consultation process. Moreover, it said, that spectrum charging for terrestrial wireless links rationalised. “This will help in increasing the Internet and broadband penetrations. For shorter distances and lower spectrum bandwidth discounts from 50 per cent to 98 per cent,” TRAI said. Spectrum projections show that to meet the government’s objective of providing 200 million cellular telephones by 2007 and sustain the telecom sector growth beyond 2007 also, spectrum availability will prove to be a major bottleneck. This is also impacting the quality of service in high traffic areas. TRAI has also recommended that while retaining the subscriber base approach, the actual spectrum allocation criterion should be urgently revised within a month from date of acceptance of regulator’s recommendation. On the spectrum allocation procedure, TRAI said that at present though subscribed base approach is followed for allocation of additional spectrum to both GSM and CDMA operators but it follows different criteria for GSM and CDMA operators. It has recommended a reviewed of the existing spectrum allocation policy within one month.
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PowerGrid IPO to mop up Rs 300 cr
New Delhi, May 13 Addressing a press conference here today, PowerGrid CMD R.P. Singh said: “ we are thinking on to approach the market on the NTPC pattern to raise funds for our projects. Consultants are being appointed to chalk out the course of action. The Power Ministry will take the final decision about the utilisation of funds. Either the government can disinvest 5per cent of its stake in the company, and the remaining amount may be retained by the PowerGrid, he said. Referring to the dip in net profit of the company from Rs 748 crore in 2003-04 to Rs 725 crore in 2004-05, he said: “ our profits have marginally come down due to the order of CERC to reduce return on equity from 16 per cent to 14 per cent, besides revision of tariff.” In spite of this, the company had managed to achieve a turnover of Rs 2,788 crore (provisional) during 2004-05 as compared to Rs 2,805 crore during 2003-04. He said the company was eyeing a major share in the rural electrification programme. “ We hope to garner 25 per cent share in the Rs 5000 crore rural electrification projects in the next two years. For this
purpose, the company will soon recruit 500 persons to supply electricity to over 30,000 villages in Bihar, Orissa, West Bengal and UP.” The company undertook capital investment of Rs 3,221 crore in 2004-05 — an increase of Rs 800 crore (33 per cent) compared to Rs 2,421 crore in 2003-04.For new capital investment, the utility company mobilised Rs 995 crore from the domestic market through loans/bonds. An appraisal process had been taken up for tie-ups with foreign loans worth 1,000 million dollar each from the World Bank and the Asian Development Bank (ADB). A loan assistance of 400 million dollars from Asian Development Bank (ADB) has been negotiated to facilitate the funding of new transmission projects. An appraisal process for new loan assistance of 400 million dollar from the World Bank had been completed and negotiations would start soon,
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Lamy tipped to be WTO chief
Geneva, May 13 The head of the WTO’s executive General Council informed the ambassadors of the two countries with candidates in the running, France and Uruguay, of her choice, Uruguayan ambassador Guillermo Valles-Galmes told AFP. “She will recommend Pascal Lamy,” he said after meeting General Council head Amina Mohamed of Kenya, who headed the selection process. Lamy will now be formally recommended to the 148 members of the global trade body later today. Uruguay’s candidate was Carlos Perez del Castillo. The move paves the way for the appointment of Lamy at a full meeting of the WTO General Council scheduled for May 26, provided no country objects to the choice. A diplomatic source at the Euroepan Union in Brussels confirmed the choice. “There is no doubt. It is Pascal Lamy who has been chosen by the selection process as the next director general of the WTO,” the source in Brussels said. Lamy has campaigned as a friend of developing countries, citing EU development policies he spearheaded as Brussels’ trade chief from 1999 to 2004.
— AFP
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Two major banking Bills introduced
New Delhi, May 13 The Banking Regulation (Amendment) Bill, once passed, proposes to lift the cap on voting rights to foreign banks acquiring equity in Indian banks. However, any person who proposes to acquire 5 per cent or more of the share capital of the bank should be required to obtain prior approval from the RBI. In addition, the RBI will have the power to supersede the Board of Directors of a bank and appoint an administrator to manage the bank till alternative arrangements are made. The legislation would also confer more operational flexibility to the RBI in the conduct of the monetary policy and would have the power to specify the statutory liquidity ratio (SLR) without any floor or ceiling. The Banking Regulation (Amendment) Bill will also empower the RBI to order a special audit of cooperative banks in the public interest for a more effective supervision of cooperative banks and the legislation aims at making the regulatory powers of the RBI more effective. The other Bill - the Reserve Bank of India (Amendment) Bill, 2005, will empower the RBI to deal with derivatives, to lend or borrow securities and to undertake repo or reverse repo. It will also empower the RBI to remove the lower floor and upper ceiling of the cash reserve ratio (CRR) and provide flexibility to the RBI to specify the CRR. The Left parties, meanwhile, strongly opposed the introduction of the two Bills. “We shall oppose the Bill tooth and nail only within the House, but also outside”, CPI leader Gurudas Dasgupta said.
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Centurion to use other bank ATMs
Ludhiana, May 13 Mr Shailendra Bhandari, Managing Director of the bank, told The Tribune that the bank’s strategy might be different from that of others, but would help in reaching out to a wider customer base. That, however, does not restrict the bank in any way from carrying on with its expansion plans. Mr Bhandari said: “We plan to double the number of branches in the northern region apart from opening up more branches across the country,” he said. He said the bank also plans to increase its staff strength in a major way so as to carry out its expansion plans. “There would be at least 50 per cent increase in staff strength — both permanent as well as contractual.” Talking about Centurion Bank’s business in the northern region, Mr Bhandari said the bank expected an over 80 per cent increase in its business from this region. “This”, he said, “would come primarily from the latest areas, like wealth management and financing, on which the bank is laying its focus upon, along with retail being the primary focus for growth. There are several areas that are untapped, like the Small and Medium Enterprises (SMEs).” Currently, the bank is doing a business of around Rs 250 crore in this region, he disclosed.
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Plan panel not satisfied with power reforms
New Delhi, May 13 Under the APDRP, the Ministry of Power provides funds as investment and incentive components to the state power utilities for “reducing aggregate technical and commercial (AT&C) losses, stopping power theft and pilferage of power, and introducing energy accounting and auditing.” Speaking at an interactive session after releasing a book “ India Infrastructure Database 2005”organised by FICCI here today, Planning Commission Deputy Chairman Montek Singh Ahluwalia said: “the APDRP has failed to serve its purpose. However, I feel that the biggest disincentive to the states, which failed to implement power reforms, has been lack of adequate investment.” Asked about power reforms in states, he said, “ the solution lies in making the laggard states realise that there is no other way to develop but to concentrate on beefing up economic performance. The states, which have implemented infrastructure reforms especially in the power sector, are reaping the dividends by attracting investment.” Under the APDRP, the Power Ministry has earmarked Rs 630 crore to push power reforms in the states.
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Court orders Yukos to pay $ 2.2 b to Rosneft
Moscow, May 13 A court in Moscow found in favour of a claim by Rosneft that Yukos owed it $ 2.2 billion for deliveries of oil to Yuganskneftegaz from July to December
2004. Rosneft based its claim on an agreement signed in July 2004 between Yukos and its subsidiary. The subsidiary was to supply oil for the parent company to sell. But
Yukos, in severe financial difficulties because the Russian tax authorities were demanding immediate payment of more than $ 27 billion of tax, interest and fines, had not met its financial obligations to its subsidiary. Yukos has complained that a legal campaign has been mounted against its main shareholder and former chief executive Mikhail Khodorkovski by Russian authorities with the aim of transferring oil assets.
— AFP
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2 pc CST from next fiscal
Gurgaon, May 13 Speaking at a seminar on “State VAT for a common Indian
market", jointly organised by the Gurgaon Chamber of Commerce and Industry(GCCI) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Mr Ramesh Chandra announced the Centre would complete the task of classification of items to implement a uniform VAT all over the country by July this
year. A notification to this effect will be issued on May 26. He revealed that although the government had decided to reduce the CST to 2 per cent from the next financial
year, it would be further brought down to 1 per cent from April,2007.Thereafter, the attempt would be
abolish the CST, but did not set out the timeframe for doing so. The present CST is 4 per cent. He cautioned the state governments that have accepted VAT not to impose any entry tax on
movement of goods from one state to another as the Finance Ministers at the recent meeting held in Delhi had agreed to scrap such a tax. The founder president of
GCCI, Mr P.K.Jain, came out strongly in defence of VAT.
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Indian curry for Pak palate
Chandigarh, May 13 Dr A.S. Bindra, Chairman of Bindra Agro told TNS that his company has tied up with a Pakistan company, Connection Asia, to launch its canned and other products in Lahore and few other places in Pakistan. Encouraged by the response the samples of processed food, jams and juices got at the recent Karachi Food exhibition, “the company would now be marketing these products in can and pouch packing.” A Pakistani delegation led by entrepreneur Nusrat Jamil, was in the city today to meet Dr Bindra and explore the possibilities of setting up bigger outlets selling Indian products. “There is a great demand for Indian products in our country, thereby having a tremendous scope for business opportunities,” she said. Dr Bindra said in the first phase they would be exporting their ready-to-eat canned range of products, including vegetarian delights, besides the non-vegetarian dishes. The company also plans to export buffalo meat worth Rs 100 crore annually to Pakistan through the Attari rail route, Wagah or even Dubai. Negotiations are already on with big trading companies in Karachi, Lahore and Bahawalpur, he said, while adding that this would again generate a business of Rs 100 to 150 crore. Meat processing, which is the core production area for one of its sister concerns, Punjab Meat Limited (PML) Industries Ltd, will also be exporting meat in huge quantities from its Punjab-based utility at Dera Bassi to Pakistan. Meanwhile, the company has also tied-up with the China-based Grand Peak Food Company to source some of their products for international distribution to various countries, including Pakistan.
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Indian firms win five Golden Peacock awards
London, May 13 Announcing the awards, Robert Hiscox, Director Communications of World Council for Corporate Governance said the seven companies were chosen from out of 225 companies nominated. Pritish Nandy Communications PTV, the first publicly-traded motion picture company in India, received the award in the category of emerging economy in the private sector while Oil and Natural Gas Company (ONGC), one of the largest in the world, was selected for the award for its stellar role in the public sector in India. The National Thermal Power Corporation, the largest power company in India, also received the award in the emerging economy in the public sector. ITC, one of India’s foremost private sector companies which has moved from tobacco to paper, food, hotel, agricultural exports and forestry to apparel and LIC were chosen for the Golden Peacock Awards in the category of Corporate Social Responsibility. Ola Ullsten, former Prime Minister of Sweden and Chairman of the World Council for Corporate Governance and Madhav Mehra, President of World Council for Corporate Governance, jointly presented the awards to the winners here last night.
— PTI
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Hutch slashes tariffs for pre-paid subscriber
New Delhi, May 13 The company also reduced the entry charges by making the pre-paid connection available at just Rs 99 with a recharge coupon of Rs 199. The new tariffs are applicable only for the Delhi circle from tomorrow.
— PTI
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UNCTAD chief
United Nations, May 13
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Suzuki-Maruti JV Inflation down IDBI Omnibonds ICRA rating Packeteer’s centre ONGC Board Kribhco dividend IMF headquarters Offshoring to India Toshiba-MS pact Cess on cargo |
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