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Nod to economic pact with Singapore
Mukesh says goodbye to Reliance Infocomm
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Bharti grabs major chunk of BSNL ISD traffic
5 more airlines to hit Indian sky this year
Andhra to develop 10 new seaports
Wadia’s Go Air by October
Corporate results
‘Depleted’ field for OVL
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Nod to economic pact with Singapore
New Delhi, June 20 This is India’s first CECA and this is for the first time, India is entering into a Bilateral Economic Integration Agreement in services. The agreement is scheduled to be signed by the Prime Ministers of India and Singapore on June 29 during the visit of the Singapore premier here and will come into effect from August 1 this year. As a part of the agreement, India have decided to allow three major Singapore banks — DBS Holdings, Oversea Chinese Banking Corporation and United Overseas Bank — to establish wholly-owned subsidiaries here. These banks will be accorded “national treatment” equivalent to Indian banks. Effectively, this means that these banks will be given the operational and functional autonomy of setting up new branches subject to adherence of prudential norms as mandated by the Reserve Bank of India (RBI). Indian banks, which are already present in Singapore, will qualify for national treatment in Singapore. This would allow them electronic fund transfer and setting up of ATMs and clearances. Commerce and Industry Minister Kamal Nath said the agreement has also thrashed out a Double Taxation Avoidance (DTA) Treaty. The existing DTA has been amended through a protocol, which provides for among other issues, sharing of information and improved tax treatment. Sufficient safeguards have been built into the agreement to prevent third country goods from coming through Singapore. “Stringent Rules of Origin comprising simultaneous application of change in tariff heading, value addition of 40 per cent and some well defined insufficient operations have been prescribed under the CECA to ensure that only the goods which are actually manufactured in Singapore and India benefit under this agreement,” Mr Nath said. The agreement, which runs into 739 pages, would also allow easing of visas for Indian professionals and provide mutual 129 recognition of university degrees for purposes of visa. Mr Nath said in services India and Singapore have taken commitments beyond their offer at the WTO. “In particular, in financial services, a deeper integration between the two countries is expected. The agreement allows setting up of asset management companies in India for managing operations outside India,” he said. He said that India Inc would have scope to raise cheaper funds through depository receipts in Singapore. A senior Commerce Ministry official said Indian companies would be able to tap the Singapore capital market by issuing Singapore Depository Receipts (SDRs) based on the underlying strength of their shares traded in Indian bourses. Likewise, Singapore-based companies will be able to issue Indian depositary issues on Indian bourses and raise funds. He said a crucial component in services is the provisions relating for movement of natural persons (as defined in Mode 4 of the General Agreement of Trade in Services). “In Mode 4, mutual recognition agreements will be entered into within a period of 12 months in architecture, accountancy and medicines. Around 120 professions are being recognised from India for the purpose of obtaining visas,” he said. In trade in goods, India’s offer is categorised in four lists: the early harvest programme (EHS) where the customs duty would be eliminated immediately on 506 items from August this year; the phase elimination of 2,202 items; phase reduction of 2,407 times where the tariffs would be eliminated/reduced in a phased manner up to the year 2009 and the negative list of 6,551 items where no concessions have been offered. “Singapore has offered all products made in India entry at zero duty into Singapore. The CECA would be helpful in developing supply chains from India since Singapore is a known trading hub. The agreement would increase India’s exports, especially in areas such as milk and milk products and poultry. Singapore is an important trading partner of India with bilateral trade of about $ 6.4 billion. The balance of trade has traditionally been in favour of Singapore. However, during 2004-05, the balance of trade tilted in favour of India to the tune of $ 1.2 billion. Singapore’s trade with India constitutes about 37.5 per cent of our total trade with ASEAN and approximately 3.4 per cent of India’s global trades.
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Mukesh says goodbye to Reliance Infocomm
Mumbai, June 20 In a farewell message to the employees of Reliance Infocomm, Mukesh thanked them for his support in rolling out the business. “You are one of the over 40,000 bright young men and women from over 1400 geographical locations in India who have nurtured Reliance Infocomm to blossom as a pan-India voice and data service providers,” he said. ”Thanks for making Reliance Infocomm... I am sure that you will give your best to Anil and his team,” Mukesh said, adding that “I take this opportunity to wish each one of you every success and glory in your chosen career as well as for good cheer, health and prosperity.”Asking his team to extend their co-operation to Anil Ambani, Mukesh said: “my younger brother Anil is taking over the stewardship of Reliance Infocomm. He has enormous energy and drive and we share a common commitment to taking forward the legacy of our father Late Dhirubhai Ambani.” Mukesh Ambani noted that his desire to fulfil his father Dhirubhai’s dream of making the cost of a phone call cheaper than that of a post card was fulfilled. “I take this opportunity to congratulate you for your contribution in translating that dream into a reality,” Mukesh said. Mukesh noted that Reliance Infocomm in a short time emerged as a major player with 21 per cent share of India’s mobile market. “It symbolises the next generation communication organisation, connecting hundreds of millions of Indians with each other and the world and engages millions of young Indians working in the field of information technology enabled services, with economic opportunity in the developed world,” he said. Working together with dedication and passion “we have created a new milestone in Reliance historic saga of achievements”.
S&P warning
Meanwhile, rating agency Standard and Poor’s has warned that RIL’s credit rating may weaken if there is a substantial cash settlement for the Anil Ambani group.Specifically, significant cash outflows, possibly resulting from share repurchases, division and distribution of liabilities and/or the contingent obligations on RIL, could materially affect the company’s financial profile, which might weaken its credit quality,” S&P said. The full impact of the reorganisation of the group’s businesses on the rating for flagship Reliance Industries will be known when the financial details are released, S&P said.
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Hindi fonts on CD
Sonia’s faux pas A slip of tongue made Congress president Sonia Gandhi face some embarrassing moments at an official function here to launch Hindi software tools and fonts for the public. Ms Gandhi, who is also the UPA chairperson, addressed IT secretary Brijesh Kumar as “Brajesh Mishra” and realised the faux pas committed. Quickly recovering from the gaffe, she laughed herself provoking a roar of laughter from the audience, which was keeping quiet till then.
New Delhi, June 20 “There should be a continuing effort to tap the absorption and dissemination of knowledge of local relevance to make it available for the benefit of people at large,” she said after releasing a set of Hindi software tools and fonts in CD for free public distribution here. Lauding the efforts of C-DAC and other companies for developing the software and tools like browser, she said “such a step would bring revolutionary changes in the implementation of the Right to Information Act recently passed by the UPA Government”. Ms Gandhi also launched the Hindi version of the India language data centre website (www.ildc.gov.in) from which the Hindi tools and fonts can be downloaded. Stating that this is a “progressive step in the right direction”, the UPA chairperson said people should be in a position to operate and benefit from the use of computers in all Indian languages. Remembering her late husband and former Prime Minister Rajiv Gandhi’s interest in taking IT to the masses, she said: “Such efforts would help in bridging the digital divide and in turn empower people speaking different languages.” Union IT Minister Dayanidhi Maran said that within the next six months, all other language software and fonts should be ready. Mr Maran said broadband penetration would also get a boost with the use of Hindi software and tools as more persons would now find it easier to understand and follow and added that less than 5 per cent people in India used English as a language.
— PTI
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Bharti grabs major chunk of BSNL ISD traffic
New Delhi, June 20 According to highly placed BSNL sources, Bhatri’s bids for the latest round of ILD traffic were lowest followed by Reliance Infocom. BSNL has about 60 million minutes of total ISD traffic per month translating into a business of about Rs 30 crore. In the previous round of ILD traffic bids, Reliance had emerged as the top carrier for the UK and Europe to carry BSNL’s ISD traffic. According to BSNL officials, over 30 per cent of the ISD traffic is carried by Bharti, about 20 per cent by Reliance while the rest 50 per cent is being carried by BSNL itself, which is in the process of starting its own ILD service later. Bharti officials declined to comment on the latest round of bid while VSNL spokesperson confirmed that it had lost out to Bharti. The latest agreement with Bharti and Reliance have come into effect from June 15, officials said.
— PTI
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5 more airlines to hit Indian sky this year
Mumbai, June 20 In the next six months, at least five more will join the party. Airline business will explode in ways both good and bad. There will be more airlines, more flights and — thanks to more robust competition —lower fares. That’s not all. More companies are planning to start airline operations next year. At 46th International Paris Air Show held last week at Le Bourget, new low-cost airline IndiGo ordered 100 Airbus A320 jets worth $ 6 billion. Deliveries will start in 2006. Airbus said it had signed firm contracts to sell five A380s, five A350s and five A330s to India’s Kingfisher Airlines worth about $ 3 billion. Boeing said Jet Airways had committed to buy at least 20 planes worth over $ 2.8 billion. Jet Airways, the country’s largest private carrier, also is buying 10 Airbus A330 aircraft and taking an option on 10 more. SpiceJet, Air Deccan, Air Sahara, Paramount, Go Air, East West, Indus Air, Premier — all are buying or leasing planes to kick off new operations or expand existing ones. Even government-owned airlines Air-India (A-I) and Indian Airlines (IA) have approved plans to buy over 100 aircraft in the coming years. The downside is that India’s already over-burdened airports are in no condition to cope with the surging passenger demand and customers can expect plenty of headaches. The airports in New Delhi and Mumbai, for example, each have only one runway which limits the number of takeoffs and landings.
— UNI
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Andhra to develop 10 new seaports
Hyderabad, June 20 The proposal for the Rs 6,053 crore project has been submitted to the Union Ministry of Shipping, which has invited proposals from states as a part of its policy to give a major thrust to development of maritime infrastructure in the country with international standards. Chief Minister Y.S. Rajasekhara Reddy, who reviewed the project yesterday, said the ambitious initiative was scheduled to be completed within two-and-a-half years. The project involves setting up of 10 new ports, improvement of existing minor ports, construction of a ship repair facility, creation of coastal tourism and recreational facilities and other maritime infrastructure units. According to the proposals submitted to the Union Ministry, the project will be implemented in four coastal districts — Srikakulam, Vizianagaram, Visakhapatnam and East Godavari, which are identified by Indian Meteorological Department as non-cyclone prone areas. The project will be taken up in public-private partnership. Of the total estimate of Rs 6,053 crore, the state government proposes to raise Rs 1,353 crore through private sector, while the balance amount of Rs 4,699 crore has been sought as a grant from the Union Shipping Ministry. While development of ports at 10 new locations alone will cost Rs 3,290 crore, ship repair facility is expected to cost Rs 1,000 crore.
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Wadia’s Go Air by October
Mumbai, June 20 Go Air fares will start at Re 1, perhaps even lower. It will fly in western and southern India with nine aircraft in first year of operations and add 11 more planes in the second year.
A-I flights to London
Air-India (A-I) will operate more direct flights to London from other Indian cities like Bangalore and Hyderabad in the coming days, officials said today, after the launch of a direct Kolkata-London flight. The new flight has been introduced in view of demand from local Indian community here, Air India Public Relations Director Jitendra Bhargava told Indian reporters here.
— Agencies
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ONGC declares 200 pc dividend
New Delhi, June 20 As per the audited results announced today, the PSUs’ total sales turnover was Rs 46,712 crore in the last financial year, up 44 per cent year-on-year over Rs 32,512 crore. Earnings Per Share increased 50 per cent to Rs 91.05. The total investment made by ONGC in 2004-05 was Rs 10,618 crore as against Rs 6,850 crore in the previous fiscal. The amount was mainly invested in exploration and production. Voltas net jumps 29 pc
Tata group company Voltas Ltd has posted a 29.16 per cent rise in its net profit for the fiscal ended March 31, 2005 at Rs 50.41 crore as compared to Rs 39.03 crore in the previous fiscal. The board has recommended a dividend of 50 per cent for the reporting fiscal, Voltas Ltd said in a press note here today. Net sales during the reporting fiscal increased to Rs 1,441.43 crore as compared to Rs 1,329.94 crore in FY-04, it said.
TTK Prestige profit up
Kitchen appliances company TTK Prestige Ltd today reported a three-fold jump in its net profit for the fiscal ended March 31, 2005 at Rs 3.81 crore as against Rs 0.21 crore in the previous fiscal. The board has recommended a dividend of 20 per cent for the fiscal 2004-05. Turnover during the reporting fiscal rose to Rs 189 crore as compared to Rs 146 crore in FY-04, its managing director S. Ravichandran told reporters here. He said the company has obtained a licence to market its Prestige cooker brand in the USA and has plans to double the number of its ‘Smart Kitchen’ stores to 100 by 2005-06 end.
— Agencies
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‘Depleted’ field for OVL
New Delhi, June 20 Tehran agreed to give OVL 100 per cent interest in the Jufeyr and a reduced 10 per cent in Iran's largest onshore oilfield, Yadaveran in lieu of India buying 5 million tonnes per annum of LNG for 25 years beginning last quarter of 2009. Iran says the Jufeyr field will yield 30,000 barrels per day and a 10 per cent interest in Yadaveran would give India an equal quantity. "Tehran is offering only service contracts for these fields wherein OVL will get a fixed rate of return on the money it spends on producing oil. The oil produced will belong to Iran and OVL may choose to buy oil equivalent to its shareholding from the contract money," an official said.
— PTI
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Fiat Adventure Sports launched in Goa
Panaji, June 20 Dr Paolo Castagna, Managing Director of Fiat India Pvt Ltd, said here the introduction of Adventure Sport 1.6 petrol was aimed at a new generation of consumers who sought the latest trends in style, safety, engine and performance. It had been incorporated with value-added offering and refinements based on customer feedback and in-house-research. The car was ideal for the rough terrain of Goa, Dr
Castagna said. The Fiat Adventure Sports comes in colours like formula red, thunder black, silver frost and glacier white. Meanwhile, a report from Germany said today that DaimlerChrysler will raise the prices of its new Mercedes-Benz S-Class luxury sedan, which will go on sale from Friday. The new model of Merc will cost $ 85,880.
— Agencies
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Bank of Punjab, Centurion Bank discuss merger
Mumbai, June 20 Both banks in notice to the Stock Exchange, Mumbai (BSE), said their boards are meeting today separately to consider in-principle proposal for a possible merger between them. Centurion Bank, initially promoted by D. Ahuja, saw changes in promoter-ship after it went through financial troubles. Now, Sabre Capital led by Rana Talwar controls the bank.
— PTI
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Oil prices surge above $ 59
Singapore, June 20 At 9.55 AM (0725 IST), New York’s main contract, light sweet crude for July delivery, was at $ 58.95 a barrel, up 43 cents from its all-time high closing price of $ 58.47 in the United States on Friday. The contract hit a peak of $ 59.18 in earlier Asian trading today.
— AFP
A worker stands under a derrick at a Yuganskneftegaz oil processing facility, the core unit of oil company Yukos, in this file photo. The oil prices soared to a record high above $59 a barrel on Monday. — Reuters
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Perforce-Parrus pact
Bangalore, June 20
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