 |
|
|
SAARC to set up food bank
PM woos Japanese companies
World Bank-IFC report rejected
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Banker likely for income tax refunds
Cap on market exposure of banks
Developing nations ‘to push’ global economy to $72 trillion
IOC inks MoU with Sinopec
Reliance Comm ties up funds for Hutch-Essar bid
CBoP to begin portfolio management service
US biotech Co keen to set up unit in Himachal
UBS ups stake in Corus to 10.23 per cent
|
|
SAARC to set up food bank
Islamabad, December 15 The purpose of the bank's creation is to support any country in need of food assistance which will be provided on humanitarian grounds, said a statement issued here at the end of the maiden meeting of Agricultural Ministers, including Union Minister Sharad Pawar. The ministers finalised the concept clearance paper regarding the bank. A proper agreement to this effect would be concluded before the next SAARC Summit in April next year, the statement said. The meeting was held to take forward the regional agricultural agenda. It deliberated on the challenges confronted by the countries of South Asian Association for Regional Cooperation in ensuring food and nutritional security as well as in maintaining a vibrant rural economy for agricultural development. The meeting expressed disappointment and concern at the stalled Doha Development Agenda negotiations and called upon the developed countries to show flexibility to enable early resumption of the negotiations and successful conclusion of the Doha Round. The SAARC ministers also recommended that the agricultural projects should receive the highest priority in fund allocations from the recently created SAARC Development Fund for which India has committed $100 million. In his speech Mr Pawar called for operationalisation of the fund at the earliest to take up projects in the agricultural sector in the region.
— PTI |
|
PM woos Japanese companies
CII office in
Japan Mr R Seshasayee, President, CII, has announced the reopening of the apex chamber's office in Tokyo. Japan would be back as the "Partner Country" at CII's next Engineering and Technology Fair in February, 2007.
— UNI
Tokyo, December 15 He was addressing representatives of the Japan Chamber of Commerce and Industry and India's apex chambers here this morning. The Prime Minister told Japanese businessmen how Korean consumer brands had moved aggressively into India and how their brand had received high recognition value among Indian consumers. He also mentioned that China's trade with India was nearly three times India's trade with Japan and Korea's trade with India was almost equal to Japan's trade with India. He was happy there were indications that the trend was already beginning to change. Since the end of 2004, over $5 billion had been invested from Japan in India's capital market. "This is a ringing endorsement of the potential and profitability of investing in India". Dr Manmohan Singh promised Japanese investors that India would address all their legitimate concerns. He said: "We are committed to improving our infrastructure, simplifying our taxation regime, reducing further our tariffs and eliminating bureaucratic delays." He said the focus of the Indian government had been to create world-class infrastructure in India. He was personally monitoring all major infrastructure projects every quarter as head of the Committee on Infrastructure. The Prime Minister said India needed an investment of at least $320 billion in the next five years in infrastructure alone. The total investment requirement would be closer to $500 billion. Such an investment required public and private, domestic and foreign participation in the sector. He said knowledge-based industries offered tremendous opportunities for partnership between Japan and India. For the next few decades, India would have a young population with large numbers entering the workforce. The qualitative and quantitative expansion of education in India would enable us to sustain a highly productive workforce with a wide range of skills, Dr Manmohan Singh said. He said Japan had not exploited India's IT advantage the way the US and Europe had, though there were already 70 Indian software companies and 5,000 Indian engineers operating in Japan and Indian companies making significant efforts to train software professionals for the Japanese market. Japanese had already been introduced as an optional foreign language in secondary schools and the government was committed to increasing Japanese language learning opportunities. The Prime Minister said he was convinced that the 21st century would be the century of Asia. But to translate this into global prosperity and peace for all, Japan and India should work together. |
|
World Bank-IFC report rejected
New Delhi, December 15 "The government disagrees with the ranking reflected in 'Doing Business 2007: How to reform'," Finance Minister P. Chidambaram informed the Lok Sabha. ''The government rejects this report”, the Finance Minister said. Referring to the time taken to start a business in India, the minister said that according a global study, ''while obtaining all relevant clearances takes 16.6 days for a project in the OECD countries, this exercise entails around 32.5 days in countries of the Asian region and nearly 35 days in India.'' However, Mr Chidambaram said, attempts were being made by the government to reduce the time for clearances in the near future, with
clearance requiring 30 to 35 days or even less. Mr Chidambaram dismissed as mythical demands for a 'single-window' clearance for industrial projects. ''The single-window clearance is a myth we are trying to propagate. Clearance for projects has to be taken from several authorities, like local municipal authorities, environmental, power and other related bodies,'' he said. Mr Chidambaram said the report’s findings are based on a selective methdology which excludes many parameters that are relevant to business-- it is based on a survey with limited coverage, namely some industries in one city; it does not take into account the policy initiatives of the government; and does not involve consultations with major stake- holders like government and industry associations. Mr Chidambaram said India's views had been conveyed to the World Bank and IFC management through the country's Executive Directors.
— UNI |
|
Banker likely for income tax refunds
New Delhi, December 15 This, the government feels, would prevent frauds taking place by way of claim of refund by a wrong person, issue of refund on stolen refund stationery, forging of signature, duplicate issue of refunds etc. The Finance Ministry is also taking steps to extend the electronic clearance service (ECS) facility in another 24 cities within a year from only 12 at present. Quoting of bank account details on the refund cheque has also been made mandatory with effect from January 1, 2006. In the submissions made recently before the Parliamentary Standing Committee on Finance, headed by BJP leader and former union minister B.C. Khanduri, the Ministry of Finance (Department of Revenue) said that incidents of refund frauds had been reported from Delhi, Chennai, Bangalore and Bhubaneshwar. In one of the refund frauds, detected in CIT-XVI, Delhi charge, it was found that refunds were fraudulently encashed by unauthorised persons. A total of 18 refunds aggregating to Rs 23,29,101 had been fraudulently encashed by credit into accounts held by the persons other than the genuine assessees or refunds had been issued on the basis of bogus TDS certificates and challans and deposited in accounts of fictitious persons. In CIT-II, Amritsar, it was recently found that in some cases, refunds appeared to have been issued twice in the case of the same assessee for the same assessment year. In nine cases it was found that refunds appeared to have been issued on the basis of forged TDS certificates in CIT-I, Amritsar charge. Another 39 bogus refunds were issued in CIT-II, Amritsar charge. Taking serious note of the fradulent issue of refunds, the standing committee urged the government to expedite the appointment of a refund banker, besides bringing many cities under the ECS as early as possible. |
|
Cap on market exposure of banks Mumbai, December 15 The revised RBI guidelines for banks' exposure to capital markets will come into force from April 2007. Besides, the central bank put a limit of Rs 10 lakh on loans against shares in physical form and Rs 20 lakh for shares in demat form. Within the 40 per cent limit, a bank's direct investment, solo or consolidated, in shares, convertible bonds or debentures, units of equity-oriented mutual funds and venture capital funds has been capped at 20 per cent of its net worth. The banks' net worth should be as on March 31 of the previous year, the RBI said in a notification here. The banks have further been directed to evolve a policy for fixing intra-day exposure limits and put in place an appropriate system to monitor such limits. At present, there are no explicit guidelines for monitoring the same. For computing exposure, banks will have to take into account loans, advances and guarantees issued for capital market operations with reference to sanctioned limits or outstanding, whichever is higher. — PTI
|
|
|
Developing nations ‘to push’ global economy to $72 trillion
New Delhi, December 15 The strong performance of developing countries like India will drive globalisation, expanding the global economy from $35 trillion in 2005 to $72 trillion by 2030, the report on ‘Global economic prospects 2007: managing the next wave of globalisation’ reveals. The growth in developing countries will reach a near record 7 per cent this year. In 2007 and 2008, growth will probably be slow, but still likely to exceed 6 per cent, more than twice the rate in high-income countries, which is expected to be 2.6 percent. The report was released here today jointly by Mr M.V. Rajasekharan, Minister of State for Planning, Mr Anil K Aggarwal, President, Assocham, and Mr Fayez Omar, acting Country Director, World Bank. GDP in South Asia is estimated to grow at 8.2 per cent in 2006. India led the way with GDP growing by an estimated 8.7 per cent, backed by non-agricultural growth in excess of 10 per cent. Output in Pakistan is estimated to have slowed from 7.8 to 6.6 per cent, following a return to more normal agricultural production in the wake of a bumper harvest in 2005, the report predicts. In Bangladesh, growth rebounded to 6.7 per cent owing to stronger remittance inflows, vibrant services and manufacturing sector output and the waning impact on agricultural output of last year’s floods. Economic activity in Nepal slowed to 1.9 per cent because of the intensified conflict, a weather-related decline in agricultural production, and a decline in clothing exports. In Sri Lanka, growth picked up by 7 per cent, due to a good harvest, and post-tsunami recovery and reconstruction activity. The report predicts that the global trade in goods and services could rise more than three-fold to $27 trillion in 2030. Roughly half of the increase is likely to come from developing countries like India that today supply 40 per cent, and by 2030 are likely to supply over 65 per cent, the report said. GDP in South Asia is projected to slow gradually to a still robust 7.5 in 2007 and 7 per cent in 2008. |
|
|
IOC inks MoU with Sinopec
New Delhi, December 15 The MoU will facilitate enhanced cooperation in refinery and petrochemicals sector. "Other areas of cooperation include international trade, exploration and production (E&P) in third countries, collaboration in engineering and technical services, exchange of knowledge/ technology in operations, refinery optimisation and training". IOC also held discussions with Chinese national oil firm Sinochem on expanding the existing MoU for cooperation in international trade. OIL-IOC combine win blocks in Yemen
Oil India Ltd-IndianOil Corp combine and Gujarat State Petroleum Corp (GSPC) have won five onshore oil blocks in Yemen. Oil India Ltd and its government-appointed partner for overseas exploration, IOC, won Blocks 82 and 83 in the third round of auction, industry sources said. Gujarat government-run GSPC won three out of four blocks it had bid. GSPC, which is the operator with 45 per cent stake.
— PTI |
|
Reliance Comm ties up funds for Hutch-Essar bid
New Delhi, December 15 The company is understood to have mandated UBS as its adviser for raising debt and resources, investment banking sources said, adding if needed, Reliance Communication (RCL) may raise an additional $4-5 billion from the market. According to sources, RCL will like to retain up to 80 per cent in Hutch-Essar, which it is seeking to acquire along with four global private equity players. Reliance Communications has evinced interest in acquiring the entire joint venture and not merely 67 per cent stake held by Hutchison Telecom International Limited. In other words, the success would hinge on Indian promoter Essar's consent to sell its 33 per cent share. RCL had yesterday concluded borrowing of $1 billion from the international market. According to its latest financial statement, the company has cash reserves of more than $1.7 billion. If the deal is successful, the two entities — Reliance Communication and Hutch-Essar — could have a combined value of about $34 billion. According to sources, apart from Reliance Communications, two other foreign operators — Orascom of Egypt and Maxis of Malaysia — are also in the race to acquire Hutch-Essar.
— PTI |
|
CBoP to begin portfolio management service
Hikes PLR, deposit rates Mumbai, December 15
Chandigarh, December 15 “Portfolio management service will be first launched in Delhi and Bangalore and later in Ludhiana, Mumbai and Kolkata. Instead of targeting only high net worth individuals, we will be serving clients who either have a savings account with Rs 1 lakh with us; Rs 5 lakh of mutual funds; or, having availed a Rs 5 lakh personal loan or a Rs 40 lakh home loan from us,” he said. The bank was already offering wealth management (risk profiling and financial needs management service) to its customers. The bank would initiate next year a scheme for micro-financing self-employed persons ( Rs 10,000 - Rs 35,000). “We are also hoping to increase our agriculture sector advances from Rs 800 crore (10 per cent of the total advances) and enter infrastructure financing in a big way,” he added. The bank would increase its presence in the industrial cities and affluent semi-urban and rural agricultural belts to achieve its objectives “We already have 249 bank branches and with the merger of Lord Krishna Bank, we will have another 124 branches. We plan to consolidate our position in the semi- urban and rural areas,” he added. |
||
|
US biotech Co keen to set up unit in Himachal
Shimla, December 15 The team of the company headed by Dr Anita Goel, Managing Director, met the Chief Minister, Mr Virbhadra Singh, here today and submitted a $400-million proposal for development and manufacturing hand-held DNA-based diagnostic chips along with testing facility. She said the product would enable highly accurate and reliable detection of any DNA or RNA-based pathogen within minutes and could be used by minimally trained personnels to test blood, saliva and stool samples. She said the project had been prepared after a thorough study of the geo-physical condition of the state. It would help the hill state emerge as the world leader in nano-biotechnology and help attract huge foreign investment, which in turn could create employment opportunities. |
|
UBS ups stake in Corus to 10.23 per cent
London, December 15 UBS AG, through its business group and legal entities, has accumulated over 91.96 million shares till December 11, representing a 10.23 per cent stake of Corus. In November, UBS had increased its stake in Corus to 7.36 per cent. CSN, which has outbid Tata Steel with its offer of 515 pense per share for Corus, already holds a 3.8 per cent stake. Another adviser to CSN, Goldman Sachs Group Inc, had acquired a 4 per cent stake of Corus in November. CSN and its bankers now control about 19 per cent of the Corus shares.
— PTI |
Gujarat Ambuja Inflation slips New Pulsar Air Deccan JV formed |
||||||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
