|
|
|
|
Further cut in home loan rates unlikely
G-20 to discuss new financial order
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
Two Indian women in list
Remittance flows to developing nations to reach $283 billion
Venus Garments to open 10 stores
Spectrum Row
Textile Sector
OVL finds oil in Egypt
Just 7-day-old and PAN card holder
|
|
Further cut in home loan rates unlikely
Kolkata, November 13 Bankers, including country's largest housing finance company HDFC, have indicated that interest rates on home loans are unlikely to fall in the wake of a decline in inflation. Pointing out that cost of funds, a determining factor in deciding lending rates, remains high, HDFC chairman Deepak Parekh literally ruled out slashing home loan rates. "Inflation might have come down, but the cost of money has not. Hence, there is no chance of home loan rates falling down further," Parekh told PTI. He was responding to a question whether the decline in inflation would lead to soft interest rates. Inflation for the week ended November 1 fell by by 1.74 percentage points to 8.98 per cent. Public sector Union Bank's chief M V Nair also hinted that lending is likely to continue at the same rate as it (interest rate) is "affordable" now. "Home loan rates have come down substantially. Public sector banks have lowered rates. I believe it is affordable now. I would say a genuine buyer should not postpone his buying," Nair, CMD of Union Bank, said. Lending rates had gone up significantly after a series of measures adopted by the Reserve Bank to tighten the money supply in a bid to bring down inflation which was hovering around over 12 per cent in September. However, since then the apex bank has infused crores of rupees into the system by slashing the short-term lending rate to 7.5 per cent and mandatory cash reserves banks need to keep with the central bank to 5.5 per cent. Taking cues from RBI, public sector banks have in the past few weeks have lowered the lending rates.
— PTI |
|
G-20 to discuss new financial order
New Delhi, November 13 The emergency summit of the Group of 20 (G-20) countries was called in less than a month ago by George Bush administration to seek solution from the industrialised and developing economies. New Delhi will be represented by Prime Minister Manmohan Singh. Finance minister P Chidambaram, deputy chairman of Planning Commission Montek Singh Ahluwalia and secretary for economic affairs Ashok Chawla will accompany the Prime Minister. As the credit crisis, which started in the US and spread to the entire world, threatened to drag economies in a 1930s style recession, the US administration took the lead to call the world leaders and devise a plan to lift economies so that no country goes down the recessionary spiral. Major risk facing the summit is that it could expose deep divisions between the US and other key G-20 states, with the Europeans expected to press for more regulation than the US believes is necessary. At the same time, major emerging economies such as China, Russia and Brazil are likely to demand a key role in drawing up the blueprint for the new financial system. One of the more concrete measures likely to result from the G-20 meeting is an expansion of the role played by the IMF, a global lender of last resort that has also traditionally been charged with maintaining economic stability. Governments attending Saturday's meeting are likely to face calls for the implementation of generous national economic stimulus plans to help the world economy limp through the current uncertainty. The G-20 includes the seven major industrialised nations - Britain, Canada, France, Italy, Japan, Germany and the United States - plus Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. It also takes in the 27-nation European Union, represented by France, which holds the rotating EU presidency. The International Monetary Fund and World Bank will also participate in the meeting. Besides 20 world leaders, the heads of the World Bank Group, the IMF, the chair of the Global Financial Stability Forum, the president of the European Commission and secretary-general of the UN Ban Ki-Moon will also attend the summit. The dinner scheduled at the White House on Friday is said to be a "brainstorming" session. Simultaneously, treasury secretary Henry Paulson will be hosting a dinner for finance ministers, the Sherpas (advisers) and finance deputies. |
|
Mukesh Ambani pips Mittal
Kuala Lumpur, November 13 Mittal, who has moved to the second position with a net worth of $20.5 billion, is followed by Mukesh’s younger brother Anil Ambani, whose wealth stood at $12.5 billion. Telecom czar Sunil Mittal and realtor K.P. Singh are ranked fourth and fifth with net worth of $7.9 billion and $7.8 billion, respectively. The magazine said the combined net worth of India’s 40 richest had declined by 60 per cent due to weak stock markets amid depreciating rupee against the greenback. Their total wealth is now $139 billion, down from $351 billion just a year ago, according to Forbes India Rich List. “These are painful times for India’s tycoons. The country’s once soaring stock market fell 48 per cent in the past year, the rupee depreciated 24 per cent against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation,” Forbes Asia said in a statement. While all 40 tycoons listed past year were billionaires, only 27 have 10-figure net worths now. A net worth of $760 million was needed to make to the list this year, $840 million less than the past year. The Ruia brothers were ranked at the sixth position with a net worth of $7.6 billion, followed by Wipro chairman Aziz Premji, worth $7 billion. The magazine states that the combined net worth of brothers Malvinder and Shivinder Singh increased by $550 million, thereby grabbing the 13th place on the list. Their combined net worth stood at $2.8 billion after they sold their stake in Ranbaxy Laboratories to Daiichi Sankyo. The list says the major loser was property tycoon Ramesh Chandra, who’s net worth dropped by 91 per cent to $1 billion.
— PTI |
|
Two Indian women in list
Two women, Savitri Jindal and Indu Jain, have made it to the Forbes list of 40 richest Indians this year, even as more women are pipping the male bastion in the boardrooms and climbing the corporate ladder.
Savitri Jindal, chairperson of O.P. Jindal Group, is country’s richest woman with a net worth of $2.9 billion and is ranked the 12th, according to the latest US magazine Forbes’ India Rich list. Bennett, Coleman & Co’s chairperson Indu Jain has also got a place among the 40 Indians Rich list and is at the 17th position with a net worth of $1.8 billion. However, the net worth of Savitri Jindal, who was ranked 11th in 2007, has nearly halved from $8.5 billion. The 72-year-old Indu Jain has maintained the 17th rank in the list this year even as her wealth has plunged from $4.4 billion a year-ago.
— PTI |
|
Remittance flows to developing nations to reach $283 billion
New Delhi, November 13 "We estimate that remittance flows to developing countries are likely to reach $283 billion in 2008 as compared to a revised $265 billion in 2007," World Bank said in its report. According to new estimates, India, China and Mexico are likely to maintain their position as the top three recipients of remittances among developing countries. The top-10 recipients list also includes Philippines ($18.7 billion), Poland ($11 billion), Nigeria ($10 billion), Romania ($9 billion), Egypt ($9.5 billion), Bangladesh ($8.9 billion) and Pakistan ($7.1 billion), the world bank development prospects group said in its report. The report titled 'migration and development brief' said while this translates into an increase of 6.7per cent in nominal dollar terms, remittances as a share of GDP of the recipient countries will fall to 1.8 per cent in 2008 from two per cent in 2007. The report further said after several years of strong growth, remittance flows to developing countries began to slow down significantly in the third quarter of 2008 in response to a deepening global financial crisis. In 2009, the deceleration in remittances is likely to be sharper, indeed remittances may even register a relatively large decline in some corridors. Nevertheless, remittances are unlikely to fall as much as private flows and official aid to developing countries. According to IMF Balance of Payments statistics, remittance flows to developing countries reached $265 billion in 2007, up from the previous estimate of $251 billion. India is likely to receive $30 billion, while China would receive around $27 billion and Mexico will get $23.8 billion. — PTI |
|
Venus Garments to open 10 stores
Chandigarh, November 13 This was disclosed by Anil Jain, chairman of the company, while talking to TNS here today. He said initially they plan to open 10 stores in Punjab and Haryana, with majority of stores being company-owned and company- operated. “The first three stores have been opened in Ludhiana, Jalandhar and Amritsar. The other stores will be subsequently opened in Delhi, Gurgaon, Panipat, Karnal and Patiala,” he said. The garments to be launched by the company will be made of organic cotton. “The material we are using for our garments is approved by GOTS (Global Organic Textile Standards),” he said. Venus, which is an export-oriented unit, and has been supplying to big retail giants like Wal-Mart, Gap Inc, Tom Tailor, The Children’s Place, Sam’s Club, and Suburbia, has decided to expand its operations in the domestic market because of the recession in the USA and Europe. “We have earmarked Rs 5 crore for the expansion plans here during this fiscal,” added
Jain. |
|
Spectrum Row
New Delhi, November 13 The Cellular Operators Association of India, GSM operators' lobby which had earlier taken up the cudgels against the DoT for doling out 4.4 MHz start-up spectrum along with all-India licence at a throwaway price, is conspicuously silent now possibly keeping in mind the benefits to its major members from the same policy. Senior DoT officials said it is not just new players even old ones have received spectrum in many circles on first-come-first-serve (FCFS) basis, which is now being opposed by certain sections which have alleged that it is not transparent and has caused loss to the exchequer. The department has released a list of existing companies, which have been given licences and spectrum on the same FCFS basis as well as the 2001 pricing during 2004 -2007 period. DoT is likely to present this list on December 10 in its response to a PIL when the spectrum allocation petition comes up for hearing again in the Delhi High Court. Telecom minister A Raja recently said there is an "undeclared cartel" behind the current criticism against the FCFS basis of spectrum allocation, indicating that the existing players do not want competition to come. They said FCFS could stand the legal scrutiny as it is part of the Cabinet-approved NTP-99 and till now the 2G spectrum allocation procedure has been based on it. Vodafone was awarded GSM licence in Madhya Pradesh as late as on March 20, 2007, and the start-up spectrum was allocated on the basis of an all-India licence fee of Rs 1,658 crore — the same figure at which new operators like Datacom, Swan, Unitech and others have been given licence.
— PTI |
|
Textile Sector
Chandigarh, November 13 High cotton prices in the country, a volatile rupee, drying up of export orders and liquidity crunch has forced the textile sector to reduce costs by opting for job cuts. Though the exact number of lay-offs cannot be ascertained, according to estimates by the Northern India Textile Mills Association (NITMA) thousands of labourers in Punjab, Haryana and Himachal Pradesh have become jobless. “If the current situation continues for another two months, lakhs of more workers and mid-level officials in textile units will lose jobs,” says Ashish Bagrodia, vice-president of the association, and managing director of Winsome Textiles. Textile industry in this region, especially spinning mills, are reeling under a severe crisis because of an increase in input costs. Though cotton price in the international market is on the decline, the Government of India has increased the minimum support price (MSP) of cotton by almost 45 per cent over last year. At the same time, the global financial crisis has severely affected Indian garment exporters, with a 30-35 per cent dip in sale volumes in the July-September quarter. Garment exports to the US and Europe account for 60-65 per cent of the total exports."In the last fiscal, garment exports was over $9 billion, but this year it is expected to fall to $ 7.5 billion, on account of slump in demand," said Bagrodia. “On the one hand, input costs have gone up, on the other, export orders have begun to dry from the US and Europe. This has led to a squeeze in profit margins, and many textile units are left with no working capital. So they are resorting to cost cutting by laying off additional labour,” says Avinash Paliwal, managing director of Panipat-based export house, Paliwal Overseas Exports. He says that though he has himself not cut production till date, he will take the final call to reduce capacity in January. Most of the textile units in the region have brought down their capacity by at least 30-50 per cent. S.S. Aich, CEO, Nahar Industries, and president of Textile Association (Punjab, Haryana and Chandigarh), said a number of small and medium-sized textile units have closed their spindles and are working only on 50 per cent capacity. “Though the big units have been able to absorb the costs and have not yet resorted to laying off labour, but they will not be able to do so for long,” he warned. |
|
OVL finds oil in Egypt
New Delhi, November 13 The discovery was made off the North Ramadan Concession in Gulf of Suez, OVL, the overseas investment arm of ONGC, said in a press statement here. The find in well North Ramadan-2 (NR-2), the second oil discovery in the block, is located on a separate fault block north of the first oil discovery NR-1A, which produced about 3,000 barrels of oil per day and 15 million standard cubic feet per day of gas during the testing phase. NR-2 was drilled to a total depth of 11,700 feet and struck 113 feet of oil bearing sands. During testing, it produced 800 barrels per day of oil and 0.50 mmscfd of gas. OVL holds 70 per cent in the North Ramadan Concession, while IPR has the remaining 30 per cent.
— PTI |
|
Just 7-day-old and PAN card holder
Jaipur, November 13 His enterprising parents applied for the card within two hours of his birth on October 7 and by November 3 made the world record for carrying the youngest PAN card holder in their laps. Aryan, son of Airtel officer Nishant Chowdhry and mother Rajbala pipped the previous record holder Chinki Pandey, also of Jaipur, to the second youngest post. Chinki had got the card 12 days after her birth. Jaipur seems to have quite a hot race for making their children youngest PAN card holders. Besides Chinki, another two-month old boy, Krishney Sameer Thakkar, was the youngest in the country to boast of a PAN card. The craze has become intense with seven-day-old infant getting the card. "It was a conscious effort," says the proud father Nishant. "I have been reading about the youngest PAN card holders in the country. With the main ones being from Jaipur, I and my wife had decided in advance that we would go for it," he said. Aryan was born at 8:32 am on October 27. By 11:30 am, he had got the birth certificate and applied for the PAN card. Aryan has more firsts to his credit. He is the youngest LIC policy holder (6 days), PPF account holder (12 days) and youngest demat account holder. |
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
New Delhi, November 13
