|
|
|
|
Exports grow 18% in Nov
‘Decision on sops for exporters soon’
Gas supply pact against family MoU: RNRL
Ferozepur makes a mark in rice exports
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Banks’ strike today
CBI charges Raju, others in fresh scam
AI union threatens strike from Dec 22
M&M to foray into aerospace segment
Rs 15,254 crore to revive 36 sick CPSEs
ATF prices cut by 1.6 pc
|
|
Exports grow 18% in Nov
New Delhi, December 15 However, these are early days to rejoice because the growth is attributed to base effect. "There is no great shift in demand, it (growth) is because of base effect," Commerce Secretary Rahul Khullar told reporters here. Expressing happiness that exports have turned around, Federation of Indian Export Organisations (FIE)) said the turnaround is an "indication of exporters' resilience and positive impact of the stimulus extended by the government", FIEO president A Shakthivel said. He hoped that government would continue with the "interest subvention (subsidy) for exports as interest rates are set to move northward". Gems and jewellery grew over 40 per cent to $2.15 billion in the month under study. Readymade garment shipments grew to $727 million from $686 million in the same month a year ago. Man-made fibre and petroleum products also contributed to the turnaround story. However for April-November period of the fiscal, exports dropped to $104.25 billion from $134.2 billion in the same period a year ago. |
|
|
‘Decision on sops for exporters soon’ The government today said it would soon decide on sops for the labour-intensive export sectors, like engineering goods and textiles, hurt by the global slowdown, after completing an ongoing performance review. "Sectoral reviews are on and they should be completed soon," Sharma told reporters on the sidelines of the 9th CII-NID Design Summit here. He said a decision on incentives to exporters impacted by the falling demand would be taken after the review is completed but did not specify the timeline. The Commerce Ministry is currently studying the impact of the packages, like interest subsidy and incentives to explore new markets, provided by the government to exporters. On the prospects of India's exports, which are contracting since October 2008 due to the meltdown, Sharma expressed hope that shipments would turn positive in the last quarter of the current fiscal. "Hopefully, we are moving in the positive territory by the final quarter (of this fiscal)," Sharma said. He said the contraction in India's exports has narrowed down but shipments in segments like apparels and handicrafts were yet to pick up. After contracting by about 40 per cent in May, the downslide has reduced to 6.6 per cent in October. Exports in October were valued to $13.19 billion from $14.13 billion in the year-ago period. — PTI
|
|
|
Gas supply pact against family MoU: RNRL
New Delhi, December 15 RNRL contended that the provisions of Gas Supply Master Agreement (GSMA) was unilaterally formulated and signed at the controversial board meeting of RIL on January 12, 2006 undermining the interests of the Anil Dhirubhai Ambani Group (ADAG). Raising six objections to the GSMA, RNRL’s counsel Mukul Rohatgi said its provisions reduces the tenure of gas supply to one to four years from 17 years as envisaged in the 2005 MoU. He said the complex formula for determining the price of gas would render the contract completely unbankable. He submitted that the GSMA was against the interest of ADAG as it provided for gas supply directly to the affiliate of RNRL which owns the power plant. “In such a case, RNRL will not be the buyer but its affiliate Reliance Power Ltd (RPL) will be the buyer and RIL will be the seller. This renders RNRL a shell company with no business,” Rohatgi submitted before a Bench comprising Chief Justice KG Balakrishnan and Justices B Sudershan Reddy and P Sathasivam. Rohatgi said the MoU and the arrangement between the Ambani brothers clearly provides that the gas has to be supplied by the RIL to RNRL which will have the right to supply it to power plants of ADAG. “The GSPA should be executed between RIL and RNRL in line with the MoU,” he said. While arguing that the MoU clearly provides for 28 mmscmd of gas per year and additional 12 mmscmd in case the contract between RIL and NTPC did not materialise, RNRL contended that the GSMA did not stipulate any firm and uniform quantity which renders the agreement completely unbankable and unsuitable. RNRL said the provision that the price has to be approved by the government has to be deleted as “the price agreed for sale of gas by RIL to RNRL under the MoU cannot be subject to government approval”. — PTI
|
|
|
Ferozepur makes a mark in rice exports
Fazilka/Jalalabad, December 15 Over the past two years, Ferozepur has exported over 18 lakh MT rice. The rice processing plants and export units in Fazilka, Jalalabad, Guruharsahai, Zira, Mandi Ladhu Ka, Makhu and Ferozepur towns here have over the years been fetching foreign exchange running into hundreds of crores of rupees for the country. “It is expected that the export of PUSA-1121 (a variety of rice being sown here) to Iran, Dubai and Saudi Arabia would bring approximately Rs 1,000 crore to Rs 1,500 crore in this current season, as compared to Rs 1,00 crore during last year,” pointed out Anupam Jain, general manager, Olam Export India Limited, a Singapore-based export house. Jain, while claiming that his company was a pioneer in processing PUSA-1121 rice for export in the Jalalabad region, said the variety had replaced Jasmine rice, which was being sent to Iran from Thailand. He added that about nine to ten lakh tonnes of rice were being exported to Iran by India every year and a major share of it was being contributed by Ferozepur-based units. The increase in demand of PUSA-1121 rice by Gulf countries has also attracted various national and MNCs to set up their own export houses in the region, apart from running the rice processing units by taking the existing units from the local owners on rent or lease. “The export-oriented units and export houses have generated employment for many people. New avenues have opened up in foreign lands for local industrialists and traders,” claimed Subash Aggarwal, a rice mill owner. He added that about 15,000 containers of rice were expected to be exported from this area in the current season. Ashok Grover, an industrialist, said if the Punjab government sets up rice export hub at Jalalabad as promised by Deputy Chief Minister Sukhbir Singh Badal, the business would increase manifold within a year or two. |
|
|
New Delhi, December 15 "About 4 lakh bank employees under the banner of All India Bank Employees' Association (AIBEA) and All India Bank Officers Association (AIBOA) would observe strike as the conciliation meeting with the management failed," AIBEA general secretary CH Venkatachalam said. During the conciliatory meeting held today, unions offered to defer the stike if the SBI management agreed to stop further action on the merger of State Bank of Indore and continued with the talks, he said, adding, "the management did not agree hence strike stands." The conciliatory meeting with the Indian Banks' Association and the management of SBI and the State Bank of Indore was held before the Deputy Chief Labour Commissioner here. Among other demands Venkatachalam said, there should be no consolidation in the public sector banks in the name of creating global size bank. Many public sector and private sector banks have already informed public that the normal functioning of the bank's branches may get affected in view of the strike call. — PTI
|
|
|
CBI charges Raju, others in fresh scam
Hyderabad, December 15 According to the supplementary chargesheet filed by the CBI, which probed the accounting scam in the company, the accused created fake customers and generated invoices against them in order to inflate revenues of Satyam Computer Services Limited (SCSL) to the tune of Rs 430 crore, incurring expenditure to the tune of Rs 65.88 crore. “Adequate evidence has come on record to prove that the accused Rama Raju, SCSL employees G Ramakrishna, D Venkatpathy Raju and Srisailam have dishonestly and fraudulently conspired together to create seven fake customers in 2006, and got forged and fabricated invoices raised in the name of those customers to the tune of Rs 430 crore in order to inflate the revenues of SCSL to that extent,” the chargesheet said. In order to inflate the account books, the accused created fake email IDs and sent mails on behalf of the seven foreign customers to various associates of SCSL and urged them to continue the development of the products. It was also revealed that the payments were made through Bank of Baroda Visa credit card, belonging to D Venkatapathy Raju.
— PTI |
|
|
AI union threatens strike from Dec 22
Mumbai, December 15 “In accordance with the provisions under the Industrial Disputes Act, 1947, we hereby give you notice that we propose to go on strike from the morning of December 22,” the ACEU strike notice to the Air India management served on December 7, said. The union, which claims a representation of 3,000 members across Mumbai, alleged that the management has violated a conciliation agreement signed with its representatives in February 2001. “In the erstwhile Indian Airlines, the existing staff transportation is based on a Memorandum of Settlement, between the management and the labour union. According to this settlement, all existing benefits/obligations and practices/ awards/settlements and agreements shall continue unaffected in matter of the existing staff transport facilities available,” the notice said. The management, however, while inviting tenders for staff/cabin crew transportation has deleted some pick-up and drop points in contravention to the settlement conditions, an union source said today. AI corporate communication executive director Jitender Bhargava could not be contacted for a response.
— PTI |
|
|
M&M to foray into aerospace segment
Mumbai, December 15 Mahindra group's Mahindra Aerospace Pvt Ltd (MAPL) plans to invest Rs 175-crore over the next 4-5-years to manufacture 475 aircraft in the two-to-twenty-seater range and expects a turnover of Rs 650 crore from the segment. The Anand Mahindra-led conglomerate also announced acquisition of two Australian companies, Aerostaff Australia and Gippsland Aeronautics. Mahindra will hold a 75.1 per cent stake in each company, Systech Sector and Member of the Group Management Board, M&M, Hemant Luthra told reporters here. A plant is being set up in Bangalore to complement these acquisitions and provide dual shoring and benefits to customers, he added.
— PTI |
|
Rs 15,254 crore to revive 36 sick CPSEs
New Delhi, December 15 "Based on the recommendations of the Board for Reconstruction of Public Sector Enterprises, the government has approved revival of 36 CPSEs at a total cost of Rs 15,254 crore, including fresh cash infusion of Rs 2,921 crore," Minister of State for Heavy Industries and Public Enterprises Arun Yadav said in a written reply to the Rajya
Sabha. On revival of Hindustan Photo Films Company in Tamil Nadu, he said, "The government has approved infusion of Rs 30 crore towards working capital by way of loans." As per the Public Enterprises Survey 2007-08, there are 214 operational
CPSEs, of which 160 are profit-making and 53 are loss-making and one unit is neither loss-making nor profit-making. The salary/wages dues to such CPSEs have been paid up to June 2009.
— PTI |
|
|
ATF prices cut by 1.6 pc
New Delhi, December 15 Aviation turbine fuel
(ATF) prices in Delhi was reduced by Rs 649 or 1.6 per cent to Rs 39,319 per kilolitre, effective midnight tonight, an official of Indian Oil Corp, the nation's largest oil firm, said today. On December 1, IOC, Bharat Petroleum and Hindustan Petroleum had reduced jet fuel rates by 1 per cent on easing international oil prices. In Mumbai, ATF rates were reduced by Rs 677 to Rs 40,560 per
kl. The two consecutive price reductions come on the back of 2.4 per cent increase in jet fuel prices last month.
— PTI |
|
|
Oil up in Asian trade
Singapore, December 15 |
BSE extends trading hours Tata Photon Plus Infosys launches Brazilian arm JSW Energy fixes issue price PowerGrid's FPO by March
|
|||||
|
| 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 | |
