Tuesday, March 16, 1999
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B U S I N E S S | Tuesday, March 16, 1999 |
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Chinese team keen on better trade
ties NEW DELHI, March 15 — Indian and Chinese business leaders today resolved to increase bilateral trade by adding more value added products in the trade basket and enhance economic cooperation. Infrastructure is poor: Jap envoy CHANDIGARH, March 15 — Insufficient infrastructure, bureaucratic red-tapism and protection to local industry are problems that Japanese companies face in India. These none-too-diplomatic observations came from Japan’s Ambassador to India, Mr Hirosi Hirabayashi, during an interaction with the CII here today. |
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Relief for plot allottees |
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Okara
investors get Rs 2 cr relief DSE
caution on software firms Peace
at Centre makes bulls dance Food
fest extended |
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Move to stop sugar sale through ration
shops NEW DELHI, March 15 — The government is considering a proposal to stop selling sugar through the ration shops, the Union Minister for Chemicals and Fertilisers, Mr Surjit Singh Barnala, indicated here today. He said that a number of states, including sugar producing states, have expressed their intention to discontinue with the distribution of sugar through the public distribution system (PDS) and “this proposal is under consideration of a high-powered committee”. Addressing a press conference after inaugurating a seminar on “Future agenda for consumer protection” organised by the Bureau of Indian Standards (BIS), Mr Barnala said that there is a possibility of having a bumper rabi crop. “We are currently having a stock of 25 million tons,” he said. He pointed out that the policy on sugar would take some time to fructify. The seminar had been organised on the occasion of the World Consumer Rights Day. “The most important milestone in the consumer movement in the country has been the enactment and enforcement of the Consumer Protection Act to provide protection to the interest of the consumers,” he said. “The Act provides a three-tier quasi-judicial consumer redressal machinery to adjudicate consumer complaints. The redressal agencies have received more than 12 lakhs cases and the cases worked out is about 77 per cent,” he added. The Central Government have also supplemented the State/UT governments efforts in strengthening the infrastructure of the consumer courts by providing Rs 61 crores as financial assistance to them, he said. Among other things, Mr
Barnala suggested, a concerted multi-media publicity
programme should be undertaken to increase consumer
awareness and the working of the consumer courts should
be improved. |
Chinese team keen on better trade
ties NEW DELHI, March 15 — Indian and Chinese business leaders today resolved to increase bilateral trade by adding more value added products in the trade basket and enhance economic cooperation. The business leaders decided to strengthen trade ties at a meeting of the Indian-China Joint Business Council, jointly sponsored by FICCI and the Associated Chamber of Commerce and Industry of India, here. Addressing the meeting, the Chairman of the business council, Mr K K Modi, said “our two economies, can cooperate to mutual advantage. You have achieved success in several areas and we will like to emulate your efforts in attracting foreign direct investments, in accelerating exports and your experience in the special economic zones”. “India’s share in China’s overall trade is a mere 0.6 per cent. In 1996, both sides targeted bilateral trade to reach $ 5 billion by the turn of this century. Since 1991, our bilateral trade has increased seven times and an encouraging trend emerged last year as bilateral trade at $ 1.9 billion registered a 5 per cent increase over the figure for 1997,” Mr Modi observed. “However, India’s exports to China have remained static while imports from China increased by 8.9 per cent,” he added. There are some thrust items for stepping up exports to China, including agro and aquatic products, cotton, jewellery, value added products from food processing industry, computer software, auto-components, machinery, traditional medicines among others, he pointed out. The Vice-Chairman of China
the Council for the Promotion of International Trade and
the leader of the Chinese delegation, Mr An Chengxin,
said a multi-billion Chinese harbour machinery company,
Zhen Hilla, based in Shanghai, has bid for participating
in the harbour development programmes in India. |
Infrastructure is poor: Jap envoy CHANDIGARH, March 15 — Insufficient infrastructure, bureaucratic red-tapism and protection to local industry are problems that Japanese companies face in India. These none-too-diplomatic observations came from Japan’s Ambassador to India, Mr Hirosi Hirabayashi, during an interaction with the CII here today. Despite certain swadeshi elements, he said, the Vajpayee government is sticking to reforms — a recent example of which is the passing of the Patents Bill, although the Insurance Bill is still pending. The problem is not with policies, but with their implementation — both at the Centre and in States. Expressing the hope that India would sign the CTBT this year itself, the Japanese envoy said “a new situation is emerging”. Mr Vajpayee, he said, had assured the UN that India would sign the CTBT. Referring to the post-nuclear test sanctions by Japan, he said the on- going projects were not affected. Only new loans were suspended as Japanese people reacted very strongly to nuclear tests — no matter which country conducted them. Why did Japan pull out of the proposed industrial township at Gurgaon? Mr Hirosi Hirabayashi said it was due to “lack of enthusiasm from the State Government”. However, Japanese and other foreign companies were increasingly moving towards South Indian States due to better political leadership and business environment there. Mr I.S Paul, Chairman, CII
Chandigarh Council, said Japan’s per capita income
is 100 times that of India and its population density is
higher — 330 persons per sq km against 310 per sq km
in India. |
Relief for plot allottees CHANDIGARH, March 15 — The Punjab Small Industries and Export Corporation (PSIEC), has decided to allow additional time period to the defaulter allottees of industrial plots in different focal points for the commencement of construction within a year and for starting production within one year thereafter. Capt. Narinder Singh,
Managing Director, PSIEC, informed that allottees who had
failed to commence construction or production within
permissible or extended period have now been allowed to
commence construction by March 15 next year and to start
production by March 15, 2001. The extension has been
allowed subject to the payment of additional extension
fee. |
SBI starts homebanking CHANDIGARH, March 15 — The State Bank of India today launched home banking services at its specialised personal banking branch, in Sector 17 which was inaugurated by Mr K.K. Narula, CGM, Chandigarh Circle. Mr Narula said that the Branch was the first in the Chandigarh Circle and second in the country to launch home banking. The Branch will provide door step services for opening of new accounts, assistance in the completion of loan application for housing cars, consumer durables, picking up of cheques, dividend warrants and fixed deposit receipts for renewal and payment of interest, delivery of pass books FD receipts, drafts and collection of cash. Free service will be provided to customer, having aggregate deposits of Rs 4 lakh and above at the branch except for cash transactions for which the bank will charge Rs 50 per transaction. The service charge for the
customer with deposits below Rs 4 lakh will be Rs 50 for
each transaction. However, the services for opening of
account, assistance for filling up consumer durables, car
and housing loan applications will be free. |
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Uncle Sam comes to Bangla kids’ rescue DHAKA (TWNF): The ‘rescue’ of tens of thousands of children from the garment factories of Dhaka under threat of the so-called Harkin Bill in the USA is supposed to have delivered them from degrading labour. Whether the USA was more concerned with foreign competition from child labour to its own garments industry, or whether it was expressing an altruistic devotion to the welfare of children in a distant country, may be open to question. Certainly, the fate of many former juvenile garment workers in Bangladesh suggests that the philanthropic impulse of the USA at the time did not extend beyond the factory gates out of which the children were ushered in 1995. Huge bailout TOKYO (PTI): The government’s Financial Reconstruction Commission (FRC) has approved requests from 15 major banks for a total 7,46 trillion yen ($ 62 billion) in public funds to help clean up the bad loan-ridden financial system. The amount of public funds to be channelised into each of the institutions ranges from 150 billion yen for Chuo Trust to one trillion yen for Fuji Bank. The banks pledged their “irreversible determination” to restructure business and improve profitability at a hearing each had with the FRC where they filed for public funds totalling 7.46 trillion yen to help cleanse themselves of the cancerous loans. The bank chieftains said after their respective hearings they would strive to implement a series of re-engineering measures to raise their earning. Open to banks BEIJING (AFP): China is ready to open all its major cities to foreign banks, central bank Governor Dai Xianqlong has said pleading to push financial deregulation and reform. Authorities “will extend the number of locations where foreign banks are allowed to operate from the current 23 cities and Hainan province (south) to all the major cities of the country,” he said during the annual plenary session of the National People’s Congress (NPC). APEC meeting KUALA LUMPUR (Reuters): Malaysia will host the sixth meeting of the Asia Pacific Economic Cooperation (APEC) Forum’s Finance Ministers from May 15 to 16. The meeting of finance leaders from the 21 APEC economies will be chaired by Malaysia’s second Finance Minister Mustapa Mohamed. IMF package SEOUL (AFP): South Korea’s economy will grow by at least 2 per cent this year, with recovery soured by a massive reform stimulus programme, the government has said after winning IMF backing for the plan. Trade surplus HONG KONG (ANI): China’s trade surplus has plunged by 48 per cent year-on-year in the first two months of this year because of the financial crisis hitting South Asia. Customs figures released
in Beijing indicate that Chinese exports have
particularly been affected by the crisis, falling by over
10 per cent to $ 22.39 billion while imports rose 4.7 per
cent to $ 18.63 billion. |
Okara investors get Rs 2 cr
relief NEW DELHI, March 15 — In a significant order, a consumer court in Delhi has awarded a relief of Rs 2 crore to the Okara Agro-Industries investors. The order passed by the Delhi Consumer Disputes Forum-I President P K Jain on February 26 directed the company to refund the complaints their maturity amounts with 18 per cent interests per annum, till the payment is made. The consumer court held the company and its management “guilty of deficiency of service” and held that their liability shall be joint and several. Directing that the order be complied within 60 days, the court asked the company to also pay complainants of each case Rs 1000 as cost of litigation. The order said if company officials failed to comply with the directive they would face “such punitive and criminal liabilities as are provided for under Section 27 of the Consumer Protection Act, 1986.” The investors through fixed deposits deposited large amount of money with Okara Agro-Industries and the company issued to them post-dated cheques inclusive of interest mostly drawn on Punjab National Bank, Jangpura, New Delhi. The investors moved the court after the bank through a public notice stated that the account of the company with the PNB stood closed with immediate effect and informed the public not to present cheques for encashment. The complainants alleged that the company had committed a fraud by keeping their deposits and subsequently failed to pay the amount of fixed deposits as well as interest. The company told the investors, the complaint said, they were desirous of repaying to its investors, but due to liquidity crunch and untimely demise of its Chairman and arrest of Managing Director of the company they were not in a position to repay to them at one go. The company submitted a rescheduled repayment plan before the Bombay High Court, which has been forwarded to SEBI. The consumer court said
none appeared from the company side during the hearings.
And, as for as repayment schedule is concerned, the
complainants said they were not prepared to accept it.
There is no offer from the company to make immediate
payment of any amount to pay to complainants, the order
said. |
DSE caution on software firms CHANDIGARH, March 15 — The Delhi Stock Exchange has released a list of companies which have changed their names “to suggest that their business interests lie in the software industry”. The DSE has advised its members to be cautious while investing in these companies. The list released by DSE
names Sunstar Software Systems Ltd (old name: Ashi
Leasing & Finance), Ambuja Shipyards and Software
(Ambuja Securities), BSEL Information Systems (Bell South
Enterprises), Cyberspace Infosys (Century International
Finance), Chicago Softwares (Chicago Futures &
Finance), Choksh Infotech (Choksh Securities), Unisys
Softwares & Holdings (Classic Housing Finance),
Southern Infosys (Disha Financial Services), Omega
Interactive Technology (Fudiciary Capital & Finance),
GMS Computers India (Ganesh Management Services),
Minisoft (Gushant Rotary Compressors), Nexcen Softech
(Hare Shree Finance), Indian Infotech and Software (India
Leasers), IEC Software (Indian Education Centre), Kolar
Information Technologies (Kolar Security Services), Shyam
Software (Matrix Software Systems), Silicon Valley
Infotech (Prashant Global Fin), Shalibhadra Infosec
(Shalibhadra Securities), Ptoline Software & Finance
(SRG Financial Management), Websity Infosys (Sunrise
Securities), Synergy Login Systems (Synergy Credit
Corporation), VMC Software (Vidhan Mercantile Co) and LCC
Infotech (Arihant Housing Finance). |
Peace at Centre makes bulls dance MUMBAI, March 15 (PTI) — Software scrips were again on the forefront leading to a fresh rally in equity prices at the stock market today and the sensex shot up by over 80 points on heavy bull support by foreign institutional investors (FIIs) and speculators. The benefits extended to the software sector in the Union Budget proposals boosted investors’ enthusiasm and led to frenzied buying in these counters. Higher badla charges of around 30 per cent per annum and the first day of trading for the current settlement induced operators to increase their commitments, dealers said. Hindustan Lever Limited attracted book closure badla charges of Rs 96.05 and the scrip flared up on speculation. The BSE-30 share sensitive index resumed remarkably higher at 3778.97 and moved in a range of 3817.94 and 3750.70 before closing at 3783.71, registering a net gain of 80.90 points or 2.18 per cent from the previous close of 3702.81. The BSE-100 index also shot up by 40.55 points to 1659.63 from last close of 1619.08. Brisk buying support by the FIIs in the counters of SBI, ITC and HLL was instrumental in the rise of the sensex. Other blue chips such as Glaxo, Hindalco, Ranbaxy and RIL also attracted good support from domestic institutions. The BSE-200 firmed up to 380.45 and the dollex to 149.32 from their previous close of 372.26 and 146.07, respectively. In the specified group, Satyam Computer, Indian Shaving Products, Bharat Forge, Pentafour Software, Ranbaxy Labs, BPL Limited, BASF India, Lakme Ltd, Crompton Greaves and Godrej Soaps hit the upper price bands. Dealers said that the market has entered the bull phase on account of calm prevailing at the Centre and is attracting foreign investors. The total turnover on the bolt system was Rs 1904.11 crore. ITC was the most active scrip with a volume of Rs 246.74 crore followed by SBI Rs 186.46 crore, Pentafour Software Rs 177.75 crore, Satyam Computer Rs 148.68 crore and Zee Telefilms Rs 103.37 crore. The market leader ITC
soared by 29.75 to 1017.75, SBI by 11 to 232.30,
Pentafour Software by 86.75 to 1173.50, Satyam Computer
by 112.75 to 1522.25 and Zee Telefilms by 64.50 to 1016. |
Food fest extended CHANDIGARH, March 15 — Following tremendous response to the Chinese Food Festival at Hotel Shivalikview here, the management has decided the festival, which was to conclude on March 14, will continue till March 31. This is because the annual schools examinations had prevented students and their parents from savouring Chinese delicacies. In a statement here today
CITCO said the Bazm Restaurant, currently undergoing
renovation, will be opening soon with new features like a
bar and multicuisine facilities. Another food festival is
lined up for that occasion, said Mr Satish Chandra, M.D.
Shivalikview will acquire a new look and improve
facilities to meet the needs of travellers. |
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| Forex rates MUMBAI, March 15 (PTI) — The following were interbank forex and RBI rates (in rupees per unit, U.S $ 42.41/42 Stg. £ 68.83/85 Euro 46. 41/43 Japanese yen (100) 35.94/97 The RBI reference rate was Rs. 42.42. Finance
Bill Merger Vijaya Bank Trade fair Steel products |
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