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Friday, October 12, 2001, Chandigarh, India  
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War to
cost Pak $ 1b, says World Bank India can
sell cheap anthrax drug Spice to
invest 100 cr in Punjab
Ranbaxy
net profit spurts 68 pc |
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Used
cars steer US economist to Nobel
CMIE
lowers GDP growth to 6 pc Open
offer for CMC on Oct 13
Oil
rises as OPEC may cut output
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War to cost Pak $ 1b, says World Bank
Washington, October 11 World Bank President James Wolfensohn, in a statement that outlined the estimate, said yesterday his institution stands ready to help the country, which shares a border with Afghanistan, keep its economic reform programme on track. “Events following the September 11 attacks on New York and Washington, D.C., have dealt Pakistan a sharp economic blow, estimated to cost the country at least $ 1 billion,” the statement said. “This figure could rise if the situation in Afghanistan is not resolved in the short term.’’ Refugees have been pouring over the border into Pakistan from Afghanistan, the site of US military strikes. The bank issued the statement following a meeting between Wolfensohn and Pakistan Finance Minister Shaukat Aziz on the country’s economic reform programme. Aziz assured Wolfensohn of his country’s commitment to stick to the reform programme and of his intention to accelerate its implementation, the World Bank statement said. The bank lent Pakistan $ 374 million in fiscal 2001, which ended September 30, and is expected to increase aid during the current fiscal year. While in Washington, Aziz is also set to meet officials from the IMF. He is hoping to make progress on a new IMF loan designed to reduce poverty. Pakistan is widely expected to be looked upon favourably by international lenders because of its cooperation with the United States in the wake of the September 11 attacks.
Reuters
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India can sell cheap anthrax drug
Mumbai, October 11 Every Indian drugmaker worth the name turns out its copy of German giant Bayer's Cipro, the only U.S.-approved treatment for anthrax. Demand for the drug surged in the U.S. after a man died of the disease, raising fears of possible biological warfare. Bayer said on Wednesday it would increase production by 25 per cent starting from November 1. But consumers outside the West could also buy cheaper copy-cat versions from at least 78 Indian producers, like Ranbaxy Laboratories, who churn out large volumes of the drug at a fraction of international prices. "In the event of an anthrax crisis, Indian companies could easily ramp up supplies to unregulated and less regulated markets like China, Russia, Brazil, the Middle East and Southeast Asia," said ABN Amro analyst Giridhar Iyengar. Analysts say it is difficult to predict whether demand in the United States will outstrip Bayer's ability to supply the drug in the event of an anthrax emergency. Two months' supply of 120 pills of Cipro 500 mg costs as much as $693 in the United States.
Reuters
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Spice to invest
100 cr in Punjab Chandigarh, October 11 Unveiling the future plans, he said a unique pre-paid solution and a new billing system will also be introduced . “The existing switch which is located at Mohali can cater to more than 2 lakh connections . New switch will augment the current capacity of the network and also ensure good quality service levels”, said he. Speaking further about the plans, he said the company will expand coverage to 20 more towns in Punjab. “In addition, to improve the in-building coverage, 20 infill sites will be added . As a result of these initiatives, the network capacity will be increased by 30 per cent”, said Mr
Sahwney. Talking about the new billing system, he said the billing capacity with this system will increase by over 100 per cent. The company will also focus on R&D to develop new services such as unified massaging system. Strategic alliances with other companies for roaming facilities will be done in future, said he. “At present around 80 per cent of our demand for roaming is covered in Delhi.” |
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Hughes net falls 52 pc New Delhi The company’s half-yearly net profit, however, increased by 11.60 per cent to Rs 25 crore against Rs 22.4 crore in the corresponding period of the previous fiscal. Total income for the quarter increased 20.3 per cent to Rs 57.4 crore compared to Rs 47.7 crore in the same period in 2000-01. For the H1, total income was pegged at Rs 124 crore as against 86 crore in H1 of 2000-01, reflecting a 44 per cent rise. Speaking to reporters after announcing the results, Mr Arun Kumar, President and Managing Director of
HSS, said: “The deterioration in the global economic environment has resulted in downsizing and lower business forecasts from communication companies worldwide.” He reiterated HSS’ guidance given last month where it had indicated the forecast for income growth to be in the range of 25-35 per cent. Profit after tax was expected to be in mid-20s for 2001-02.
PTI |
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Used cars steer US economist to Nobel Berkeley (California), October 11 The Royal Swedish Academy of Sciences rewarded economics professors George Akerlof, Michael Spence and Joseph Stiglitz for their work on how markets function when some people know more than others. As if to demonstrate the point, Mr Spence, 58, a Professor at Stanford University’s Business School, was surprised when news of the award reached him at 4 a.m. While he was vacationing with his wife in Hawaii, even though colleagues called the research work of the trio a long-standing favourite for the $1 million award. “It was a cross between joy and stunned disbelief,” Mr Spence told Reuters. “I wasn’t expecting it so it came right out of the blue. It is a huge honour.” California-based economist George Akerlof won a share in the Nobel Prize for Economics for his pioneering work showing that used car salesmen keep what they know to themselves. Now with a third of the $1 million prize, he doesn’t need to buy a used car even if he wanted to, which he says he never has. “I tend not to buy used cars,” Mr Akerlof, 61, told a news conference hours after learning he had won the prestigious prize along with Mr Michael Spence, 58, a Professor at Stanford University and Mr Joseph Stiglitz, 58, a Professor at Columbia University. Mr Akerlof, of the University of California at Berkeley, cited his 1966 study of the murky and sometimes cut-throat used car market showing how markets function when some people know more than others as a major reason for receiving the prize. Mr George Perry, senior fellow at the Brookings Institution, said the great contribution of the researchers had been to challenge the idea that all economic behaviour is governed by rational expectations about the future. Instead, they showed that imperfect information — a concept called asymmetric information — affects economic decisions. The research has led to practical applications for everyone from insurance actuaries to central bankers. “It is a wonderful award, if there was betting on these things, I would have been betting on George for the last few years,” Perry said. Mr Akerlof said he chose to focus on the used car market in his study because it was an area where buyers and sellers did not have access to the same information. For example, buyers may be wary because they wonder why a car is on the market, while sellers want the best possible price. A dearth of information could also spur parties to leave the market, causing it to collapse, Mr Akerlof said. “The nice thing about the used car market is everybody knows what it means to buy and sell a used car,” Mr Akerlof said, adding, “If I went to a supermarket and they sold me rotten tomatoes everyday, I wouldn’t go back there.” Mr Akerlof also paid tribute to his wife Janet Yellen, who served as chairwoman of the Clinton Administration’s Council of Economic Advisors from 1997 to 1999, as well as the co-recipients, saying much of his research stemmed from listening to friends and colleagues. He added some people might think it strange that a person could win a Nobel Prize for studying used cars and that even he was still trying to come to grips with the award. “I was totally thrilled but I didn’t quite believe it,” Mr Akerlof said. “Maybe tomorrow I will believe it.”
Reuters |
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CMIE lowers
GDP growth to 6 pc Mumbai, October 11 “The downward revision in GDP follows the impact of poor Monsoon in South India on agricultural growth and the effect of September 11 terrorist attacks in US on services sector,” CMIE said in its monthly review here today. “We expect a healthy economic growth in FY-02 but we fear that this growth is not sustainable in coming years,” it said. Growth in agriculture has been scaled down from 7 per cent to 6.5 per cent while services are expected to grow at 6.6 per cent (earlier 7 per cent). Industrial sector’s forecast remains unchanged at 4.6 per cent. Post September 11, prospects of exports growth have worsened, hence the forecast in this sector stands revised to meagre 1 per cent (earlier, 7 per cent). “This will be a major fall from the 21 per cent growth recorded in 2000-01,” the CMIE said. The current account deficit was expected to go up to $ 3.5 billion from $ 2.6 billion in last fiscal, it said adding that, net invisibles are projected to take a hit due to expected fall in software exports and tourism earnings.
PTI |
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Open offer for CMC on Oct 13 New Delhi, October 11 “We expect to advertise for the open offer to acquire the floating shares of CMC on Saturday. DSP Meryll Lynch, which was our adviser for CMC bidding, will assist us in the open offer process,” Tata Consultancy Services (TCS) sources told PTI. Tata, most likely, would have to make an open offer to public shareholders of CMC at Rs 281 per share, as compared to Rs 197 per share, at which the Tatas bought the majority stake.
PTI |
Oil rises as OPEC may cut output
London, October 11 Buyers were also encouraged by news that the world's biggest oil exporter, Saudi Arabia, has reduced its crude allocations for key European customers in November. Industry analysts said it was a sign that Riyadh will tighten compliance to curbs set by the Organisation of the Petroleum Exporting Countries.
Reuters
Highest IOC bottling plant
Leh J & K Bank net jumps 40 pc
New Delhi Yahoo profit
tumbles
Sunnyvale (California) GM-Automart pact on used cars
NEW DELHI: General Motors India today said it had signed an agreement with used car retail chain Automart India to jointly develop and promote their used car business in the domestic market. The programme, to be promoted through the GMI dealerships in the country will initially be introduced in Delhi, Mumbai, Chennai and Bangalore in December, a company statement said.
PTI
Swissair flights
to continue
New Delhi |
bb
Canbank MF Aventis Pharma Kurlon products Kirloskar Copeland PizzaExpress Uco Bank meet PNB function Gramin Bank |
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