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Wednesday, November 14, 2001, Chandigarh, India   
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India to
offload 51 pc stake in IPCL Nothing
resolved at WTO meeting How 2
commas, 6 words can snarl world trade Markfed’s
offer on wheat to Afghanistan US plane
crash adds to insurers’ woes NRI
affairs department in Punjab Excess
supply brings dry fruit prices down |
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Ropar
milk producers union gets BIS award
SEBI
postpones decision on Hughes’ offer
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India to offload 51 pc stake in IPCL New Delhi, November 13 While 26 per cent of the IPCL stake is to be offloaded in the next 90 days, the rest of 25 per cent would be sold at a later date. The CCD accepted the bids for the sale of five Ashok Hotels at Agra, Madurai, Bodh Gaya, Hassan and Mamallapuram for Rs 19.13 crore in the first tranche of disinvestment of ITDC properties. The Hotel Ashok at Bangalore would be given on lease for Rs 4.11 crore. There was no lease bid for Hotel Ashok, New Delhi, primarily due to the dispute over land tax. The proposed sale of Hotel Ashok, Manali did not get any bid. The process for the two would be restarted in the first fortnight of January 2002. Announcing the decisions taken at the meeting of the Cabinet Committee on Disinvestment, chaired by Home Minister L.K. Advani, Disinvestment Minister Arun Shourie told reporters that Hotel Ashok at Bangalore would be leased for an initial payment of Rs 39.41 crore as half of the projected turnover for the 30 year lease. The government would get a minimum guaranteed annual payment of Rs 3.4 crore every year, with a provision of 25 per cent increase every five years. In case the turnover is higher than government would get a share of 16.5 per cent of total revenue instead of guarantee amount, he added. Mr Shourie said that the government would transfer management control to successful bidder for 26 per cent stake in IPCL and the new partner would have first right of refusal for remaining disinvestment of 25 per cent equity that could be sold to public. The government was unable to carry out the disinvestment in IPCL despite having started the process almost two years ago. Mr Shourie clarified that Indian Oil Corporation, which has expressed interest in the stake of IPCL, can participate in the bidding process. In order to enable IOC to participate in the bidding and maintain secrecy, the government would review the procedure of authorisation, the Minister said. This would be done swiftly. Acknowledging the handicap of public sector undertakings (PSUs)in keeping their financial bids under wrap, the CCD decided to empower these corporations to take decisions without the need for going for government clearance, he said. “The Cabinet Secretary will review the process of authorisation of the bids by PSUs... This will enable IOC and other PSUs to maintain secrecy of their price bids (for picking government stake in other PSUs under disinvestment process),” Mr Shourie said. He said that the difficulties of PSUs in taking decisions for price bids by going through the route of Board and government clearances, was realised. In this context, it was felt that PSUs could be given certain powers to make their bid just like private sector entities which do not require such clearances, he elaborated. Replying to a query, Shourie said that he did not favour giving government stake to a PSU through a nominated or negotiated route. “Some PSUs, particularly in the oil sector, had felt that acquisition of stake in other PSUs was the best way for their consolidation. So we are asking them to come through open market route by participating in bid process,” he added.
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Nothing resolved at WTO meeting
Doha, November 13 “Nothing has been settled,” a conference source said, adding that World Trade Organisation ministers were still haggling over wording in a final declaration that has gone through three or four revisions. The five-day meeting, being staged in a sumptuous Gulf-side hotel here in the Qatari capital, was called to approve an agenda for a new multilateral round of talks to lower trade barriers. Asked to evaluate the situation after a night of hard bargaining, a Solomon Islands delegate replied: “Not so good.” “From what I have heard ... I personally feel it (an agreement) is very unlikely but it depends on what transpired last night.” Delegates from Mexico and Venezuela likewise reported that little headway had been made in overnight discussions here. But Polish under secretary of state for the economy Jausz Kacurba struck a rare note of optimism. “My delegation certainly expects that we will have an agreement at the end of the day. “I know certain differences remain ... But there is a general disposition on the part of the delegates to avoid the mistakes of Seattle.”
AFP
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How 2 commas, 6 words can snarl world trade Doha, November 13 In the Gulf city of Doha today it was mainly two commas, six words and those brackets that were stopping ministers from more than 140 nations wrapping up two years of groundwork and five days of hard talking on a new trade round. Here they are: “with a view to phasing out’’. Although not the only bracketed words — signifying issues in dispute — at the World Trade Organisation ministerial meeting, the phrase was stopping ministers from agreeing on how to proceed with liberalising trade in farm products. The European Union doesn’t want the words, which would mean it had to work to end its cherished export subsidies for farmers. The rest of the world likes the phrase.
Reuters
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Markfed’s offer on wheat to Afghanistan Chandigarh, November 13 The offer has been made in a letter sent recently by the state Chief Minister, Mr Prakash Singh Badal to the Prime Minister, Mr Atal Behari Vajpayee. “Logistically, Punjab is the most suitable place for sourcing this wheat and its allocation in the shape of food aid should come to the state only”, said Mr D.S. Bains, MD, Markfed. The total wheat stocks with the state procuring agencies are 148 lakh metric tonnes including around 45 lakh MT(worth Rs 13,000 crore) with Markfed, 38 lakh MT with Punsup and almost 28 lakh MT with PSWC. Apart from the accumulation of stocks, unscientific storage has increased the urgency to take some remedial measures, said Mr Bains. Markfed had presented a white paper to the Punjab CM suggesting various solutions for the problem of piled up wheat stocks in the state, said Mr Bains, in a press conference here today. The wheat stocks of even 1996 are lying with Markfed and at present of the total 45 lakh MT, more than 41 lakh MT is lying in open. “We are paying almost Rs 1400 crore per
annum to the RBI only as interest and given the limited movement, poor quality of wheat , less demand from consuming states and unscientific storage, the existing stocks can deteriorate further leading to heavy losses”, said Mr Bains. The wheat procured during 2001-02 has been identified as lustre lost wheat which would not have a shelf life of more than one year. 100 lakh tonnes of wheat procured during this time period needs to be moved on priority list as it would soon become unfit for human consumption and pest attacks are already rampant on this wheat, the agency has stated. “This wheat should be disposed off even if it has to be sold as animal feed at the earliest”. It has also suggested that FCI on behalf of which the state food procuring agencies procure wheat should take over these stocks lying with the agencies on as is where is basis.
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US plane crash adds to insurers’ woes
Sydney/New York, November 13 The overall insurance bill from the latest crash was estimated by one analyst at around $ 1 billion. While insurers would directly cover $ 200 million in liabilities, the remainder was likely to have been offset with policies taken out with reinsurers. “An airline coming down is not good, but you’re not talking more than $1 billion overall and that’s not going to lead to trouble in the reinsurance industry worldwide,” a Sydney-based insurance analyst said. The loss of the plane itself, an American Airlines’ Airbus A-300 - would cost insurers about $ 60 million, industry sources said, with liability claims possibly adding a further $ 100 million. The American Airlines jet, bound for the Dominican Republic, hit the Rockaway section of Queens, New York, near John F. Kennedy Airport, shortly after take-off last morning. All 260 on board are feared dead. Based on past experience, the expected insurance loss is seen as less than some recent US commercial air crashes because the passengers, mostly Dominican citizens, may not achieve high compensation awards relative to citizens from some other countries, industry sources said. American and European passengers — with a relatively high net worth and backed by aggressive lawyers — tend to fetch three to four million dollars in compensation each, an airline insurance broker told Reuters. Insurers paid out an estimated $ 800 million, for example, after the crash of a Swissair jet in Nova Scotia in 1998, which killed 215. The families of passengers killed in yesterday’s crash would likely receive only a fraction of that, sources said. The American Airlines crash, which investigators say was likely an accident, comes two months after hijacked jetliners slammed into the World Trade Center in New York, causing about $ 70 billion in insured damage. It is not yet known how much of that will fall on insurers covering airlines’ liability.
Reuters
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NRI affairs department in Punjab Chandigarh, November 13 The Council of Ministers is expected to approve this administrative measure at its next meeting. It is estimated that one-fourth of the population of Punjab is settled abroad. And the migration of Punjabis, looking for green pastures the world over, continues. Through various contacts there had been a growing realisation and concern in the government how to safeguard the personal interests and properties owned by Punjabi NRIs since their emotional attachment remains deep-rooted in the home state. There have been several occasions when relatives of the Punjabis abroad usurped the properties left in their care leading to social tensions and litigation. Consequently, the government decided to step-in to mitigate their multiple problems by establishing a permanent administrative support structure. As a first step, a Commissioner, NRI Affairs and Industrial Liaison, was appointed. And the memorandum for the Council of Ministers seeks to put the NRI issue in proper perspective. According to the Principal Secretary to the Chief Minister, Mr Ramesh Inder Singh, the government has already initiated several steps, including legislative, by amending some of the relevant Acts like the Security of Land Tenures, the East Punjab Urban Rent Restrictions Act, 1949, or adding clauses to other Acts making provision for giving matching government grants in the investments made by NRIs in community development and social projects, reserving quota of industrial plots, initiating steps to establish Visa offices of the Canadian and the British High Commissions in Chandigarh and Jalandhar, respectively etc. Mr Ramesh Inder Singh said the state government has taken up the issue of PIO (Person of Indian Origin) Card with the Centre to grant dual citizenship to NRIs. Even an amendment has been sought in the Foreign Exchange Management Act that takes away the right of acquisition of agricultural land etc. from the NRIs resulting in stringency for the people of Punjab where economy is agriculture-based. Mr Prem Singh, a Member of the State Law Commission, has been assigned to negotiate on this with the Centre and Reserve Bank of India. There is a perception that huge NRI deposits are with the banks in Punjab with the result that credit-deposit ratio is much below the national average. In the industrial sector, for instance, NRI investments are visible in the Punjab State Industrial Development Corporation, the Punjab Agro-Industries Corporation and the Punjab State Electronic Development and Production Corporation. Of the total 33 proposals received for various projects, 17 are in production involving an investment of Rs 768.03 crore (proposed) and Rs 172.38 crore (in production). Even the long ‘’Black list’’ of Punjabi NRIs has been reduced to just 50 due to personal lobbying and intervention of the Chief Minister, Mr Parkash Singh Badal. Steps are on the anvil to facilitate giving matching grants for NRIs’ contributions to community projects. Money will be provided even from the Rural Development Fund for the proposed Heritage Village in Pholriwal in Jalandhar. The SAD-BJP is the first government to have taken the initiative to care for the Punjabi NRIs. It is official now.
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Excess supply brings dry fruit prices down
New Delhi, November 13 There has been upto 40 per cent fall in demand and 20 per cent increase in supply leading to slump in prices by 25 per cent to 30 per cent, according to dry fruit traders who say consumer preferences during the festival season have shifted towards sweets and non-perishable gifts. “The psychological impact of an unjustified assumption that dry-fruits will be costlier this year has wreaked havoc leading to a slump in sales and fall in prices,” Vice President, Kirana Committee Association, Vijay Bhatia, told PTI. American almonds are being sold at Rs 225-230 per kg compared to Rs 290 per kg during the Divali season last year. Kishmish prices are low at Rs 150-300 per kg compared to Rs 150-450 per kg last year.
PTI
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Ropar milk producers union gets BIS award Chandigarh, November 13 The Ropar Milk Plant has already been awarded the certificate of merit by National Productivity Council of India in recognition of the productivity performance, stated Mr S.K. Sharma, General Manager of the plant in a press release today. Meanwhile, this milk plant has decided to sell its full cream milk, standard milk, double toned milk and skimmed milk for Re 1 lesser than their price on the occasion of Divali.
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Coin mela Chaman Lal Setia Senior citizens BSNL Onida |
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