Agriculture
Confusion on palm oil data
THE palm oil market which has been reeling under the impact of burdensome stocks and low prices for long will continue to face uncertainty for some more time until production and consumption prospects for 2001-02 (October-September) crystallise.
Airlines
Emirates judged best airline
EMIRATES Airline has been named the world's Best Medium Haul Airline 2001 by Business Travellers, the business travel magazine. Readers of the magazine voted the Dubai-based international carrier its clear winner, ahead of British Airways and Singapore A
irlines.
Airbus `cautiously optimistic'
AIRBUS Industrie has reduced its aircraft production and imposed a freeze on recruitment on account of the slowdown impacting airline industry worldwide following September 11 attacks in the US.
Automobiles
Maruti enters fleet management business
QUICK on the heels of the approval by the company's board, Maruti Udyog Ltd has started talking to about 6 leading corporate houses in Delhi to offer its newly-floated fleet management business, a company spokesman said on Thursday.
Banking and Finance
Postal Dept to focus on retail financial services
ACROSS-the-counter retail financial services has emerged as a major business development initiative for the Department of Posts. The success achieved in such activity has prompted the Department to expand its portfolio of financial services over a period
of time, according to Mr S.B. Bhattacharya, Principal Chief Post-Master General, Department of Posts (West Bengal circle).
Coal
Singareni mines conversion pays
BY integrating four difficult underground mines -- GK (Gauthamkhani)-8, GK-9, GK-10 and GK-11 inclines -- the State-owned Singareni Collieries Company Ltd has converted them into a single opencast mine as it has the potential to offer about 2 million ton
nes per annum.
Corporate
Don't post it...er... the `card'
THE postman's role in the everyday life of the common man may get larger if the postal department successfully implements a proposal currently on the drawing board. The Department of Posts (DoP) is mulling over a proposal to introduce a pre-paid, `omnibu
s card.'
Economy
UAE steps up drive against money laundering
THE UAE authorities have over the past week initiated measures that demonstrate a tough stand against money laundering. They have capped stiff central bank directives to money changers on fund transfers issued a few days back with the official announceme
nt on Tuesday of the UAE Cabinet's approval of the anti-money laundering law.
Environment
PETA ties up with police in 10 States
PEOPLE for Ethical Treatment of Animals (PETA), the US-based animal rights group, has now teamed up with the police in 10 Indian States to launch a training programme which, the organisation feels, will enable police to be better equipped to handle viola
tions of anti-cruelty laws.
Fertilisers
Dhindsa urges fertiliser sector to raise efficiency
THE Union Minister for Chemicals & Fertilisers, Mr S.S. Dhindsa, said that the Government has tried to simplify and rationalise the procedure not only relating to the mode of payment of concession to the fertiliser industry but also the certification of
sales by State Governments.
Financial Performance
TVS-Suzuki Q2 net dips to Rs 10.39 cr
TWO-WHEELER maker TVS-Suzuki Ltd today reported a net profit of Rs 10.39 crore for the second quarter ended September 30, 2001, a fall of 48.67 per cent from Rs 20.24 crore posted in the quarter ended September 30, 2000.
Foreign Trade
Dumping duty on yarn, Analgin
THE Union Finance Ministry has imposed provisional anti-dumping duty on all imports of acrylic yarn from Nepal.
Insurance
Insurance cos asked to set up catastrophe a\c
THE Insurance Regulatory and Development Authority (IRDA) has directed all the general insurance companies both public and private sector to create a catastrophe reserve account (CRA).
Mutual Funds
UTI offloads PSI Data shares
MUMBAI: Unit Trust of India (UTI) has sold 76,923 shares of PSI Data Systems, representing 1.02 per cent of the equity capital of the company. UTI has sold the block of shares at a price of Rs 186.80 per share to the acquirer, Indian Rayon & Industries L
td, against an open offer made by them, UTI said in a press statement on Tuesday. -- Our Bureau
UTI reduces retirement age for officers to 58
UNIT Trust of India (UTI) has decided to reduce the retirement age of its officers by two years from the current retirement age of 60 years to 58 years.
Petroleum
Essar Oil to invite offers from retailers
ESSAR Oil Ltd plans to ``shortly'' invite expressions of interest (EOI) from petroleum product dealers across the country for setting up retail outlets.
LPG supply to remote areas -- Freight subsidy put at Rs 1,000 cr post-APM
THE freight subsidy involved in supply of LPG and kerosene to `far flung' areas will be of the order of Rs. 1,000 crore per annum once the administered pricing mechanism is dismantled in April 2002, according to Union Petroleum Minister, Mr Ram Naik.
Policy
Govt may add more teeth to Benami Act
NEARLY 13 years after its passage in Parliament, the Government is toying with the idea of ``giving more teeth'' to the Benami Transactions (Prohibition) Act 1988. This may require an amendment to the existing legislation and formulating rules which matc
h the provisions of the Act.
Power
Arbitration proceedings -- Dabhol gets restraint order from UK court
THE Commercial Court of London has given an ex-parte order restraining the Maharashtra Government from filing a suit in India challenging the international arbitration proceedings initiated by Dabhol Power Company (DPC).
Jump in AP hydel power generation
THERE is a quantum jump in hydel power generation in Andhra Pradesh following heavy inflows into the Srisalam reservoir on account of wide spread rains in the State during the past few days.
Minister renews call for arresting power theft
THE Union Power Minister, Mr Suresh Prabhu, has renewed the Government's call for the need to arrest power theft saying sustained saving on this count could help in adding 1 lakh mega watt (MW) in 20 years.
Meet on power distribution today
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the most critical problem ailing the power sector emanates from the mismanagement of its distribution. Noting that the real challenge lies in reforming the distribution syst
em, it said that only a viable distribution business can restore the health of the sector.
Bengal SEB eyes more Japanese soft loans
THE West Bengal State Electricity Board (WBSEB), which is now implementing a Rs 871-crore programme aided by the Japan Bank for International Cooperation (JBIC, erstwhile OECF), is keen on getting more such soft loans to improve its system.
Radio/TV
Prasar Bharati to mine its past
PRASAR Bharati has realised that preserving history is also a good way to generate revenues.
States
Birla institute to set up centre in Goa
THE Birla Institute of Technology and Science (BITS), Pilani, will set up a centre in Goa at a cost of Rs 80 crore.
Tax sops for Great Mall of Hyderabad
TWO per cent incentive on life time tax on all motor vehicles purchased from the Great Mall, four per cent sales tax cut on colour TVs, flexible timings and permission for discotheques are among incentives announced by Andhra Pradesh Government on Thursd
ay.
Karnataka plans statute for unorganised labour
KARNATAKA is contemplating legislation for unorganised labour with safety net as the key ingredient of the plan, Minister for Labour, Mr A.M. Hindasgeri, said here on Thursday.
85 arsenic removal units to be set up in Bengal
FOUR foreign funding agencies have joined hands with the environmental engineering cell of Bengal Engineering College to install 85 arsenic-removing units in the three districts of West Bengal and conduct necessary health and hygienic education programme
s for people affected by arsenic.
Futec Colour TV launched in N-E
FUTEC Colour TV, the leader in the `B' segment Colour TV market in the country, was launched in the North Eastern market by its manufacturer, Harpreet Colour Vision. Introducing the product, Mr H. Malhotra, Managing Director of the company, said ``It has
always been our aim to provide the middle class with value for money product. That is why Futec is packed with international quality features and priced very reasonably''.
Steel
Steel bins and scaffoldings to uplift industry
THE Union Steel Ministry and the Joint Plant Committee have together initiated steps aimed at facilitating increased consumption of steel, especially in construction and in the rural markets.
Stocks
Sensex shares post-Sept 11 -- Market cap slides, trading volumes up
EXACTLY one month after the terrorist attack on the World Trade Center and the bloodbath which took place across stock markets globally, the Indian capital market is witnessing hectic buying interest. Thanks to the perception of share prices bottoming ou
t.
Securities scam -- JPC records evidence against Parekh, Daga
THE Joint Parliamentary Committee probing the securities scam on Tuesday took on record evidence against Mr Kamal Parekh, former Calcutta Stock Exchange President, and Mr K.K. Daga, Vice-President, regarding their ``complicity'' in suppressing crucial in
formation for five days.
Devanand Pai elected MgSE chief
THE council of management of the Mangalore Stock Exchange (MgSE) has unanimously elected Mr K. Devanand Pai, as President of the exchange for 2001-2002.
Taxation
Market players asked to comply with tax laws
INCOME-Tax searches on share brokers during the year beginning April 1, 2001, has revealed undisclosed income of about Rs 1,200 crore, according to a press release from the Office of the Director-General of Income-Tax (Investigation), Mumbai (DGIT).
Telecommunications
MTNL, BSNL in long distance talks
PUBLIC sector telecom majors Bharat Sanchar Nigam Ltd. (BSNL) and Mahanagar Telephone Nigam Ltd. (MTNL) are in talks to form a joint venture for offering international long distance services once Videsh Sanchar Nigam Ltd. (VSNL) monopoly ends in April 20
02.
Row over limited mobility tech
THE Department of Telecommunication (DoT) and Telecom Regulatory Authority of India (TRAI) are at loggerheads over the technology to be used for rolling out limited mobility (WLL) services across the country.
Textiles
Textile exports target can be met: Rana
THE Union Textile Minister, Mr Kashiram Rana, has expressed optimism that despite the slowdown in textile exports and the prevailing war-like situation, the $13.7-billion export target for the year could be achieved by the Indian textile sector.
Garment exporters seek `Samadhan' scheme
Garment exporters have sent out a plea for the introduction of a `Samadhan' scheme to settle disputes involving the exporters and the Apparel Export Promotion Council (AEPC) in cases where earnest money deposit/ bank guarantees (EMD/ BG) extended by the
former for their shipments were impounded.
Rana to meet textile export bodies
THE Union Textiles Minister, Mr Kashiram Rana, has proposed to convene a meeting of representatives of the various textile export promotion councils on October 15 to review the export performance up to September 2001 vis-a-vis the targets for the current
year.
