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| Usha Shriram’s revolutionary breakthrough to combat water problems Excelsior Correspondent JAMMU, Nov 21: Usha Shriram today launched Usha Brita, India’s leading table top water purifier in collaboration with Brita GmbH of Germany. Brita GmbH, a world leader in the water........more Govt
subsidy to 75pc MUMBAI, Nov 21: The Central Government will subsidise 75 per cent of premium for small farmers under proposed crop insurance for rabi crops.....more Stocks slide on Istanbul bombs, dollar steadies SINGAPORE, Nov 21: Asia joined a global slide in shares on Friday after deadly bombings in.....more NEW DELHI, Nov 21: Inflation rate fell marginally to 4.88 per cent during the week ended November eight despite a rise in prices......more |
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India should use MUMBAI, Nov 21: The country should prepay high-cost debts at the earliest to minimise the cost of managing the ballooning foreign exchange reserves, ....more Argentine
anti-trade BUENOS AIRES, ARGENTINA, Nov 21: Argentine police clashed with dozens of protesters demonstrating against an.....more S Korea
out of SEOUL, Nov 21: Strong exports led South Korea’s economy out of recession in the third quarter but ongoing problems for......more Tokyo
stocks open lower TOKYO, Nov 21: Tokyo stocks opened lower on Friday, led by falls in Nomura holdings and several other blue chips after...more |
Usha Shriram’s
revolutionary breakthrough Excelsior Correspondent JAMMU, Nov 21: Usha Shriram today launched Usha Brita, India’s leading table top water purifier in collaboration with Brita GmbH of Germany. Brita GmbH, a world leader in the water purification business with presence across 70 countries enjoys the highest market in ‘off the shelf’ water purification systems in the world. Talking to reporters, Pradeep Narain, vice-president, sales and marketing of Usha Shriram company said that new water purifier being launched by the Company is a revolutionary breakthrough to combat water problems. "Waterguard Revos’-new water purifier, is the ultimate solution of your drinking water problems. It is a unique product of techno-advancement in research and development", he said, adding, "Waterguard Revos uses 5 stages for water purification through a reverse osmosis system". Mr Narain further said, "Waterguard Revos is the trusted terminator of pesticides, toxic chemicals, micro-organism and many more invisible contaminants of water". Moreover, he said, it reduces total dissolved solids and hardness, transforming saline and brackish water into pure, sweet water. Waterguard Revos is a product of Usha Shriram Brita’s commitment to world class quality service. Highlighting reasons for launching water purifiers, vice-president of Usha Shriram said that in India, pure and safe water is a major cause for concern. "Water travels miles before it reaches your tap. So even if the water is treated at the municipal waterworks, on its journey to your home many hazardous pollutants contaminate it", he said, adding, "even ground water in urban and semi-urban areas is often contaminated with toxic chemicals, pesticides etc and this problem is further accentuated in the monsoons when drinking water becomes the carrier of waterborne disease like cholera, jaundice, typhoid, gastroenteritis etc. He further said that Usha Shriram Brita’s very popular model, the tabletop Waterguard is indisputably India number one storage type water purifier. It uses Iodinated resin and Ion exchange technology to purify the water and it is a three stage purifier. "This model is ideal for Indian conditions as it does not need electricity, running water supply or any plumbing. Its storage capacity is 20 litres. It has been especially designed for India keeping in mind the power storages and irregular water supply", he said. Highlighting other features of Waterguard Revos, Mr Narain said that it has five stage water purifier which filters out particles down to molecular level. "A unique high capacity reverse osmosis membrane able to combine compact design with flow of truly pure water of 10 litres per hour", he said, adding, "automatic flushing of the reverse osmosis membrane ensures effective and reliable operation and long life". Sanjeev Brothers of Raghunath Bazar is sole distributor for this product. |
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Govt subsidy to 75pc
premium of crop MUMBAI, Nov 21: The Central Government will subsidise 75 per cent of premium for small farmers under proposed crop insurance for rabi crops, according to secretary (agriculture and cooperation) R C A Jain. Mr Jain was speaking at an agricultural commodities summit on "making the commodities market work - the agricultural perspective" organised by the business Asia here today. "Government will be launching a crop insurance programme for rabi crops under agricultural insurance corporation of India. This will be a pilot programme which will be applicable to the wheat and rice for time being. Later it will be extended to all types of crops in the country," Mr Jain said. The premium of this crop isurance policy will be on acturial basis which is atleast six fold high than normal policy. "Since the premium is very high, Government is planning to allow subsidy for premium amount to small farmers up to 75 per cent and 50 per cent to other farmers. This insurance programme will cover 18 districts of the country under 16 states on a pilot basis", Mr Jain said. Mr Jain also informed that Government is in dialouge with some private insurance players to undertake the crop insurance programme. Asked about the private players interested in the crop insurance policy, Mr Jain declined to comment. "Discussions with the two to three private players are on. No concrete decision has been yet taken. But the private players will soon come into crop insurance sector too", he told UNI. Agricultural Secretary said that the Government is also planning to bring 2000 markets under Agricultural Produce Marketing Committee (APMC) instead of existing 600. "The state level APMC acts have adversely affected the growth of a common market for agricultural produce in India. Keeping in view the deficiencies observed in the working of APMC Acts, the Government has drafted a model APMC Amendment Act. The amendments on the lines indicated in the model act are expected to go a long way in integrating the market and in improving market efficiency for the sale of agricultural produce both at home and abroad", Mr Jain said. Mr Jain pointed out that agricultural prices are largely characterised by considerable volatility both within and outside the country. During the period of 1993-94 to 2002-03, the domestic prices (based on whole price index on base 1993-94=100) of rice increased in six out of nine years, while international prices of rice declined in five out of nine years. The annual average rate of growth in international prices of rice was negative (-4.3 per cent), while the corresponding average growth in domestic price was positive (6.3 per cent). Same was the trend in wheat also, he noted. "An important contributory factor for the difference in the domestic price behaviour vis-a-vis international price is the price support operations undertaken by the Government for rice and wheat. Analysis of price behaviour has also revealed that the international prices of agricultural commodities are more volatile than the domestic prices", Mr Jain added. India exported about nine million tonnes of rice and ten million tonnes of wheat during the last three years. According to the projections made by the Planning Commision, the export of wheat is estimated to increase form US 289 million in 2001-02 to US 384 million in 2006-07, while rice export is estimated to go up from US 619 million to US 1085 million during the same period, he said. (UNI) |
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Stocks slide on Istanbul bombs, dollar steadies SINGAPORE, Nov 21: Asia joined a global slide in shares on Friday after deadly bombings in Turkey heightened global security worries, but the dollar steadied after heavy losses immediately following the attacks. Gold ticked up after investors on Thursday fled to relatively safer holdings following two blasts that killed at least 27 people in Istanbul. US and European shares dropped in reaction to the apparent suicide bombings, which followed similar attacks on two Istanbul Synagogues on Saturday. Asian stock markets, most of which had closed before the bombing, were lower almost across the board as Tokyo abandoned an early rally sparked by optimism over steel firms’ earnings. The nikkei average ended morning trade down 0.8 percent at 9,785.87. Semiconductor equipment maker tokyo electron corp fell 3.1 percent. MSCI’s broadest index of shares elsewhere in the Asia Pacific fell 0.6 percent to a six-week low. Singapore’s chartered semiconductor manufacturing sank 2.7 percent. "The bombing in turkey has shaken a bit of confidence, more so in the US than here," said Lucinda Chan, private client Advisor at Macquarie equities in Australia, where the Benchmark index dropped 0.4 percent. Hong Kong opened 1.1 percent lower, Taiwan fell 1.3 percent and Singapore dropped 0.7 percent, but South Korea gained half a percent as banks took steps to resolve a liquidity crisis at credit card companies. The dollar edged higher in Asia to stand some way above a record low against the euro and a three-year trough versus the yen hit this week, but sentiment remained weak. Fears of more violence against the United States and its allies are expected to slow capital inflows into the United States. "Investors are unlikely to take risk when markets are governed by non-economic factors," said Kosuke Hanao, head of foreign exchange sales at royal bank of Scotland. But many traders in Japan are taking a wait-and-see attitude ahead of a holiday there on Monday. The dollar was quoted at 109.30 yen, up from around 109.0 yen in late US trade. The euro stood at 1.1888, down from around 1.1910 in late US trade. The British pound was at 1.7022, more than a half cent off a five-year high of 1.7090 hit on Thursday. The Australian dollar was also off Thursday’s six-year high of 0.7267, quoted at 0.7215. Gold was higher after a rally following the bombings fizzled out short of the 400 mark, which was briefly touched this week for the first time since 1996. Spot gold was quoted at 394.25 an ounce, up from 393.30 at the US close. The dow jones industrial average fell 0.7 percent and the Nasdaq composite index dropped 0.9 percent. The market was also pressured by a US manufacturing survey that failed to impress investors braced for a huge number. The Philadelphia federal reserve said its index of regional manufacturing activity fell to 25.9 in November from 28.0 in October. While the figure exceeded the consensus forecast, investors were anticipating a much higher figure after a robust empire state manufacturing survey index earlier in the week. (AGENCIES) |
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NEW DELHI, Nov 21: Inflation rate fell marginally to 4.88 per cent during the week ended November eight despite a rise in prices of essential items like wheat, tea, maize, textiles, paper, metal and machines. The overall price level declined from 5.01 per cent in the previous week but was higher than 3.45 per cent a year ago. Wholesale price index remained unchanged at previous week’s level of 176.1 although the index for primary articles dipped by 0.1 per cent while that of fuel and manufactured products remained static. WPI was 167.9 a year ago. Final WPI stood at 175.4 during the week ended September 13 as against the provisional figure of 175, while final inflation rate was 4.59 per cent as against 4.35 per cent. Primary articles group index fell by 0.1 per cent to 183.5 from 183.6 despite 0.1 per cent rise in prices of food articles while non-food article prices dipped by 0.3 per cent. The index for food articles rose to 186 from 185.9 due to costlier mutton (5.0 per cent), fish-marine, poultry chicken, tea (4.0 per cent each), moong, barley, maize (2.0 per cent each), wheat, fish-inland and eggs (1.0 per cent each). However, prices of bajra and urad fell 2.0 per cent each while that of rice, fruits and vegetables, condiments and spices dipped by 1.0 per cent each. Non-food articles group index dipped to 182.5 from 183.1 due to cheaper cotton seed, safflower, gingelly seed (2.0 per cent each), raw rubber, rape and mustard seed, groundnut seed, raw cotton, linseed and raw jute (1.0 per cent each). Prices were higher for raw wool (6.0 per cent), niger seed (3.0 per cent), tobacco, soyabean (2.0 per cent), copra, castor seed and raw silk (1.0 per cent each). Fuel, power, light and lubricants group index remained static at the previous week’s level of 253.3 but it was higher than 241.8 a year ago. Manufactured products group index also remained unchanged at the previous week’s level of 156.3 although prices of food products and chemicals fell. Food products group index declined by 1.6 per cent to 164.4 due to cheaper oil cakes (12 per cent), gur (3.0 per cent), solvent extracted groundnut oil, rice bran oil, soyabean oil (2.0 per cent each), groundnut oil, imported edible oil and ghee (1.0 per cent each). However, bran of all kinds was costlier by 6.0 per cent. Prices rose for sooji, maida and atta (2.0 per cent each), gingelly oil, hydrogenated vanaspati and coconut oil (1.0 per cent each). Textile group index rose by 1.5 per cent to 131.9 due to costlier cotton yarn hanks (5.0 per cent), synthetic yarn, cotton yarn cones (3.0 per cent) and tyre cord fibre (2.0 per cent). However, the prices of woolen yarn dipped by 3.0 per cent and that of acrylic yarn by 1.0 per cent. Paper and paper products group index rose by 0.1 per cent to 173.4 due to marginal increase in the prices of paper pulp. Chemicals and chemicals products group index fell by 0.1 per cent to 176.3 due to cheaper epoxy resins (21 per cent) and purified terephthalic acid (2.0 per cent). Non-metallic mineral product group index rose by 0.8 per cent to 146.4 due to higher prices of electrodes (6.0 per cent) and building bricks (2.0 per cent). (PTI) |
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India should use forex reserve to retire high-cost debt: SBI MUMBAI, Nov 21: The country should prepay high-cost debts at the earliest to minimise the cost of managing the ballooning foreign exchange reserves, says the State Bank of India. "Even if the Foreign Exchange Reserve (FER) management by the Reserve Bank of India (RBI) has been excellent,it would be prudent that high cost foreign debts, must be prepaid at a faster pace so that the cost of fer is kept at bare minumum level," it said. In a newsletter, the SBI said if FER continue to increase at the current pace, it will have an enormous impact on Indian economy, particularly in areas like domestic money market, inflation, value of rupee, exports and imports. The present level of fer in India can be termed as comfortable one when compared to the level of FER of China (around 300 billion), South Korea (around 125 billion) and of Taiwan (around 170 billion). However, the need for careful monitoring of the position and efficient management of FER, can not be under scored at the present juncture. The traditional trade based indicator for measuring the adequacy of FER is import cover, normally, the level of fer, which cover around 15 months period, is said to be adequate one. Today, fer are sufficient to cover around 15 months imports as against import cover of just three weeks in December 1990, when there was a balance of payment crisis in India. Emphasising on the management of rising foreign exchange reserves and its impact on Indian economy, the SBI newsletter observed that the magnitude of FER growth at 93 billion dollar was so impressive during the last two years that it is most likely that the country would cross the mark of US dollar 100 billion FER by the end of the financial year 2003-2004. This has been achieved despite repayment of 4.23 billion for resurgent India bonds’ redemption in August 2003 and other high cost foreign debt. In terms of money-based indicators too, the proportion of RBI’s net foreign exchange assets to currency with the public, has sharply increased from 15 per cent in 1991 to 105 per cent in March 2002. The proportion of net foreign exchange assets to broad money (M3) has increased six-fold from 3 per cent to 18 per cent. The proportion of short-term debt to forex reserves has also substantially declined from 147 per cent in March 1991 to well below 10 per cent in March 2003, indicating a very comfortable situation in handlin of FER so far. With the increase in foreign currency assets through enhanced flow of the US dollar, the level of money supply in the country would also increase. This may result in higher inflation. With a view to restricting the growth of money supply at the genuine level, the RBI is sucking money from the market through sterilization operations by issuing Government securities to banks. When foreign exchange reserves are piling up with the Central Bank in a country, it generally results in appreciation of local currency. Indian rupee is also appreciating against US dollar, making exports from India to US uncompetitive. However, appreciation is resulting in cheap imports. In case of commodities, where raw materials are imported and finished goods are exported after processing, like in case of gems and jewelery industry, uncompetitiveness of exports may be arrested to some extent by importing raw materials at lower price. But in case of commodities, where there is no import content, the exports may really become uncompetitive. The nominal value of the rupee to the dollar is now higher than what it was more than a year ago, having gone below Rs 46.55 to the US dollar. There is a little demand for forward cover among importers and a great hurry among exporters to bring in their dollars as quickly as possible. This trend is further increasing the flow of dollar in India in the hope that the rupee will appreciate further. When local currency is appreciating, the corporates are induced to import goods at low prices, this arrests the growth of inflation in the country. But, this does not seem to happen in India. Forex reserves are going up and the rupee is appreciating but till recently inflation was hovering over five per cent against around two per cent during the same period last year. It is expected that inflation would be tamed down further to below five per cent in the near future. The level of FER at more than the adequate level means pressure on the RBI for managing these funds smartly. Higher fer carry enormous cost, if not managed properly. According to a study conducted by the RBI and the reports from the IMF, the Apex Bank has, so far, been managing fer successfully. But there are some other reports also like NRIs, with a view to taking advantage of the interest rate differential between the dollar and the rupee, are increasing their remittances to India. US deposit rates are at 1.5 per cent, while Indian deposit rates are at around 6.0 per cent. This provides a differential of 4.5 per cent. Factoring in an expected depreciation of two per cent in the rupee versus the dollar during the year, NRI deposits still earn a healthy 2.5 per cent compared with what they get in the US markets. Second, foreign investors are putting more money into India as they seek to profit from its relatively high bond yields. Indian bonds have always offered attractive yields compared to more developed countries, but exchange rate losses caused by a depreciating rupee in the past had discouraged foreign funds. Now, since the rupee is appreciating against the dollar, foreign investors are as such attracted to make more investments in India. The World Bank in its latest report, ‘Global Development Finance, 2003’ has said that foreign exchange reserves in most developing countries have gone up much above the widely used benchmarks and carry a significant carrying cost. The report says that dollar 110 billion was added to the official reserves of developing countries in 2002, the highest-ever in recent years. Interestingly, India alone added US dollar 21 billion to its reserves during the year. High external reserve holdings come with a significant carrying cost in terms of interest rates. Most countries invest their foreign exchange reserves in relatively safe, short-term assets, such as US treasury bills. The yield on a 10-year us treasury bill is at 4.16 per cent -well below the interest rates that developing countries pay on their external debt. But, so far as India is concerned, the IMF has applauded the FER management of India. IMF has said that India’s management of FER has generally been in accordance with IMF guidelines and is comparable to global best practices in their area. The major objectives of India. FER management includes maintaining a capacity to intervene in the markets to support the exchange rate regime, to contain excessive volatility in the foreign exchange market, to provide confidence to the markets and reduce their vulnerability to financial crisis. The IMF has also praised the greater and more efficient use of information technology, use of sophisticated risk management techniques like value at risk, determination of optimal currency composition, sound management of credit and market risk and internal governance structure in India. (UNI) |
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Argentine anti-trade protesters clash with police BUENOS AIRES, ARGENTINA, Nov 21: Argentine police clashed with dozens of protesters demonstrating against an Americas-wide free-trade plan last night, leaving three officers hurt, a police spokesman said. Local television showed protesters throwing rocks and sticks at a building housing a US-Argentine business chamber in downtown buenos aires. Several windows were broken before police cleared the area with tear gas. The demonstrators chanted and carried signs with slogans against the free trade area of the Americas, or FTAA, a trade pact being debated yesterday in Miami by Government ministers from across the region. Most of the several thousand demonstrators in Miami were peaceful, but a few dozen staged violent protests and police used tear gas and rubber bullets to disperse them. Local opponents of the FTAA fear the deal could result in further job losses in Argentina, which was battered by a severe depression in recent years. The economy is now recovering but unemployment still runs above 15 percent. Many economists blame pro-US, free-market policies for the collapse that has left more than half of Argentina’s 36 million people unable to properly clothe and feed themselves. (AGENCIES) |
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S Korea out of recession on strong Q3 exports SEOUL, Nov 21: Strong exports led South Korea’s economy out of recession in the third quarter but ongoing problems for credit card firms were a sign that soft consumer spending meant any recovery may be weak. Gross domestic product rose 1.1 percent in the third quarter from the second, beating a forecast 0.9 percent rise from economists surveyed this week. Exports of goods and services grew a healthy 10.8 percent from the second quarter, driven by a recovering global economy, while private consumption showed a slight rebound of 1.2 percent on the quarter, central bank figures showed. "The numbers look quite good but it is not strong enough to say the economy has recovered because the third-quarter growth was a mere rebound from a second quarter slump caused by the SARS outbreak," said Oh Sang-Hoon, an economist at SK securities. "The economy is likely to continue to remain sluggish toward the end of this year, hit by weak domestic consumption." South Korea’s economy, the fourth-largest in Asia, contracted in the previous two successive quarters — by 0.4 percent in the first and 0.7 percent in the second — as consumer spending and corporate investment slumped. In the previous two quarters private consumption fell 2.2 percent and 1.4 percent respectively. The outlook for domestic consumption remains uncertain. Liquidity problems at credit card companies re-emerged this week when major issuers warned they needed to raise more cash because of large bad debts. The country’s GDP in the third quarter was 2.3 percent higher than a year earlier, slightly higher than the median 2.2 percent growth forecast by economists. But it was slower than a 5.8 percent rise in the same 2002 period. (AGENCIES) |
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Tokyo stocks open lower after Wall ST retreat TOKYO, Nov 21: Tokyo stocks opened lower on Friday, led by falls in Nomura holdings and several other blue chips after deadly explosions in Turkey fanned concerns about security and sent Wall Street down. "Given the New York market’s setback on geopolitical concerns, the market here may wipe off half or more of the gains it saw yesterday," said Katsuhiko Kodama, head of equities at Toyo securities. The Nikkei average was down 0.60 percent at 9,806.99 as of 0006 GMT, reversing the previous day’s 2.61 percent jump on broad-based buying after talk of bargain-hunting by public pension funds. The topix index lost 0.19 percent to 969.89. In New York, the Dow Jones industrial average closed down 71.04 points, or 0.73 percent, at 9,619.42, erasing the previous day’s 66-point rise that had ended a four-day slip. (AGENCIES) |
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S Korea C Bank Q4 GDP growth seen higher than Q3 SEOUL, Nov 21: South Korea’s Central Bank said on Friday economic growth in the fourth quarter would be faster than in the third quarter, when the economy climbed out of recession. But Cho Sung-Jong, the chief of the bank of Korea’s statistics bureau, told a news conference it was premature for the bank to say 2003 gross domestic product would top an earlier bank forecast for 3.0 percent growth. (AGENCIES) |
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BHEL bags Rs 168 crore contract
for NEW DELHI, Nov 21: Bharat Heavy Electricals Limited (BHEL) and Larsen and Tourbo (L&T) have bagged a Rs 168 crore order for setting up a 100 megawatt hydro-electric project in Kerala. The Turnkey order for Kuttiyadi project is due for commissioning in three-and-a-half years. Located at Kakkayam, about 50 Km from Kozhikode, the power plant will generate electricity utilising a 625-metre water-head of river Kuttiyadi. It will be one of the largest hydro power stations in Kerala. BHEL has supplied and commissioned 10 hydro-generating sets of various ratings totalling 336 megawatt in Kerala. (UNI) |
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Goa day to be celebrated in Delhi on Sunday PANAJI, Nov 21: Sixty folk artistes from Goa would participate in the Goa day celebrations on Sunday at the ongoing India interna-tional trade fair at Pragati Maidan. Goa Handicrafts Rural and Small Scale Industries Development Corporation (GHRSSIDC) chairman Damodar Naik told newspersons yestdeday that folk artistes would perform local folk dances like Ghode Modni and Samai dance. The highlight of the event would be the participation of Hema Sardesai, a noted Goan artist and leading Bollywood singer, who will present a musical evening along with her troupe. He said that a food stall with Goan delicacies will also be set up. The Goa Government had set up its pavilion at the IITF to promote and strengthen small and medium scale enterprises. "There is good demand for goan handicrafts at its pavilion and it has made a turnover of Rs 20,000 to 25,000, which is a major boost. The corporation has also taken up renovation and branding of all the Emporia in the state" he said. Mr Naik added that from this year on the Goa Government will open gift shops across all the beaches in the state during the tourist season. (UNI) Andhra Pradesh allots land for Israeli technology project TEL AVIV, Nov 21: Andhra Pradesh will allot 250 hectares of land in different parts of the state to set up an ‘Israeli technology project’ in the field of agriculture that would enable subsistence farmers to become a "market force" and improve the "nutritional levels of the general populace." Raviv Byron, chairman of Israel-India Chamber of Commerce, said that the project, sanctioned by the Government of India, would use Israeli technology on a long-term basis but all the seven companies involved on ground would be basically Indian with two having strong Israeli links. Speaking at the Prime Ministers conference for boosting exports in Tel AVIV., he said the basic understanding towards setting up such a project was agreed upon long back but the agreement to this effect has been signed only recently, It is noteworthy that Andhra Pradesh Chief Minister Chandrababu Naidu, who as the chairman for taskforce on drip and sprinkler irrigation(constituted by the Prime Minister) was on a study tour to Israel in September, constituted a six-member joint working committee under the chairmanship of State Finance Minister Y Ramakrishnudu to work out the modalities for cooperation with Israel to provide it solutions in agriculture, healthcare and capitalisation of intellectual property rights. The main objectives of the committee was outlined as identifying the ways to bring down the cost of servicing in healthcare, agriculture and IPRS, while ensuring optimum returns. (UNI) |
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