Asia Africa Intelligence Wire articles from February 2002

Asia Africa Intelligence Wire archives from February 2002

Railways to demand Rs 14,000-cr outlay.
February 1, 2002... Byline: J Padmapriya : The annual ritual of haggling for enhanced central support has begun with the Railways, the only other ministry that presents its own Budget, coming to the Centre with a jumbo-sized Plan outlay of about Rs 14,000...

Railways-for-oil deal with Iraq soon.
February 1, 2002... Byline: Girish Kuber : After bartering oil for food, the Indian government plans to trade its railway building expertise in exchange for crude oil. The Indian Railway, last week signed an MoU with the Iraqi government for 14 rail...

Our IA likely to train Air Mauritius.
February 1, 2002... : Indian Airlines is likely to offer training facilities at its Central Training Establishment at Hyderabad to train the cabin crew of Air Mauritius. This follows the remark of Mauritius President Mr Cassam Uteem during a visit to CTE...

New TRQ system will scare importers away.
February 1, 2002... THE DGFT issued a public notice on January 22 outlining the procedure for allocation of tariff rate quotas. The DGFT has now specified complicated rules under which the quotas would be allowed only to the public sector dinosaurs of...

New policy can fetch $1-b exports: Acma.
February 1, 2002... : The auto component industry is bullish on the medium-term export strategy announced by the government yesterday. In a Press statement issued on Thursday, Automotive Component Manufacturers' Association of India president Mr K Kejriwal said...

Pharma sector resents rider to convert Vabal to Qabal.
February 1, 2002... Byline: Sudha Nagaraj : The pharmaceuticals sector has rejected the government's clarification on the vexed issue of grant of one-time six-month extension given to advance licence-holders to meet their export obligations. In a letter...

ICICI scrambles for funds to meet SLR, CRR before merger.
February 1, 2002... Byline: Subhash Mohanti : JUST about every ICICI resource is now out in the market looking for money. The task is to garner some Rs 11,000 crore deposits which will enable the merged ICICI-ICICI Bank to meet its SLR and CRR requirements....

LIC relaunches 3 pension plans.
February 1, 2002... : After a month's hiatus, the Life Insurance Corporation of India has relaunched its three pension plans in the market with lower assured returns and has also introduced a new scheme Jeevan Anand - a policy where the life insurance cover...

Subsidy for small coffee growers.
February 1, 2002... : The Coffee Board has allocated Rs 4.50 crore for implementation of the initiative to give small growers a five per cent subsidy on the principal amount taken by way of working capital and crop loans for the season. This is one of the...

About book building for IPOs.
February 1, 2002... Byline: Arnav Pandya / ETIG The most important question facing investors in any public issue is deciding as to whether the issue price is higher or lower than market expectations. Even though the primary market has been sluggish for a...

Scrips of cos buying back rise.
February 1, 2002... Byline: Vijay Gurav : The buyback euphoria is back on the bourses, driving some share prices north even in a generally sluggish market. The previous year saw buyback announcements by several companies and the trend seems to have...

Service tax from Mumbai brokers down to one-third.
February 1, 2002... Byline: M Padmakshan : Service tax collection from brokers in Mumbai has decreased to about one third of the revenue collected in the preceding year. The stock market, which has stagnated for the past 10 months, does not, it seems,...

Shorter investment calls lead to net outflow at SEs.
February 1, 2002... Byline: Rajas Kelkar : Foreign institutional investors (FIIs) are aggressively churning their portfolios resulting in a net outflow from the market, according to observers. According to leading brokers and market players, contrary to...

Virgin's free stopover.
February 1, 2002... : Joining the band of airlines and hospitality companies going in for freebies to give a lift to tourism, Virgin Atlantic announced on Wednesday that even economy class passengers flying from India to the US would be offered a free stopover at...

Titan reports Rs 6.99cr Q3 net.
February 1, 2002... : Titan Industries has reported a net profit of Rs 6.99 crore for the third quarter ended December 31, 2001 against Rs 2.37 crore in the corresponding quarter last year - an increase of 194 per cent. During the quarter, the company's sales...

Sony cuts prices to push up sales.
February 1, 2002... : Sony India has decided to reduce prices of some of its models to push the brand into a more affordable bracket in India. Teruo Ishii, managing director told ET that having build the necessary infrastructure and network and consolidated...

BPCL posts net profit of Rs 71.9cr.
February 1, 2002... : Bharat Petroleum has posted a net profit of Rs 71.9 crore for its third quarter ended December 31, 2001, down 37 per cent from Rs 113.6 crore in the same period last year due to a sharp fall in import parity prices of products resulting in...

Britannia Q3 net up 45% at Rs 22.7cr.
February 1, 2002... : Leading biscuit and dairy product maker Britannia Industries Limited has seen its net profits for the quarter ended December 31, 2001 rise by 45 per cent on a year on year basis. The net stood at Rs 22.7 crore against Rs 15.7 crore for...

Bhel posts 1% growth in net sales.
February 1, 2002... : Bhel, the leading power and engineering equipment manufacturer could barely manage to register a marginal 1 per cent growth in the net sales in the third quarter ending December 31, 2001 over its performance in the second quarter of the same...

Reliance plans universal ATMs.
February 1, 2002... Byline: James Mathew : The Ambanis may not have got a licence to set up a bank, but soon the Reliance group will have a banking connection. Reliance Infocom, the convergence company under the group, is eyeing a foray into the...

ICICI Bank CD gets top Icra rating.
February 1, 2002... : ICRA has assigned an A1+ rating, indicating highest safety in the short term, to the Rs 5 billion Certificates of Deposit programme of ICICI Bank. The rating takes into consideration IBL's strategic importance to its parent ICICI, IBL's...

Ranbaxy ends two pacts with Eli Lilly.
February 1, 2002... : Ranbaxy has announced termination of its two strategic alliances with the US pharma major Eli Lilly one in India and the other in the US for manufacturing of multi source generic products of each other's. Ranbaxy will get a total of $15...

VSNL purchases Rs 54-cr property.
February 1, 2002... Byline: Gurbir Singh : The development of Bandra-Kurla complex received a boost with the Videsh Sanchar Nigam picking up nearly six acres of property in the commercial complex for Rs 53.6 crore. The stagnating Bharat Diamond Bourse is...

UNICT Asian office to be set up in India.
February 1, 2002... Byline: Sudha Nagaraj : The Asian Secretariat of the UNICT taskforce will be located in India. With much of the spadework for the Rs 5,000 crore Media Lab Asia project underway, India has once again stolen a march over other Asian...

4 cell cos in talks with Thuraya for sat link.
February 1, 2002... Byline: George Cherian : Very soon, you could be sitting in a place as remote as the Andaman & Nicobar Islands and still be able to call up your uncle in Houston on your cellular phone. At least four cellular operators in India are...

CPM helped madrasas mushroom: Congress.
February 1, 2002... : The Congress asked West Bengal chief minister Buddhadev Bhattacharya not to indulge in a polemical battle over madrasas and said it was time that the CPI(M) acknowledged that it was under its patronage that unaffiliated madrasas mushroomed in...

Frisky business.
February 1, 2002... Byline: Vikram Doctor I'VE GREAT admiration for the Indian Army. I think its successes must be cheered, its losses supported, its gallantry rewarded and any increases it wants in the defence budget should be immediately approved. I have...

Let the good times roll.
February 1, 2002... Byline: Pooja Kothari THE NEW thing keeping human resource managers busy this season is the unique way in which corporates are rolling out bonuses to their employees. Simply put, a 'rolling bonus' spreads a performance-related bonus...

More is less.
February 1, 2002... Byline: Marion Arathoon SSHHH... it's about the best-kept secret this side of the Pacific. To India's legions of couch potatoes, the enigmatic commercials featuring Home Trade, with ivory piano keys and a 'life means more' brand line, are...

Home alone.
February 1, 2002... Byline: Dibeyendu Ganguly IS SANJAY Agarwal for real? Six months after a high-gear brand building exercise, the chairman of Home Trade Ltd has come out with its first product - a book, a CD-ROM and a cassette packaged in a box titled...

Buy the way.
February 1, 2002... Byline: Bhupender Singh and Paresh Vaish Have you ever pursued an initiative, which cut purchase costs by 10-15 per cent? Do you regularly save 3-5 per cent of your purchase cost? Do you understand your supplier's economics and...

Downside up.
February 1, 2002... Byline: Mayur Shetty HERE'S what not to do in the insurance business - or so they say. Bajaj Allianz General Insurance's business plan has taken a view so contrarian, that success for it would mean blowing to bits some commonly-held...

Say no to consultants.
February 1, 2002... Byline: Malini Bhupta WHEN in a downturn, go back to school. It's not true only of executives across the globe, it's true for companies as well. The initial rush and some bad experiences later, Indian companies have now become savvier...

Wings of change.
February 1, 2002... Byline: Malini Bhupta and Rahul Joshi SO FAR the story was about the late Parvinder Singh's over-arching vision, now it could be about clairvoyance. Or extra-sensory perception among the successors (oops, in these days of owner-management...

Destructive symbols.
February 1, 2002... Byline: Narendar Pani THE rapidity with which Enron turned from a corporate leader to a bankrupt fraud is bound to have a far-reaching impact. The American economist Paul Krugman believes the impact of the Enron collapse on American...

Siam Cement will pay dividends of ten baht a share - Krungthep Turakij 31/1/02.
February 1, 2002... The Siam Cement board announced the company will pay dividends for the first time since 1998, Krungthep Turakij reported. On 22 April Siam Cement will pay dividends of ten baht a share for its 2001 performance. In 2001 the companies in the...

TAMC prepares to sell some property sector debtors to the Cerebus fund - Krungthep Turakij 31/1/02.
February 1, 2002... The government's joint venture Matching Fund might buy some property projects from Thai Asset Management Corp (TAMC), a report in Krungthep Turakij said. The managing director of TAMC said that TAMC had begun preliminary negotiations with the...

Amex takes over BOA Finance - Krungthep Turakij 31/1/02.
February 1, 2002... Bank of Asia (BOA) sold its shares in BOA Finance to American Express, Krungthep Turakij reported. A source from the securities business said that earlier BOA gathered 20 per cent of the shares in BOA Finance held by minor shareholders and...

Finansa prepares to list on the SET - Krungthep Turakij 31/1/02.
February 1, 2002... Finansa Holding will soon file an application to list on the SET, a source from a brokerage told Krungthep Turakij. A source from the securities industry said that Finansa Holding had hired Asset Plus Securities as its financial adviser for...

ABN Amro recommends Sri Thai Superware stock - Krungthep Turakij 31/1/02.
February 1, 2002... Sri Thai Superware is likely to make good profits this year, Krungthep Turakij quoted a report from ABN Amro Asia Securities as saying. Plastic goods and melamine maker Sri Thai Superware lost money every year since the economic crisis...

CVD International reduces prices to compete with pirates - Krungthep Turakij 31/1/02.
February 1, 2002... CVD International has reduced its prices by about half this year to compete with illegal VCD products, according to a report in Krungthep Turakij. CVD International sells copyrighted movies from 13 major motion picture companies. Last year...

Six ASEAN nations agree to beef up anti-terrorism networking.
February 1, 2002... Six of the 10 member nations of the Association of Southeast Asian Nations (ASEAN) have agreed to consolidate gathering and exchange of intelligence on threats to national and regional security posed by terrorism-related activities and...

Siam Cement makes first dividend payment in four years.
February 1, 2002... Siam Cement Plc yesterday announced a dividend payment of 10 baht per share due to its impressive performance results in 2001 and expected total sales this year would increase moderately by 5-10%. The company made the latest dividend...

MOI to encourage Daihatsu to set up plant to make tuk tuk engine.
February 1, 2002... The Industry Ministry plans to encourage Daihatsu Co, the Japan-based vehicle maker, to set up a plant to produce engines for the assembly of tuk tuk (three-wheeled motored vehicles) in the country under the Thai Chaiyo Tuk Tuk Program. ...

Lower Thai coffee supply.
February 1, 2002... Thailand will likely export little, or no coffee this year due to huge fall in output of coffee beans output, Commerce Minister Adisai Bodharamik said. Thailand's coffee output is expected to reach 40,000-50,000 metric tons this year,...

TAMC makes progress in property sector debts.
February 1, 2002... The Thai Asset Management Corporation (TAMC) has worked out several methods to solve bad debts in the property sector which accounts for 24 percent of 690 billion baht non-performing loans the agency bought from state and private banks, Manager...

Black Canyon to open branches in Singapore.
February 1, 2002... Local coffee franchiser Black Canyon plans to open branches in Singapore, Manager Daily said on January 31, 2002. Prawit Chitnarapong, the managing director of Black Canyon Ltd, said the company and a group of Singaporean investors are...

Somkid to go to China next month.
February 1, 2002... Finance minister Somkid Jatusripitak and members of the Board of Investment will visit China next month to promote advantages Thailand has over neighboring countries. "In order to draw foreign capital to the country, we need to show...

SET's new Front Office Service Bureau to start operating in April.
February 1, 2002... The Stock Exchange of Thailand Wednesday (Jan 30) approved establishing the new Front Office Service Bureau costing 35 milion baht to help local securities firms lower administrative costs and support the expansion of Internet Trading, Manager...

SPP posts rise in net profit for 2001.
February 1, 2002... Siam Pulp & Paper Plc (SPP), the affiliate of Siam Cement Plc (SCC), posted a rise in net profit for 2001, up 474 million baht to 3.27 billion baht from 2.79 billion baht a year earlier, Manager Daily said on January 31, 2002. However In...

SCC plans to issue 1.5 billion baht debentures.
February 1, 2002... Thai cement giant Siam Cement Plc (SCC) plans to issue 1.5 billion baht worth of debentures to refinance an earlier tranche of debentures due in September, Manager Daily said on January 31, 2002. SCC President Chumpol NaLamliang said the...

Mazda to boost vehicles sales and market share this year.
February 1, 2002... Mazda Sales (Thailand) Co plans to launch a new product every quarter to boost vehicle sales and increase market share this year. David Grakul, managing director of Mazda, said Mazda Sales projected an expansion of market share to 4 percent...

SSI's 2001 figures lower than expected.
February 1, 2002... Sahaviriya Steel Industries Plc reported a net loss of 544 million baht, or 0.64 baht per share, for 2001 compared to net profit of 220.5 million baht, or 0.26 baht per share, a year earlier. The steel maker said sales of hot rolled coils...

BT plans to enter asset management business.
February 1, 2002... Bankthai Plc plans to enter the asset management business and its wholly-owned firm, Thai Thanakit Securities Co, will apply for a license from the Securities and Exchange Commission (SEC), BT president Phirasilp Subphapholsiri said. Asset...

Thai agency makes world's first vetiver pot.
February 1, 2002... Thailand has been successful in producing the first vetiver pot in the world. The Department of Science Service under the Ministry of Science, Technology, and Environment recently introduced the new invention to the public. It also intends to...

Tuk Tuks and a Bright Franchise Business.
February 1, 2002... From past till present, the tuk tuk is a unique vehicle that has never been forgotten by Thai society. And today it is going to create job opportunities and income for Thai people from many walks of life through the channel of franchise...

CROSS-EXAMINED IN RUGBY PLAYERS' TRIAL.
February 1, 2002... A former member of the Noordelikes rugby club in Pietersburg is to be further cross-examined by defence counsel for his ex-teammates in their Pretoria High Court murder trial on Friday. State witness Louis Strydom were with the five, as well as...

108 ARRESTED DURING CRIME OPERATION.
February 1, 2002... North Rand police have arrested 108 people in a crime prevention operation which began on Thursday night as part of their continual fight against crime, police said on Friday. Superintendent Eugene Opperman said Operation Flush began at 6pm...

SAPS INSPECTOR RUNS AMOK.
February 1, 2002... A 32-year-old SA Police Service Inspector was shot and wounded in Wynberg in Cape Town on Thursday night after he locked himself in his flat with his children and two firearms, threatened to commit suicide and then aimed an R5 assault rifle at...

JUDGMENT IN BRESLER CASE EXPECTED.
February 1, 2002... Judgment was expected on Friday in the Cape High Court in the case against a Cape Town father who allegedly said his daughter could not get a fair trial from a black magistrate, SABC radio news reported. Casparus Bresler and his daughter,...

NCAPE POLICE SEIZE ABALONE WORTH R640000.
February 1, 2002... Two people were arrested at a roadblock in Three Sisters, Kimberley after they were found in possession of perlemoen (abalone), Northern Cape police reported on Friday. Inspector Chantel Manuel said perlemoen worth R640000 packed in foam...

STANDARD CORPORATE AND MERCHANT BANK FOREX OPENING RATES FOR FEB 1 2002.
February 1, 2002... Rates for amounts up to R 140 000 Bank Buying | Bank Selling Country Cur T/T Cheques Foreign | Cheques Foreign Notes | and T/T Notes QUOTATIONS ON BASIS RAND PER UNIT FOREIGN CURRENCY BRITISH STERLING GBP 15.8522 15.8109 15.8397 | 16.3144...

PETROL UP BY SIX CENTE PER LITRE ON WEDNESDAY.
February 1, 2002... The retail price of all grades of petrol will go up by six cents per litre on Wednesday, the Department of Minerals and Energy announced in Pretoria on Friday. The wholesale price of diesel with 0,3 percent sulphur will increase by 5 cents per...

PETROL UP BY SIX CENTE PER LITRE ON WEDNESDAY.
February 1, 2002... (REPEATS FOR FINANCE WIRE) The retail price of all grades of petrol will go up by six cents per litre on Wednesday, the Department of Minerals and Energy announced in Pretoria on Friday. The wholesale price of diesel with 0,3 percent sulphur...

MITSUBISHI LIFTS INVESTMENT IN SA.
February 1, 2002... Japanese industrial giant Mitsubishi -- the world's third-largest industrial group -- on Friday announced it was stepping up its investment in the South African lift and escalator market. The statement followed a joint meeting in Cape Town of...

CAPE TOWN POLICE VOW TO CONTINUE FIGHT AGAINST DRUGS.
February 1, 2002... Cape Town police said on Friday that they would continue to fight against drug dealers who have swamped Seapoint. Police spokeswoman Superintendent Nina Kirsten said the police raided at least two premises on Thursday night and recovered a...

ANGLO CONSORTIUM BUYS COLOMBIAN COAL MINE.
February 1, 2002... Anglo American plc is part of a consortium that has signed an agreement that will give them 100 percent of a Colombian coal mine -- complete with its own 150km railway line and port, it was announced on Friday. Anglo spokeswoman Ann Dunn said...

PETROL UP BY SIX CENTS PER LITRE.
February 1, 2002... The retail price of all grades of petrol will go up by six cents per litre on Wednesday, the Department of Minerals and Energy announced in Pretoria on Friday. The wholesale price of diesel with 0,3 percent sulphur will increase by 5 cents per...

FIRST NATIONAL BANK PUBLIC EXCHANGE RATES AGAINST THE RAND For amounts up to R50 000.
February 1, 2002... Bank Bank Bank Bank Currency Selling Buying Buying Buying Rate Rate TC's Notes Rand per Foreign Currency Unit USD US DOLLARS 11.5978 11.3031 11.2471 11.2221 GBP BRITISH STERLING 16.4300 15.8498 15.7752 15.6532 EUR EURO CURRENCY 10.0165 9.6399...

ACID SPILL CAUSES CHAOS ON HIGHWAY.
February 1, 2002... A sulphuric acid spill on the N1 north highway in Roodepoort caused chaos on Friday morning, Johannesburg emergency management services (EMS) said. Early morning traffic was disrupted when a truck carrying about 10000 litres of sulphuric acid...

RETARDED WOMAN RAPED, MAN HELD.
February 1, 2002... A 40-year-old Welkom man was arrested after allegedly raping a 27-year-old mentally retarded woman in the Qwa Qwa area on Thursday, Free State police said. Captain Veronica Ntepe said on Friday the woman's retardation prevented her from saying...

POLICE CRIME OPERATION NETS 321 ON NRAND.
February 1, 2002... At least 321 people were arrested in two anti-crime operations on the North Rand on Thursday, police reported on Friday. Superintendent Eugene Opperman said 201 people were arrested during Operation Vendetta for various crimes and five stolen...

HERE IS THE RAINFALL REPORT FOR THE 24 HOURS ENDING AT 08:00 ON.
February 1, 2002... 2002/02/01 (PRELIMINARY DATA) THE FOLLOWING PLACES REPORTED 1 MM AND MORE: GAUTENG IRENE WK 2 JOHANNESBURG INT WK 6 PRETORIA WK 3 SANDTON 3 VEREENIGING e 6 MPUMALANGA BETHAL 5 CAROLINA 12 DELMAS 3 ERMELO WK 16 KOMATIDRAAI e 6 LYDENBURG e 6...

SA MEDIA UNION CONDEMNS ZIM PRESS LAWS.
February 1, 2002... The Media Workers Association of SA (Mwasa) has condemned the Zimbabwe government's adoption of media legislation which give it wide ranging powers over the press. Zimbabwe President Robert Mugabe was slowly but surely becoming a "proverbial...

QWA QWA FATHER ALLEGEDLY SEXUALLY ABUSES DAUGHTER.
February 1, 2002... Eastern Free State police were investigating a case of indecent assault on Friday after a nine-year-old girl was allegedly sexually abused by her father at Makoane village in Qwa Qwa on Thursday night. Captain Veronica Ntepe alleged that when...

ZIM'S NEW MEDIA LAW SETBACK FOR MEDIA FREEDOM: NNP.
February 1, 2002... A restrictive media bill passed in the Zimbabwean Parliament on Thursday raised serious doubts about the commitment of the Southern African Development Community (SADC) to influence President Robert Mugabe, the New National Party said on...

MATLOHA'S INJURIES INCONSISTENT WITH RIFLE BEATING: PATHOLOGIST.
February 1, 2002... Northern Province teenager Tshepo Matloha did not have any injuries consistent with an allegation that he had been hit hard in the face with a rifle butt several times, a forensic pathologist told the Pretoria High Court on Friday. On...

LOTTO GRANTS CAPE TOWN MUSEUMS R2-M.
February 1, 2002... Plans for the development of a museum city aimed at unlocking the potential of the city's national treasures were given a boost this week when the National Lottery granted more than R2-million towards the project. The National Lottery has...

ISCOR SHOWS ITS METTLE.
February 1, 2002... Steel producer Iscor raced 10 percent higher on the JSE Friday after the Competition Commission approved the proposed merger between Iscor and Saldanha Steel. The counter bounced to R11,70 by noon. The Competition Tribunal must still approve...

NZEALAND FOREIGN MINISTER ON OFFICIAL VISIT TO SA.
February 1, 2002... New Zealand's Foreign Minister Philip Goff arrives in South Africa on Friday for a seven-day visit to help reinforce bilateral and trade relations. South Africa's Department of Foreign Affairs said in a statement Goff would meet with, amongst...

GOVT NOT TAKING AIDS SERIOUSLY: JUDASA.
February 1, 2002... Government's lack of political will was the single biggest stumbling block in fighting the Aids pandemic which is killing people daily, Junior Doctors Association (Judasa) chairman Dr Karl le Roux said on Friday. Le Roux is in Durban for...

BOGNI APPOINTED OLD MUTUAL NON-EXECUTIVE DIRECTOR.
February 1, 2002... The board of Old Mutual plc is pleased to announce that Rudi Bogni has been appointed as a non-executive director, with immediate effect. Rodolfo (Rudi) Bogni, 54, is an Italian by nationality. He was formerly chief executive, Private Banking,...

SOLDIERS UNEASY ABOUT GAYS, LESBIANS IN MILITARY.
February 1, 2002... Less than a quarter of SA National Defence Force members are comfortable with the idea of gays and lesbians becoming part of the military, an internal survey has found. Almost half of members strongly oppose the notion, according to the...

INVESTEC PMI HIGHLIGHTS RISKS FACING DOMESTIC MANUFACTURING.
February 1, 2002... The seasonally adjusted Investec Purchasing Managers' Index declined by 12 points to 55.8 in January, reversing two-thirds of the surge in the index during the last two months of last year, Andre Roux, head of fixed income at Investec Asset...