Stiff competition from rivals and changing market dynamics have forced Indian national carrier Air India to reduce fares by 15 percent on flights to Gulf destinations.
"Our fares for the economy and business classes will be lower than any other domestic or foreign airlines operating between India and the Gulf," an Air India spokesperson told IANS Friday.
Air traffic to West Asia constitutes nearly 40 percent of the Indian aviation industry's total international operations.
"We do not want to lose passengers. We have reduced fares on account of changing market dynamics and competition," the official said.
Air India till 2007 enjoyed monopoly in the lucrative India-Gulf operations, but lost its dominance after the government opened the sector to private airlines.
This, despite Air India seeking exclusivity over Gulf routes.
Last week, the government further opened the Dubai sector to Jet Airways.
Air India is likely to post a loss of more than Rs.20 billion this fiscal, airlines officials said.
Kerala Chief Minister V.S. Achuthanandan last week called for Prime Minister Manmohan Singh's intervention to reduce airfares to Gulf destinations.
Saturday, July 19, 2008
Biocon to market new breast cancer drug in India
Biotechnology major Biocon Ltd will market Abraxane drug of the US-based Abraxis BioScience in India for treating breast cancer, a top company official said here Friday.
To be priced at about $400 (Rs.17,200) per 100mg vial in India, the drug will be cheaper by 60 percent than in the US where it is sold at $1,000 (Rs.43,000) per vial of same measure.
Abraxane will be the second oncotherapeutics drug Biocon will be marketing after the launch of its proprietary antibody Biomab for the treatment of head and neck cancers.
"Abraxane is the first albumin-bound taxane particle of 130 nanometres that takes advantage of albumin, a natural carrier of water-insoluble molecules found in human beings," Biocon chairperson Kiran Mazumdar-Shaw told reporters at a preview of the innovative product.
The scheduled drug is being introduced for the first time in India for treating breast cancer after the failure of combination therapy for metastatic disease or relapse of adjuvant chemotherapy within six months.
As a protein, albumin acts as the body's key transporter of nutrients and other water-soluble molecules and selectively accumulates in tumour tissues.
Abraxane was approved by the US Food and Drug Administration (FDA) in 2005 and the Drug Controller General of India in 2007 on the basis of clinical trial data, which demonstrated that the drug doubled the response rate, prolonging life and improved survival rate of breast cancer patients.
"With about 100,000 cases of breast cancer detected in Indian women every year, the dreaded disease has emerged as the second largest cause of death among women in the country" Shaw said.
"Studies reveal about 45,000 Indian women die of breast cancer every year. With one in 22 cancer cases being identified as breast cancer, the disease is increasing by 8-10 percent every year."
Unlike conventional breast cancer drugs such as Taxol and Taxotere, Abraxane eliminates the need for chemical solvents and allows for higher doses of paclitaxel protein-based particles for injectable suspension without compromising safety and tolerability.
"The launch of Abraxane provides breakthrough therapeutics to cancer patients in India, which is safe, effective and affordable. Besides India, we will be marketing the drug in 10 other countries after securing regulatory approvals," Shaw said.
Pakistan, Bangladesh, Sri Lanka, the United Arab Emirates (UAE), Saudi Arabia, Kuwait and some South Asian countries are the targeted markets.
"Though cancer rates in India are lower than those in western countries, the cases are rising due to early detection and increasing migration of rural population to cities, increasing life expectancy and changing lifestyles.
"The breast is the second most common site in women after the cervix uteri. In metros like Delhi and Mumbai, breast cancer is the most common kind of disease in women," Shaw said.
To be priced at about $400 (Rs.17,200) per 100mg vial in India, the drug will be cheaper by 60 percent than in the US where it is sold at $1,000 (Rs.43,000) per vial of same measure.
Abraxane will be the second oncotherapeutics drug Biocon will be marketing after the launch of its proprietary antibody Biomab for the treatment of head and neck cancers.
"Abraxane is the first albumin-bound taxane particle of 130 nanometres that takes advantage of albumin, a natural carrier of water-insoluble molecules found in human beings," Biocon chairperson Kiran Mazumdar-Shaw told reporters at a preview of the innovative product.
The scheduled drug is being introduced for the first time in India for treating breast cancer after the failure of combination therapy for metastatic disease or relapse of adjuvant chemotherapy within six months.
As a protein, albumin acts as the body's key transporter of nutrients and other water-soluble molecules and selectively accumulates in tumour tissues.
Abraxane was approved by the US Food and Drug Administration (FDA) in 2005 and the Drug Controller General of India in 2007 on the basis of clinical trial data, which demonstrated that the drug doubled the response rate, prolonging life and improved survival rate of breast cancer patients.
"With about 100,000 cases of breast cancer detected in Indian women every year, the dreaded disease has emerged as the second largest cause of death among women in the country" Shaw said.
"Studies reveal about 45,000 Indian women die of breast cancer every year. With one in 22 cancer cases being identified as breast cancer, the disease is increasing by 8-10 percent every year."
Unlike conventional breast cancer drugs such as Taxol and Taxotere, Abraxane eliminates the need for chemical solvents and allows for higher doses of paclitaxel protein-based particles for injectable suspension without compromising safety and tolerability.
"The launch of Abraxane provides breakthrough therapeutics to cancer patients in India, which is safe, effective and affordable. Besides India, we will be marketing the drug in 10 other countries after securing regulatory approvals," Shaw said.
Pakistan, Bangladesh, Sri Lanka, the United Arab Emirates (UAE), Saudi Arabia, Kuwait and some South Asian countries are the targeted markets.
"Though cancer rates in India are lower than those in western countries, the cases are rising due to early detection and increasing migration of rural population to cities, increasing life expectancy and changing lifestyles.
"The breast is the second most common site in women after the cervix uteri. In metros like Delhi and Mumbai, breast cancer is the most common kind of disease in women," Shaw said.
Citigroup posts $2.5 bn quarterly loss on new write-downs
Citigroup announced here Friday a loss of $2.5 billion in the second quarter, its third consecutive quarterly loss but lower than the earlier figures.
The loss was largely caused by $7.2 billion of write-downs of the global financial conglomerate's investments in mortgages and other loans and by a weakness in the consumer market, which cost Citigroup $4.4 billion in credit losses and $2.5 billion to increase reserves.
The loss from April through June was less than expected by analysts, media reports said, as Citigroup sold some of its subsidiaries and cut an additional 6,000 staff to stem the tide of rising losses.
Citigroup's India-born chief executive Vikram Pandit described the $2.5 billion loss as progress. In its earlier two quarterly reports, the group had booked losses of $9.8 billion and $5.1 billion respectively.
"We cut our second-quarter losses in half compared to the first quarter," Pandit said in a statement. "While there is still much to do, we are encouraged by our progress."
The bank has recorded over $56 billion in credit losses and write-downs in the last four quarters. Its share price has fallen nearly 70 percent since the credit market began to tighten.
In premarket trading Friday, Citigroup shares rose as high as $19.27, after closing Thursday at $17.97.
Pandit has put in motion sweeping asset sales to try to improve the company's balance sheet and free the bank of its more risky assets.
The group said on Friday that it sold an additional $99 billion of assets in the quarter, and two-thirds of them were investments made under Pandit's predecessor, Charles O. Prince III. The bank is also selling businesses like CitiCapital Diners Club International and its German retail banking unit.
Bank executives have said a recovery would take two to three years.
"This isn't like a sprint. This really is a marathon," Gary L. Crittenden, Citigroup's finance chief, said last week.
The loss was largely caused by $7.2 billion of write-downs of the global financial conglomerate's investments in mortgages and other loans and by a weakness in the consumer market, which cost Citigroup $4.4 billion in credit losses and $2.5 billion to increase reserves.
The loss from April through June was less than expected by analysts, media reports said, as Citigroup sold some of its subsidiaries and cut an additional 6,000 staff to stem the tide of rising losses.
Citigroup's India-born chief executive Vikram Pandit described the $2.5 billion loss as progress. In its earlier two quarterly reports, the group had booked losses of $9.8 billion and $5.1 billion respectively.
"We cut our second-quarter losses in half compared to the first quarter," Pandit said in a statement. "While there is still much to do, we are encouraged by our progress."
The bank has recorded over $56 billion in credit losses and write-downs in the last four quarters. Its share price has fallen nearly 70 percent since the credit market began to tighten.
In premarket trading Friday, Citigroup shares rose as high as $19.27, after closing Thursday at $17.97.
Pandit has put in motion sweeping asset sales to try to improve the company's balance sheet and free the bank of its more risky assets.
The group said on Friday that it sold an additional $99 billion of assets in the quarter, and two-thirds of them were investments made under Pandit's predecessor, Charles O. Prince III. The bank is also selling businesses like CitiCapital Diners Club International and its German retail banking unit.
Bank executives have said a recovery would take two to three years.
"This isn't like a sprint. This really is a marathon," Gary L. Crittenden, Citigroup's finance chief, said last week.
London Stock Exchange 'market of choice' for Middle East companies
With Kuwaiti private equity fund Global MENA Financial Assets (GMFA) Friday becoming the latest Middle East company to get listed on the London Stock Exchange, this city is emerging as the market of choice for companies from the region, according to Tracey Pierce, LSE's head of equity primary markets.
The fund's listing on the LSE's Main Market comes following an IPO to raise $500 million (about 252 million pounds or Rs.21 billion). The fund has been floated by Kuwaiti investment bank Global Investment House (GIH) which last May became the first Kuwaiti company to join the exchange's Main Market.
The fund is to be managed by Global Capital Management, a unit of GIH. GMFA, in which GIH will retain a 29.99 percent stake, is a closed-end fund targeting investments in the Middle East and North African (MENA) financial sector in Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
Earlier this month, Commercial Bank of Qatar became the first Qatari company in the last 10 years to be listed on the LSE's Main Market.
So far, seven Middle East companies have joined the LSE this year, raising 1.5 billion pounds (about $3 billion or Rs.126 billion) - the same as the total raised during the whole of 2005, the previous record year for fund raising by Middle East companies, the LSE said.
“The stream of flotations, including a number of firms from the region's flourishing financial sector, demonstrates that London is now the market of choice for Middle East companies looking to transform themselves into global leaders, as London provides access to an unrivalled pool of international investment,” Pierce said.
Apart from Israel, there are now 36 Middle East companies on the LSE, with a combined market cap of more than 13 billion pounds (about $26 billion or Rs.1092 billion), while there are none listed on NYSE Euronext or Nasdaq.
The seven Middle East companies that have joined the LSE so far this year are Kentz (Kuwait), Panceltica (Qatar), Depa (Dubai), Palm Hills (Egypt), Global Investment House (Kuwait), Commercial Bank of Qatar and Global MENA Financial Assets (Kuwait).
The fund's listing on the LSE's Main Market comes following an IPO to raise $500 million (about 252 million pounds or Rs.21 billion). The fund has been floated by Kuwaiti investment bank Global Investment House (GIH) which last May became the first Kuwaiti company to join the exchange's Main Market.
The fund is to be managed by Global Capital Management, a unit of GIH. GMFA, in which GIH will retain a 29.99 percent stake, is a closed-end fund targeting investments in the Middle East and North African (MENA) financial sector in Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.
Earlier this month, Commercial Bank of Qatar became the first Qatari company in the last 10 years to be listed on the LSE's Main Market.
So far, seven Middle East companies have joined the LSE this year, raising 1.5 billion pounds (about $3 billion or Rs.126 billion) - the same as the total raised during the whole of 2005, the previous record year for fund raising by Middle East companies, the LSE said.
“The stream of flotations, including a number of firms from the region's flourishing financial sector, demonstrates that London is now the market of choice for Middle East companies looking to transform themselves into global leaders, as London provides access to an unrivalled pool of international investment,” Pierce said.
Apart from Israel, there are now 36 Middle East companies on the LSE, with a combined market cap of more than 13 billion pounds (about $26 billion or Rs.1092 billion), while there are none listed on NYSE Euronext or Nasdaq.
The seven Middle East companies that have joined the LSE so far this year are Kentz (Kuwait), Panceltica (Qatar), Depa (Dubai), Palm Hills (Egypt), Global Investment House (Kuwait), Commercial Bank of Qatar and Global MENA Financial Assets (Kuwait).
US stocks end six-week losing streak despite gloomy predictions
US stocks defied a week of gloomy predictions and controversial financial decisions by US officials, bouncing back by Friday after a slump Monday and Tuesday.
For Friday, better-than-estimated results from Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co relieved worries that they would extend their yearlong slump, Bloomberg financial news reported.
US banking giant Citigroup Inc reported a loss of $2.5 billion in the second quarter amid credit losses and write downs in the troubled financial market.
JPMorgan Chase reported profits in the second quarter of $2 billion, down 53 percent from the same 2007 period but better than analysts had expected.
The International Monetary Fund was more upbeat this week in its world economic outlook, saying the United States had stepped back from the brink of the recession that the crisis lending agency had anticipated in April.
The market slumped steeply Monday and Tuesday after US officials announced a possible bailout of two publicly chartered mortgage firms - Fannie Mae and Freddie Mac - which carry about half of all US mortgages.
The blue-chip Dow Jones index gained 3.6 percent for the week.
Friday, the Dow industrials picked up 49.91 points, or 0.44 per cent, to 11,496.57. The broader Standard & Poor's 500 Index earned 0.36 points, or 0.03 percent, to 1,260.68. The technology-heavy Nasdaq Composite Index fell 29.52 points, or 1.28 percent, to 2,282.78.
The dollar rose to 63.1 euro cents from 63.03 euro cents on Thursday, and bumped up to 106.97 Japanese yen from 106.25 Japanese yen.
For Friday, better-than-estimated results from Citigroup Inc, JPMorgan Chase & Co and Wells Fargo & Co relieved worries that they would extend their yearlong slump, Bloomberg financial news reported.
US banking giant Citigroup Inc reported a loss of $2.5 billion in the second quarter amid credit losses and write downs in the troubled financial market.
JPMorgan Chase reported profits in the second quarter of $2 billion, down 53 percent from the same 2007 period but better than analysts had expected.
The International Monetary Fund was more upbeat this week in its world economic outlook, saying the United States had stepped back from the brink of the recession that the crisis lending agency had anticipated in April.
The market slumped steeply Monday and Tuesday after US officials announced a possible bailout of two publicly chartered mortgage firms - Fannie Mae and Freddie Mac - which carry about half of all US mortgages.
The blue-chip Dow Jones index gained 3.6 percent for the week.
Friday, the Dow industrials picked up 49.91 points, or 0.44 per cent, to 11,496.57. The broader Standard & Poor's 500 Index earned 0.36 points, or 0.03 percent, to 1,260.68. The technology-heavy Nasdaq Composite Index fell 29.52 points, or 1.28 percent, to 2,282.78.
The dollar rose to 63.1 euro cents from 63.03 euro cents on Thursday, and bumped up to 106.97 Japanese yen from 106.25 Japanese yen.
Surge in cereal production to bring food market relief
An estimated 2.8 percent increase in world cereal production in 2008 over the last year should contribute to "some improvement" in the global supply and demand situation, a UN agency said Friday.
A report by the Rome-based Food and Agriculture Organization (FAO) said that 2008 is set for a record cereal yield of 2.18 billion tonnes.
Most of the increase is in wheat following significant expansion in plantings in all regions while coarse grains output is expected around the bumper level of last year, but lower than earlier anticipated owing to severe floods in the US, the world's largest producer and exporter.
Rice is tentatively forecast to increase slightly from last year's good level, FAO said.
Despite the anticipated increase in world output, cereal markets will remain tight in 2008-09, according to FAO which said it expected total cereal supply (carry-in stocks plus production) to barely exceed the anticipated utilization.
World cereal reserves will recover only marginally from the current estimated 30-year low, FAO said.
International cereal prices remain at high levels with tight maize supply in the United States underpinning prices of major cereals.
Maize export prices climbed to new record levels in recent weeks, double their levels a year earlier, while wheat prices weakened only modestly, remaining about 40 percent higher than a year earlier.
After reaching a peak in May, rice export prices fell in June and early July reflecting greater export availability in main exporter countries. However, they were almost three times above the level of a year ago, FAO said.
Cereal production, in what are classified as Low-Income Food-Deficit Countries (LIFDCs), as a group, in 2008 is forecast to increase at a slow rate growth of just 1.2 percent.
Excluding the largest countries, China and India, the increase of the remaining countries is even lower and follows a decline in output in the previous year, the UN agency said.
In Southern Africa, the outcome of the recent main season cereal harvest was overall favourable with a recovery in production in South Africa and good crops in several other countries, but output fell well below last year.
In Eastern Africa, the outlook is unfavourable for the cereal harvests in several countries, including Ethiopia, Somalia and parts of Kenya and Uganda, FAO said.
In North Africa, Morocco's cereal production is expected to recover strongly from last year's drought-reduced level, but Tunisia is facing a smaller harvest, it added.
In Asia, the regional cereal output is set to remain close to last year's good level with bumper crops in China and India more than offsetting reductions expected in Pakistan and Iran. Food insecurity is expected to increase in Afghanistan and Tajikistan, FAO said.
In South America, harvesting of the main season coarse grain crops is underway and a record output is expected following larger plantings, in response to high international prices.
Prospects for the wheat crop are mixed; plantings increased in Brazil but policy and weather factors led to smaller plantings in Argentina.
FAO estimates that some 34 countries, including 21 in Africa, will require external assistance due to inadequate food supplies.
A report by the Rome-based Food and Agriculture Organization (FAO) said that 2008 is set for a record cereal yield of 2.18 billion tonnes.
Most of the increase is in wheat following significant expansion in plantings in all regions while coarse grains output is expected around the bumper level of last year, but lower than earlier anticipated owing to severe floods in the US, the world's largest producer and exporter.
Rice is tentatively forecast to increase slightly from last year's good level, FAO said.
Despite the anticipated increase in world output, cereal markets will remain tight in 2008-09, according to FAO which said it expected total cereal supply (carry-in stocks plus production) to barely exceed the anticipated utilization.
World cereal reserves will recover only marginally from the current estimated 30-year low, FAO said.
International cereal prices remain at high levels with tight maize supply in the United States underpinning prices of major cereals.
Maize export prices climbed to new record levels in recent weeks, double their levels a year earlier, while wheat prices weakened only modestly, remaining about 40 percent higher than a year earlier.
After reaching a peak in May, rice export prices fell in June and early July reflecting greater export availability in main exporter countries. However, they were almost three times above the level of a year ago, FAO said.
Cereal production, in what are classified as Low-Income Food-Deficit Countries (LIFDCs), as a group, in 2008 is forecast to increase at a slow rate growth of just 1.2 percent.
Excluding the largest countries, China and India, the increase of the remaining countries is even lower and follows a decline in output in the previous year, the UN agency said.
In Southern Africa, the outcome of the recent main season cereal harvest was overall favourable with a recovery in production in South Africa and good crops in several other countries, but output fell well below last year.
In Eastern Africa, the outlook is unfavourable for the cereal harvests in several countries, including Ethiopia, Somalia and parts of Kenya and Uganda, FAO said.
In North Africa, Morocco's cereal production is expected to recover strongly from last year's drought-reduced level, but Tunisia is facing a smaller harvest, it added.
In Asia, the regional cereal output is set to remain close to last year's good level with bumper crops in China and India more than offsetting reductions expected in Pakistan and Iran. Food insecurity is expected to increase in Afghanistan and Tajikistan, FAO said.
In South America, harvesting of the main season coarse grain crops is underway and a record output is expected following larger plantings, in response to high international prices.
Prospects for the wheat crop are mixed; plantings increased in Brazil but policy and weather factors led to smaller plantings in Argentina.
FAO estimates that some 34 countries, including 21 in Africa, will require external assistance due to inadequate food supplies.
MTN drops talks with Reliance Communications
Plans by South African mobile giant MTN to expand into India have been scuppered for a second time after the company announced here Friday evening that its extended talks with Reliance Communications have been ended.
In a short statement via the Johannesburg Securities Exchange (JSE), MTN said it had been mutually decided to allow the exclusivity agreement to lapse.
Before it entered into a 45-day exclusivity discussion with Reliance, which was extended for a fortnight that would have ended this coming Wednesday, MTN had also caused great excitement in the market when it announced talks with Bharti Airtel three months ago.
The latest statement, which is a regulatory requirement of the JSE, was intended to advise MTN shareholders that earlier cautionaries were withdrawn: "Shareholders are referred to the announcements released on 26 May and 9 July 2008 with regard to exclusive negotiations relating to a potential business combination between MTN and Reliance Communications Limited. Owing to certain legal and regulatory issues, the parties are unable to conclude a transaction."
Although there was no clarity on what the regulatory impediments were, the legal battle between the Ambani brothers, Anil of Reliance Communications and Mukesh of Reliance Industries, is believed to have been the final straw that led to MTN's decision.
The dispute between the Ambani brothers could lead to court proceedings that would drag on for a long period, promoting views here that it could have hampered MTN's ambitions in India.
In a short statement via the Johannesburg Securities Exchange (JSE), MTN said it had been mutually decided to allow the exclusivity agreement to lapse.
Before it entered into a 45-day exclusivity discussion with Reliance, which was extended for a fortnight that would have ended this coming Wednesday, MTN had also caused great excitement in the market when it announced talks with Bharti Airtel three months ago.
The latest statement, which is a regulatory requirement of the JSE, was intended to advise MTN shareholders that earlier cautionaries were withdrawn: "Shareholders are referred to the announcements released on 26 May and 9 July 2008 with regard to exclusive negotiations relating to a potential business combination between MTN and Reliance Communications Limited. Owing to certain legal and regulatory issues, the parties are unable to conclude a transaction."
Although there was no clarity on what the regulatory impediments were, the legal battle between the Ambani brothers, Anil of Reliance Communications and Mukesh of Reliance Industries, is believed to have been the final straw that led to MTN's decision.
The dispute between the Ambani brothers could lead to court proceedings that would drag on for a long period, promoting views here that it could have hampered MTN's ambitions in India.
Tuesday, July 8, 2008
FAQs on the G8 Summit
As Prime Minister Manmohan Singh travels to the Japanese island of Hokkaido to participate in the 9th G8 Summit as an outreach partner representing the world's emerging economies, IANS answers some frequently asked questions on the summit:
Q: What is the G8 Summit?
The Group of Eight (G8) Summit is an annual meeting attended by leaders of eight countries - Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States - and the president of the European Commission.
Q: What makes the G8 Summit different from other international meetings?
At the Summit, leaders freely and vigorously exchange opinions on a variety of issues facing the global community centring on economic and social problems. They work to reach a consensus to make top-down decisions. As countries become increasingly interdependent in a globalized world, events unfold with drastic speed and the impact of events becomes more significant beyond national borders.
Q: What preparations are made for the G8 Summit?
Preparations for the G8 Summit consist of close liaison among the personal representatives of the G8 leaders, who are known as "Sherpas." The Sherpas receive orders from their leader and coordinate with their Sherpa colleagues.
Q: How did the G8 Summit start?
In the early 1970s, developed countries, faced with problems such as the Nixon Shock (devaluation of the dollar) and the first oil crisis, began to recognize the need for a top-level forum to discuss in a comprehensive manner policy coordination for global economic issues such as macro economy, currencies, trade and energy.
Against this backdrop, the first summit meeting was held as proposed by Valéry Giscard d'Estaing, then president of France, among the six countries, namely France, Germany, Italy, Japan, the United Kingdom, and the United States at the Chateau de Rambouillet in the suburbs of Paris in November 1975.
Q: What changes have there been to G8 Summit membership?
From the next Puerto Rico Summit in 1976, Canada also attended. In addition, since the London Summit in 1977, the president of the European Union (EU)) has attended. Starting from the Birmingham Summit in 1998, the name of the Summit was changed from G7 to G8, reflecting the inclusion of Russia.
Q: How has the G8 Summit become an annual event?
The Rambouillet Summit of 1975 was recognized for the importance of a forum of leaders of developed countries to discuss policy coordination to address global economic issues. Since then, the leaders have had an annual meeting with the rotating presidency among the countries.
Later, in addition to global economic issues, political issues appeared on the agenda, which included East-West confrontation arising from the Cold War, international issues following the end of the Cold War and North-South issues, along with world affairs of the times. Furthermore, global issues, such as environment, drugs, terrorism and AIDS and other infectious diseases were added to the agenda.
Q. How does India get invited to G8?
India - as one of the world's fastest growing economies - was invited for the first time to a G8 outreach meeting at the 2003 G8 Summit held at Evian, France. Since then India has been participating in the G8 Summits as an outreach country, with the exception of the 2004 Summit held at Sea Island. At the 2005 G8 Gleneagles, Scotland, Summit, India presented a non-paper on the issue of Climate Change wherein a new paradigm for international cooperation for action on climate change was proposed. At the 2006 St Petersburg Summit, India presented four non-papers on global energy security, education; fight against infectious diseases and India's partnership with Africa.
At the Heiligendamm, Germany, Summit in June 2007, Prime Minister Manmohan Singh emphasised the need for more active participation by the five outreach countries (Brazil, China, India, Mexico and South Africa) in future G8 Summits.
Q.What is the venue for the present summit?
Toyako, where the G8 Summit is to be held July 7-9, is one of Hokkaido island's most well-known tourist destinations. Its climate is mild and, being rich in nature, it has beautiful scenery. Hokkaido is one of the four main islands of Japan, an archipelago consisting of about 7,000 islands.
Indo-Asian News Service
Q: What is the G8 Summit?
The Group of Eight (G8) Summit is an annual meeting attended by leaders of eight countries - Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States - and the president of the European Commission.
Q: What makes the G8 Summit different from other international meetings?
At the Summit, leaders freely and vigorously exchange opinions on a variety of issues facing the global community centring on economic and social problems. They work to reach a consensus to make top-down decisions. As countries become increasingly interdependent in a globalized world, events unfold with drastic speed and the impact of events becomes more significant beyond national borders.
Q: What preparations are made for the G8 Summit?
Preparations for the G8 Summit consist of close liaison among the personal representatives of the G8 leaders, who are known as "Sherpas." The Sherpas receive orders from their leader and coordinate with their Sherpa colleagues.
Q: How did the G8 Summit start?
In the early 1970s, developed countries, faced with problems such as the Nixon Shock (devaluation of the dollar) and the first oil crisis, began to recognize the need for a top-level forum to discuss in a comprehensive manner policy coordination for global economic issues such as macro economy, currencies, trade and energy.
Against this backdrop, the first summit meeting was held as proposed by Valéry Giscard d'Estaing, then president of France, among the six countries, namely France, Germany, Italy, Japan, the United Kingdom, and the United States at the Chateau de Rambouillet in the suburbs of Paris in November 1975.
Q: What changes have there been to G8 Summit membership?
From the next Puerto Rico Summit in 1976, Canada also attended. In addition, since the London Summit in 1977, the president of the European Union (EU)) has attended. Starting from the Birmingham Summit in 1998, the name of the Summit was changed from G7 to G8, reflecting the inclusion of Russia.
Q: How has the G8 Summit become an annual event?
The Rambouillet Summit of 1975 was recognized for the importance of a forum of leaders of developed countries to discuss policy coordination to address global economic issues. Since then, the leaders have had an annual meeting with the rotating presidency among the countries.
Later, in addition to global economic issues, political issues appeared on the agenda, which included East-West confrontation arising from the Cold War, international issues following the end of the Cold War and North-South issues, along with world affairs of the times. Furthermore, global issues, such as environment, drugs, terrorism and AIDS and other infectious diseases were added to the agenda.
Q. How does India get invited to G8?
India - as one of the world's fastest growing economies - was invited for the first time to a G8 outreach meeting at the 2003 G8 Summit held at Evian, France. Since then India has been participating in the G8 Summits as an outreach country, with the exception of the 2004 Summit held at Sea Island. At the 2005 G8 Gleneagles, Scotland, Summit, India presented a non-paper on the issue of Climate Change wherein a new paradigm for international cooperation for action on climate change was proposed. At the 2006 St Petersburg Summit, India presented four non-papers on global energy security, education; fight against infectious diseases and India's partnership with Africa.
At the Heiligendamm, Germany, Summit in June 2007, Prime Minister Manmohan Singh emphasised the need for more active participation by the five outreach countries (Brazil, China, India, Mexico and South Africa) in future G8 Summits.
Q.What is the venue for the present summit?
Toyako, where the G8 Summit is to be held July 7-9, is one of Hokkaido island's most well-known tourist destinations. Its climate is mild and, being rich in nature, it has beautiful scenery. Hokkaido is one of the four main islands of Japan, an archipelago consisting of about 7,000 islands.
Indo-Asian News Service
Monday, July 7, 2008
Shaadi Karoge Inc. partnered with 3i Infotech Limited to provide online matrimonial services to urban and rural India
Shaadi Karoge Inc, a Delaware, USA corporation (a global online matrimonial service provider) announced a strategic alliance with 3i Infotech Limited to provide matrimonial service in various parts of India. 3i Infotech Limited, and Shaadi Karoge Inc. have signed an agreement that enables 3i Infotech to offer online matrimonial service (ShaadiKaroge.com) in the Indian market thru e-Disha CSC (Citizenship Service Centre) based in urban and rural areas of many states of India. This will give villagers also access to online matrimonial service and will be able to benefit from internet growth in the country. The service centers e-Disha Ekal Service Kendras(CSC) would deal with issuing land record certificates, registration, pension schemes, road transport, public grievance and payment of utility bills.
About Shaadi Karoge
Founded in 2006, Shaadi Karoge, Inc. is a privately held company, headquartered in Fremont, California, USA. Shaadi Karoge is a leader in the development of web based technology and solutions for matrimonial Services. Shaadi Karoge’s mission is to be the complete online matrimonial Service Company by providing all the shaadi (wedding) related service at one place and help people find RIGHT life partner FAST. For more information about Shaadi Karoge and ShaadiKaroge.com, visit their website at www.ShaadiKaroge.com or call 1-510-402-4486.
About 3i Infotech Limited
3i Infotech is one of the top 4 Indian Software Products Companies. The company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, IT Consulting, BPO, Document Imaging & Digitization and Data Warehousing) for the Insurance, Banking, Capital Markets, Mutual Funds, Manufacturing, Retail & Distribution, and Government verticals. The company services customers in over 50 countries across 5 continents. 3i Infotech is SEI CMMI Level 5 compliant for its Software services and ISO 9001:2000 certified for its IT Infrastructure and BPO services.
About Shaadi Karoge
Founded in 2006, Shaadi Karoge, Inc. is a privately held company, headquartered in Fremont, California, USA. Shaadi Karoge is a leader in the development of web based technology and solutions for matrimonial Services. Shaadi Karoge’s mission is to be the complete online matrimonial Service Company by providing all the shaadi (wedding) related service at one place and help people find RIGHT life partner FAST. For more information about Shaadi Karoge and ShaadiKaroge.com, visit their website at www.ShaadiKaroge.com or call 1-510-402-4486.
About 3i Infotech Limited
3i Infotech is one of the top 4 Indian Software Products Companies. The company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, IT Consulting, BPO, Document Imaging & Digitization and Data Warehousing) for the Insurance, Banking, Capital Markets, Mutual Funds, Manufacturing, Retail & Distribution, and Government verticals. The company services customers in over 50 countries across 5 continents. 3i Infotech is SEI CMMI Level 5 compliant for its Software services and ISO 9001:2000 certified for its IT Infrastructure and BPO services.
Tuesday, July 1, 2008
Hyundai Motors posts 45.3 percent growth in June
India's second-largest passenger car manufacturer Hyundai Motors India Ltd (HMIL) has sold 40,182 units during June this year -- up 45.3 percent over the corresponding period last year.Of the total sales, the domestic market accounted for 21,881 units, compared to 16,335 units for the same month last year. The exports totalled 18,301 units in June this year against 11,318 units of June last year.
For the period Jan-June 2008, the company closed 234,145 units (domestic 136,194 units, exports 97,951 units) as against 161,296 units (domestic 100,925 units, exports 60,371 units) sold during the corresponding period in 2007.
Commenting on the June, 2008 sales, Arvind Saxena, Sr. vice president - Marketing and Sales, said: "Our sales throughout the first half have grown steadily and in the overseas market the newly launched i10 sold well over 100,000 units in less than six months since its launch."
The segment-wise cumulative sales in June, 2008 are: A2 Segment (Santro, i10 and Getz): 33,859 units; A3 Segment (Accent and Verna): 6,272 units; A5 Segment (Sonata Embera): 47 units; and SUV Segment (Tucson): 4 units.
OPEC crude price passes $136 mark
The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb to a new record level above $136, figures released by OPEC Tuesday showed.One barrel (159 litres) of OPEC-produced crude stood at $136.03 Monday, $0.72 higher compared with $135.31 dollars the previous day.
Oil production in OPEC countries rose to 32.57 barrels per day in June, Vienna-based analysts JBC estimated.
This increase of 230,000 barrels from May was partly due to higher output in Saudi Arabia, which pumped 200,000 barrels more in June than in the previous month.
OPEC calculates an average basket price based on 13 important brands produced by cartel members.
ArcelorMittal to buy 60 percent stake in Dubai firm
L.N. Mittal-led ArcelorMittal, the world's largest steel maker, is expanding its presence in the Middle East by acquiring a 60 percent stake in a Dubai-based steel distributor.In a statement issued at its Luxembourg headquarters, ArcelorMittal said it intended to acquire 60 percent of the entire issued share capital of Dubai Steel Trading Co (DSTC) FZCO, a newly incorporated company located in the Dubai's Jebel Ali Free Zone.
"This is an important partnership that will spearhead our distribution network in the Middle East Area," Philippe Darmayan, chief executive of ArcelorMittal steel solutions and services unit, said in the statement.
The steel major said that, through this acquisition, it was widening its offering in the Middle Eastern area.
"DSTC FZCO will acquire the main business of a steel distributor in the United Arab Emirates (UAE), Dubai Steel Trading Company LLC (DSTC LLC)," the statement said.
Founded in 1986, DSTC LLC sells principally to the construction market, which represents more than 50 percent of its activity.
DSTC LLC distributes approximately 120,000 tonnes of products per year. In 2007,its revenues were about 70 million euros.
Its finance manager Chandresh Manair said that the company has its distribution network in the entire Gulf region.
"Our turnover is about 1 million dirhams ($272,000) a day. We are one of the largest structured steel inventory holders in the region," The National daily quoted him as saying.
DSTC operates out of two offices in Dubai and one in Abu Dhabi.
The Gulf Cooperation Council (GCC) countries - comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - is witnessing a major construction boom in the wake of a huge flush in petrodollars, which is attracting all global steel players to the region.
Cambridge Technology Enterprises Limited (CTE) Posts 286 % Growth in Revenue and 206 % Growth in Profit Y-on-Y
Cambridge Technology Enterprises Limited (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced its audited results for the fiscal year 2007-2008, 12 months period ending 31st March, 2008.CTE revenues surged from Rs 23.40 Crores (USD 5.85 Million) in FY 2007, to Rs 90.27 Crores (USD 22.58 Million) (TTM) revenue in a span of one year. The Q4 FY 08 revenue was Rs 44.59 Crores (USD 11.16 Million) which has taken the company to an annualized run rate of over Rs 178 Crores (USD 44.53 Million), enabling it to break the small cap barrier to enter the mid-cap segment successfully. The revenue growth recorded is 286% and profit growth is 206% over previous fiscal.
Cambridge Technology Enterprises Limited (CTE) witnessed this phenomenal growth while maintaining good margins by meticulously implementing the four-pronged strategy it had outlined in the beginning of the last fiscal year. CTE went public with a commitment to invest in emerging technology areas like SOA, Innovation and competency centers, integration and expansion of acquired companies to leverage the synergies, and selective M&A's to enhance core competencies and customer portfolio. These strategies has not only enabled CTE to attain the critical mass but also helped in mitigating the risks that are encountered by companies during current global uncertainties.
CTE is focused to become a single-stop IT provider to the mid-market customers. It started the year with customers in the US market and forayed into the India market by the end of the year. The initial responses of the India customers to the augmented CTE services have been very encouraging. Many exciting opportunities have been identified in the commercial and Defence sector in India which will be pursued in FY 2009. Further, CTE plans to expand its operation in the APAC region.
The operations of the company have now reached higher level of stability and growth and the outlook remains positive for the next year despite many uncertaintities in the global economy. CTE's confidence stems from its expanded market base, extended service portfolio, good portion of revenue and cost being same-shore/ same-denomination and a balanced revenue composition between Government and Commercial segment.
Highlights
Consolidated Results for the year ended 31st March, 2008.
-- Total Revenue on consolidated basis for CTE was Rs. 90.27 Crores (USD 22.58 Million) compared to Rs.23.40 Crores (USD 5.85 Million) of revenue for the 12 month period ended 31st March, 2007 which translates to over 286% growth year on year on annualized basis.
-- Profit after Tax was Rs. 15.44 Crores (USD 3.86 Million), compared to Rs. 5.05 Crores (USD 1.26 Million) of profit after tax for the 12 month period ended 31st March, 2007 which translates to 206% growth year on year on annualized basis.
-- Earnings per share for the period is Rs. 9.76, on basis of post issue paid up capital of Rs.1582.44 lakhs.
Consolidated Results for the Quarter ended 31st March, 2008.
-- The consolidated revenues for the Q4 (January-March 2008) were Rs. 44.59 Crores (USD 11.16 Million).Compared to revenues of corresponding figures last year of Rs 5.89 crores (USD 1.47 Million), which translates to over 657% growth Year on Year on annualized basis.
-- Profit after Tax was Rs 8.20 Crores (USD 2.05 Million) for the Q4 quarter, compared to Rs. 0.96 Crores (USD 0.24 Million) of profit after tax for the corresponding quarter in the previous year (Q4 FY 2007) which translates to over 754% growth year on year.
-- Earnings per share for the period is Rs. 5.18, on basis of post issue paid up capital of Rs.1582.44 lakhs.
Others
-- Company completed acquisition of 4 companies in the financial year, namely, ComCreation, Reilly & Associates, Inc., Q-Soft Systems & Solutions and CellExchange, Inc., one in each quarter.
-- The Board of Directors have recommended a dividend of Re 1 per share (10 % on the paid-up equity capital of the Company) for the year 2007-2008 subject to approval of shareholders in the ensuing AGM.
Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Limited (CTE) said, "Last year was a land mark year for us wherein we grew by 286% engineered by our well-executed four-pronged strategy. This financial year, we would continue to focus on identifying and integrating high value and growth potential companies to enhance our customer base and consolidate our position in mid-sized customer segment. This year we hope to enhance our global delivery center base to China and Europe to offer multi-shore 24x7 service to our customers and also enter European market. The existing operations are being streamlined and refined to realize the best synergies."
Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, "We have exceeded the guidance given in the beginning of the last financial year. The outlook for the year ahead remains positive despite the global challenges and our FY 2009 plan factors the challenges that our customers and competitors will be facing. This would help us to navigate to our goal to be the one among the top 20 mid-market IT services providers globally."
About Cambridge Technology Enterprises (CTE)
Cambridge Technology Enterprises Limited (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.
HCC Bags Rs.340 crore BOT Project of NHAI for Badarpur Elevated Highway
HCC, India's leading construction and infrastructure development Company, has bagged the prestigious order from National Highway Authority of India (NHAI) to construct the 4.4 km elevated highway at Badarpur on National Highway 2 (Mathura Road) near Delhi on BOT basis.The contract envisages design, construction, development, finance, operation and maintenance of 4.4 kms of six lane elevated road. The cost of the project is estimated at about Rs 340 crores. The company has received the letter of award from NHAI for this project with concession period of 20 years including the construction period of 24 months.
The elevated highway is expected to provide a much desired relief to inter-state movement on Mathura Road. It will provide a smooth and non-stop drive to motorists in Delhi and Faridabad, Haryana. It will start close to NTPC near Badarpur in Delhi and will end at Sector 37 in Faridabad. It will provide a smooth drive over five important traffic junctions including NTPC, Mehrauli, Jaitpur, Sarai Bypass and Sector 37 junction.
In the transportation segment HCC has a strong track record in construction of Bridges, Roads, Highways, Railways and MRTS (Mass Rapid Transport System). In the MRTS space, the company has executed the Kolkata and Delhi Metro Rail project. HCC has also executed the Mumbai-Pune expressway, the first ever 6 lane concrete pavement express way in India. It has built nearly 173 road bridges; the combined length of which would approximately be 46,458 meters. HCC's overseas performance in the construction of bridges has also been impressive with over 34 bridges built in Iraq alone. It is the first Indian contracting company to venture in a big way into Jammu & Kashmir for redevelopment works. It is building 84km of the historical Mughal Road along with 4 major hydel prower projects in the state of Jammu & Kashmir. The company is also constructing the 8 lane, 4.6 km long Bandra-Worli sea-link project in Mumbai which will be an engineering masterpiece.
About HCC:
HCC is a leading construction and infrastructure development company with a rich heritage of experience. The company specializes in large-scale infrastructure development and developing new age construction technologies. The Company has managed and executed several technically complex and high value projects across segments like transportation, power generation infrastructure, marine projects, oil & gas pipeline constructions, irrigation & water supply, utilities and urban infrastructure. (Please visit: www.hccindia.com)
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