Posts Tagged ‘loss’
Written by Rahul on 20 August 2009
Karachi, Aug. 19 (ANI): India has suffered a massive loss of about 410 million dollars in its exports to Pakistan due to the heightened tension between both countries following the November 2008 Mumbai terror attacks.
According to a data, during the fiscal year 2008-09 Pakistan’s imports from India dropped to 1.03 billion dollars as against 1.44 billion dollars in 2007-08, a down fall of 410 million dollars.
In 2007-08 the exports from India to Pakistan had increased to 1.442 billion dollars, the highest in a year since the partition in 1947.
However, the soured relationship between both countries after the Mumbai attack dampened the trade.
Pakistan imports machinery, vegetables, spare parts, chemicals and raw materials from India, but with war like situation developing after 26/11 the import has virtually stopped or is reduced substantially, The News reports.
The Indo-Pak bilateral trade was also affected badly in 2000 when Pakistan based terrorists attacked the Indian Parliament.
However, in 2003-04 both countries normalized their trade and diplomatic relationship as a result of which the mutual trade and business also showed signs of improvement. (ANI)
Tags: ANI, attack, Aug, bilateral trade, billion dollars, Business, chemicals, fall, fiscal year, import, improvement, india, india pakistan, INDIAN, indian parliament, Indo, Karachi, loss, machinery, Massive Loss, million dollars, Mumbai, News, November, Pak, Pakistan, Pakistan Karachi, parliament, partition, post, raw materials, relationship, result, signs, situation, Spare Parts, tension, terror, terrorists, trade, vegetables, war, year
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Written by Rahul on 20 August 2009
Melbourne, Aug 19 (ANI): The Federal Government in Australia has decided to take a look into the massive diet and weight-loss industry, following reports that the obesity rate in the country is still climbing.
Weight-loss programs and products will have to prove that they can help people keep off the kilos long-term as the Federal Government cracks down on the 414-million dollar-a-year industry.
The Kevin Rudd Government’s Preventative Health Taskforce is understood to have called for the weight-loss industry to be regulated in a report handed down last month.
It follows growing evidence that diets may actually be adding to the obesity crisis, as overweight people lose weight rapidly while following programs, but quickly put it back on after they stop.
The taskforce said that young women in particular were spending hundreds of millions of dollars a year on such programs to manage their weight.
Despite this, the nation’s obesity rate was climbing with more than 60 per cent of adults now overweight or obese.
While weight-loss programs and pharmacy-based meal replacement programs were popular, the task force said there was limited data to show they were actually effective.
It wants a wide-ranging review of diet products and a common code of practice drawn up covering the cost, the training of counsellors and the promotion of the diets.
The Dietitians Association of Australia is backing the recommendation.
According to the Daily Telegraph, a spokesman said all commercial diet programs should be assessed by a body of experts similar to the Therapeutic Goods Administration, which assesses drugs for safety and efficacy before they can go on sale.
The association said regulation should require businesses marketing a diet program to provide evidence to a panel of experts showing what percentage of those who used the diet kept the weight off two years after starting.
Chief executive Claire Hewat said a good diet would result in weight loss of about half a kilogram per week.
“If you can lose 5 per cent of your body weight you are doing really well,” News.com.au quoted her as saying.
“Diets are not the point, it’s lifestyle change that is needed,” she stated. (ANI)
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Written by Rahul on 14 August 2009
London, Aug.14 (ANI): A 22-year-old woman with a prosthetic arm has won her case for wrongful dismissal against clothing retailer Abercrombie and Fitch because she did not fit its “look policy”, The Independent reports.
Riam Dean, a law student, who was awarded over 9000 pounds as compensation, was forced to work in the stock room of the US firm’s London store.
Dean was born with her left forearm missing, and was first granted special permission to wear a cardigan to cover the joint where her prosthetic limb was attached.
Later, she was told the cardigan did not adhere to the firm’s dress code and that she could no longer work on the shop floor.
Dean, from Greenford, Middlesex, started working at the company’s flagship Savile Row store in June last year but worked only five shifts before resigning.
A tribunal has now ruled that she was wrongfully dismissed and unlawfully harassed but did not uphold her claim for disability discrimination.
The central London tribunal awarded Dean 7,800 pounds as compensation for injury to her feelings, 1,077.37 pounds for loss of earnings and 136.75 pounds damages for her wrongful dismissal.
It concluded she was unlawfully harassed for a reason which related to her disability and said Abercrombie and Fitch failed to comply with its duty to make reasonable adjustments, and that she was wrongfully dismissed.
It, however, said Dean’s claims of direct disability discrimination were “not well founded”.
Dean’s mother, May, said her daughter was “very, very pleased” at the outcome, but declined to comment further.
Since her dismissal, Dean has befriended disabled professional model Sophie Morgan, and the two have launched Imperfect, a clothing range and campaigning group.
No one was available for comment at Abercrombie and Fitch last night. (ANI)
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Written by Rahul on 11 August 2009
Kanpur, Aug 11 (ANI): The once flourishing industries of Kanpur is facing problems due to the prolonged power cuts, forcing the industrialists to either shutdown their business or seek alternatives.
The industrialists have to bear the cost of generators through which they are running the machines.
The labourers working in these industries fear loss of their jobs as many industrialists are preparing to shut the industries.
“We hardly get electricity. Factory owners say that they might close the factory soon. We are working hard to make both ends meet. Our families are also tensed. If the government does not take any necessary steps immediately, this will turn out to be a big problem for us,” said Raghuvir Sharma, a labourer.
Many industries are shifting their bases to Uttaranchal and Himachal Pradesh.
Vijay Kapur, the chairman of Kanpur Industrial Development Co-operative State Limited said that due to power cuts, industrialists are working under losses.
“At present, the industries are receiving electricity for only 12-13 hours and that too not in a continuous process because of which the heat which is generated and loaded, lowers down. The industrialists are facing loses both in manpower and materials. They are almost working in loses,” said Kapur.
After independence, in the middle of 1950s, industries in Kanpur were at their peak. Various big industries developed by British emperors were taken over by the Central Government.
Along with these, other big industries like ventures of J K industries, Swadeshi Cotton Mill, Elgin Mills Co. Ltd., Lal Imli and many others were formed and most of their industries were under the supervision of the Central Government.
Big industries like Duncan, Elgin, Muir Mills and J. K Mills have already been shut down in the city.
Kanpur was one of the biggest producers of the textile products.
Apart from the textile industry and the leather industry, two wheelers, chemicals, fertilizers, hosiery, and engineering goods were also the major industries that made this city the ‘Manchester of the East’.(ANI)
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Written by Rahul on 04 May 2009
New Delhi, April 28 (IANS) Mourning the death of veteran actor Feroz Khan, Bollywood megastar Amitabh Bachchan says that despite several attempts in the past the two could not work together.
‘There were many attempts by both of us to work together but somehow it didn’t work out,’ Amitabh posted on his blog www.bigb.bigadda.com.
‘He will be remembered for his passion and commitment to the craft. May his soul rest in peace and may the Almighty give his family strength to bear the loss,’ he added.
The flamboyant actor-filmmaker died Sunday at his farmhouse in Bangalore after battling cancer for a year. He was 69.
Amitabh describes Feroz Khan, who made hits like ‘Dharmatma’ and ‘Qurbani’, as a flamboyant filmmaker.
‘A flamboyant filmmaker, one that in the middle of his acting career became a producer and director and gave us some very memorable films – all with a certain stamp of flamboyance.
‘What he displayed in his persona, reflected in the way he made his films. In many ways, he pioneered a certain flash and sophistication in his very first venture as a maker and that remained with him and all his films throughout,’ he wrote.
Amitabh also pointed out that Feroz Khan always had a ‘progressive and visible difference in the way he functioned’ including the ‘content of the subjects he chose, in the unique casting that he did or in the fresh talent that he introduced in music and presentation’.
Amitabh recalled the recent Stardust award function where Feroz Khan was given the Stardust Pride of the Industry award.
‘In a most poignant moment, his son Fardeen had received it on his behalf from Jaya (Bachchan) on stage – Feroz being too ill to be present,’ he added.
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Written by Rahul on 20 April 2009
Dhaka – At least three people were reportedly killed as Cyclone Bijli swept over south-eastern part of the country Saturday, officials said.
The cyclone hit Bangladesh’s coastal areas late Friday night and turned into a land depression the following morning.
Reports from southern tourism district of Cox’s Bazar said three people were killed when their thatched homes collapsed and trees fell on them.
“There are reports coming in of damage of property and homes in the remote areas, we are still assessing the loss of property,” Syedul Islam, an official at the disaster management ministry, said.
Several thousand inhabitants, who were evacuated from the islands in the Bay of Bengal, returned to their homes Saturday as the storm weakened. But fishing boats and trawlers in the northern Bay of Bengal had not yet gone back to sea. (dpa)
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Written by Rahul on 15 April 2009
New Delhi, April 15 (IANS) It’s a dry spell at the box office thanks to the ongoing tussle between the producers and multiplex owners. Movie buffs, deprived of their usual dose of entertainment, are looking for other options.
‘Every week I would end up watching a film with family and friends. But now that there aren’t any movies worth watching, I’m planning to go to an amusement park, something that was being delayed for quite some time now,’ averred 22-year-old Leena Hiranandani working with a chartered accountancy firm.
The producer-multiplex tussle is over revenue sharing.
While the producers and distributors forum decided last month not to push any new releases in multiplexes after April 4, the films released in single screen theatres have not been worth watching.
‘Ek se Bure Do’, ‘Coffee House’, ‘Pal Pal Dil Ke Pass’ and ‘Royal Utsav’ – all received a cold shoulder from the audience.
‘People really need a good breather on weekends. And because of this fight between the producers and the multiplexes we are not getting what we really need – entertainment. Now I have no other option but to watch some classic movies at home,’ said Karan Sachdeva, a 24-year-old media professional.
Priyanka Anand, a housewife, said: ‘We love watching movies on weekends. But now that no new films are coming, I don’t know what to do. So finally we have decided to visit the monuments in Delhi.’
BPO professional Karma Saxena said: ‘I used to watch films with friends at weekends. Now when there are no films, I spend time with my family.’
Delhi-based post-graduation student Shweta Sharma is a Hindi film aficionado and going to the nearest multiplex with friends to catch a film was her idea of fun.
However, the present situation has left her weekend without any activity.
‘Watching movies is my passion. Every Friday I wait for new films. But it’s been long that I have gone to see one because of the multiplex tussle. It’s a sad situation for someone like me. Now I don’t have anything to do on the weekend,’ she said.
After a disastrous first quarter of 2009, this seems to be the industry’s worst dream coming true with hardly any films being confirmed for the next two months except ‘Kal Kissne Dekha’, releasing May 1 and ‘Kambakkth Ishq’, scheduled to open May 29.
According to filmmaker Mukesh Bhatt, Bollywood is bleeding.
‘We (the film industry) are bleeding. This strike is affecting the industry and we are suffering colossal losses,’ Bhatt, chairman of the United Forum for Bollywood Producers and Distributors, told IANS.
On being asked about the approximate percentage of loss that the industry is expected to suffer, he said: ‘As of now, we are not doing any number crunching but we are sure the loss will ultimately be huge.’
With no definite date till when the strike is supposed to be on, moviegoers would miss their share of entertainment for quite some time.
‘It’s such a sad situation that I’m not getting my dose of entertainment. I’m just hoping that the dry spell gets over soon. However, till then I’ll explore markets that I haven’t done for some time now. I’m sure shopping is the only thing that I can pass my time with, if there are no films,’ said 30-year-old Niharika Dhar.
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Written by Rahul on 09 April 2009
The USD/JPY is wrestling with the almighty 100 level again today after briefly dropping below. The USD/JPY strengthened slightly after Japan released a better than excepted trade balance. However, the optimism is faint since a record decline in imports is responsible for the improvement.
Therefore, consumers are tightening their budgets as the economic downturn picks up steam. Japan continues to be the hardest hit in the global economic crisis. Export demand has been cut in half with consumers world-wide losing their taste for durable goods.
Though the recent rally in the USD/JPY does provide some relief for the Japanese economy, the currency pair is still trading 20% below June 2007 levels. However, a stabilizing American economy could help push the USD/JPY higher since the currency pair is being valued by the comparative performance of both economies.
That being said, the USD/JPY has three more downtrend lines to push through before it can yield substantial gains. 100 will continue to be a battle zone as U. S. equities struggle with their own demons. If U. S. equities make another leg down, we would not be surprised to see the USD/JPY follow suit.
Japan will release Core Machinery Orders tonight. The data is forward looking since corporate capital expenditure normally signifies expansion. Analysts are expecting a decline of -6.8%. Fundamentally, our 100.28 support turns resistance while we maintain our resistances of 100.71, 101.44, 101.98, and 102.50.
To the downside, we hold our supports of 99.79, 99.06, 98.16, and 97.59 with fresh bottom-end resting at 97.11. The USD/JPY is currently exchanging at 99.99.
USD/JPY Daily Commentary for 4.8.09
Copyright 2009 FastBrokers, Latest Forex News and Analysis for Forex, Bullion and Commodity Traders.
Disclaimer: For information purposes only. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained. There is a substantial risk of loss in trading futures and foreign exchange.
Tags: Almighty, american economy, analysis, balance, battle, battle zone, briefly, bullion, capital, capital expenditure, commentary, commodity, Commodity Traders, Comparative Performance, copyright, core, Crisis, currency, Daily, decline, demand, disclaimer, downside, downtrend, downturn, Durable Goods, economic downturn, economy, exchange, expansion, expenditure, Export, Export Demand, FastBrokers, forex, Forex News, global economic crisis, half, herein, improvement, information, information purposes, Japan, Japanese Economy, JPY, June, leg, level, liability, losing, loss, machinery, Machinery Orders, News, optimism, pair, performance, rally, record, Record Decline, relief, resistance, Resistances, responsibility, risk, steam, struggle, Substantial Gains, substantial risk, suit, support, taste, Today, Tonight, trade, Trade Balance, trading, trading futures, U. S, USD, zone
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Written by Rahul on 09 April 2009
The Cable continues to show relative strength on the back of surprisingly positive data surfacing from Britain over the past couple weeks. The GBP/USD kept its cool yesterday despite the broad selloff in U. S. equities and the Cable is running with the EUR/USD and U. S. equities Wednesday morning.
We expect to see the Cable’s strength continue as long as Britain’s data outperforms and its major financial institutions stay out of the headlines. If U. S. equities and the EUR/USD head north today, the GBP/USD should follow. On the other hand, if U. S. equities selloff again, we may see the Cable hold up once more.
However, we can’t forget the importance of the financial industry to Britain’s economy. Therefore, if U. S. banks hit another roadblock, the GBP/USD may have no choice but to head lower. Speculation set aside, the Cable is in great shape for the time being. It sits comfortably above our 1st tie uptrend line with no downtrend line in sight.
On the other hand, the failure of the GBP/USD to eclipse February highs and 1.50 is a cause for concern, and we’ll keep this in mind. If the Cable can climb back above March highs today we could see a nice short-term pop.
Even though Britain is quite on the news front today, the Pound could come alive tomorrow with a PPI release coupled with a BOE rate decision. Analysts are expecting the BOE to hold the benchmark rate at .50%. Fundamentally, we maintain resistance of 1.4730 with additional resistances hanging at 1.4770, 1.4834, 1.4883 and 1.4946.
The 1.50 level serves as a key psychological barrier while the 1.45 area acts as a psychological cushion. To the downside, we hold our supports of 1.4676, 1.4612, 1.4571, 1.4538 and 1.4484. The GBP/USD is currently exchanging at 1.4702.
GBP/USD Daily Commentary for 4.8.09
Copyright 2009 FastBrokers, Latest Forex News and Analysis for Forex, Bullion and Commodity Traders.
Disclaimer: For information purposes only. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained. There is a substantial risk of loss in trading futures and foreign exchange.
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Written by Rahul on 09 April 2009
The EUR/USD is strengthening after yesterday’s large losses in the wake of a better than expected trade balance number out of Germany coupled with encouraging German factory orders data. Germany’s trade balance seems to be bottoming out, indicating stabilization in its export industry.
Though Germany’s factory orders data came in below analyst expectations, the number shows a vast improvement from 2009’s previous releases. Germany and France are the heavy-weights in the EU economically, so signs of improvement in German production is welcoming news for a beleaguered EUR/USD.
The EUR/USD has caught the brunt of the pullback in U. S. equities since Trichet and the ECB offered little certainty concerning future monetary policy shocks. The positive data is allowing the EUR/USD to rally from oversold conditions as the S and P futures find strength in their key psychological 800 level.
Consequently, the currency pair has managed to stay above March 30 lows and is propelling from our 1st tier uptrend line. As a result, the uptrend has been saved, for now. We could see a nice pop in the EUR/USD as our trend lines collide, signifying the uncertainty prevalent in the marketplace.
However, the currency pair may wait for U. S. equities to commit to an uptrend or crash back into their downtrend before it makes another real directional move. The heightened volatility we are witnessing stems from the Federal Reserve’s quantitative easing announcement, and we don’t expect the wild ride to slow any time soon. Fundamentally, we maintain our supports of 1.3223, 1.3192, 1.3162, 1.3126 and 1.3088.
To the topside, we hold our resistances of 1.3271, 1.3323, 1.3351, 1.3375 and 1.3413. The 1.35 area acts a psychological barrier again with 1.30 serving as a key psychological cushion. The EUR/USD is currently exchanging at 1.3245.
EUR/USD Daily Commentary for 4.8.09
Copyright 2009 FastBrokers, Latest Forex News and Analysis for Forex, Bullion and Commodity Traders.
Disclaimer: For information purposes only. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained. There is a substantial risk of loss in trading futures and foreign exchange.
Tags: analysis, analyst, analyst expectations, announcement, area, balance, Barrier, brunt, bullion, certainty, collide, commentary, commodity, Commodity Traders, copyright, crash, currency, cushion, Daily, Data, directional, disclaimer, downtrend, easing, ECB, EUR, exchange, Export, Export Industry, factory, FastBrokers, Federal, forex, Forex News, France, German Factory, German Production, Germany, Heavy Weights, herein, improvement, industry, information, level, liability, line, loss, March, marketplace, move, News, number, pair, policy, Pop, Previous Releases, production, psychological barrier, pullback, Reserve, Resistances, responsibility, result, ride, risk, stabilization, strength, tier, time, topside, trade, Trade Balance, trading, trend, trend lines, trichet, U. S, uncertainty, uptrend, uptrend line, USD, volatility, wake, wild ride, yesterday
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Written by Rahul on 07 April 2009
Colombo, April 6 (IANS) Sri Lanka’s Tamil Tigers chief Velupillai Prabhakaran may be still be hiding in the northeastern Mullaitivu district, Army Chief Lieutenant General Sarath Fonseka said Monday.
Fonseka’s comments came a day after the Sri Lankan Army claimed to have dealt a major military blow to the rebels by killing over 500 guerrillas of the Liberation Tigers of Tamil Eelam (LTTE).
The army chief made his remarks while briefing US Ambassador for Sri Lanka Robert O’Blake on the situation ‘related to the near completion of military offensives in the deep north and east of Puthukkudiyiruppu’.
‘Lt. Gen Sarath Fonseka further opined that Tiger supremo Prabhakaran, despite loss of so many of his chieftains, might still be hiding, either inside the NFZ (no-fire-zone) or an underground hideout,’ the army said in a statement.
The army chief, who is personally conducting the fight-to-finish campaign against the LTTE over the past four years, also told the US envoy that the troops ‘are well-prepared for receipt of more and more civilians into cleared areas’.
After three days of fierce close-quarter gun-battles, Sri Lankan troops Sunday captured Puthukkudiyiruppu, the last bastion of the LTTE, where the rebels have maintained several military and naval bases and armoury over the past three decades.
According to latest military reports, the troops have recovered from the newly captured areas over 525 LTTE dead bodies, which include a dozen of top-rung leaders of the outfit.
A large haul of weapons, including several artillery and anti-aircraft guns have also been recovered since Sunday.
Giving a brief outline of the latest military achievement, General Fonseka told the US envoy that ‘the remaining exodus of trapped civilians could be expected at any moment from now onwards in view of prevailing ground realities in the no-fire zone’.
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Written by Rahul on 03 April 2009
Johannesburg, April 3 (IANS) Exclusive access to a wide range of products from Cipla India helped boost revenues of pharmaceutical company Cipla Medpro South Africa by nearly 40 percent, the company reported.
With its revenues growing at 38.8 percent, Cipla Medpro again continued to grow faster than the total private market, but the company posted a loss of 15.6 million rands before interest and tax because of the huge costs of making its plant at Durban compliant with the Pharmaceutical Inspection Convention, it said on the Johannesburg Securities Exchange website.
Currently operating at 20 percent capacity, this highly sophisticated plant has an annual output capability of 3.5 billion tablets (with reserve) and may still take some time to see significant revenues being generated.
Growth was recorded across numerous categories, such as neuropsychiatry, asthma, cardiovascular, over the counter (OTC) and animal health.
This growth was attributed to product launches, exclusive access to Indian pharmaceutical giant Cipla India’s strong pipeline of products and dossiers, a strong and rapidly expanding OTC product portfolio, listings in mass market retailers, a large sales force and a continued aggressive marketing strategy.
Twenty five new products were launched during the year across all categories – skincare, colds and flu, and nutritional supplements, and further launches are scheduled for 2009.
Cipla said that its antidepressant, Lexamil, and its cardiovascular product, Cipla Perindopril, were each gaining market share of almost 40 percent in their markets, reflecting a trend of increased demand for these two stress-related drug types in the current global financial meltdown.
Cipla is also one of the leading generic anti-retroviral producers, having won a government contract last year. This will see the entry of supplies from the local plant, as well as from the Mumbai-based plant, Cipla India.
The pipeline from Cipla India remains strong, with the benefit of favourable prices and payment terms. Cipla Medpro currently has 155 dossiers awaiting registration, another 37 about to be submitted and a further 46 dossiers ordered from Cipla India for delivery over the next 12 months.
Cipla Vet, the companion animal veterinary products business, has recently launched the first generic of the world’s biggest selling tick and flea product, with the company projecting significant market share gains in this category during 2009.
After in-depth industry research and analysis, the new agricultural chemicals division, Cipla Agricare launched recently with a comprehensive range of 21 internationally SGA-certified pesticides. With another 12 products expected soon from Cipla India for local trials and registration and a further six ready for registration, it is envisaged that the targeted market share and revenues are attainable within approximately four seasons.
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Written by Rahul on 03 April 2009
Washington, April 3 (DPA) Prosecutors have started seizing the property of the fraudster-financier Bernard Madoff, taking possession of his multimillion-dollar waterfront home in upscale Palm Beach, Florida, and three boats, the US Attorney’s Office has said.
Madoff, 70, faces 150 years in prison for the largest Wall Street swindles ever, and now faces loss of his personal property to pay back angry clients. The Florida property alone was reportedly valued at $14 million.
The US Attorney’s Office said Thursday it wanted the assets ‘to maximize recovery for victims’ as part of the forfeiture ordered by the New York federal judge, who accepted his guilty plea last month.
Over more than a decade, Madoff tricked clients out of $50 billion by paying some of them off with money from new clients rather than investing the funds in securities as he had promised.
His office produced fake investment statements for clients, and his accountant, David Friehling, 49, has been charged with securities fraud.
In a statement, Lev Dassin, the acting US attorney for the southern district of New York, said his office would ask that the property being seized be sold and used to compensate victims.
The boats included the 18-metre luxury yacht ‘Bull’, parked in Florida, the 13-metre boat ‘Sitting Bull’ in New York and an 8-metre motorboat and trailer, Dassin said.
The boats and home belong to Madoff and his wife, Ruth. US marshals carried out the seizures.
Madoff, currently in jail, faces sentencing June 16.
According to a US court filing last month, prosecutors also intend to go after three other homes owned by the Madoffs, including the property and contents of a $7-million Manhattan luxury apartment, a $3.4-million beachside home on Long Island and a home in the south of France.
Other assets subject to seizure include a fourth boat, four cars, a $39,000 Steinway piano and $65,000 worth of silverware.
Ruth Madoff has argued that cash and other items in her name could not be seized to pay the victims of the scandal and were not the result of the fraud. But prosecutors said they intend to seize $17 million in cash and $45 million in bonds held in her name.
Madoff’s net worth is estimated at $823 to $826 million.
Madoff bilked thousands of investors around the world, including individuals and charity groups, of their money – many of their entire life savings. At least one investor and an investment manager have committed suicide since December over the revelations.
The scandal has been a major embarrassment for government regulators. An independent fraud investigator, Harry Markopolos, testified before Congress last month that he had warned the SEC of Madoff’s shady operations some nine years ago.
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Written by Rahul on 03 April 2009
Timely action of fire brigade averted a major fire tragedy at a chemical manufacturing unit at Majra village in Mohali on Wednesday. Several tanks filled with chemicals in the factory caught flames around 5 pm and a fire tender doused the blaze before it could spread to other tanks.
Station Fire Officer K C Sood told Newsline that the chemical fire was controlled with foam within five minutes.
“Had the blaze reached the chemical-filled tanks, it could have resulted in a major tragedy leading to heavy loss of life and property in the factory and its vicinity,” said Sood, while apprehending that the fire could be a result of a short circuit.
Mullanpur SHO H S Bal also reached the spot accompanied by police personnel, which cordoned off the entire factory premises to avert any possible loss of life.
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Written by Rahul on 02 April 2009
In a move that would hike India Incs’ profits by as much as 25%, the ministry of corporate affairs (MCA) on Tuesday issued the notification of ‘relief from provisions of Accounting Standard 11 (AS-11)’ ensuring that companies are able to make necessary changes in the financial statements ending March 31, 2009.
This means that Indian companies have got relief from showing the foreign exchange losses suffered during the year, something which the industry had been clamouring for a long time. According to the ministry’s estimates given the fact that the Indian Rupee depreciated by almost 25% in the current financial year, the measure is going to increase the net profits by as much as 27% from what it would have otherwise been.
A MCA official told FE , “The relief from provisions of AS-11 has been notified. The ministry’s objective is to resolve the AS-11 controversy and provide a transitional arrangement to enable a smooth transition to international financial reporting standards (IFRS) from April 1, 2011″. The MCA has said that this was the transitional period and companies must be given an option of whether to follow
AS-11 or schedule VI of the Companies Act, 1956.
While Schedule VI of the Companies Act, 1956, allows foreign exchange fluctuations to be adjusted in the cost of fixed assets, for which foreign currency loans were raised,
AS-11 requires companies to make mark-to-market provisions in their profit and loss accounts on account of fluctuations in foreign exchange rate.
Welcoming the move, Prabal Banerjee, CFO, Hinduja Group told FE , “India Inc will be very happy and I am sure that if they have to choose between AS-11 and schedule VI of the Companies Act 1956, they will definitely go in for schedule VI. I don’t think that the accounting standards should be changed depending on whether it’s a good time or bad time but AS-11 was not a rational approach at all”.
Anil Saxena, group chief financial officer, Religare Enterprises Ltd had earlier told FE ,” This is a great support because these are extraordinary times hence require extra-ordinary support from the government. In a way such losses might communicate a wrong picture of the company to long-term investors”.However, there are some discordant voices as well. Vinod Aggarwal, CFO, Eicher Motors said, ” I don’t think that it is an appropriate decision because while the rupee was appreciating all the companies preferred AS-11 and now when times are tough, companies are taking refuge under Schedule VI”.
The CII had earlier this month urged the government seeking relief from AS-11 standards but the accounting regulator, Institute of Chartered Accountants of India vehemently opposed the proposal stating that accounting standards were framed for proper disclosure and they shouldn’t be moulded according to circumstances.
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Written by Rahul on 02 April 2009
To make the most of the country’s watershed programme which is aimed at checking the diminishing productivity of wastelands and utilise these land towards agricultural activities, the government has decided to double the financial allocation for taking up watershed works from the current Rs 6,000 per hectare to Rs 12,000 per hectare.
The Cabinet nod to hike the allocation for the watershed works was cleared recently just prior to announcement of the model code of conduct for the forthcoming general elections. Under the new measure which would be formally affective after the new government takes charge at the Centre, even the allocation for the watershed works to be taken up in the hilly areas has been increased from Rs 15,000 per hectare at present to Rs 18,000 per hectare.
After the hike in allocation for the watershed works, the allocation under the Integrated Watershed Management Programme (IWMP) will have to be hiked to Rs 2,400 crore for 2009-10 from the current allocation of Rs 1,825 crore for 2008-9.
The department of land resources (DLR) under the ministry of rural development administers IWMP across states for conservation of rainwater, which eventually helps productivity of land, brings in additional area under agriculture and creates employment opportunities in the rural areas. The Centre allocates 90% of fund while states share the rest.
“As we have already spent allocation for the current year, the rise in allocation for watershed works would be also for the pending projects,” said DLR secretary Rita Sinha.
The rise in allocation for the watershed works follows recommendations of various committees including Hanumatha Rao (2000), S Parthasarathy (2006) and inputs from the state governments that through watershed works, the potential of around 85 million hectare of agricultural land in rainfed areas out of the 142 million hectare of net cultivated areas, can be harnessed for increasing agricultural yield. Till last year three watershed programmes namely Drought Prone Areas Programme (DPAP), Desert Development Programme (DDP) and Integrated Wasteland Development Programme (IWDP) used to run concurrently for checking the diminishing productivity of wasteland and loss of natural resources. However, to ensure optimum use of resources and integrated planning, the Planning Commission had decided to merge all the three programmes into a single programme titled IWMP from April 2008.
Recently, in a major move to decentralise planning process to the grassroots level and prevent delays in clearance of projects, the government has already decided that all new centrally funded watershed projects would be henceforth finalised and approved at the state level. This has been done to cut down bureaucratic delay and also take up watershed works on the basis of local needs.
Under the new guideline approved by the National Rainfed Area Authority (NRAA), a nodal agency to monitor watershed projects, the states have been empowered to sanction and oversee the implementation of watershed projects supported by the government.
Earlier as many five ministries -rural development, agriculture, environment and forest, water resources and panchayati raj usually used to sanction and implement watershed projects as per their own guidelines and had separate accounts.
Double whammy
and#149; Even the allocation for the watershed works to be taken up in the hilly areas has been increased from Rs 15,000 per hectare at present to Rs 18,000 per hectare
and#149; The allocation under the Integrated Watershed Management Programme will have to be hiked to Rs 2,400 crore for 2009-10 from the current Rs 1,825 crore for 2008-9
and#149; The Centre allocates 90% of fund while states share the rest
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Written by Rahul on 26 March 2009
New Delhi, Mar 26 (ANI): Jammu and Kashmir Chief Minister Omar Abdullah on Thursday said there should be no attempt to link infiltration at the Line of Control (LoC) with peace in the state.
“There has not been increase in militancy in Kashmir. There have been no attacks in Kashmir. Yes I agree there were attempts to infiltrate at LoC and we tried to control the situation. We faced severe loss. But it’s not the first time that such attempts were made and it’s not the last time as well. But we are ready to foil their efforts whenever they would try to infiltrate,” Abdullah told reporters after his meeting with Prime Minister Manmohan Singh.
Abdullah further said that all security measures were in place to deal with infiltration and to provide a peaceful environment during upcoming general elections.
“We will take all efforts to secure the environment during general elections so that those who want to contest elections and those whowant to cast vote can do it freely. Yes there might be some people who would try to disrupt the peace and such people would not be allowed to participate in elections. Our coalition government along with the United Progressive Alliance (UPA) government would try its best to foil such incidents and attacks completely,” he added. (ANI)
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Written by Rahul on 13 March 2009
Washington, Mar 13 (ANI): The long tails sported by male birds in the tropics are often considered a distinct disadvantage because they lead to as much as a 50 percent greater energy loss when flying. Now, however, a new study has shown that they exact only a minimal cost in speed or energy.
University of California, Berkeley biologists have found long tails exact leads to a minimal cost in speed or energy – at least in hummingbirds.
“We estimate that having a long tail increases a bird’s daily metabolic costs by 1 to 3 percent, which means the bird has to visit 1 to 3 percent more flowers in its territory,” said Christopher J. Clark, a graduate student in UC Berkeley’s Department of Integrative Biology.
“Is that a lot? It’s hard to say, but we argue that it’s not, especially when compared to the costs of things like molting and migration,” he added.
During the study, Clark outfitted short-tailed Anna’s hummingbirds (Calypte anna) with long tail feathers from a red-billed streamertail (Trochilus polytmus), giving the hummingbirds two tail feathers that were five times the normal length.
They found that the hummingbirds with enhanced tail feathers suffered only a 3.4 percent drop in their maximum speed. This corresponded to an 11 percent increase in energy needed to fly at high speeds.
For moderate and low speeds – the speeds at which hummingbirds typically flit from flower to flower and hover the long-tailed birds expended considerably less extra energy.
“I think that in most birds with long tails, the long tail is not costly,” said Clark.
“The energetic costs of a long tail are not high, but it remains to be seen if there are any benefits of a long tail, other than the indirect benefit of helping to pass on one’s genes,” he added.
The study is published in Proceedings of the Royal Society. (ANI)
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Written by Rahul on 09 March 2009
Harare (Zimbabwe), Mar. 8 (ANI): Zimbabwe’s Prime Minister Morgan Tsvangirai’s party has said it will conduct its own investigation in the mysterious death of Tsvangirai’s wife.
The Movement for Democratic Change so far believes that the highway crash that injured Tsvangirai and killed his wife Susan, 50, on Friday was an accident.
But many civic activists and party supporters remain profoundly skeptical that elements in President Robert Mugabe’s ruling party were not somehow involved in the crash, the New York Times reports.
Zimbabwe’s Finance Minister Tendai Biti said a further investigation of the crash was needed and contended that it could have been prevented if the police had provided the prime minister with an escort. Both the party and the police will look into the causes of the crash, he said.
The sport utility vehicle carrying the Tsvangirais was sideswiped by a truck that delivers American-supplied antiretroviral drugs to treat people with AIDS, a senior American official said.
A female passenger in the aid truck said the driver lost control after hitting a rough patch.
“From our initial understanding, it seems the truck hit a pothole, lost control, crossed the center line and sideswiped Morgan’s car, causing it to turn over several times. It looks like it truly was an accident,” the American official said.
Tsvangirai, who has been the target of assassination attempts in the past and fled the country last year out of fear for his life, was sworn in as prime minister in a power-sharing government with Mugabe only last month.
Both parties have been involved in the power struggles since.
Susan, Tsvangirai’s wife of more than 30 years and the mother of their six children, was thrown from their vehicle, a Toyota Land Cruiser, in the crash and died shortly afterward. She will probably be buried Tuesday or Wednesday in Tsvangirai’s rural home in Buhera, a party official said.
People who have spoken with Tsvangirai said he was shattered by the loss of his wife. (ANI)
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Written by Rahul on 08 March 2009
Welington, Mar.8 (ANI): New Zealand all-rounder Scott Styris has refuted speculations of staging a comeback in Test cricket.
Stryris, who retired from the longer version of the game a year ago to focus more on one-day internationals and Twenty-20 cricket said he has no plans of putting on the whites once again.
“I’m not interested in playing Test cricket. I’ve closed that door and now I’m just looking forward to playing for Auckland and the great bunch of guys we have here,” Stuff.com quoted Styris, as saying.
Styris, however,was denied a place in the Kiwi one-day squad for the first three matches against India.
He is now hoping to get in the team for the last two games.
Styris has been out of action from the shorter version of the game since he suffered a thumb injury against the West Indies last year.
Styris said he is looking forward to the State Championship where he will be representing Auckland.
Given the fact that Styris’s name was not in the Kiwi squad for the series against India, Auckland coach, Paul Strang believes that it was a boon in disguise for his team.
“His loss is actually our gain, but it is very unfortunate for Scott,” Strang said. (ANI)
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