Agriculture
Challenge to farm sector
THE Seattle riots, the street shows at Genoa at G-8 meet, the tensions arising from the change in trade perspectives of Europe and the US -- the two major trading blocs -- are all pointers to the Doha WTO meet being not-so-smooth. The US got assurances f rom China, whose entry is almost certain, for its own trade protection. When a developed country, threatened with a cut in its market share, has taken pains to safeguard its market, should not India prepare well?

NAFED to buy 5 lakh t kharif oilseeds
THE National Agriculture Co-operative Marketing Federation of India Ltd (NAFED) expects to procure five lakh tonnes of oilseeds under the Centre's Price Support Scheme (PSS) during the coming kharif marketing season.

Airlines
United Air withdraws services from India
THE US carrier United Airlines, has withdrawn its operations from India following the terrorist attacks in the US, even as major international carriers reported near normalcy in operations between their home base and North America.

Ministry may seek funds for IA fleet expansion
THE Ministry of Civil Aviation is likely to approach the Finance Ministry for release of funds for the much-awaited fleet expansion plan of Indian Airlines (IA).

Thai Airways to start Mumbai-Bangkok services
THAI Airways International is to start a thrice-a-week service on the Bangkok-Mumbai-Bangkok sector from October 30.

`No plans of coming back in foreseeable future'
THE US carrier, United Airlines (UA), has no plans of coming back to India in the foreseeable future. ``We have no plans of coming back to India in the foreseeable future,'' the General Manager (India), Mr Michael J. Purchon, told Business line.

Aquaculture
Seafood irradiation unit in AP or Orissa
THE location for the country's first seafood irradiation centre has narrowed down to a choice between Bhubaneshwar in Orissa and Vishakhapatnam in Andhra Pradesh.

Information kiosks for fishermen soon
INFORMATION `kiosks', the one stop place to access a variety of data are all set to get into a specialised mould.

Automobiles
Corsa Sport hits market
CLOSE on the heels of its recently launched and hugely-successful Opel Swing, General Motors India Ltd on Monday launched a spruced up version of the Opel Corsa, called the `1.4 GLS Sport', pepping it with more features.

Mobikes, plastic-bodied scooters gaining ground
THE metal-bodied geared scooters and mopeds are heading towards extinction in the Indian two-wheeler market, the second largest in the world which produces virtually all types of two-wheelers.

Commodities
Extra-long staple cotton intake may top 3 m bales
WORLD consumption of extra-long staple (ELS) cotton is expected to exceed the three-million-bale-mark for the ensuing 2001-02 cotton marketing season.

Coconut oil prices plunge
COCONUT oil prices plunged to below Rs 3,000-level since Saturday touching Rs 2,975 on Monday for want of buying support.

Corporate
Kirloskar Multimedia meet on Sept 28
MUMBAI: Kirloskar Multimedia Ltd has informed the Bombay Stock Exchange that at an AGM to be held on September 28, the board is proposing a special resolution seeking an approval of shareholders for the reduction of issued, subscribed and paid-up capital of the company from Rs 14.6 crore divided into 14.6 million equity shares of Rs 10 each to Rs 7.3 crore divided into 14.6 million equity shares of Rs 5 each by cancelling the issued, subscribed and paid-up to the extent of Rs 7.3 crore. -- Our Bureau

Midhani to be upgraded
HYDERABAD: Mishra Dhatu Nigam Ltd (Midhani) will be upgraded to meet the emerging bulk requirements of advanced metals and alloys for strategic sectors and it has already demonstrated its capabilities in supplying critical components to defence, space an d atomic energy requirements, Mr U.V. Krishnam Raju, Union Minister of State for Defence, has said.

New range of washers from Whirlpool
NEW DELHI: Whirlpool of India Ltd has launched the new Whitemagic AquaShower range of washing machines. An addition to the Whirlpool Whitemagic range of washing machines, the Whitemagic AquaShower will be available in two models -- Fully Automatic and 2- Touch Automatic.

HMT (I) bags Nigerian order
HMT (International) Ltd, a project implementation and trading arm of the machine tools major HMT Ltd, has been awarded a contract for a Rs 23-crore project for Nigeria Machine Tools (NMT).

Global Tele renamed GTL
MUMBAI: Global Tele-Systems Ltd today said it has changed its name to GTL Ltd.

RM Associates opens office in Bangalore
RM ASSOCIATES Pte Ltd (RMA), a Singapore-based human resource solutions company founded by professionals of Indian origin, has opened its office in Bangalore to tap the rich potential available for its specialised business of executive search and selecti on for leading global corporations. RMA started its operations in India from Mumbai only six months ago and also has a presence in the US, Europe and Asia.

Coca-Cola investment in green initiative
Coca-Cola India has till date invested Rs 47 crore in installing pollution control equipment in the market place. This is in line with the parent company's global Ozone Protection Policy that was formulated and implemented in 1992.

Dinesh Foods new foray
MANGALORE: Dinesh Foods, an offshoot of Dinesh Beedis, has entered the Mangalore and Udupi markets with its coconut milk, pickles, curry powders and fruit products.

Economy
Review of US economy dampens export optimism
EVEN as the Indian authorities are sanguine about the likely reversal of the export decline during the first four months of the current fiscal, the optimism over the latter half seems to be misplaced if the assessment of the World Trade Organisation (WTO ) on the US economy is any pointer.

The real state of the real economy
ONE OF the unfortunate tendencies that developed among many official publications brought out by the economic ministries of the Government of India over the 1990s, was the tendency to paint a rosy picture of the economy, and especially of the effects of the liberalising `economic reform' process. This tendency extended to underplaying glaring problems such as inadequate employment generation, and selectively presenting data and choosing time periods to establish more positive trends even when they did n ot really exist.

Of mango kernels and bottled water
``DID you see the expression on their faces,'' my companion asks as our car winds down the serpentine roads of the Kashipur block in Orissa.

Editorial
More power to hydel
FOR SOME REASON hydel power has not got the kind of attention it deserves. Not only is it more sustainable compared to fossil fuel-based power plants, barely 20 per cent of its estimated potential at 85,000 MW has been tapped. The hydro-thermal mix of ge neration capacity, that ideally should be around 40:60, has shifted in favour of thermal generation, which accounts for over 70 per cent now. The hydel power sector has not taken off as it should despite the Centre formulating a policy in 1998 that provi ded various incentives. And, as mentioned at a recent conference on hydropower, the sector deserves more attention.

Environment
Complex `fibres' in asbestos study
THE Union Government's recent decision to get all health risk issues related to production and use of asbestos examined by an expert committee has to be viewed against the backdrop of steps either already initiated or proposed to be taken by a number of countries to ban manufacture and/or use of the material.

Breather for biodiversity plan creation
THE time-period for the development of the National Biodiversity Strategy and Action Plan (NBSAP), through a participatory process, has been extended by six months till June 2002.

Fast track
War cries trigger meltdown
THE after-effects of the terrorist attacks at the World Trade Centre and the Pentagon continued to dampen market sentiment at the Indian bourses.

Food & Dairy Products
Model supply-chain for food processing formulated
THE National Task Force on Food Processing (NTFFP) has laid out a supply-chain management structure ``that combines models of corporates like Hindustan Lever Ltd (HLL) and ITC, Cola-majors like Coke and Pepsi and co-operative success stories like Amul fr om the Gujarat Co-operative Milk Marketing Federation (GCMMF) and `Safal' from the National Dairy Development Board (NDDB).''

Foreign Trade
Dumping duty on phosphoric acid
THE Finance Ministry has imposed definitive anti-dumping duty on all imports of phosphoric acid (technical grade) from China.

Forex
Rupee rallies after a sharp dip
THE Indian currency plunged to a lifetime low of 48.43 to the dollar today, before recovering sharply to end the day at 47.82/83, as the forex market moved in tandem with the equity and bonds markets.

Health
Preventing disease
The illegal market in medical equipment such as disposable syringes, surgical gloves and intravenous equipment has been growing at an alarming rate. The awareness level being low, the use of contaminated syringes and similar equipment in India more often than not leads to dangerous diseases rather than averting them.

Hotels
Dark clouds looming over travel, hospitality sectors
THE gloom is yet to set in. The travel and hospitality industries are uncertain as the first rush of cancellations roll in. But all will depend on how this week's lead story will play itself out.

Information Technology
Software cos may consider buyback
SOFTWARE stocks in the country have plunged so low since the US World Trade Centre attack that many companies' market capitalisation has now sunk below their cash reserves, making it attractive for them to start buying back their own stock, said analysts .

Management
Call a fad a fad
YOU can, perhaps, muster the courage, on occasion, to call a spade a spade. But not a fad a fad, particularly, if you are a management preacher. Your cash till will stop ringing should you confess. Of all the subjects diligently studied, nothing is more 'fad' ridden than the study of management.

PSU
IPCL divestment: Govt to revert to original plan
THE Union Government is set to revert to its original plan for the sale of its 25 per cent equity in Indian Petrochemicals Corporation Ltd (IPCL) to a strategic buyer.

SEBI amends takeover norms -- `Acquirer of PSU can appoint directors'
THE Securities and Exchange Board of India (SEBI) has amended its takeover regulations to allow an acquirer of shares of a public sector undertaking (PSU) from the Central Government to appoint directors on the board of directors of the target company du ring the open offer period.

Paper/Packaging
BILT board okays Graphic Paper buy
THE board of directors of Ballarpur Industries Ltd (BILT) on Monday accorded its in-principle approval for the acquisition of the entire equity capital of BILT Graphic Paper Ltd (BGPL), formerly Sinar Mas Pulp & Paper India.

Pharmaceuticals
Healthy smoke signals for pharma cos
SMOKE is out and health is in. As India's population wakes up to the dangers of smoking, a slew of pharmaceutical majors are hoping to rake in moolah out of the `health is wealth' mantra and are launching products guaranteed to make habitual smokers ``ki ck'' nicotine addiction.

Plantations
Need to set up turmeric `polishing' centres
KOTTAYAM: There is a need to set up turmeric processing centres within regulated markets in Tamil Nadu to enhance both product quality and grower returns, according to a recent study conducted by the Tamil Nadu Agricultural University, Coimbatore.

ICO workshop on e-commerce and coffee
MUMBAI: Leading representatives from the area of electronic commerce will be speaking at the International Coffee Organisation's (ICO) Workshop on `Electronic commerce and coffee' to be held in London on October 2.

Policy
President's nod for 10 Bills
THE President, Mr K.R. Narayanan, has given his assent to 10 Bills. The Bills are -- the Indian Council of World Affairs Bill, 2001, the Repealing and Amending Bill, 2001, the Trade Unions (Amendment) Bill, 2001, the Pre-Natal Diagnostic Techniques (Regu lation and Prevention of Misuse) Amendment Bill, 2001, the Influx from Pakistan (Control) Repealing (Repeal) Bill, 2001, the Indian Medical Council (Amendment) Bill, 2001, the Sugarcane Cess (Validation) Repeal Bill, 2001, the Indian Universities Repeal Bill, 2001, the Auroville (Emergency Provisions) Repeal Bill, 2001 and the Government of Union Territories and the Government of National Capital Territory of Delhi (Amendment) Bill, 2001.

Politics
Pakistan: Exploiting US dilemma
`PAKISTAN cornered', screamed a newspaper headline on Sunday morning. One wanted to scoff at this interpretation, knowing full well that the tragedy in the US, and the Saudi dissident Osama bin Laden being the prime suspect, would only come as a breather to a Pakistan already cornered.

Power
Dabhol issues 2 preliminary termination notices to MSEB
DABHOL Power Company today confirmed that it has issued two new Preliminary Termination Notices (PTNs) to the Maharashtra State Electricity Board (MSEB).

`Unpaid' bills: DPC invokes sovereign guarantees
DABHOL Power Company has invoked Government of India counter-guarantees for the April, May and June 2001 bills totaling Rs 381 crore.

Rubber
Call to modify rubber Act
IN a representation to the Union Minister of Commerce and Industry, Mr Murasoli Maran, Capexil has pointed out that giving legality to minimum price of natural rubber and go-by to the market mechanism of demand-supply would put the rubber industry (parti cularly the non-tyre sector) in great difficulty. This could adversely affect the overall export performance of the rubber products segment, including tyres.

Rubber Board venture in Tripura
KOTTAYAM: Rubber Board in collaboration with the Tribal Welfare Department of the Government of Tripura is implementing a series of block planting programmes in the tribal areas of the State.

SSI
New SSI policy on the anvil
A GROUP of Ministers is studying a report on evolving a new policy covering the tiny, medium and small-scale industries and a formal policy decision is expected by December.

States
Poignant images
Karuna Mother Theresa Home children carrying placards on a peace march in Bangalore on Monday for children whose parents were killed in the US attack.

Lab in AP to conserve endangered species
The Centre for Cellular and Molecular Biology (CCMB), located at Hyderabad is setting up LaCONES -- a Laboratory for Conservation of Endangered Species at Attapur near the Nehru Zoological Park, Hyderabad, in partnership with the Department of Environme nt and Forests, Andhra Pradesh and the Nehru Zoo.

Stocks
Selling pressure in Lyons Range
EQUITIES across the board tumbled further at the Calcutta Stock Exchange on selling pressure on Monday. Only three liquid stocks -- Sterlite, IDBI and Nestle -- were able to withstand the bear onslaught.

Fears of US retaliation shells Sensex
FEARS of a retaliatory action by the US against Afghanistan and its spiralling impact sent the BSE Sensex into a tailspin, the index declining by 5.27 per cent or 149.14 points during the day.

Sensex falls into deep trench
STOCK prices, across the board, dropped like nine pins today apparently ``completing the full eight-year circle'' pushing down the benchmark indices to near eight-year low. The mayhem was attributed to largescale selling by the foreign institutional inve stors (FIIs) which were seen repatriating funds expecting uncertainty on how the USA markets would behave after they reopened on Monday.

Rs 20-cr penalty mooted for market offences
THE Government has proposed a hefty penalty of over Rs 20 crore or three times the amount involved in the offence committed in capital market offences, as part of the proposed changes to the SEBI Act.

`Steps on equity meltdown may not show results now'
THE measures being proposed by the Government to stem the meltdown in the equity markets might give respite but only in the long-term, say analysts and dealers.

SEBI-RBI panel meet today
THE SEBI-RBI standing technical committee will meet in Mumbai tomorrow to discuss introduction of margin trading in the Indian stock market and the guidelines for it.

`SEBI has no objection to CSE, BSE merger'
THE Securities and Exchange Board of India (SEBI) has no objection to the proposal for a merger of the Calcutta Stock Exchange (CSE) with the Bombay Stock Exchange (BSE).

SEBI sets risk norms for individual stock futures
THE SEBI advisory group on derivatives on Monday put out strict risk containment measures for introduction of individual stock futures which included cap on trading members and clients level positions.

Sugar
Centre averse to sugar buffer stock plan
THE Indian sugar industry is concerned over the falling demand for the commodity particularly when production has been very high resulting in heavy carry-forwards. It wants the Union Government to create a buffer stock utilising the Sugar Development Fun d (SDF) but North Block officials feel the move may discourage millowners from exporting their produce and sending it to the buffer stock instead.

Taxation
`Undue' ST exemptions -- Why is Gujarat bending over backwards?
GUJARAT has been in the race for the past 10 years or so, one in which it has sought to emerge as the most industrialised State. In this endeavour, if it joined other States in the tax discount offers that marked the 1990s, not many eyebrows raised. But some figures of the Gujarat Sales Tax Department and the Comptroller and Auditor General (CAG) report for the year-ended March 2000 brings all these efforts under a cloud.

Kargil-type surcharge being contemplated
THE Government is looking at the option of a Kargil-type surcharge as part of the contingency plan to counter the impact on the economy arising out of a possible US retaliation on terrorists.

Tea
Tea Board warns trade against manipulation
TEA Board has warned the trade against market manipulation and advised it to gain credibility.

`Prudent strategies boost Lankan tea export'
FRIENDLY Government policies, good infrastructure, best packaging and transparent auction system have helped the Sri Lankan tea industry to stay in the forefront despite the country's dependence on exports, Mr Dickie Juriansz, Chairman of brokers James Finlay, said at session on tea at the recently-held UPASI annual conference in Coonoor.

Technical Analysis
Nifty plunges
FOR the fourth successive trading day, the stocks plunged down. Nifty sharply fell by around five per cent within few minutes of Monday's trading. The index-based stocks hit the circuit breaker and was trading around the same level throughout the day.

Technology
CCMB expertise for biotech start-ups
THE Centre for Cellular and Molecular Biology (CCMB) has donned the role of a consultant and has helped three biotech start-ups firm up their ventures.

Terrorism
Most Americans watched TV for WTC news: Study
THE horror of it all is still etched in the mind - the image of the toppling tower, the image of the crashing tower, the image of the rubble, rubble as high as a ten storey building, people running away from the crashing tower in the streets of Manhattan , silent people holding up photographs of their loved ones - and all of these were reinforced by television with images of the second airplane crashing into the tower from different angles shot by professionals, amateurs and tourists. Video dominated the reporting of the attack more than anything else - not newspaper photographs or reports, not radio or television reporting or commentary.

Villain of world peace
Activists of the Indian National Sikh Youth Forum burning a cut out of Osama bin Laden, in the Capital on Monday, protesting against terrorist attacks on the World Trade Centre and Pentagon.

Imperialism
Mr Prakash Karat, a CPI(M) politburo member, seems to have been misled by appearance. Unable to divine the reality, he said on September 12, according to a newspaper report, to his audience in Kolkata, that the ``regrettable'' terror strikes in the US we re symptoms of the ``deeper phenomenon of the growing resistance against imperialism''. Whether Osama bin Laden is really responsible for the acts or not, there is no ground at all for doubting that the attacks were the handiwork of some terrorist forces who can generally be termed `Islamist fundamentalists'.

Textiles
Export quota for garment categories not fully used
EXPORT entitlements for several garment categories including a few popular knitwear items meant for Europe and the US markets have gone abegging in the FCFS (first-come-first-served) quota that was opened for allocation last week by the Apparel Export Pr omotion Council (AEPC).

Source:Business Line