Agriculture
Spices Board scheme to identify export markets
THE Spices Board has proposed to conduct product-specific market studies for various value-added spices in potential markets abroad as part of its export promotion strategies during the Tenth Plan.

Mumbai gur trade opposes excise plan
GUR merchants in Mumbai have flayed the State Governments recent move to bring black jaggery (discoloured gur) under the State excise net with effect from November 16.

Airlines
IA relaunches Mumbai-Kochi fllight
INDIAN Airlines has reintroduced flight between Mumbai and Kochi and increased capacity in flights between Mumbai and Bangalore.

American Periscope
Polaroid: Slowly fading away?
WHY cant I see them now? As the story goes, Edwin Lands daughter wanted to see the pictures right away during a vacation in 1943 when Land had just completed a roll of film. The question launched Land into a quest for instant photography; a problem he so lved and launched the product in 1948.

Automobiles
Maruti to improve export performance
MARUTI Udyog Ltd is confident of registering a growth in vehicle exports this financial year despite the adverse international market conditions, a top company official said.

Banking and Finance
Govt, RBI agree on timeframe to set up public debt office
THE Government and the Reserve Bank of India have agreed on a two-year time-frame for the separation of the public debt management function from the country's central bank, according to senior Government officials.

Bank rate and agricultural lending
Though the RBI rate has been reduced to 6.5 per cent, it does not adequately reflect the lending rate. For term-lending banks generally charge 14.5 per cent, besides incidental charges such as commitment charges and insurance. Ultimately the effective ra te would be more than 15 per cent. It seems that the bank rate was reduced only with a view to maximise the profits of public sector banks and to reduce the Government's fiscal deficit.

Deposit reference rate
Substantial liquidity fuelled by the busy season Credit Policy is being pumped into the banking system by the Reserve Bank of India. The time is now ripe for banks to examine the introduction of a Deposit Reference Rate (DRR), akin to the Prime Lending R ate (PLR) for advances.

Book Review
Tenets for survival
In the rapidly changing market of the 21st century, successes and failures of industries shall be determined by the depth and quality of their customer-oriented industrial knowledge. Successful industrialists must be able to create, utilise and continual ly innovate, as well as protect such knowledge as the most valuable asset, encompassing products, technologies, suppliers, competitors, and regulations of the target markets.

The change factor
The book is a simple and powerful book on handling change in life and at the workplace. At 94 pages, it is a quick read, but the two hours spent with the book can be the most profound and cataclysmic sliver of time that can shape the years to come.

Comdex Computer Course Kit
This three-stage self-learning system book that comes with a CD takes one through the first stages of learning all about working with a computer in simple language. Aided by several illustrations, the books accompanying software is a step-by-step audio a nd video presentation to enrich the learning experience. And finally the practice mode, thatcontains several sets model tests, provides immediate results unless one clears the first test one cannot proceed further!

Designing Visual Basic.Net Applications
This book provides you with in-depth information on Visual Basic.NETs language enhancements and the .NET framework to help one get up to speed quickly on .NET. This comprehensive guide covers ADO.NET, ASP.NET and XML, plus .NET development best practices and security features. It also helps one create Web application, plan and design applications.

Commodities
Futures trading in Coconut oil from today
The futures trading in copra and coconut oil is all set to be launched on Monday.

Long liquidation will hurt bullion prices
WITH prices of all precious metals falling over the last 2-3 weeks, there is considerable interest in the long positions. Depending on their strength or weakness, the longs are in a position to impact the gold and silver market.

Corporate
DCA urged to exempt NBFCs from contributions to special fund
THE Association of Leasing & Financial Services Cos (ALFS) has urged the Department of Company Affairs (DCA) to exempt NBFCs registered with RBI from contributions to the proposed special fund under Section 441-A of the Companies Act.

Modi Tour acquires franchise rights
YET another industry has succumbed to the lure of franchising. The Modi Group-owned Modi Tour Services has acquired the US-based Uniglobe Group's master franchise rights to operate in India and neighbouring countries.

Pentair gets certification
PENTAIR Water India (PWI), a water technologies company, has been certified by the American Society of Mechanical Engineers (ASME) for its fibre-reinforced plastic.

Board resolution for buyback only once in 365 days
THE Companies (Amendment) Ordinance, 2001 has stipulated that companies resorting to buyback of shares under the authority of the board resolution cannot undertake another offer of buyback with similar type of authorisation within a period of 365 days.

Ashok Leyland Fin to focus on asset securitisation
ASHOK Leyland Finance Ltd, whose advances are touching the limit allowed by the capital adequacy norm, sees asset securitisation as its best option to grow without having to raise capital.

Corporates concerned over disclosure norms
TRADE and industry have voiced their concern to the Department of Company Affairs (DCA) on issues related to the disclosure requirements and monetary ceilings prescribed under the provisions of the Companies Act, 1956.

Reach across your company
The group Chief Executive Officer (CEO) who started his career working out of a garage, commuting to office on a second-hand bicycle. The young sales executive who earned a commission that was more than 200 per cent of his salary in his six-month probati on period to become the companys youngest General Manager Sales. Or the technician on the shop floor whose piece describing his experience with computers and information technology in the companys internal communique earned him Rs 2,000 as remuneration besides accolades from his subordinates.

Bollywood going in for less risky sho(r)ts
Bollywood has woken up to the fact that small is beautiful. The big budget, huge starcast movies are giving way to small budget movies.

Economy
What is wrong with the ECB?
THE European Central Bank (ECB) met on Thursday and decided to leave its policy rate unchanged at 3.75 per cent. The euro slid below 90 US cents and European stock markets plunged even as American stock markets defied rationality to keep moving higher.

Fiscal stimulus needed for growth
THE Mid-year Monetary and Credit Policy is a valiant attempt at making money cheaper and increasing liquidity in the hope of seeing an upturn in industrial output and keeping the economy on track to ensure at least 5 per cent growth this year. Its two me asures reducing the bank rate from 7 per cent to 6.5 per cent and the cash reserve ratio from 7.5 per cent to 5.5 per cent of net demand and time liabilities are quite venturesome but the RBI rightly considers that it is what the present situation of s luggishness in credit and investment demand calls for.

`Round tripping' FDI under taxmen lens
IN what could perhaps be a test case, the Finance Ministry is set to examine tax implications of ``round tripping'' of foreign direct investment (FDI). The move follows the deferment of a proposal recently by the Foreign Investment Promotion Board (FIPB) which has implications on overseas direct investment (ODI), said a senior official.

Editorial
Farm stakes
WITH KHARIF 2001 foodgrains and commercial crops production improving over the previous year and the prospects for the ensuing rabi (summer) harvest looking bright, the agricultural economy is sure to recover from the drought-induced setback of the la st two years. A heartening feature this season is the rebound in farm output in the western and central parts of the country that suffered heavily both in 1999 and 2000. But the euphoria is somewhat muted by this seasons aberrant weather in the south w hich has partially offset production gains elsewhere.

Foreign Trade
Schroeder-led team to forge trade ties
THE German Chancellor, Mr Gerhard Schroeder, accompanied by a high-power business delegation, will participate in a seminar on `Indo-German economic relations: Looking ahead' here on Monday.

Forex
An insight into external debt
IN May-June every year, it is customary for the Finance Ministry to release a status report on external debt. This time, with the bosses in the North Block busy firefighting almost full-time thanks to the stock market scam and the crisis in the UTI, the release of the report figured relatively low down on the priority list.

Health
Racing towards your goal
Remember the hare and tortoise tale? Put it to good use in your fitness regime. If you approach fitness with the mind of the tortoise and the heart of the hare, success could well be yours.

Hotels
Meridien draws up expansion plans
LE Meridien Hotels and Resorts plans to add 10-12 hotel properties in India in the next four years, according to Mr Sami Zoghbi, Managing Director, Le Meridien Hotels and Resorts (Indian Ocean, Middle East and Africa).

Information Technology
Track your mail fast & free of charge
IN what could give the private courier companies a run for their money, the Department of Posts is all set to put in place an online track and trace system at all its existing Speed Post centres.

Weaving security policies
M. Revathy Sriram on how to ensure information security in organisations

Insurance
Sinha to inaugurate CII insurance meet
THE Finance Minister, Mr Yashwant Sinha, will inaugurate the two-day sixth `Insurance summit' being organised here by the Confederation of Indian Industry (CII) on November 1.

Management
Your media interview
In today's cut-throat business world, it is critical for companies to attract positive media exposure. Hugo Brooke tells how this can be achieved

60 seconds chief!
THE Managing Director of Ashok Leyland, Mr R. Seshasayee, responds to four questions:

Miscellaneous
Gender: The inequality
THE Economic Survey of 2000-01 expressed the need for the social and economic empowerment of women. It also highlighted the fact that the ratio of women to men is much lower to that found in other countries. According to the Survey, inequality of women b egins at birth with 109.5 live male births per 100 live female births. While the infant mortality rate (IMR) and child mortality rate (CMR) declined in the 1980s and the 1990s, these are higher by 2 per cent per 1000 for girls. The Survey seeks an improv ement of the educational status of women -- essential to improve their living standards and give them a greater role in decision-making processes.

Understanding others
The cover article, Thou shalt not... doesnt always work, on October 15, made interesting reading.

Mutual Funds
Debt funds: A new reality
BY the time you read this piece on Monday morning, you will have soaked in the full impact of the Reserve Bank of India's mid-term Credit Policy. And, if you are a debt fund enthusiast, you will particularly note the two percentage points cut in CRR (cas h reserve ration).

Pharmaceuticals
Lupin ferments a potent formula for rapid growth
LUPIN Ltd, a Rs 1000-crore pharmaceutical firm, made rapid strides in the Indian drug industry in the past five years. Holding its traditional stronghold of tuberculosis medication, the company now has a presence in several lifestyle segments, including cardiac care.

Lupin to pump more into R&D
PHARMA major Lupin Ltd plans to hike its expenditure on Research & Development (R&D) to 25 per cent of its profits, said Mr Desh Bandhu Gupta, Chairman, Lupin Ltd.

Dr Morepen targets break-even by 2005
DR MOREPEN, the wholly-owned subsidiary of Morepen Laboratories Ltd (MLL) -- formed recently to leverage the estimated Rs 4,500-crore `fast moving health goods' (FMHG) category -- expects to achieve break-even by 2005.

Politics
Vajpayee's US trip best shelved
ALL INDICATIONS are that the Prime Minister, Mr Atal Bihari Vajpayees projected meeting with the US President, Mr George W. Bush, in Washington, on November 9 will end up in a big letdown for India, with the US exploiting it to give its own spin to India -Pakistan relations to the latters advantage. In view of this, the best service the mandarins of the External Affairs Ministry, and his Cabinet colleagues can do to Mr Vajpayee is to advise him to pull back from it while there is still time.

Power
Cong seeks CBI probe into AP power projects
THE leader of the Opposition Congress (I) in Andhra Pradesh, Dr Y.S. Rajashekara Reddy, has demanded a CBI enquiry into the issue of exorbitant capital costs allowed to various private projects including GVK and Spectrum projects.

`Power subsidy costs outweigh gains'
IT is an open secret that electricity is heavily subsidised by the State Governments for farm sector with major political parties resorting to competitive populism to please farmers as potential vote banks. And, there is an impression that this largesse mainly benefits a large number of small farmers.

Radio/TV
Opt for this Night Shift
When it comes to childrens television channels in India, Cartoon Network is definitely way ahead of the rest. The channel has been reaching out to Indian children for six years now, and according to Ian Diamond, Senior Vice-President and General Manager of Turner Entertainment Networks Asia Pacific region, its now time to build on the growth, and ensure that Cartoon Network "fits in with local culture and sensibilities". Diamond also says Cartoon Network is now into very "aggressive content aggregation" .

States
Employees union fears closure of APSIDC
THE Andhra Pradesh State Irrigation Development Corporation (APSIDC), established in 1974, is in dire straits and the agitating employees are apprehensive that it might face closure like the AP Fisheries Corporation and several other public sector undert akings, thanks, they allege, to the policies of the State Government.

Osama effigy burnt in New Delhi
Activists of the National Akali Dal protesting against terrorism by burning an effigy of Osama bin Laden in the Capital on Sunday.

IBRD reviews PSU reform process
HYDERABAD: A joint technical mission comprising officials of the World Bank and the Department for International Development (DFID) of the UK, recently reviewed the fiscal and governance reform programme of the State Government.

US co offers to set up 25-MW power project in Jharkhand
THE Jharkhand Government has received an offer from a US company for setting up a 25-MW power project utilising geo-thermal energy sources. This is in line with the thrust being given by the State Government on tapping the available non-conventional and renewable sources of energy (NRSE).

NTPC rejects Karnataka offer to set up 2000-MW project
THE National Thermal Power Corporation (NTPC) has turned down the Karnataka Government's invitation to set up 2000-MW thermal power project near Mangalore.

Adilabad co-op mill formally taken over
NEW DELHI: The Adilabad spinning mill has become the first-ever unit under the State-run cooperative spinning mill sector of Andhra Pradesh to be privatised.

APSRTC workers to continue stir
THE Joint Action Committee (JAC) of Andhra Pradesh State Road Transport Corporation Ltd (APSRTC) has announced its resolve to continue the on-going strike which has entered the 14 day while stating that it was willing to participate in negotiations with the management.

Stocks
It pays to tread cautiously
ARE you feeling left out of the party by postponing your stocks-shopping when Cruise and Tomahawks rained on Afghanistan. A majority of retail investors who sold, not only here but elsewhere too, when the US-UK coalition bombed Afghanistan, are now worry ing about the ``missed chance''.

Taxation
Unsettling scheme
THERE seems to be a contradiction in the scheme of settling tax on undisclosed income before the Settlement Commission. The scheme requires that in order to be eligible for entering the sanctuary of the Settlement Commission, one should have filed the re turn of income for the relevant assessment year. Yet the scheme contemplates computing of additional tax liability on the additional income disclosed in the application before the Commission even if no return has been filed on the assumption that what is disclosed before the Commission is the total income for that assessment year. Kindly clarify.-- Kalyani Srinivasan, e-mail

Tea
Leaf tea in demand at Kochi sale
A MIXED trend persisted for almost all varieties of tea at the Kochi tea auction. Though the leaf varieties witnessed a good general demand, it was comparatively low for dust category.

Technical Analysis
Consolidation in NY cotton seen
New York Cotton Exchange cotton futures closed mostly higher as the market bounced after most-traded December tagged a new 29-year low on the open and several other months touched new lows.

Bullish trend likely in Commex
Malaysian Palm oil futures is staging a mild recovery after the week closed positively. The week started on a bearish note after concerns that stocks of crude palm oil for end-October could be higher than 1.5 million tonnes. However, the private forecast er Ivan Wongs latest estimates helped the markets recoup some losses and breathed some confidence into the market. The forecast put October production at 1.14 million tonnes, exports at 850,000 tonnes and closing stocks at 1.37 million tonnes.

Terrorism
World in disarray
THE terrorists of the world must be doing what cricket players do when they make a catch or bowl a batsman out: Pat one another's palms and embrace in exultation by way of celebrating their success in bringing about the utter demoralisation of government s, institutions, industrial enterprises, civil society and the people at large in countries round the world. It would have been impossible for even the most fevered mind and the wildest imagination to visualise the nightmare of less than a score of dare- devils, barely out of their teens, making speeding missiles of four jumbo jets with such devastating effect.

Globalisation of terrorism
PAKISTAN just cannot believe its luck. If it isn't a multi-million dollar gift cheques, then it is the rescheduling of even larger amounts of debt. Sanctions are being lifted post haste. And it is not only America, but the entire `anti-terrorism' coaliti on of nations, including such countries as Japan, that are falling over one another to distribute this largesse.

Travel & Places
Oh, for a piece of Kandy
A hill resort-cum-pilgrimage centre, Kandy in Sri Lanka is a tourists delight, says Inder Raj Ahluwalia.

The road is long
Why would people, to all appearances sane and healthy, dart around mountainsides for 2,600 km, in howling cars and on screaming bikes, over what is arguably the toughest terrain in the world, at speeds that would make a life insurance agents hair stand o n end? The answer lies in venturing as close as possible to the razors edge. For 60 adrenalin junkies, involving 29 cars and 31 bikes who set out to raid the middle Himalaya in the 2001 Maruti Raid-de-Himalaya (one of the 12 events on the calendar of th e Federation Internationale de Motocyclisme or FIM) from Shimlas Peter Hoff hotel on October 6, it was the ultimate challenge in Indian motor-sport.

Source:Business Line