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Journalism of Courage
K-Exim shuts India branch
NEW DELHI: The south-east Asian currency crisis has forced the Korean Export and Import Bank to close 10 out of its 15 worldwide offices, including its branch in India. The Indian operations of K-Exim are likely to close by the year-end. K-Exim8217;s decision to close its offices is part of the Korean government8217;s decision to streamline its banking operations globally which will help the multilateral lending agency to function in an effective and efficient manner.
Royal Dutch
NEW DELHI: OIL exploration and production giant Royal Dutch/Shell now has a new arm called Shell Technology Ventures STV, which will work together with its service industry partners to develop and market Shell 8220;proprietary technologies.8221;
According to a Shell release, the 8220;early offerings8221; are likely to include logging and drilling equipment, production enhancement devices and natural gas processing units. The Royal Dutch /Shell group8217;s 8220;intellectual property8221; now extends beyondapplications in oil and gas operations.
The group also offers new energy utilisation devices, manufacturing processes and environmental remediation, all of which will be available through Shell Technology Ventures. Apart from Shell8217;s traditional business of deploying technology, the new organisation will also attempt to create equity investment opportunities for Shell, like joint ventures and new subsidiaries.
Pepsi exports
NEW DELHI: Pepsi India has registered a growth of over 100 per cent in its exports in the first six months of 1998 compared with the corresponding period in the previous year. The export turnover has shot up to over Rs 200 crore in the first half of 1998.
Pepsi8217;s annual exports this year are likely to exceed Rs 400 crore. According to a company release, the achievement is remarkable, given the difficult market scenario.
Commenting on the export growth, PepsiCo India Holdings chairman PM Sinha said, quot;Pepsi has taken a lead in beverage concentrate exports from India toseveral countries and offers a large export potential in the future. We are expanding our concentrate export business and expect a phenomenal growth in the next two years.quot;
Dhandapani
MUMBAI: Crisil has downgraded the fixed deposit programme of Dhandapani Finance from FA to FB. The rating is reflective of the impact of the continued difficult business conditions for the NBFC sector on the company and pressures on asset quality. Meanwhile, Crisil has reaffirmed the AA- rating to the Rs 6.9 million non-convertible debenture of Berger Paints.
Report on spices exports fall sought
KOCHI: THE commerce ministry has pulled up the Spices Board for a 33 per cent fall in spices exports in the first quarter of the year, sources said.According to sources good stock position with importers had resulted in the fall. The Government has asked for a report on the exact situation from the Spices Board.
Industry sources said fall in exports was mainly because producers were unwilling to release stocks,anticipating still higher prices, especially in case of pepper. On the other hand importers were not keen on building stocks. So there was less demand. Spices exports during the first quarter of the current fiscal has declined to 50,635 tonnes worth Rs 392.34 crore against 75,830 tonnes shipped at a value of Rs 399.56 crore during the same period last year.
Pepper, which makes the major chunk in exports, totalling nearly 50 per cent of total spices export, witnessed a severe fall. Only 10,000 tonnes of pepper were exported during April-June, 1998, against 14,382 tonnes during the same period last year. Pepper exports have been on the decline since the beginning of this calender year. But in terms of value.
Central Bank
MUMBAI: Central Bank of India, Mumbai main branch, organised a customers meet on the eve of the Independence Day. Customers from various fields participated in the meet and made valuable suggestions, a bank release stated. Prior to the meet, Central Bank executive director CherianVerghese inaugurated the computerised demand draft issue department.
Gabriel rating
MUMBAI: Crisil has downgraded the Rs 66.9 crore partly-convertible debenture programme and Rs 35 crore non-convertible debenture programme of Gabriel India from AA- to A. The revision in rating is on account of the company8217;s business being adversely affected by a steep decline in the automobile industry, especially in commercial vehicles, and increasing competition from new players, a Crisil release stated.
Pamp;M Co-op Bank
MUMBAI: THE Punjab amp; Maharashtra Co-operative Bank Ltd, a city based co-operative bank, has been awarded the Padmabhushan Vasantdada Patil Trophy by the Mahrashtra State Co-operative Banks Assocation, for being the quot;best Urban Co-operative Bankquot; for the year 1996-97, in Greater Mumbai region for the second consecutive year. Speaking on the occasion, Taki Hussain, executive director of Reserve Bank of India, said all over India 29 urban co-operative banks have been given quot;scheduled bankquot;stauts, out of which 22 banks are from Mahrashtra alone, reaffirming its strong base in the co-operative banking sector. Established in 1984, the bank presently operates with 11 branches covering Mumbai and Thane districts and has crossed the deposits mark of Rs 200 crore.
Mirza Tanners
MUMBAI: Mirza Tanners Ltd MTL has launched two new international brands of quality footwear for men, Red Tape and Oakridge in Mumbai. Earlier the company in association with MCF Trading UKLtd had launched these brands in the UK, French, German and Australian markets. The Rs 200 crore MTL is the largest shoe exporter from India. Red Tape is a premium brand of high fashion footwear targetted at youth in the price range of Rs 1700-2000.
All materials used in the two brands are imported. The uppers are made of fine leather and the soles are made of thick Thermo plastic rubber lending an edge of international quality to booth the brands. The oakridge range is targeted at young men in the age group of 30 yearsonwards and is available in the price range of Rs 1500 to Rs 2000.
