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Need To Know | Moser Baer names Arya CEO for photo voltaic biz

Need To Know | Moser Baer names Arya CEO for photo voltaic biz
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First Published: Tue, Dec 23 2008. 11 32 PM IST
Updated: Tue, Dec 23 2008. 11 32 PM IST
Mumbai: Optical storage device maker Moser Baer on Tuesday said it has named Rajiv Arya as the chief executive officer for its solar photo voltaic business.
Arya, who was the chief operating officer in the company’s wholly-owned subsidiary—Moser Baer Photovoltaic (MBPV)—had joined the organization in September 2007, Moser Baer India said in a regulatory filing to the Bombay Stock Exchange.
Arya has experience in building and integrating professionals...and has been instrumental in scaling-up and validation of three thin film technologies from research and pilot production, the filing added.
PTI
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Nacil projected to incur Rs2,156 cr loss in FY09
New Delhi: National Aviation Co. of India Ltd (Nacil), an entity formed after the merger of Air India and Indian Airlines, is likely to incur a loss of Rs2,156 crore in the current financial year, even as the government is examining proposal for an additional equity infusion into the firm.
In a written reply to the Rajya Sabha, civil aviation minister Praful Patel said, “Nacil has projected a loss of Rs2,156 crore for the financial year 2008-09.”
He said the projected loss was likely to vary due to various factors, including steep increase in fuel prices in the first half of the current year, decline in traffic on account of the downturn, decline in yield and appreciation of dollar.
PTI
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Bajaj brothers may sign settlement by end Dec
Mumbai: Brothers Rahul and Shishir Bajaj, who own the group’s flagship company Bajaj Auto Ltd, are expected to sign a settlement in the next 10 days, according to people close to the development.
In a statement to the stock exchange late on Monday evening, the Bajaj group said younger brother Rahul Bajaj would sell a 29.6% stake in Bajaj Hindusthan Ltd to Shishir Bajaj, after first buying 29.2% stake from group investment firms and other family members. This will take Shishir Bajaj’s stake in the sugar company to 32.47%.
People familiar with the development said a final agreement is expected in the next 10 days but both sides are keeping it confidential to ensure nothing goes wrong. Rahul Bajaj declined to comment on the development, as did Shishir Bajaj’s team. Shares of Bajaj Hindusthan rose more than 4% on the Bombay Stock Exchange on Tuesday on expectations that the six-year-long family dispute between the two Bajaj brothers would come to an end.
PTI
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Deficit to be 5% of GDP this fiscal: Virmani
New Delhi: India will miss its fiscal deficit target by a wide margin and the deficit will increase to at least 5% of the gross domestic product (GDP) this fiscal due to the stimulus package announced to spur demand in the economy, chief economic adviser Arvind Virmani said on Tuesday.
“We already have a very substantial stimulus package this year...2% is the fiscal deficit expansion,” Virmani said after the mid-year review of the economy was tabled in Parliament.
When asked if fiscal deficit will be 5% of GDP this fiscal, he said: “At least”.
The government had, in the Budget, targeted fiscal deficit to come down to 2.5% of GDP this fiscal, although it was 3% under the Fiscal Responsibility and Budget Management Act.
Fiscal deficit has already touched 87.8% of the target for the entire fiscal till October.
The government recently gave a nod to additional expenditure of Rs2,480 crore during the current financial year. The amount includes the Rs20,000 crore given as fiscal stimulus package to spur industry. The government also gave a 4% excise duty cut across the board.
PTI
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Rs22,000 crore worth of oil bonds to be issued
Mumbai: India will issue oil bonds worth Rs22,000 crore to refiners to compensate them for selling fuel at state-set prices, the central bank said on Tuesday.
It will issue Rs11,975 crore of bonds to Indian Oil Corp., Rs4,694 crore to Hindustan Petroleum Corp. Ltd and Rs5,331 crore to Bharat Petroleum Corp. Ltd. These bonds are not eligible for statutory liquidity requirements status. They are transferable and eligible for repo transactions, the central banks said in a faxed statement.
Reuters
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Reliance leases Vopak oil storage in Singapore
Singapore: India’s Reliance Industries Ltd has leased 100,000 cu. m of clean oil products storage in Singapore from Dutch oil and chemicals storage operator Royal Vopak NV, persons familiar with the matter in the industry said on Tuesday.
Reliance’s move came as the private Indian refiner prepares to commission its new 580,000 barrels per day (bpd) refinery in Jamnagar soon.
“The Reliance storage is part of the new Vopak capacity that came online these last few weeks,” one industry person told ‘Reuters.
The Indian refiner, which also operates an existing 660,000 bpd facility in Jamnagar, traded gas oil for the first time on Monday in the Singapore Platts daily price assessment exercise as Reliance Industries Middle East.
Reuters
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Reliance leases Vopak oil storage in Singapore
Singapore: India’s Reliance Industries Ltd has leased 100,000 cu. m of clean oil products storage in Singapore from Dutch oil and chemicals storage operator Royal Vopak NV, persons familiar with the matter in the industry said on Tuesday.
Reliance’s move came as the private Indian refiner prepares to commission its new 580,000 barrels per day (bpd) refinery in Jamnagar soon.
“The Reliance storage is part of the new Vopak capacity that came online these last few weeks,” one industry person told ‘Reuters.
The Indian refiner, which also operates an existing 660,000 bpd facility in Jamnagar, traded gas oil for the first time on Monday in the Singapore Platts daily price assessment exercise as Reliance Industries Middle East.
Reuters
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Abu Dhabi co tells BPCL it may cut Jan supply
New Delhi: Abu Dhabi National Oil Co. (Adnoc) has informed Bharat Petroleum Corp. Ltd (BPCL) that supplies for January could be cut, an industry person said on Tuesday, following the Organization of the Petroleum Exporting Countries (Opec) pact to make its largest-ever output reduction to stem oil’s fall.
Opec agreed last week on a record 2.2 million barrels per day (bpd) output cut from 1 January, taking the total output removed since September to 5% of world output.
“Adnoc has not given anything in writing, they have verbally informed BPCL to be ready for a cut in January,” the person, who could not be named, said. The person did not say what the cut would be but “normally they cut between 5% and 15% as was seen last time”.
Reuters
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Reliance Infra awarded highway project
New Delhi: Reliance Infrastructure Ltd, the infrastructure arm of Reliance Anil Dhirubhai Ambani Group (R-Adag) was awarded a four- laning of Gurgoan-Faridabad road and up-gradation of Ballabgarh-Sohana road on Build Operate and Transfer (BOT) basis on Tuesday.
The project involves the construction of a 66km road and is expected to be completed in two years with a concession period of 17 years.
Staff Writer
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China urges India and Pakistan to boost ties
Beijing: China on Tuesday urged India and Pakistan to improve their relations after the Mumbai terrorist attacks, which have raised tensions between the two neighbours. India blames Pakistan-based militants for the deadly November siege of parts of Mumbai that killed at least 183 people and has refused to rule out a military response.
“We hope that the two countries can have dialogue and consultation to solve relevant issues and improve their relations as major countries in South Asia,” foreign ministry spokesman Qin Gang said.
AFP
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Lanka troops close in on LTTE headquarters
Sydney: Sri Lankan troops on Tuesday seized a defense line near Tamil Tigers headquarters in the north in clashes that left 66 rebels and soldiers dead, the military said, as fighting intensifies around Kilinochchi.
On Monday, the military staged massive offensives and captured 2km of earthen defences, according to the Media Center for National Security.
The Liberation Tigers of Tamil Eelam (LTTE) said more than 100 Sri Lankan soldiers were killed as the rebels repulsed the offensive, according to TamilNet, a pro-rebel website.
President Mahinda Rajapaksa’s government has pledged to capture Kilinochchi by the end of this year as it seeks to end the 25-year civil war. Rajapaksa on Monday asked rebels to free civilians trapped in the war zone by the end of the year. Failure to do this would lead the government to proscribing the LTTE.
New York-based Human Rights Watch said in a report last week the LTTE is restricting the movement of up to 300,000 civilians to keep them as a pool for recruitment to fight or work as forced labour.
Bloomberg
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Blank editorials protest attack on media house
Kathmandu: Nepal’s leading newspapers appeared without editorials on Tuesday, a sign of protest over a weekend attack by Maoist activists on a local publishing house in which journalists were beaten and its office ransacked. On Sunday, dozens of activists belonging to a labour union affiliated to the ruling Maoists attacked the office of Himalmedia Pvt. Ltd, publishers of the weekly English-language ‘Nepali Times’ and other magazines, injuring some staff including journalists.
The attackers said they were unhappy with negative coverage.
Some English and Nepali language newspapers on Tuesday left their editorial spaces blank, some with bold black borders.
“We feel the attack on Himalmedia and other media houses represents a serious threat to press freedom, democracy and pluralism in this country,” media groups Nepal Media Society and the Editors’ Alliance said in a statement. “It is ironical that it should be perpetrated by a group affiliated to a party that won the election and leads the government,” the statement said. “We feel enough is enough.”
Reuters
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Rajya Sabha passes IT Amendment Bill too
New Delhi: Parliament on Tuesday passed a Bill providing for imprisonment which could extend to life for those indulging in cyber terrorism and jail term up to five years for publishing or transmitting obscene material in electronic form.
The Information Technology (Amendment) Bill, 2006 was passed by the Rajya Sabha. It has already been approved by the Lower House.
The Bill, amending the Information Technology Act, 2000 seeks addition of provisions to deal with new form of cyber crimes such as publicising sexually explicit materials in electronic form, video voyeurism, breach of confidentiality, leakage of data by intermediary and e-commerce frauds.
Dishonestly receiving stolen computer resource, identity theft, cheating by personation by using computer resource, violation of privacy will be treated severely with imprisonment upto three years apart from fine.
PTI
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Dr Reddy’s settles patent suit with US cos
Mumbai: India’s second largest drug maker by sales, Dr Reddy’s Laboratories Ltd (DRL) on Tuesday said it has entered into agreements with US pharma companies Schering Corporation Inc and Sepracor Inc the patent holders of anti-allergic rhinitis drug Clarinex D, to resolve all pending patent infringement cases filed by these companies in a New Jersey court.
The agreements provide for potential modification of select terms on certain events and developments, and are subject to review by the United States Federal Trade Commission and Department of Justice.
Dr Reddy’s was one of the applicants, who sought approval from the US Food and Drug Administration to sell a cheap copy of the drug in the US market under the so-called Para 4 filing.
This settlement will allow the Indian company to manufacture and market generic versions of the drug with a six month market exclusivity, starting from 2012. Total US sales of the drug, which is sold in various dosage forms, in 2007 was $362 million (Rs1,756 crore).
— C.H. Unnikrishnan and PTI
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‘Chinese phones minus IMEI numbers a threat’
New Delhi: The Centre on Tuesday said Chinese mobile phones, which do not display IMEI numbers, and mobile subscribers submitting fake addresses are now becoming new terror tools.
In a written reply to Lok Sabha in this regard, minister of state for home Sriprakash Jaiswal said, “Use of Chinese mobile phone handsets which do not display International Mobile Station Equipment Identities (IMEI) number and those obtained on fake addresses have serious security implications.”
The Department of Telecom (DoT) has directed all operators to make provision of equipment identity registry (EIR) so that calls without IMEI or electronic serial number (ESN) or that with IMEI and ESN with all zeros are not processed and hence rejected.
PTI
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Kasab is not Pakistani, Gilani’s adviser says
Islamabad: Mohammed Ajmal Kasab, the sole surviving gunman from the Mumbai terrorist attacks of last month, is not a Pakistani, said Rehman Malik, adviser on security to Pakistan’s prime minister, adding, “no data on his name is available in our record.”
“We can’t say about the status of Ajmal Kasab until we have investigated at our end. So far, India has not provided us any evidence on him.”
India has blamed “elements” in Pakistan for being behind the 26-29 November attack on Mumbai that killed 184 people, while Mumbai police officials have said Kasab has provided information under interrogation that proves the role of Lashkar-e Taiba.
The minister said he has received a letter from Kasab to the Pakistani authorities seeking legal assistance. “We are examining the letter,” he said.
Meanwhile, the chief of Interpol said on Tuesday in Pakistan that India had not yet authorized the sharing of any information with the global police agency about those allegedly involved in the Mumbai attacks.
Interpol secretary general Ronald Noble made the statement after talks with Pakistani interior ministry chief Rehman Malik about the ongoing investigation into the attacks, which India has blamed on Pakistan-based militants. “To date, India’s government has not authorized India’s police agencies to enter any data relating to the recent terrorist attacks in Mumbai into Interpol’s databases,” Noble said.
Bloomberg and AFP
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First Published: Tue, Dec 23 2008. 11 32 PM IST