New Delhi:Rajiv Mathur on Thursday took over as the new director of the Intelligence Bureau (IB).
Mathur, a 1972 batch IPS officer of Uttar Pradesh cadre, who has served IB for nearly three decades including 15 years in Washington, took over from P.C. Haldar, who retired on 31 December.
The name of Mathur, who was earlier special director in IB, was cleared by the appointments committee of cabinet headed by Prime Minister Manmohan Singh in early December.
Considered an expert hand in dealing with North-East insurgencies, Mathur’s appointment comes at a time when intelligence agencies in the country have come under sharp criticism for its repeated failures to stop terror strikes from across the border.
DL Rawal appointed Dena Bank chief
Mumbai: State-owned Dena Bank on Thursday announced the appointment of D.L. Rawal as its chairman and managing director.
Prior to this, Rawal was serving as an executive director with Canara Bank.
Rawal has served in various departments of Canara Bank such as credit, treasury, overseas banking and SME, a press release said here. Rawal succeeds P.L. Gairola at Dena Bank.
L&T names Ravi Uppal as power unit CEO
Mumbai: Larsen and Toubro Ltd (L&T) on Thursday named Ravi Uppal as managing director and chief executive officer (CEO) of unit L&T Power Ltd.
Uppal was previously the head of global markets and a member of the group executive committee of the ABB Group, the engineering and construction firm said in a statement.
Hero Honda 2-wheeler sales dented 10% in Dec
Mumbai: Hero Honda Motors Ltd said two-wheeler sales in December fell 10%.
The firm sold 215,931 motorcycles and scooters last month compared with 240,532 a year earlier, the company said in a statement.
Yamaha posts threefold increase in Dec sales
New Delhi: Two-wheeler maker Yamaha Motor India Pvt. Ltd on Thursday reported a nearly threefold increase in its domestic sales during December at 16,000 units compared with 5,524 units in the year-ago period.
The company witnessed a growth of 13.32% in 2008 at 136,468 units as against 120,428 units in the previous year, the company said in a statement.
GM India sales fall 35.95% in December
New Delhi: Car maker General Motors India Pvt. Ltd reported on Thursday a 35.95% decline in its domestic sales at 4,041 units in December, against 6,309 units in the year-ago period.
The sales comprised 509 units of multi-utility vehicle Chevrolet Tavera, 867 units of sedan and hatchback Chevrolet Aveo and Aveo U-VA, 248 units of the luxury sedan Chevrolet Optra, 2,382 units of its small car Chevrolet Spark and 35 units of Chevrolet Captiva, GM said in a statement.
“Since the market has slowed down completely, we could not meet our target although we have registered a marginal growth this year,” GM India vice-president P. Balendran said.
RBI cancels licence of cooperative bank
Mumbai: The Reserve Bank of India has cancelled the licence of Maharashtra-based Shri PK Anna Patil Janata Sahakari Bank following insolvency of the cooperative bank.
“Consequent to the cancellation of its licence, Shri PK Anna Patil Janata Sahakari Bank Ltd, Maharashtra is prohibited from carrying on banking business,” RBI said in a release.
Following liquidation, every depositor will receive repayment of his deposit up to a ceiling of Rs1 lakh from the Deposit Insurance and Credit Guarantee Corp., it said.
The central bank has cancelled the licence of the 22-year-old cooperative lender on 29 December, given to it in July 1986.
The licence of the cooperative bank was cancelled as all efforts to revive it in consultation with the state government had failed, it said.
Rubber price limit revised to 4%
New Delhi: Commodity market regulator Forward Markets Commission has given directive to commodity exchanges to revise the price limit for rubber to 4% with immediate effect.
Earlier, the price limit for the maximum daily price limit for rubber was 3%, according to a National Multi-Commodity Exchange of India circular.
The initial daily price limit also witnessed a revision and went up to 3% from the earlier 2%.
This revised daily price limits would be applicable for all rubber contracts, including the running ones, with immediate effect, the circular said.
The price limits would be calculated on the basis of previous day’s closing price, it added.
FDI in manufacturing can be $12 bn a yr: Ficci
New Delhi: Foreign direct investment (FDI) inflows into India’s manufacturing sector could triple to $12 billion (Rs58,440 crore) annually if the government eases regulatory hurdles and cuts project approval time, a survey said on Thursday.
The survey by the Federation of Indian Chambers of Commerce and Industry (Ficci) said schemes to attract foreign investment in computer hardware, capital goods, aerospace, electronic goods, food processing and ship-building should be made more attractive.
“With a concrete and comprehensive action plan, it may not be difficult to get $12 billion of FDI in the manufacturing sector alone per annum for the next five years, which could be scaled up in subsequent years,” it said.
In 2008, FDI inflows into manufacturing companies were $3.4 billion despite a very liberal policy for FDI in the manufacturing sector.
Oil refining down 1.1%,output rises 0.5% in Nov
Mumbai: Indian refiners led by Indian Oil Corp. Ltd cut crude oil processing 1.1% in November.
Refiners turned 12.8 million tonnes (mt) of oil into fuels compared with 12.97mt a year earlier, the oil ministry said in a statement in New Delhi on Thursday.
Indian Oil’s processing declined 5.6% to 3.84mt. Reliance Industries Ltd reported a 7.4% fall in production to 2.92mt.
Essar Oil Ltd more than doubled production to 1.1mt from 505,000 tonnes a year earlier, the ministry said.
However, production of crude oil climbed by 0.5% in November.
Companies, including Oil and Natural Gas Corp. Ltd pumped 2.84mt of oil in the month compared with 2.82mt a year earlier, the oil ministry said.
India’s natural gas output declined 0.5% to 2.75 billion cu. m, it said.
GAIL buys gas from Shell for $11.7 per mBtu
New Delhi: State gas utility GAIL (India) Ltd has bought liquefied natural gas (LNG) from Shell India Ltd at $11.7 per million British thermal unit (mBtu).
GAIL bought 50 million standard cu. m of regassified-LNG from Shell to plug the gap in supplies resulting from the shutdown of Petronet LNG Ltd’s Dahej terminal from 6-12 January, company director (marketing) B.C. Tripathi said here.
Shell this week is importing LNG at its Hazira terminal in Gujarat, the first time since October, when naphtha prices fell lower than spot LNG prices, leading to most power and fertilizer plants using both shifting to the liquid fuel.
New Bangladesh govt to take oath next week
Dhaka: Awami League chief Sheikh Hasina, who led her grand alliance to a landslide victory in Bangladesh polls, has said the new government would take oath next week.
“We will take oath after getting invitation from the President and I hope it will be within the first week of January,” she told reporters after meeting President Iajuddin Ahmed on Wednesday at the Bangabhaban presidential palace.
Bangabhaban officials said the President told Hasina that she could form the government whenever she wanted. He said he would invite her as soon as possible.
Meanwhile, the ‘Prothom Alo’ newspaper quoted a “highly placed” Awami League officials as saying that the new government could be formed on 5 January.
Panel to select members for competition tribunal
New Delhi: Ahead of making competition watch dog Competition Commission of India (CCI) totally functional, the government has set the process rolling for head hunting of the Competition Appellate Tribunal (CAT), and aims at making the two operational by next month.
“The committee for selection of a chairperson and two members has been constituted and the government aims to simultaneously operationalize both the CCI and CAT,” an official in the know of the matter said.
Chief Justice of India K.G. Balakrishnan has been appointed as the head of a committee to select a chairperson for CAT, which will hear appeals against directions by the CCI, officials said.
Another committee under the chairmanship of Supreme Court justice Altamas Kabir has also been set up by the government to select members of CAT, the officials said.
Organizational revamp is priority: NSUI chief
Kochi:National Students’ Union of India (NSUI) president Hibi Eden said on Thursday his priority was to revamp the organizational structure and to organize a nation-wide campaign against “terrorism”.
Eden, who was recently appointed as president of the Congress students wing, told a meet-the-press programme that the immediate task was to set up new committee for NSUI and to strengthen it across the country, he said.
He said political awareness among students in northern parts of the country was not up to the level of students in the south.
To a query whether he will be contesting the coming Lok Sabha elections from Ernakulam constituency, he said “my task is to fulfil the duty assigned to me by the party. I will abide by any decision of the party”.
Naxalism: Raman Singh to set up separate force
Raipur: Winning a fresh verdict, Chhattisgarh chief minister Raman Singh has adopted a carrot-and-stick policy to deal with the problem of naxalites, who have been repeatedly fighting para-military forces in the state, and plans to implement populist schemes he has promised in the poll campaign through austerity measures.
The chief minister offered to hold talks with the naxalites saying he was ready to consider contentious issues such as land reforms but made it clear that they have to first stop violence.
Singh, who is facing allegations from opposition Congress leaders that the state was not doing enough to fight naxalites, said a separate force would be set up soon.
Pranab: US has given evidence, Pak should act
New Delhi:India on Thursday said the US has provided “strong evidence” to Pakistan about involvement of Lashkar-e-Taiba in the Mumbai attacks and that Islamabad should now hand over the culprits for which no extradition treaty is required.
A day after the US media reports said a key Lashkar operative had “confessed” to involvement in the Mumbai attacks, external affairs minister Pranab Mukherjee said Pakistan is yet to demonstrate “tangible” action against the perpetrators though it is obliged to do so under international laws.