India, Russia sign trade pact
New Delhi: India and Russia have signed a wide-ranging trade and economic protocol providing for joint development of a 100-seater multi-purpose transport aircraft and boosting cooperation in oil exploration.

The aircraft, to be produced and marketed jointly, is likely to be based on the Russian IL-214 design and will be developed in its various versions, military transport, passenger and cargo.

Feasibility studies have already been carried out and Moscow and New Delhi had earmarked development of main and subsidiary systems like air frame, engines and other components between them.

While giving strength to traditional areas of trade, the two sides have agreed to diversify into new areas like import of rough diamonds from Russia and export of computers from India.

Russia has agreed to have one time clearance for Indian pharmaceutical imports, which form the bulk of the trade between the two countries. It will replace the old system of batch by batch inspection.
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Rajasthan gets its first international flight
Jaipur: Rajasthan got its first international flight with the Indian Airlines starting its Jaipur-Dubai flight via Delhi from Sanganer airport here.

The Indian Airlines' 145-seater Airbus A 320 will take off every day from Jaipur beginning February 12 at 0830 hrs, arrive at Delhi at 0910 hrs, and take off at 1000 hrs to reach Dubai at 1220 hrs. The return flight will depart Dubai at 1310 hrs.

Incidentally, Indian Airlines will clock profits for the first time since 1997 in the current financial year.

That is quite an achievement considering that about 15 airlines world over had to be grounded in the wake of the crisis that engulfed civil aviation after 11 September terror strikes in the United States.

Air India too made a profit of Rs 25 crore during the current financial year. Air India made the profit by starting new Haj flights, which began recently, reducing the air fare, and scrapping the facility of complimentary passes.
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One lakh tonne onions released for export
New Delhi: Government has released one lakh tonne onions for export up to 15 April 15 this year from 6 February by eight agencies with specific allocation for each of them.

The agencies include National Agricultural Cooperative Marketing Federation of India and Maharashtra State Agricultural Marketing Board (35,000 tonnes each), Gujarat Agro Industries Corporation (10,000 tonnes), Spices Trading Corporation (6000 tonnes), Andhra Pradesh State Trading Corporation (5000 tonnes).

Other allottees are Karnataka State Cooperative Marketing Federation and North Karnataka Onion Growers Cooperative Society (2000 tonnes each) and National Cooperative Consumers Federation (5000 tonnes).

Onion exports are subject to an overall ceiling of seven lakh tonnes against an annual output of over 40 lakh tonnes.
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ITES expected to grow at 75%
Mumbai: The IT-enabled services (ITES) segment is on target to clock Rs 7,100 crore in revenues in 2001-02. Last year, ITES companies achieved combined revenues of Rs 4,100 crore.

According to the National Association of Software and Services Companies (Nasscom), ITES segment would generate job opportunities for over 1.1 million Indians and a revenue potential of Rs 81,000 crore by 2008. The ITES sector currently employs around 107,000 personnel.

The ITES segment covers human-intensive services that are delivered over telecom networks or the Internet to a range of business segments and verticals.

Indias ITES sector has received significant VC funding in an otherwise cautious environment.
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Qantas Air withdraws India flights
New Delhi: Qantas Airways will terminate all services to India from 31 March as part of an overall revamp of its international operations.

The withdrawal of the five return services a week from Sydney to Mumbai via Singapore, would allow Qantas to transfer the Boeing 767 aircraft from its international to domestic routes. The airline has deferred delivery of the three Airbus A330 planes that were due to arrive in mid-2003.
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India seeks concession for textiles from US
New Delhi: India has sought from the United States market access concessions for textiles along with reduction in peak tariff levels.

This was conveyed by the Commerce and Industry Minister Murasoli Maran at a meeting with the US Deputy Treasury Secretary Kenneth Dam here.

According to an official release, Maran said market access concessions in textiles given recently by the US to some other trading partners should be extended to India.

He also pointed out that reduction in peak tariffs and tariff escalations would be in the interest of both the developed and the developing countries.
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Broadcasters frame advertising code
New Delhi: Broadcasters are framing guidelines for advertising and programming code.

The guidelines would pertain to all aspects of programming and advertising and include issues such as depiction of women onTV, religious sentiments, violence, cruelty towards animals and various aspects relating to the Constitution of India.

The Indian Broadcasting Foundation, a representative body of broadcasters, plans to make it mandatory on its members to follow the guidelines.

The IBF has set up a task force that would draft the guidelines.
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6 US biotech firms to open shop in AP
New York: Six American biotech firms are eyeing Hyderabad for joint ventures.

Proximare, Bioserve, Genetics and Silica are among the biotech firms that have signed agreements with Andhra Pradesh chief minister Chandrababu Naidu. Another agreement with Sun Microsystems, based in San Francisco, is on a bio-informatics research collaboration with the Andhra Pradesh government.

A government-assisted ICICI Knowledge Park at Shamirpet Mandal, near Hyderabad, will provide ready-to-use laboratories on a lease basis to companies and support services to firms ready to invest in R&D.

The state government has offered 600 sq km of land in the Ranga Reddy district to set up a Genome Valley to promote biotech activities.
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$ 45-million Potter video planned
Los Angeles: Harry Potter is set to bewitch homes in an unprecedented $45-million video and DVD marketing blitz aimed at cashing in on the success of the fourth biggest grossing film in history.

Warner Home Video said it would release "Harry Potter and the Sorcerer's Stone" on DVD on 28 May in the United States followed immediately by other international markets including Europe and Asia.

The release will cost $25 million in the United States and a further $20 million in Europe.
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Bachchan clears Rs 20-cr Prasar Bharati debt
New Delhi: Film star Amitabh Bachchan has paid up Rs 2.61 crore, the last instalment of his dues to Prasar Bharti.

Bachchan arrived at the Prasar Bharti office accompanied by friend and Samajwadi Party leader Amar Singh.

Amitabh Bachchan Corporation Limited (ABCL), a company run by Bachchan, had owed Prasar Bharti a total of Rs 20.32 crore with an interest component of Rs 12.95 crore.
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Gold surges to five-year high
New Delhi: Gold prices surged to a five-year high, touching Rs 5,050 per 10 gm on the bullion market in early trading on 7 February but ended without any change from last close of Rs 4,960.

Gold prices shot up in line with a spurt in its prices on the London bullion market in the opening session. Gold opened at around $307 an ounce compared with $297.45 previous day.

Domestic markets here jumped in a chain reaction and commenced the day at Rs 5,050 per 10 gm, a record level of 3 January 1997 against Wednesday's close of Rs 4,960.
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Bharti fined Rs 10,000
New Delhi: Telecom Dispute Settlement and Apellate Tribunal has pulled up Bharti Telenet for misquoting Attorney General's opinion to gain advantage in the payment of licence fee dues and imposed a fine of Rs 10,000 on the company.

The Tribunal was of the view that the application of Bharti Telenet relating to licence for basic telecom services in Madhya Pradesh, was without merit and "is hereby dismissed."

Bharti had argued that the government obtained the opinion of Attorney General, which was in favour of the petitioner.
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Steel exports up 24%
New Delhi: Steel exports rose by 24.17 per cent to 24 lakh tonne in April-January 2001-02 from 22.55 lakh tonne during the corresponding period last fiscal.

Production estimates for the review period of the current fiscal put finished steel production at 246.25 lakh tonne against 245.04 lakh tonne recorded during the same last fiscal, an official release said.

The pig iron production during these ten months has also gone up from 29.23 lakh tonne during April 2001- January 2002 to 32.2 lakh tonne.

Exports of pig iron during this period has gone up to 2.13 lakh tonne from 1.68 lakh tonne during the same period last year.
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