document.writeln("

IEA report: World faces US$17,000bn energy bill
London: In a report, entitled 'World Energy Outlook 2005,' the International Energy Agency (IEA) has said that US$17,000bn would need to be invested by governments and companies globally by 2030, if world energy needs are to be met. The amount is US$1,000bn more than estimated a year ago.

The IEA's projections show that world energy demand is set to soar by more than 50 per cent over 25 years, raising the threat of a further surge in prices for oil and other fuels unless enough investment is made.

The report also highlighted anxieties over environmental damage from a leap in greenhouse gas emissions.

Claude Mandil, the agency's executive director, said: "These projected trends have important implications and lead to a future that is not sustainable. We must change these outcomes and get the planet on to a sustainable energy path."

The agency's forecasts show that there are sufficient oil and gas reserves to meet the world's needs over the next 25 years. However, the IEA sounded a warning that prices will rise without investment to boost production.

With sufficient investment, it sees the costs of crude easing from an average of US$36.33 a barrel last year to US$35 at present prices by 2010, and then rising to US$39 by 2030 — an upward revision of US$10 a barrel from last year's report.

However, if investment lags, the agency forecasts that crude prices could reach US$52 in real terms by 2030, or US$86 in cash terms. The impact would have the potential to shave a quarter-point a year off world growth, the agency said.
Back to News Review index page  

Pascal Lamy: No 'Plan B' if London and Geneva talks fail
London: Pascal Lamy, the World Trade Organisation's director general, yesterday warned five of the biggest players in world trade that there was no "Plan B" if three days of intensive talks in London and Geneva failed to breathe fresh life into the stalled Doha round. Lamy warned that "time is running out" to cobble together a deal in time for a world trade summit in Hong Kong next month.

He said that if a deal were to be achieved in time, all major trading nations and blocs would have to give ground on agricultural subsidies as well as market access for agricultural goods, industrial products and services companies. Lamy was in London to host crucial talks between the EU, US, Brazil, India and Japan.

The meeting will be followed today by the start of a two-day session in Geneva involving up to 25 of the WTO's most important trading partners.

The Doha round is named after the Qatari capital where it was launched in 2001 in a move to slash subsidies and tariffs that distort trade and prevent poor countries from selling their goods into rich markets. It all but fell apart at a summit in Cancun, Mexico, almost two years ago and has struggled to regain momentum since.

Indian commerce and industry minister Kamal Nath, hosting the London talks at the India High Commission, said that agriculture remained the key to unlocking progress on the round. "

"We are deeply concerned that there is so much to be agreed upon and so little time. The next three days are crucial and it is incumbent upon all of us to recognise that the reckoning has come [over] to what extent countries will subscribe to the inherent inequalities in global trade," he said.

Nath said India's 650 million subsistence farmers could not compete with the US$1bn-worth of domestic support received by farmers in rich countries. He added that he was still "optimistic" that the talks would succeed, but sources close to the negotiations warned that success was not guaranteed.
Back to News Review index page  

Bangladesh: New law to cater to foreign investments on the cards
Dhaka: Bangladesh's Board of Investment (BoI) will draft a new law to deal with large-scale package investments like that of the Indian Tata Group and Dubai-based Dhabi Group.

According to Bangladesh govt. sources the necessity for such a law emerged during the negotiations with the Tata Group, as the government negotiators found the existing rules and policies inadequate with regard to such large investments that have come in as unsolicited offers.

The BoI has now decided to initiate a move to create a legal instrument to deal with multidimensional investment proposals, which exceed the minimum level of billion-dollar business.

Official sources said the public-procurement issues are involved in the Tata Group's investment as the company has offered to sell its products, particularly electricity, to the government. But the existing rules, regulations and other policies do not support any purchase from private sector on the basis of an unsolicited offer.

The government has agreed in principal to purchase about 550MW electricity from Tata's power plant. But the tariffs of electricity were yet to be settled.

The final round of negotiations between the government and the Tata Group began in the last week of September. Currently the talks between the two sides remain suspended ahead of the SAARC summit.

Tata has offered to invest about US$ 2.5 billion in the country to set up a 1000MW coal-fired power plant, a steel plant and a fertiliser factory. The development and operation of a coal-mine is also included in the Indian firm's business plan.
Back to News Review index page  

Ryanair soars high in profits and business plans
Dublin: Inspite the doubling of its fuel bill Ryanair half-year profits have soared and the airline claims that it would soon overtake Lufthansa to carry more passengers internationally than any other airline.

Michael O'Leary, the Ryanair chief executive, said the low-fare airline was on course to carry 35mn passengers this financial year, up from 27mn in the year to March 2005. This would beat both Lufthansa and British Airways, he said, once their domestic traffic was excluded.

The airline has posted a 22 per cent rise in profits to €270mn (£184mn) pre-tax on revenues 33 per cent higher at €946mn for the six months to September 30. This was despite a 108pc rise in the fuel bill to €237mn.

Passengers rose 29 per cent to 18mn over the half and, looking further out, with 127 new Boeing 737-800s on order, Ryanair expects to carry 42mn passengers next year, rising to 73mn by 2012.

O'Leary said that he would continue to drive down fares. "If you look at the Wal-Marts, the Tescos, the Dells, success has always come from reducing prices. We are the Tesco of the airline industry."
Back to News Review index page  

Qualcomm files GSM patent suit against Nokia
San Diego: Qualcomm has filed a lawsuit against Nokia for alleged infringement of 12 of its patents pertaining to GSM technology.

The lawsuit was filed in a federal court in San Diego and refers to patents deemed essential for the manufacture or use of equipment that complies with the GSM, GPRS and Edge cellular standards.

Qualcomm's complaint states that Nokia is infringing its patents by making or selling products in the US which comply with the GSM family of standards.

The wireless technology firm is seeking "monetary damages" and an injunction against Nokia's "continuing sale of infringing products".

Faced with the demand for ever faster data rates, and spurred by competition from 3G systems, 2G standards such as GSM have evolved to support improved data capabilities with the addition of GPRS and later Edge, according to Qualcomm.

The firm claims that this evolution of the original GSM platform has illegally incorporated its patented technology that was originally developed for use in CDMA systems.

"Nokia's GSM, GPRS and Edge standards-compliant products unavoidably infringe Qualcomm's patents surrounding these inventions that have become essential to the GSM family of standards," Qualcomm alleges.

Six of the patents in Qualcomm's complaint against Nokia were also asserted in the complaint that the firm filed against Broadcom on 11 July 2005.
Back to News Review index page