Mining projects await forest department clearance in Jharkhand
BUS2Business/Environment/BusinessMining projects await forest department clearance in JharkhandRanchi, Oct 11 IANS Several mining companies, which have been allotted mining blocks in Jharkhand, are not able to start operations in the state as the projects are yet to be cleared by the forest department. According to sources in the mines and geology department, 22 companies have been allocated iron ore mines and coal blocks in the state. But none of them is able to start mining. "Several companies got approval for mining in the state from the central government. But the mining work can start only after forest clearance is accorded to them," a department official told IANS.The companies who got mining lease include ArcelorMittal, Tata Steel, Jindal South West and Electrosteel Casting. Electrosteel was given a mining lease on June 1, 2006. After more than two years, the company is still waiting for forest clearance. "Allocation of mines is just one step in the process to start mining. Before starting mining, we have to seek clearance from the forest and environment department, pollution department among other departments. The procedural work unnecessarily delays the mining work," a senior Electrosteel official told IANS on condition of anonymity. Asked about the delay, Forest and Environment Secretary Sukhdeo Singh said: "We will soon review the forest clearance issue. Around 10,000 to 12,000 hectares of forest land have been allocated for mining purpose." Indo-Asian News Servicens/sj/jg253 Words11101427
2008-10-11 05:04:14McCain losing ground among whites
The steel mills and coal mines of Pennsylvania helped fuel the nation's economic engine. Today, old factory shells and boarded-up storefronts stand as bleak reminders of those once-prosperous time...
2008-10-11 00:31:48SAN FRANCISCO
INT11International/Society/CrimeGolden Gate Bridge to get $50-mn suicide netSan Francisco, Oct 11 DPA The world famous Golden Gate Bridge is to get a $50-million suicide net after bridge bosses ruled that it was more important to save lives than preserve the structure's classic lines. An average of 20 people commit suicide each year by climbing over the 1.2 metre railing and plunging some 75 metres to the San Francisco Bay below. Last year 37 people leapt to their death from the 1,280-metre-long span that links San Francisco to Marin County to the north. A further 17 have committed suicide so far this year. The steel nets would hang some six meters on each side of the bridge, extending some six meters out, and will have a minimal impact on the landmark's profile, board members said. "The net offers a way to do the most humane and highest-minded thing ... in a way that is aesthetically minimal as far as impacts on the bridge," said board member Charles McGlashan. Officials estimate the barrier will cost $40 million to $50 million to build, but there is still no decision on how to fund the project. Officials will also have to undertake an environmental review to examine the effect of the suicide net on birds. --DPAskp/232 Words11100711
2008-10-11 00:00:00Recycling Baseball Memories, As Scrap
Almost all of Detoit's Tiger Stadium is being recycled. More than 11.4 million pounds of steel and almost 17.4 million pounds of concrete and other debris may be turning up in car bodies or under ...
2008-10-10 17:10:24McCain losing ground with working-class whites AP
AP - The steel mills and coal mines of western Pennsylvania helped fuel the nation's economic engine. Today, old factory shells and boarded-up storefronts stand as bleak reminders of those once-pr...
2008-10-10 03:06:18Indian equities crash on global cues, liquidity worries Lead
BUS5Business/Business/EconomyIndian equities crash on global cues, liquidity worries LeadMumbai, Oct 10 IANS Seemingly dissatisfied with the interventions across the globe by governments and central banks to cushion the financial crisis, Indian equities crashed Friday, pulling a key index down to its lowest levels in more than two years.The sensitive index Sensex of the Bombay Stock Exchange BSE was ruling at 10,726.01 points, an hour after the opening bell, with a loss of 602.35 points, or 5.32 percent, over the previous close.The index had opened at 10,632.27, but within a couple of minutes, it crashed to 10,239.76 points. The index then staged a minor recovery, amid some volatile trading, data with the exchange showed.All the 30 shares that go into the Sensex basket were in the red.Consumer durables stocks took a major beating with the sector-specific index for the industry down 7.47 percent, while technology index was next with a loss of 6.32 percent.Among the Sensex scrips, ICICI Bank led the losers, down 13.80 percent, followed by Reliance Communications -10.41 percent, Jaiprakash Associates -10.17 percent, Tata Steel -8.72 percent and Satyam Computer -8.07 percent.The market seems to have ignored the resolution adopted by the union cabinet late Wednesday that said the Indian economy was robust and that the liquidity problem that appears to have surfaced would be addressed adequately.A day after, leading industry lobbies appealed to the policymakers to inject Rs.1,000 billion $22 billion into the financial system to ease the liquidity problem and help tide over the cash crunch. --Indo-Asian News Serviceap/jg283 Words*10101118
2008-10-10 02:00:00ArcelorMittal profits to rise despite financial crisis: Mittal
INT64International/Diaspora/EconomyArcelorMittal profits to rise despite financial crisis: MittalLondon, Oct 9 IANS Lakshmi Niwas Mittal, chairman and CEO of ArcelorMittal, said Thursday he expects the world’s largest steelmaker to increase profits this year despite the global economic downturn."Despite the current financial crisis, the Chinese economic slowdown and the strong destocking taking place on steel markets, we are pleased to expect profitability improvement in the second half of this year,” Mittal said.In a statement issued to shareholders ahead of a meeting with investors Thursday ArcelorMittal reaffirmed third quarter EBITDA earnings before interest, tax, depreciation and amortisation guidance in excess of $8.5 billion. The company, which produces 10 percent of the world’s steel, also announced that it expects EBITDA as well as cash flow from operations to be higher in the second half of 2008 compared to the record first half of 2008.Shares in the Luxembourg-based steel giant soared 10 percent Thursday after it confirmed the H2 guidance.--Indo-Asian News Servicedds/sk/vt167 Words*09101727
2008-10-09 08:03:18Mittal increasing investment in Poland
BUS10Business/InternationalMittal increasing investment in PolandWarsaw, Oct 8 IANS With the recent financial meltdown, steel magnate Lakshmi Mittal may have seen his wealth eroded by a reported 16 billion pounds, but he is very active in Poland and increasing investments, says the online news agency EuAsiaNews. The Mittal-controlled ArcelorMittal, the world's largest steel producer, has decided to invest 700 million euros $955 million or Rs.46.5 billion in its Polish subsidiary ArcelorMittal Poland, the agency said quoting reports published in Polish daily Rzeczpospolita The Republic. ArcelorMittal plans to invest in Krakow to increase the capacities of its hot rolling mill there, as well as to construct a new galvanising plant. Additionally, ArcelorMittal Warszawa, another subsidiary of the group, has began work on a rolling mill on an investment of 84 million euros $114 million. Greater demand is stimulating development of more advanced products, and ArcelorMittal has already spent 920 million euros $1.25 billion on modernisation and new investments in the past three years. The investments have taken place in their steel mills at Krakow, Dabrowa Gornicza, Sosnowiec and Swietochlowice. Mittal has also shown interest in taking over the Huta Labedy Steelworks in Gliwice, once the Polish government decides to sell off this plant. The process of privatisation has already begun and the tender will be issued shortly. ArcelorMittal controls over 70 percent of the Polish steelworks industry. --Indo-Asian News Serviceeu/ank/dg253 Words08101400
2008-10-08 05:00:00Indian equities in free fall, key index below 11,000 Lead
BUS4Business/Business/EconomyIndian equities in free fall, key index below 11,000 LeadMumbai, Oct 8 IANS The bloodbath in the Indian equities markets continued Wednesday with a key index dipping below the psychologically important 11,000-point mark after opening weak.There was all round selling pressure as nervous investors grappled with news that even the global multilateral funding agency, the International Monetary Fund IMF, considers India vulnerable to the global financial meltdown.At 12.22 p.m., the 30-share sensitive index Sensex of the Bombay Stock Exchange BSE was at 10,949.64, down 745.60 points or 6.38 percent against its previous close at 11,695.24 points.At one point in the morning session, the Sensex was down by more than 902 points or 7.71 percent to 10,782. The broader-based S&P 50-share CNX Nifty index of the National Stock Exchange was at 3,360.20, down 246.4 points or 6.83 percent from its previous close at 3,606.60.The BSE midcap index was at 3,889.87, down 367.29 points or 8.63 percent from its previous close Tuesday at 4,257.16 points.The BSE smallcap index was at 4,603.94, down 372.45 points or 7.48 percent from its previous close Tuesday at 4,976.39 points.All the 13 sector specific indices were in the red, led by that for consumer durables, down a whopping 14.12 percent, followed by drops of 9.54 percent for metals, 8.82 percent for realty and 8.59 percent for information technology.None of the Sensex-component stocks showed gains.Among individual stocks, Sterlite was down 13.74 percent, Satyam Computers fell 13.77 percent, Wipro dipped 11.94 percent, Jiprakash Associates declined 10.35 percent and ICICI Bank dropped 10.24 percent.HDFC, Hindalco, Reliance Communications, Tata Consultancy, Tata Steel, Reliance Infrastructure, Tata Power and Reliance Industries also fell between 9.99 percent and 7.48 percent.--Indo-Asian News Servicearj-ap/jg336 Words*08101230
2008-10-08 04:04:10Tata Steel bags Deming Application Prize
BUS42Business/NationalTata Steel bags Deming Application PrizeMumbai, Oct 7 IANS Tata Steel has bagged the prestigious Deming Application Prize-2008 for Total Quality Management TQM, a company official said here Tuesday.The Deming Prize Committee, instituted by the Japanese Union of Scientists and Engineers, Tuesday announced the award - first for any integrated steel company outside Japan. It will be formally handed over at a ceremony scheduled in Tokyo Nov 12.Tata Steel managing director B. Muthuraman dedicated the honour to the employees of the company, its customers and business partners, who have been part of the TQM journey initiated in 1988. "No other activities made us think so deeply about our business and relationships than the process of applying for the Deming Prize. It is a fundamental way of managing business and every organisation can gain from institutionalising the culture necessary to win this prize," Muthuram observed.Established in 1950 in honour of W. Edwards Deming, the Deming Prize was originally designed to reward Japanese companies for major advances in quality improvement.So far, 160 companies worldwide have won the prize, including 15 Indian companies from the automotive sector.--Indo-Asian News Serviceqn/sj/vt205 Words07102037
2008-10-07 11:08:06
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