Banking and Finance
Citibank goes for single management set-up
CITIBANK India has restructured its management set-up. The bank today said it has simplified its management structure and moved towards a singular reporting system for its corporate and consumer banking businesses. Earlier, these businesses operated inde
pendently reporting directly to the region's functional heads.
Ministry clarification on IDBI appointment
With reference to the report `CVC says he has not been approached in Vora's case' published on August 8, the Ministry of Finance has clarified that a reference in this regard was sent by the Banking Division of the Ministry to the Central Vigilance Commi
ssion on August 1.
Breweries
UB demerges brewery biz as BrewCo
THE board of United Breweries Ltd today approved the demerger of its brewery business into a separate entity called BrewCo, effective August 1.
Corporate
DD may end up with a dented coffer
LAST year could have been one of the best for Doordarshan, but the public broadcaster is not set to score a double whammy.
Economy
Reforms at our own pace, says Sinha
THE Government today struck a defiant note over the downgrading of India's sovereign rating by international rating agencies, Standard and Poor's and Moody's, with the Finance Minister, Mr Yashwant Sinha, declaring that the Government would pursue econom
ic reforms ``at our own pace.''
Frequent flying babus to become extinct
THE frequent flying plans of many a babu in Raisina Hill have been grounded with the Government deciding to dispense with the practice of holding negotiations pertaining to World Bank-funded projects in Washington.
Moody's lowers India's rating
THE international rating agency, Moody's Investors Service, has lowered India's sovereign rating outlooks by a grade.
Downgrade unwarranted: Chambers
THE apex chambers of commerce and industry on Thursday held that Moody's decision to downgrade India's foreign currency rating was not warranted and that the rating agency had not factored in some of the positive aspects of the economy before arriving at
a decision.
S&P cuts outlook for more firms
Standard and Poor's has downgraded the rating outlook of ICICI, IDBI and Bank of Baroda to negative from stable. The `BB' long-term and `B' short-term counterpart credit ratings on all the institutions have been reaffirmed, S&P said.
S&P rating `disturbing'
NEW DELHI: The competitive position of India may be disturbed by adversial cross-currency behaviour and downgrading of currency rating by institutions such as the Standard & Poor's (S&P), according to the Associated Chambers of Commerce and Industry (Ass
ocham). -- Our Bureau
Environment
Battle over ecology leaves KIOCL at the crossroads
AS the battle between the environmentalists and the Kudremukh Iron Ore Company (KIOCL) continues over the mining in the Kudremukh area, the families of the employees of the company recently made a poignant attempt through a silent prayer to weather the t
ension of having to face abrupt disturbance to their livelihood.
Foreign Trade
`New trade round will help India's lot'
THE visiting US Trade Representative, Mr Robert B. Zoellick, has hoped that India would work with the US and other supporting countries to ensure a successful launch of a new round of global trade negotiations at the forthcoming Doha Ministerial conferen
ce.
India, Nepal discuss trade, transit treaty
THE Department of Commerce (DoC) today said that senior Indian Government officials have discussed the problems faced by Indian industry, on account of the preferential imports facility accorded to articles manufactured in Nepal, with their Nepalese coun
terparts.
Insurance
Hunt for new heads at National, Oriental Insurance
THE Government has begun searching for replacements of chairmen for two of the public sector insurance companies who are due to retire during the course of this year.
PSU
We've not infringed guidelines: Hindujas
RESPONDING to the show-cause notice issued by the Government, the Hinduja group has said that there is no reason for it being debarred from picking up a stake in public sector entities.
Petroleum
Meet on petro products APM inconclusive
THE high-level meeting convened by the Finance Secretary, Mr Ajit Kumar, on Thursday to thrash out issues involved in the dismantling of the administered pricing mechanism in petro-products scheduled for April 1, 2002 remained inconclusive, with a consen
sus eluding the Finance and the Petroleum Ministries on the operational modalities for deregulating the sector.
Policy
Panel approves IAS postings
THE Appointments Committee of the Cabinet has approved the appointment of Mr Mano Ranajan, IAS, as Additional Secretary and Financial Adviser in the Ministry of Consumer Affairs, Food and Public Distribution.
Power
Dabhol Power goes to PM with equity sale offer
AFTER failing to elicit the support of both the Power and Finance Ministries for a buyout of its troubled project by Central utilities, the Dabhol Power Company (DPC) has approached the Prime Minister, Mr A.B. Vajpayee, with a similar proposal, according
to top sources.
Shipping
P&O Ports consortium bags Chennai terminal project
A CONSORTIUM led by P&O Ports has won the 30-year concession to privatise and develop the Chennai Container Terminal, the second biggest container port in India accounting for roughly 15 per cent of total container volumes.
States
Public, pvt investments in AP farm sector decline
PUBLIC and private sector investments in Andhra Pradesh agriculture sector has declined by 1.9 per cent per annum in the 1990s, against the all-India declining trend in public investment and increasing trend in the private investment in agriculture.
Relocation of DVC headquarters -- Jharkhand to take up issue with PM
THE issue of relocation of the Damodar Valley Corporation (DVC) headquarters to Ranchi appears to be hotting up with the Jharkhand Government planning to take up the matter with the Prime Minister.
Theaters in Mumbai down shutters
Nearly 130 theaters in Mumbai and the adjoining Thane district downed the shutters to protest against the Maharashtra Government's policy of granting tax exemption to multiplex theaters.
TN to frame policy for SSIs
WITH the global competition threat looming over the small and tiny industries, the Tamil Nadu Government is in the process of framing a State policy on small industries which will offer safeguard against financial and marketing hiccups to the latter.
Further delay likely in gas cracker project
THE implementation of the much-delayed Assam gas cracker project may be further delayed as Oil & Natural Gas Corporation Ltd (ONGC) has expressed its inability to sign an agreement with the Reliance Assam Petrochemicals Ltd (RAPL) for supplying the remai
ning quantity of natural gas for the project.
Kerala opposition flays Plan size reduction
THE Opposition Left Democratic Front (LDF) in Kerala has strongly criticised the reduction in the State's annual Plan outlay for 2001-02.
Fishermen in AP go stir from Aug 16
VISAKHAPATNAM: Fishermen in the mechanised sector in the State will go on an indefinite strike from August 16 to focus the Government's attention on the hike in prices of major inputs and the fall in the export rates of shrimp.
3-day electrical products expo in Chennai
CHENNAI: A 3-day exhibition on electrical products, Electrica 2002, to be held in Chennai between August 10 and 12 will showcase the latest products and developments in electrical and electronic industries, according to a press release from the Madras El
ectric Trades Association (META).
TN: New tourism policy formulated
CHENNAI: A new tourism policy for the State is being formulated with special focus on infrastructure, according to Mr V. Ramadoss, Secretary, Information and Tourism Department, Tamil Nadu.
Taxation
I-T Rule on educational bodies amended
THE Central Board of Direct Taxes (CBDT) has amended Rule 2CA of the Income-Tax Rules. The amendment, which comes into force from April 3, 2001, provides that the prescribed authority for grant of approval from exemptions to certain educational and medic
al institutions established for charitable purposes under Section 10 (23)(vi) and (via) of the I-T Act will be the jurisdictional Director Generals of Income-Tax also.
Textiles
Jobs not wages matter for TN textile unions now
TEXTILE trade unions in Tamil Nadu are more concerned about defending jobs at this point of time than wages in the face of deteriorating fortunes of the State's textile mills. But most trade union affiliates are wary of the fact that if they do not swim
together with a matching cry on new wage demands, their independent identity will be in peril.
