Advertising & Marketing
RBI asks The Statesman to change teaser slogan
IN deference to the reservations expressed by the Reserve Bank of India with regard to a teaser advertisement campaign of the Kolkata-based daily The Statesman, the newspaper has to change a campaign slogan that it has been running for some time.
Airlines
Govt keen on full-time MD for Air India
WITH the disinvestment of Air India (AI) having been put on hold, the Government is keen to appoint a full-time Managing Director for the airline.
Mascarenhas takes it lightly
MR Michael Mascarenhas, the first managing director of Air India (AI) to be suspended and subsequently reinstated to his post after the CBI exonerated him of corruption charges, has called for institutionalised safeguards to prevent the repetition of sim
ilar incidents.
Banking and Finance
StanChart chief Talwar quits
MR Rana Talwar has resigned as a Director and Group Chief Executive Officer of Standard Charted Plc. An announcement from the banks London headquarters said Mr Mervyn Davies replaces him as Group CEO with immediate effect.
Rs 5-cr capital base mooted for asset reconstruction co
THE committee on asset reconstruction companies (ARC) has suggested a Rs 5 crore minimum capital contribution by all public sector banks and select financial institutions to set up the first ARC in the country.
Corporate
Portfolio investments banned for overseas corporate bodies
THE Reserve Bank of India (RBI) on Thursday banned overseas corporate bodies (OCBs) from investing in the stock market under the portfolio investment scheme (PIS).
Cazenove closes India operations
BRITISH brokerage house Cazenove Group has decided to close shop in India blaming the downturn in the market.
LS passes buyback Bill
THE Lok Sabha today passed the Companies (Third Amendment) Bill, 2001 aiming at relaxing the buyback provisions applicable to Indian companies. The Bill is awaiting the clearance of the Rajya Sabha before it finds its way into the statute books.
Courts
Madras HC upholds tribunal order in favour of AAI loaders
THE Madras High Court has upheld the order of the Industrial Tribunal, Chennai, asking the Airports Authority of India (AAI), Chennai, to absorb loaders deployed as casual labour at its cargo division in the Meenambakkam Airport and regularise their serv
ices prospectively from December 1994.
Economy
Sinha to open India Economic Summit
IN a break with tradition, 17th India Economic Summit, which opens here on December 2, will be inaugurated by the Finance Minister, Mr Yashwant Sinha, and not the Prime Minister, Mr Atal Bihari Vajpayee.
Fiscal deficit up 25 pc
FOLLOWING a steep fall in tax revenues and a spurt in non-Plan expenditure, the Centre's fiscal deficit during April to October this year has risen by 25 per cent. In absolute terms, the deficit stood at Rs 63,383 crore as compared to Rs 50,899 crore in
the corresponding period last year.
Smajda will be missing too
NEW DELHI: The Prime Minister will not be the only one who would be missed at this year's India Economic Summit.
`Knowledge initiative' for lower foreign equity cap
THE US Chairman of Indo-US Knowledge Trade Initiative (KTI), Mr Dean R. O'Hare, on Thursday said that removal or reduction by India of equity caps on foreign ownership of service companies, especially financial services, could unlock large investment flo
ws and encourage development of soft infrastructure.
`Raw deal for women in construction'
Though women form the backbone of the construction industry in the country, discrimination in the form of lesser wages and low grade jobs are meted out to them by the industry, declared Member of Parliament, Ms. Margaret Alva while inaugurating a confere
nce on New Opportunities for Women in Construction and Building Material Sector today at Bangalore.
Financial Performance
IDBI Q2 net down 85 pc at Rs 25.2 cr
INDUSTRIAL Development Bank of India (IDBI) today reported an 85 per cent drop in net profit to Rs 25.2 crore for the quarter ended September 30, 2001, as compared to Rs 164.7 crore for the quarter ended September 30, 2000.
Health
`Healthcare must get infrastructure status'
THE Government needs to accord infrastructure status to the healthcare industry since 80 per cent of patients in the country are treated by private healthcare providers, Dr Prathap Reddy, Chairman, Apollo Hospitals Group, said on Thursday.
Miscellaneous
Want to dance like MJ? Get his patented shoes
WHAT has Michael Jackson, the pop music icon, got to do with patents? On the face of it, nothing perhaps. But wait, the teenage music heartthrob is a recognised innovator, whose dancing shoes have got a US Patent.
PSU
Oil PSUs to issue bonus shares -- Rs 448.84-cr provision in supplementary demand
IN a further bid to make up for the likely shortfall in disinvestment receipts, the Centre has made State-owned oil companies issue bonus shares worth Rs 448.84 crore.
Coal India plans steps to recover costs
COAL India Ltd (CIL) is considering a package of innovative measures to finance the huge cost of production from underground mining, which has been stagnating at around 55 million tonnes annually, according to the Chairman of CIL, Mr N.K. Sharma.
Petroleum
Essar gets IDBI nod to resume Vadinar project
DECKS have been cleared for Essar Oil to resume work on its 10.5-million-tonne Vadinar refinery project in Gujarat, with IDBI - one of its institutional lenders - giving Essar the go-ahead.
Subsidy for kerosene, LPG to stay after APM goes
EVEN after the dismantling of administered pricing mechanism (APM) for the petroleum products is completed by March 31, 2002, the subsidy regime for kerosene and liquefied petroleum gas (LPG) would continue for some time in the interests of poor, vulnera
ble and middle class people, the Lok Sabha was informed on Thursday.
Power
Bengal proposes law to check power theft
The West Bengal Government, which is now going ahead with its plan to introduce new legislation to check power theft, has decided to follow similar legislative models enacted by the government of Karnataka, Uttar Pradesh and Delhi.
Kayamkulam plant capacity expansion may be advanced
THE project for expanding the capacity of National Thermal Power Corporation's (NTPC) Kayamkulam plant may be advanced in view of the easy LNG prices, NTPC's Chairman and Managing Director, Mr C.P. Jain, told journalists here today.
Experts stress need to plug power theft
FUTURE investment to create additional power generating capacity may prove to be futile unless effective measures are taken to plug electricity theft, reduce transmission and distribution (T&D) losses, and progressively minimise cross-subsidies, accordin
g to experts.
BSES to watch lenders decision; No comments: DPC
BSES Ltd, one of the parties that has shown interest in picking up Enrons 65 per cent stake in Dabhol Power Company, today said it would wait for the lenders strategy now to proceed ahead.
States
Gem testing lab opened in N-E
THE first gem- testing laboratory of the North-East was opened here. The laboratory has facilities for testing the genuineness of all precious, semi-precious, decorative and organic gemstones with sophisticated equipment, imported from Belgium.
AP to open more projects for private sector role
BUOYED with encouraging response for expression of interest (EoI) from private firms, the Andhra Pradesh Government now plans to offer three more projects for development through private sector participation.
Power, ST hike: `Bitter pill' for TN textile units
THE restructuring of the power tariff and sales tax has come as "bitter pill'' for the textile industry in Tamil Nadu. Different sectors of the industry feel that nothing is as ill-timed as the revision in rates, given the difficult market situation.
Stocks
Volumes soar as single stock `futures' mimic `badla'
BARELY a month into single stock futures, the volumes have shot up through the roof. Dealers say that it is just the beginning of a new deferral product; once investors understand its usage, the volumes in futures could be in multiples of the volumes in
the spot (cash) market.
Technology
Agrani stakes for Alcatel, Arianespace
ALCATEL Spacecom SA and Arianespace SA will be investing in Agrani, the first private Indian satellite venture.
Telecommunications
Licence roadblock before Batata
THE mega merger between Birla AT&T, the Tatas (Batata) and BPL could hit a roadblock on the licence front.
Bharti gets licence for long-distance
BHARTI Telesonic - a subsidiary of Bharti Televentures Ltd. has acquired the first licence for national long-distance (NLD) services, which has been thrown open to the private sector. It will be competeting with the incumbent operator Bharat Sanchar Niga
m Ltd..
Terrorism
CPI (ML) stages protest
Activists of the CPI (ML) protest against WTO, POTO and the war on Afghanistan in New Delhi on Thursday.
