The Hindu Business Line : Saturday, June 09, 2007

`Re appreciation hitting exports'
The export prices of Indian products in major exporting sectors have become uncompetitive by 10-12 per cent on an average compared to competing countries' products as a result of rupee appreciation against the US Dollar, ... More

Forex reserves rise $3.439 b
Forex reserves have increased by $3.439 billion to $208.373 billion for the week-ended June 1 on revaluation of non-dollar currencies against the dollar and RBI's intervention in the forex market. Forex reserves had gone up by ... More

INFORMATION TECHNOLOGY
Hi-tech, low-cost ATMs for rural areas?
The air is abuzz with talk of a new hi-tech, low-cost deal for farmers and other rural folk. Hub and spoke models are spoken of, and ATMs wired for bio-and speech-recognition. Salaries, loan disbursals, proceeds of bulk sales at procurement ... More

PRINTING
Security Printing Press urged to tap new biz
Chidambaram allays privatisation fears More

FINANCIAL MARKETS
Rupee tumbles 42 paise on weak market data
The rupee shed 42 paise in value against the dollar on Friday thereby, paring much of the gains of the last one week. It closed at Rs 41.13 against the greenback on the back of some weak domestic stock market data, besides moving in sympathy ... More

RBI & OTHER CENTRAL BANKS
RBI to allow only fully convertible equity in FDI
The Reserve Bank of India has mandated that only instruments which are fully and mandatorily convertible into equity, within a specified time would be reckoned as equity under the Foreign Direct Investment policy; and reckoned as eligible for ... More

PRIVATE BANKS
Centurion Bank funds DLF staff in IPO
Centurion Bank of Punjab is providing loan to DLF group employees to participate in the issue of DLF Ltd. Mr A.S. Minocha, Chairman of DLF Commercial Developers Ltd, said the bank offered to provide loans to the DLF employees for subscribing in ... More

FINANCIAL INSTITUTIONS
APSFC clears 67 project proposals
The Andhra Pradesh State Finance Corporation (APSFC) has given on-the-spot approval for 67 projects, totally estimated at Rs 281.09 crore, submitted by entrepreneurs from the districts of Medak, Ranga Reddy and Nizamabad. The Chairman of APSFC, ... More

APIIC board reconstituted
Following the reconstitution of the board of Andhra Pradesh Industrial Infrastructure Corporation (APIIC), Mr B.P. Acharya, Vice-Chairman and Managing Director, APIIC, has assumed charge as Chairman and Managing Director of the ... More

GOVT BONDS
Bonds rise tracking US yields
Bond prices rose around 20 paise and yields went down by about three basis points tracking the high US yields on Treasury bills, which rose to a six-year high of 5.15 per cent against previous day's 4.97 per cent. Total traded ... More

CREDIT MARKET
AI calls bids from banks, FIs for funding plane purchase
Air India has floated enquiries calling for bids from banks and financial institutions for the second tranche of aircraft deliveries beyond December 2007 till March 2009, as also pre-delivery payments in respect of aircraft and spare ... More

Gross bank credit falls
Gross bank credit fell by Rs 4,541 crore and stood at Rs 18,86,520 crore for the fortnight ended May 25, according to the Reserve Bank of India's Weekly Statistical Supplement. The gross bank credit was inclusive of food credit, ... More

SHORT TERM INSTRUMENTS
Call closes at 0.25-0.35%
Spurred by the surplus cash in the system, the inter-bank call rates closed at 0.25-0.35 per cent on Friday against the previous close of 0.3-0.4 per cent. "There is excess liquidity worth about Rs 40,000 crore-Rs 50,000 crore in ... More

CREDIT CARDS & DEBIT CARDS
Barclaycard eyes partnerships for growth
Keen to get big slice of incremental monthly origination More

MERGERS & ACQUISITIONS
Shriram group buys 40% stake in Philippines co
The Chennai-based Shriram group has picked up a 40 per cent stake in Monarch Insurance Company, a non-life insurance company based in Makati City, Philippines. The deal was consummated recently for a consideration of about Rs 7 crore, the ... More

TRADE & LABOUR UNIONS
SBI officers' strike deferred
The All India State Bank Officers' Federation has deferred the countrywide strike scheduled for June 8 by two weeks. "We have deferred the strike to avoid inconvenience to customers and also to give some time to the management to address our ... More

ALLIANCES & JOINT VENTURES
BoB, Reliance Capital tie up
Bank of Baroda and Reliance Capital Asset Management Co Ltd have entered into a marketing tie-up for distribution of Reliance Mutual Fund products through select branches of the bank. "We look at this tie-up as customer centric ... More

OUTLOOK
KVGB targets Rs 10,000-cr business by 2010
The Dharwad-headquartered Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Syndicate Bank, is planning to achieve business of Rs 10,000 crore by 2010, according to Mr M. Dhananjaya, Chairman. Presiding over the ... More

PEOPLE
United India Insurance Chairman resigns
Mr M.K. Garg, Chairman, United India Insurance Company Ltd, has put in his papers, after serving a long innings of 31 years in the insurance industry. He has six more years for retirement. Mr Garg said the move was purely personal. "The ... More

TRENDS
Low call rates provide arbitrage potential
Yen carry-trade appears to have gathered momentum in recent weeks More