Banking and Finance
Multi-level triggers to detect problems early -- RBI blueprint for closer monitoring of banks
TO strengthen the monitoring and supervisory system, the Reserve Bank of India is planning to introduce a system of Prompt Corrective Action (PCA) to detect and plug vulnerable chinks in the banking architecture.
RBI announces Govt stock sale
MUMBAI: The Reserve Bank of India has announced the auction of the 11.19 per cent 2005 Government stock, for an aggregate amount of Rs 3,500 crore on November 16.
Corporate
Dalmias may raise offer to over Rs 50
THE Dalmias of Renaissance Estates Ltd (REL) are open to revising upwards the offer price for acquiring control over Gesco Corporation and make a counter to the counter offer made by the Mahindra-Sheth combine.
ONGC, IOC swap directors
OIL and Natural Gas Corporation has inducted an Indian Oil Corporation representative on its board. IOC has also appointed an ONGC nominee director on its board simultaneously.
Two Sanmar group cos to merge with Properties
THE board of directors of Sanmar Properties and Investment Ltd (SPIL) has approved a scheme of amalgamation of SSL Holding Ltd and Fortis Investments (Alpha) Ltd, with Sanmar Properties, the Madras Stock Exchange was informed on Wednesday.
CII quality summit opens today
THE Confederation of Indian Industry (CII) in its pursuit to increase the competitiveness of domestic companies in the quality-conscious global market is organising the eighth Quality Summit in Bangalore from November 16 to 18.
Jaitley calls chamber meet on Competition law
IN an effort to elicit the views of the apex chambers of commerce and industry on the draft Concept Bill on Competition, the Union Minister of Law, Justice and Company Affairs, Mr Arun Jaitley, has convened a meeting of chamber Presidents on Friday.
Govt to pursue efforts to re-open TTP
THE Kerala Chief Minister, Mr E.K. Nayanar, has said the State Government will continue to hold parleys with the Coastal Uplift Association, the local pressure group, in its efforts to find an amicable solution to the stalemate at Travancore Titanium Pro
ducts Ltd (TTP).
The Narayana Murthy recipe for becoming market leader
``SPEED, excellence and imagination in execution are the three parameters essential for a company to become a market leader,'' stated Mr N.R. Narayana Murthy, Chairman and CEO, Infosys Technologies, here on Wednesday.
Non-executive directors on BSES board
MUMBAI: BSES Ltd has asked the Reliance group to nominate two persons for the non-executive positions on the board of the company.
Courts
Order to close polluting units -- SC slaps notice against Delhi Govt for inaction
THE Supreme Court, has issued notices to the Chief Secretary, Delhi Government and Delhi Municipal Commissioner to show-cause why contempt proceedings should not be initiated against them for inaction on their part for not ordering the closure of polluti
ng industries in the residential areas in the Capital, in utter violation of its earlier orders.
SC ruling on edibility of camel's milk R.N. Sahai
THE offence committed by the appellant is not merely that he sold sub-standard camel's milk but he sold the milk by adding water thereto. Rule 44 of the Rules prohibits the sale of milk which contains any added water.
Action plan to promote arbitration in courts
IN a bid to sharpen focus on arbitration procedures and create greater awareness among lawyers and judges of various courts (especially at the district level), the Indian Council of Arbitration (ICA), in collaboration with the National Legal Services Au
thority (NLSA), has launched a joint action plan.
Economy
Customs yield: Govt banks on oil price buoyancy
THE Government is now banking on the continued buoyancy in global oil prices over the next couple of months to reverse the current slowdown in customs collections during the current fiscal, a top Finance Ministry official said today.
Environment
Hyderabad Declaration for eco code
THE Hyderabad Declaration, while calling upon the international community to evolve a comprehensive code of environmental ethics, has urged developed countries to undertake necessary corrective actions to tackle unsustainable consumption patterns and to
ensure that their official development assistance (ODA) commitments of 0.7 per cent of the annual GDP made at the Rio Earth Summit are met.
Environment Act to be tough on violations
THE draft of the Environment Protection Act would be finalised soon which in turn would help in quickly responding to the environmental problems and enforce prosecution for defaulters. ``We hope to succeed in making defiance of law much more expensive th
an the compliance,'' the Additional Secretary, Ministry of Environment and Forests, Mr K. Roy Paul, said.
Foreign Trade
Indian students welcome, says NZ Minister
MR Jim Sutton, Minister for Trade Negotiations of New Zealand, has invited Indian students to New Zealand, where the universities offer ``high-quality education.''
Health
Apollo Telemedicine ties up with ISRO
APOLLO Telemedicine Enterprises Ltd (ATEL), part of the Apollo Hospitals group, and Aragonda Apollo Medical and Educational Research Foundation (AAMERF), a public charitable trust, have entered into a memorandum of understanding (MoU) with the Indian Spa
ce Research Organisation (ISRO) to set up a satellite-based telemedicine communication model.
Information Technology
India, Brazil sign MoU on IT
INDIA and Brazil have signed a memorandum of understanding (MoU) to institutionalise a framework for cooperation in the area of information technology.
MNCs `translate' into gains for Madras varsity
THE Madras University is turning market-savvy. It is an unlikely beneficiary of the increasing foreign investment and the boom in the information technology sector.
III-TM Kerala keen on interaction with industry
THE Indian Institute of Information Technology and Management-Kerala (IIITM-K), which is being formally inaugurated by the President, Mr K. R. Narayanan, on November 23, is open to the idea of launching a joint initiative with the industry to salvage the
sagging fortunes of the hardware sector in the State.
Petroleum
Bina refinery project -- `BPCL may go alone if Oman Oil pulls out'
THE Government will allow Bharat Petroleum Corporation Ltd (BPCL) to go alone on the Bina refinery project if Oman Oil Corporation Ltd pulls out.
Oil Ministry team to attend Saudi meet
MR Ram Naik, Minister for Petroleum and Natural Gas, is leading a high-level delegation to participate in the seventh International Energy Forum being held at Riyadh in Saudi Arabia.
Power
FIs signal hope for independent power projects
SEVEN power generation projects are set to achieve financial closure by the end of the year with the financial institutions and banks expressing their willingness to fund power projects in several States on the basis of "milestone lending". The issue of
first charge on the receivables of State electricity boards raised by the State Bank of India is also close to be being sorted out.
IBRD loan sought for State power reforms
THE Centre has sought World Bank assistance to fund a `standby structural' fund to ease the shocks encountered by States while undertaking reforms in the power sector.
Videocon blames TNEB for power project delay
VIDEOCON Power Ltd has denied that it was in any way responsible for the delays in the project and has instead blamed the Tamil Nadu Electricity Board (TNEB) for the delays.
Shipping
A deadline that went up in gas -- Petronet leaves bidders in the lurch
PETRONET'S LNG shipping deal appears to have struck a reef. Just when things appeared headed for a successful finale on November 15, Petronet said `Time.'
States
Rejoicing over Rajkumar release
THIS was the real Diwali in Bangalore, coming a full 20 days late. But who cared. Annavru (big brother) -- Kannada super star Rajkumar -- and his nephew Nagesh have been finally freed after 108 days in captivity in bandit Veerappan's lair. Suddenly it wa
s time to sing and dance again, even if it was on the streets.
Leather goods training centre
ASSAM Science Technology and Environment Council (ASTEC) and Industrial Training Institute (ITI, Guwahati) in collaboration with the Central Leather Research Institute (CLRI) of Chennai have been organising here a series of training programmes on making
leather goods since 1998. So far, 21 trainees from different parts of the north-eastern region have been trained.
Panel to oversee commodity price mechanism in AP
THE Andhra Pradesh Government, while constituting a Ministerial committee to oversee the commodity pricing mechanism, has called upon the farming community not to resort to distress sale of paddy to rice millers as also other commodities.
Jubilation time
Matinee idol Rajkumar's fans celebrating the release of their leader with firecrackers in Bangalore on Wednesday.
TiE to launch Calcutta chapter
CALCUTTA: The IndUS Entrepreneurs (TiE) is in the process of forming a Calcutta chapter. The exercise took a step ahead with a seminar on emerging trends on IT, featuring Mr Jnan Dash, Group Vice-President (systems architecture and technology) of Oracle
Corporation of the US.
Rs 5000 cr for AP road projects
HYDERABAD: The Chief Minister, Mr. N. Chandrababu Naidu, said the State Government would spend Rs 5000 crore in the next four years for the development of road infrastructure.
Stocks
UTI Bank, L&T Trade.com portal for brokers
UTI Bank and L&T Trade.com Ltd have entered into a strategic alliance to develop and provide online services to brokers for trading on the Net. The venture is expected to take off in January 2001.
Taxation
Service tax interim report `finalised'
THE Government may consider specifying a negative list of sectors which will be out of the ambit of service tax in the ensuing Budget for 2000-01.
One-day settlement panel session at Cochin
THE Cochin Chamber of Commerce and Industry, Indian Chamber of Commerce, Cochin Steamer Agents Association and Cochin Customs House Agents Association have jointly organised a one-day interactive session between the Customs and Central Excise Settlement
Commission and the trade here.
Telecommunications
Quality check on service providers
THE Telecom Regulatory Authority of India (TRAI) has appointed external agencies for monitoring the quality of services provided by the basic phone and cellular operators at regular intervals. The reports of these agencies will be published for public kn
owledge.
Paswan invites Nokia to India
THE Union Minister of Communications, Mr Ram Vilas Paswan, is willing to roll out the red carpet for the Finland-headquartered Nokia Corporation, the world's largest mobile handset manufacturer, to set up a manufacturing base in India.
Limited mobility to fixed lines -- TRAI recommendations by early Dec
THE Telecom Regulatory Authority of India (TRAI) would submit its recommendations on limited mobility through wireless local loop (WLL) technology in the access network of basic service by the first week of December to the Department of Telecommunication
s (DoT).
