Advertising & Marketing
News channels jostle to grab attention
IT'S not about news breaks only, but about getting the viewer hooked. Competition among news channels is hotting up with Zee News and Star News trying to retain their shares and new ones like Bloomberg and Sahara looking at this market.
Airlines
`More bilateral air services pacts unlikely for now'
WITH the Air India disinvestment process reaching a critical stage, the Government is unlikely to exchange any more bilateral air services agreements for now.
Banking and Finance
To tackle white collar crimes -- Police being given lessons in financial management
THAT the Reserve Bank of India found it necessary to educate policemen on the nuances of ``investments'' and ``balance sheets'' is perhaps symptomatic of the epidemic proportions financial crime has assumed.
Cartoon
Cartoon
Cigarettes
Fears over spurt in contraband sale -- Fresh debate on FDI in tobacco begins
FEARS over a big spurt in movement of contraband cigarettes, following the recent disclosures by an international study, naming Dhaka as the new hub for ``umbrella operations'' (legally importing small amounts into a country to cover for much larger amou
nts that are smuggled) by global tobacco majors, have forced the Finance and Commerce Ministry mandarins to go into a huddle.
Corporate
FIs' involvement in MRL offer `unlikely'
THE financial institutions are unlikely to budge from their earlier stand and participate in the open offer made by the promoters of Modi Rubber Ltd (MRL).
Transfer pricing regulations -- Finance Ministry may address thin capitalisation issues
THE Finance Ministry is likely to address issues relating to ``thin or hidden capitalisation'' as a follow-up to the transfer pricing regulations formulated in this year's Union Budget.
Economy
PM clears Rs 17,000-cr Railway safety fund
AFTER protracted negotiations with the Finance Ministry for a safety grant, the Railway Ministry on Monday managed to get an in-principle approval from the Prime Minister, Mr Atal Bihari Vajpayee, to set up a Rs 17,000-crore non-lapsable safety fund to r
eplace over-aged assets.
Forex
Rupee closes at 47.15 vs dollar
PRESSURE continued to mount on the rupee today and the currency weakened to close the day at 47.15 against the dollar. The rupee had ended the last week at 47.0450 to a dollar.
Mutual Funds
US-64 window shut for six months
THE Unit Trust of India (UTI) today confirmed the worst fears of the market and its investors by suspending both sales and repurchase of units under the US-64 scheme for six months, until December and also by slashing the dividend to 10 per cent.
Govt view on UTI revamp after Malegham report
THE Government will take a view on the restructuring of the Unit Trust of India (UTI) shortly after the final report of the Corporate Repositioning Committee, headed by Mr Malegham, submits its report.
US-64 suspension may up investors' ante: Analysts
THE Unit Trust of India (UTI) blew the alarmbells by suspending sales and repurchases under its largest scheme, Unit Scheme-1964 (US-64), and the most preferred by the common-risk-averse investor. UTI has suspended fresh sales/repurchases under US-64 up
to December 2001. Practically, UTI has stopped repurchases for seven months as the scheme is closed since June 1.
Power
New power Bill set to free captive generation
THE Union Power Ministry is thinking of completely freeing captive power generation. Mr Ajay Shankar, Joint Secretary, Union Power Ministry, said here that the Electricity Bill, which is likely to be introduced in Parliament ``soon'', would liberalise ca
ptive generation.
World Bank loan for Haryana power sector may be scrapped
THE World Bank loan to the Haryana power sector is likely to be scrapped with the Haryana Government showing hesitancy in going ahead with the privatisation of the distribution zones, a pre-requisite for availment of the second phase of the loan instrume
nt, the Adaptable Program Lending (APL).
FIs, banks favour AES taking over DPC
Financial institutions (FIs) and banks have indicated that they would be favourably inclined to a takeover of the Dabhol Power Company's (DPC) equity by another American energy major, AES. AES has already indicated that it could takeover Enron's equity a
nd run the power plant.
MSEB asked to prove confidentiality of Enron documents
THE Maharashtra Electricity Regulatory Commission (MERC) has given the State electricity board two weeks to prove the confidentiality of documents related to Enron's Dabhol power project, at the hearing of a petition filed by Prayas, a Pune-based non-gov
ernment organisation.
States
Chennai wears a deserted look
The normally busy flyover in Adayar, Chennai, wearing a deserted look due to the bandh.
Bankers' plea to scrap amended provisions to AP Co-op Act
THE urban co-operative banks in Andhra Pradesh would find it extremely difficult, to function in the wake of the amendments effected recently to the AP Co-operatives Act, 1964, and the State Government should immediately scrap the impractical provisions
and allow the banks to function freely, the Andhra Pradesh Town and Urban Banks' Association has demanded.
Trade takes a holiday on bandh day
THE 12-hour State-wide bandh called by the National Democratic Alliance to protest the arrest of the former chief minister and DMK President, Mr M. Karunanidhi, passed off peacefully today. Apart from sporadic incidents of stone-throwing and attempts to
block traffic, no untoward incidents were reported.
To grapple with change... It is back to school with a difference for AP bureaucrats
IT is back to school with a difference for a select group of top bureaucrats. They are now engaged in a new paradigm of training designed by the John F. Kennedy School of Government, Harvard University in league with Dr M.C.R. Institute of Human Resource
Development.
Assn plea on power charges
COIMBATORE: The Southern India Engineering Manufacturers' Association (SIEMA) has requested the State Electricity Board to withdraw its order asking the industries to pay four months' current power consumption charges as additional deposit.
Drinking water project in Dakshina Kannada
MANGALORE: Preliminary work on the Rs 40-crore Rajiv Gandhi Drinking Water project in the Dakshina Kannada district has started and `village committees' have been constituted in 359 of the 370 villages to be covered under the project, according to the Mi
nister in charge of the district, Mr B. Ramanatha Rai.
Stocks
NSE trading in options begins
THE National Stock Exchange (NSE) today commenced trading in American style options contracts on individual securities.
Volumes plunge on first day of badla ban
VOLUMES plunged and stocks tanked on the first day of the new era in Indian stock markets, the introduction of rolling settlements and ban on badla (carry forward) system. Activity in the derivatives market also was pathetic as today's market proved the
Cassandras of doom right.
Marketmen keep fingers crossed
A SECTION of marketmen believes that today's drop in market volumes is a temporary phase.
Taxation
I-T lens on ESOPs of unlisted cos
THE Finance Ministry has made it mandatory for unlisted companies issuing stock options to their employees to indicate the basis of valuation of the shares to the Chief Commissioner of Income Tax holding the jurisdiction of the company in the guidelines
on ESOP. Preferential tax treatment will be accorded if the tax authorities are satisfied with the valuation.
Transport
Railways to prune workforce by 25 per cent: Minister
THE Indian Railways (IR), reportedly the single largest employer in the entire world with a workforce of 16.5 lakh, is formalising a strategy to cut its workforce by 25 per cent. The VRS policy, which would come in different phases and involve consultati
ons with the Railways management and the various labour unions, envisages the labour strength to be reduced to 12 lakh.
Tyres
Tyre makers contract 8,750 t rubber import for July-Aug
TYRE manufacturers have contracted imports of 8,750 tonne of natural rubber to be delivered this month and the next, a senior tyre industry official has said.
