Airlines
Indian Airlines to get Rs 35 cr as subsidy for N-E operation
IN an effort to promote air connectivity in the North-Eastern region, the Government has agreed to provide an annual subsidy of Rs 35 crore for the next five years to Indian Airlines (IA) for the flights it operates to the region.
Alliance Air to resume bid for leasing ATRs
THE New Year will see Alliance Air, the wholly-owned subsidiary of Indian Airlines (IA), again entering the market to dry-lease six ATR-42-500 aircraft.
Banking and Finance
Loan defaulters, mend your ways
DEFAULTERS beware! Bankers can now disclose the names of defaulting borrowers having inserted a broadcast clause, while extending fresh loans or reworking old loans. RBI in its April 2001 credit policy had advised banks to put in the clause effective Sep
tember 30, 2001.
Rs 2,000-crore recap likely for Indian Bank
THE Government is working on a proposal for a Rs 2,000-crore recapitalisation package for Indian Bank within the current fiscal. Indian Bank is likely to be the only bank to receive Government capital support during the year.
Coal
16 cos keen on Coal India projects
RESPONDING to the Union Government's global tender, 16 domestic and international companies are believed to have expressed an interest in developing coal-bed methane (CBM) projects in coal-bearing areas identified by Coal India Ltd (CIL). In fact, evalua
tion of their offers has been completed and the Union Ministry of Petroleum and Natural Gas is shortly expected to allot methane-bearing deposits of virgin coal blocks in consultation with the Union Ministry of Mines and Coal.
Corporate
FIPB panel to monitor foreign equity changes
THE Foreign Investment Promotion Board (FIPB) is setting up a high-powered committee to look into all cases of ex-post facto approvals sought by companies for increasing foreign equity stake.
Four firms, one issue
THE Mumbai-based GL Hotels Ltd had sought ex-post facto approval for acquisition of 8,77,047 equity shares (12.5 per cent of the paid-up capital) of Rs 10 each at a premium of Rs 147.50 per share, amounting to $3 million, by the US-based Inter-Continenta
l Hotel Corporation (IHC).
Economy
Refocus of conditionality yielding results for IMF
THE International Monetary Fund (IMF) is taking stock of the experience it has gained during the first few months of refocusing conditionality which came under flak in the 1980s for paying insufficient attention to restore sustained growth in member-coun
tries availing of loans from the Fund.
Leather exports gain speed in November
EXPORT of leather and leather products, which had almost come to a standstill for a few weeks after the September 11 attacks, has picked up to a steady pace in November.
`Hi-tech growth a must for survival'
THE American war against terrorists in Afghanistan is being fought mostly through high technology with minimum human loss and this gives a great opportunity to the Indian industry to improve upon its technological strength which will be the determining f
actor of survival, said Mr Arun Shourie, Union Minister of State for Disinvestment, here on Monday.
`Efforts must to sharpen edge in new global order'
IN the new millennium, three trends have emerged strongly and they are faster technological changes, greater integration of economies and a surging wave of expectations, according to Dr C. Rangarajan, Governor. He was addressing a meeting of IIMNet, an a
ssociation of the six IIM alumni in the country.
Education
Vittal calls for `education emergency'
DESCRIBING education as the basis for nation-building, Mr N. Vittal, Chief Vigilance Commissioner (CVC), on Monday called for declaration of an ``education emergency'' in the country.
Foreign Trade
Canada invites Indian business community
THE Canadian High Commissioner to India, Mr Peter Sutherland, on Monday urged the Indian business community to locate their operations in Canada and take advantage of the benefits that can accrue from the North American Free Trade Agreement (NAFTA).
Dumping duty on lead acid battery may be imposed
THE designated authority in the Ministry of Commerce and Industry has recommended the imposition of definitive anti-dumping duty on all imports of lead acid batteries from Japan, Korea, China and Bangladesh.
Power
SEBs to get more time for 100 pc metering
WITH most State electricity boards (SEBs) having resigned themselves to missing the December 31 target for achieving 100 per cent metering, the Union Power Ministry has decided to recast the schedules and give them some more time.
States
Farmers in Karnataka protest price rise
THOUSANDS of farmers -- over 10,000 according to conservative estimates -- congregated in Mangalore to focus attention on the sad plight of farmers in the new globalised economic regime.
Trade plans one more chamber in Kerala
THE Kerala-based industrialists and businessmen have come together to float one more chamber of commerce and industry with the main objective of playing a pro-active role in the development process of the State.
Kerala bid to lure funds for industrial parks
IN an attempt to woo investors from coastal Karnataka and boost investments in Kerala, the Kerala Industrial Infrastructure Development Corporation (Kinfra) is in the process of showcasing the infrastructural facilities in its 15 industrial parks.
Stocks
Rolling settlement a confidence booster: MSE chief
THE introduction of rolling settlement has helped to strengthen the confidence of the investors in the market, according to Mr S.N. Das, President, Madras Stock Exchange.
Post-demutualisation -- Govt firm on not allowing stock exchange managements to trade
THE Government has decided not to allow any of the existing members of stock exchanges to be part of the ownership structure of the proposed new demutualised entity, unless they forfeit their trading rights, according to senior Government officials.
Taxation
Customs duty recommended on aluminium
THE Ministry of Coal and Mines has recommended reduction of Customs duty on aluminium to the Ministry of Finance. Currently, aluminium attracts an effective rate of 33.4 per cent Customs duty, which includes the basic rate of 25 per cent and an additiona
l surcharge of four per cent.
Telecommunications
Bharti kicks off national long-distance telephony
BHARTI Telesonic, a Bharti Televentures subsidiary, on Monday launched the country's first private sector national long-distance (NLD) telephony service, taking on Bharat Sanchar Nigam Ltd (BSNL).
Cell-to-cell rates set to drop?
THE launch of the IndiaOne national long-distance (NLD) service is likely to result in a drastic reduction in mobile-to-mobile STD call rates - to as low as Rs 20 per minute - if various cellular operators sign up with Bharti.
Terrorism
Demo against terrorism
Activists of the Akali Dal demonstrating against terrorism in the Capital on Monday.
Textiles
National equity fund to cover powerlooms
BUGGED by complaints of low offtake of credit by the decentralised weaving sector for modernisation, the Small Industries Development Bank of India (SIDBI) has extended the National Equity Fund (NEF) scheme to cover installation of weaving machines by po
werloom sector for the first time.
