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Wednesday, September 29, 2004

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ICICI Bank nominees fail to get on Fed Bank board
THE curtains came down on the Federal Bank AGM on Tuesday, when Mr P.C. Cyriac, Mr K.P. Fabian and Mr C.J. George were declared elected to the board at the end of a long session of voting and counting which extended till 3 a.m. in the morning. ... More

CLB stays all AGM resolutions
EVENTS at the Aluva-based Federal Bank took a new turn on Tuesday with ICICI Bank, which holds about 20 per cent stake in it, obtaining a stay order from the Company Law Board (CLB) against all the resolutions that were put to vote at the AGM on ... More

Taxation of BPO units: CBDT issues revised circular
THE Central Board of Direct Taxes (CBDT) on Tuesday issued a revised circular spelling out the tax treatment of IT-enabled business process outsourcing (BPO) units in India. The draft of the revised circular was issued in August this year, ... More

Unease in Gulf, Nigeria makes oil, financial markets jittery
THERE is eerie nervousness in oil and financial markets amid fears over oil supply as prices are edging towards $50 (around Rs 2,298) a barrel mark. The current security threats in Saudi Arabia, Nigeria and Iraq, seem to be compounding the ... More

Regulator asks MSEB, State Govt to settle dues
THE Maharashtra Electricity Regulatory Commission (MERC) has asked the State Government and the Maharashtra State Electricity Board (MSEB) to settle their differences over the amount they owe each other, before this quarter's `zero energy' bills ... More

`34 US States for anti-offshoring law'
AS many as 34 US States, including Alabama, Arizona, Illinois, and New Jersey, have proposed legislations restricting offshoring to low-cost destinations, according to a recent Unctad report. "In response to expansion of offshoring of services, ... More

SriLankan plans first direct air links thru 3 SAARC countries
IN a step that could be a precursor to greater economic co-operation among the seven countriesunder the SAARC umbrella, SriLankan, the national airlines of Sri Lanka, is exploring possibilities of launching flights which will provide the first ... More

Shell Hazira opposed to LNG imports under f.o.b.
SHELL Hazira Gas Pvt Ltd has protested to the Government against the proposed move to make liquefied natural gas (LNG) imports mandatory on free-on-board (f.o.b) basis, as it would make the Rs 3,000-crore LNG-receiving terminal at Hazira ... More

Govt to once again dip into PSU reserves to cover revenue shortfall
WITH revenues, particularly from indirect taxes, not showing the desired buoyancy, the Government has decided to dip into the resources of cash-rich public sector undertakings to keep its fiscal and revenue deficits within the budgeted ... More

Govt plans to save Rs 3,000 cr through austerity measures
THE Finance Ministry has drawn up a detailed austerity plan through which it hopes to effect expenditure savings to the tune of Rs 3,000 crore during the current fiscal. For a start, it is targeting `autonomous bodies' under various Ministries, ... More

Pharma stocks in limelight
MARKETS continued their downward trend on Tuesday, as both the benchmark indices, Sensex and Nifty, closed the day on a negative note. The 30-stock Sensex was down 49.2 points (0.89 per cent) to 5462.61 points. The slightly broad-based S&P ... More

Post offices give swanky banks a run for their money
THE humble post offices, fighting a valiant battle against the swanky, technology-driven new age banks, have more than held their ground. "Our savings bank and postal deposits have continued to surge, well into the present decade," the Post ... More

Personal loans getting cheaper?
Rates on totally unsecured medium-term loans are falling at precisely the time when those on fully secured home loans have moved up. More




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