THE HINDU BUSINESS LINE
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from THE HINDU group of publications

Monday, July 02, 2001

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News

Airlines


Emirates flights to open up Dubai-AP trade ties
FOLLOWING the launch of daily flights from Dubai to Hyderabad, the Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, and the Dubai delegation expect business ties to open up between the two States.

Banking and Finance
New RBI Deputy Governors take charge
MR Vepa Kamesam and Mr G.P. Muniappan took charge as Deputy Governors of the Reserve Bank of India effective July 1.

Cap on new foreign bank branches may be raised -- `Final ceiling open to revision'
THE annual ceiling on the quota of new foreign bank branches that are to be permitted to commence operations in the country is likely to be raised to 15 from the present 12 branches during the forthcoming multilateral negotiations under the General Agree ment on Trade in Services (GATS).

Corporate
Bankruptcy proceedings -- ITC accepts new Chitalias' offer
ITC Ltd has accepted the fresh offer made by the US-based Chitalias -- Mr Suresh Chitalia and Mr Devang Chitalia -- who have scaled down their claims for exemption of some of their assets in the bankruptcy proceedings before the Florida Court.

Gestetner plans new products; expects 20% rise in turnover
GESTETNER (India) Ltd is hoping to increase its turnover and profitability by around 20 per cent during the current year by selling a right mix of traditional duplicators and high-end digital products.

Merger & acquisition transaction -- Merchant banks' services not taxable
THE Finance Ministry has excluded services provided by merchant banks and other agencies in a merger and acquisition (M&A) transaction from the scope of taxable services provided by a `management consultant.'

Economy
`Cos focusing on advanced info systems'
COMPANIES are focusing on strategic planning processes and advanced information systems to get over these difficult times, according to the preliminary findings of a survey conducted by the Confederation of Indian Industry (CII).

GDP will grow by 6.5-7 pc, says Pant
THE Deputy Chairman of the Planning Commission, Mr K.C. Pant, has expressed confidence that despite the perceived slowdown in the economy, the gross domestic product (GDP) would grow by a healthy 6.5 to 7 per cent this year.

Politics


Union Cabinet recommends recall -- TN Governor resigns
THE Tamil Nadu Governor, Ms Justice M. Fathima Beevi, has tendered her resignation. This is an apparent reaction to the Union Cabinet's decision earlier in the day to recall the Governor.



`Murder of democracy, Constitution' -- NDA team for sterner action
THE three-member NDA team led by Mr George Fernandes, former Defence Minister, has decided that the situation in Tamil Nadu calls for something more than the mere recall of the Governor.

Power
Efforts on to improve power situation: Prabhu
THE Union Minister for Power, Mr Suresh Prabhu, has said that the Centre has taken up certain initiatives to better the power situation in the country. This includes extending the training given to employees at the Central Government-level and to the Sta te Governments besides creating a research and development programme, he said.

States
UK-IBRD scheme to erase poverty in Andhra Pradesh
THE United Kingdom's Department for International Development (DFID) has proposed to closely work with the World Bank to support a four-year programme of structural adjustment for poverty elimination in Andhra Pradesh.



AP involves farmers in policy-making
A UNIQUE event, which probably will be a milestone in democratic governance, is being held at the Krishi Vignan Kendra of Deccan Development Society (DDS) at Algole village in Medak district of Andhra Pradesh.

Bengal transfers 2 power plants to generation co
THE WEST BENGAL Government has taken a major step forward in its power reforms programme by transferring the two thermal power plants under West Bengal State Electricity Board (WBSEB) to a separate generating company, West Bengal Power Development Corpor ation Ltd (WBPDCL).

Industrial estates planned for women
MADURAI: The State Government has planned to establish two industrial estates exclusively for women entrepreneurs within the Madurai Corporation area, said Mr K. Vivekanandan, General Manager, District Industries Centre here.

Low-sulphur diesel supply extended to NCR, Kolkata
THE Government has announced the extension of supply of low sulphur diesel to all the areas of the National Capital Region (NCR) and the Kolkata Municipal Corporation with effect from July 1, 2001.

Electrification of all villages to be completed by 2007
WORK relating to power sector reforms in different States are progressing well, and electrification of all remaining 85,000 villages in the country would be completed by 2007.

Non-conventional energy -- New funding scheme for Sunderbans
SUNDARBANS will get the same high focus status such as the North East in respect of funding of non-conventional power projects according to Mr M Kannapan, Union Minister for Non-Conventional Energy Sources (MNES).

LPG tanker operators threaten strike
THE LPG distribution is South India is likely to be hit with the LPG tanker operators threatening to launch a strike if the three major oil companies did not settle the issue of payment of dues to the transport operators running into several crores of ru pees by July 2.

Asia Pacific Enterprise summit in Bangalore
A THREE-DAY meet of the Asia Pacific Enterprise Summit, which will focus on promoting investments, trade and technology transfers and joint venture is to be held in Bangalore from August 12 to 14. The Summit has been planned to leverage the diverse stren gths in business and industry of the region to complement each other for lucrative economic cooperation.

KSIA hails new industrial policy
MANGALORE: Kanara Small Industries Association (KSIA) has welcomed the State Government's new industrial policy which was announced recently and is come into effect retrospectively from April 1, 2001.

Stocks
`Futures, options to drive stock market'
THE `death' of badla system may augur well with the market getting to access more liquidity thus giving a push to long-term investment prospects. However, the futures and options will be part of the stock market dynamics in the long run.

Telecommunications
Reliance willing to withdraw one set of cellular bids
RELIANCE is willing to withdraw one set of bids for fourth cellular licences in 15 circles, if so required by the Department of Telecommunications (DoT).

BSNL to test-launch WLL services by Aug
EVEN as the debate on whether telecom operators should be permitted to offer limited mobility based on WLL (wireless in local loop) technology continues, the Union Minister of State for Communications, Mr Tapan Sikdar, has announced that Bharat Sanchar N igam Ltd (BSNL) will test-launch limited mobile services by August.


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