Airlines
BA, Lufthansa cut business class fares from India
SOME airlines have cut their business class fares out of India. British Airways has cut its business class fares from Chennai to UK and Europe by 40 per cent and worldwide by 20 per cent. This cut is not valid on flights out of Delhi, Mumbai and Kolkata
Gulf airlines invited to begin Kochi services
THE Government has offered Saudi Arabia, Yemen, Kuwait, and Oman the option of starting air services to and from the newly-built Kochi airport. The Dubai-based Emirates Airlines has also been asked to start operations to either Kochi or Thiruvananthapura
m from 2002.
Canada 3000 plans more flights to Delhi, Mumbai
THE Canadian carrier, Canada 3000, is to start a twice-a-week non-stop service between Toronto and Delhi from October 8 this year, besides offering a once a week non-stop service between Vancouver and Delhi.
Banking and Finance
Blueprint for FIs to turn banks -- Easier CRR, SLR, investment norms on the cards
THE blueprint has been drawn up for facilitating a smooth transition of financial institutions (FIs) into universal banks. It envisages a host of relaxations in the existing banking laws and regulations including a softer approach towards the reserve req
uirements and investment restrictions as compared to other banking entities.
Moody's, ICRA turn the heat on IFCI ratings
EVEN as Moody's today announced that it has put the `Ba2' rating of IFCI on review for a possible downgrade, rating agency ICRA has put the long-term, medium-term and short-term ratings assigned to the borrowing programmes of IFCI, its largest shareholde
r, on rating watch with negative implications.
Banks to go easy on loans to women
HERE'S another official plan to empower women. Making women entrepreneurs by asking banks to fund them at lower rates without collateral.
Corporate
Philips to buy 46.8 pc stake in CG Glass -- To make open offer at Rs 13.75
ROYAL Philips Electronics NV (Philips) on Thursday announced that it would acquire a 46.8 per cent stake in the Baroda-based glass shells and tubes manufacturing company, CG Glass Ltd.
SEBI to discuss report on investor protection
THE SEBI board is scheduled to consider on Saturday the report of Dr N.L. Mitra on a new legislation for protecting the interests of small investors and also changes to the guidelines on takeovers for facilitating disinvestment in a few State-owned compa
nies.
Govt refutes Jindal ad on duty bias
THE Finance Ministry today rebutted as "false, malicious and misleading" the allegations made by Jindal Aluminium in a newspaper advertisement, attacking the Government on the duty structure for base aluminium.
Young think-tank board at Godrej
GODREJ Consumer Products Ltd (GCPL) is setting up a parallel board of directors known as the Young Executive Board.
`Transparency -- the essence of good PR'
TRANSPARENCY and credibility are the essence of public relations function, Mr N. Ram, Editor, Frontline, said here.
Economy
Ministry to move supplementary demands soon
THE Finance Ministry is planning to move the first batch of supplementary demands for grants for 2001-02 shortly. This may entail some net cash outgo over and above the budgeted estimates.
Environment
Phase II forest project in TN awaits Govt nod
THE proposal for the second phase of the Tamil Nadu Afforestation (TAP-II) project has been prepared by the Forest Department and is currently with the State Government. Once the State Government approves the proposal it will be forwarded to the Central
Government for getting support from a bilateral or multilateral funding agency.
Information Technology
Tata Power plans broadband network, IT super highway
IN a significant move, Tatas are close to finalising two mega projects for setting up a broadband network and a world class busy route information super highway connecting six key cities in the country.
Mutual Funds
GIC MF to review investments in Cyberspace
GIC MUTUAL Fund is setting up a review mechanism with regard to its investments in Cyberspace, highlighting the fact that only one of its schemes had invested in the controversial company.
Ignorance is bliss
EVEN as the furore over the UTI scam in US-64 continues to rage in Parliament with the Opposition baying for nothing less than the Finance Minister, Mr Yashwant Sinha's resignation, the NDA Government under the leadership of Mr Atal Bihari Vajpayee can p
erhaps take solace in one common factor.
Power
NPC for relaxing norms to boost private participation
WITH ambitious plans to enhance its overall capacity to 20,000 MW by 2020, the Nuclear Power Corporation of India Ltd (NPCIL) has proposed an amendment of the Atomic Energy Commission Act to relax the restriction on inducing private equity participation.
States ready to buy Dabhol power at NTPC rates
PROSPECTS of finding a buyer for Dabhol power appear to be fading with all prospective buyers quoting prices way below what Enron is willing to sell.
Karnataka energy crisis may trip reforms
KARNATAKA is headed towards a major energy crisis which is likely to trip the reforms in the power sector currently underway. Sources said that inflows into the hydel reservoirs have not been very encouraging so far. Karnataka has a hydel thermal ratio o
f 60:40 in its generating capacity.
States
Autos bloat demand for CNG in Delhi
THE long queues at the CNG refilling stations in the National Capital Territory (NCT) of Delhi are due to the autorickshaws preferring to refill at 21 specific stations of the 72 installed stations in the NCT, according to the Union Petroleum Minister, M
r Ram Naik.
`Huge deficit makes State turn to outside sources'
DUE to huge increase in deficit and reliance on borrowed funds to meet a large part of its revenue expenditure, the State Government's position has become vulnerable to outside sources, said a report by the Comptroller and Auditor General of India,
Kolkata realtors seek alternate fund sources
REAL estate developers, worried at the prospect of over-dependence on their own capital, are increasingly looking at alternate sources of funding, including loans from housing finance companies.
TN seeks reduction in EPC contract -- Delay in Tirupur water project
THE New Tirupur Area Development Corporation Ltd (NTADCL) project, which is executing a Rs 1,000-crore water supply and sewerage project for the hosiery town, is getting delayed as the Tamil Nadu Government wants a ``substantial reduction'' in the EPC (e
ngineering, procurement, construction) cost, the contract for which has been awarded to a consortium comprising Mahindra & Mahindra, Bechtel and United Utilities.
$75 m IBRD aid for Karnataka reforms
INDIA on Thursday signed three agreements for World Bank assisted projects, including the Karnataka Economic Restructuring project.
Stocks
`5 top cos extended funds to Ketan's firms'
FIVE leading corporates have extended funds to the tune of Rs 1,421 crore to the firms connected with Mr Ketan Parekh, the stockbroker accused in the Rs 137-crore Bank of India (BoI) pay-order case.
HC rejects Ketan's pre-arrest bail plea -- Gives 2 weeks to move SC
THE Mumbai High Court today rejected the anticipatory bail application of the stockbroker, Mr Ketan Parekh, saying that his antecedents are such that he does not deserve it. However, the court of Mr Justice A.B. Palkar gave him two weeks' time to go on a
ppeal to the Supreme Court.
M.G. Damani dead
MR Madan Gopal Damani, popularly known as MGD among his friends, passed away on Wednesday night at around 11.00 p.m. at Hinduja Hospital here. MGD was admitted to the hospital on Monday following a massive heart attack. He was enjoying his holidays at Lo
navla with his family members where he complained of chest pain on Monday and was rushed to the hospital in Mumbai. MGD was 64 and is survived by wife, son, daughter and their families.
Taxation
Centre appoints 2 panels on VAT
THE Government has appointed two committees -- one to study the levy of value added tax (VAT) on services and the other to assess revenue losses, if any, to States due to the introduction of VAT, implementing the resolution adopted at the Conference of C
hief Ministers and Finance Ministers of States and Union Territories on VAT held here on July 5, this year.
