THE HINDU BUSINESS LINE
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from THE HINDU group of publications

Tuesday, August 07, 2001

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News

Airlines
No differences on IA, AI divestment: Yadav
The Civil Aviation Minister, Mr Sharad Yadav, has denied that there is any difference between him and the Union Cabinet on the disinvestment of the Indian Airlines and Air India.

If IA is put on the block again -- DoD not to press for allowing entry to foreign airlines
THE Department of Disinvestment (DoD) will not press for a change in the civil aviation policy to allow foreign airlines to enter the domestic skies if Indian Airlines is put on the block again for strategic sale following an unsuccessful first attempt b y the Government in this direction.

Banking and Finance
Tata group files police complaint against Pendse
THE Tata group has filed a complaint with the economic offences wing of the Mumbai Police here today against Mr Dilip Pendse, former Managing Director, Tata Finance Ltd (TFL).

Chemicals
Price cartelisation charges -- MRTPC dismisses case against chlor-alkali cos
THE Monopolies and Restrictive Trade Practices Commission (MRTPC) has dismissed the case against the chlor-alkali manufacturing companies on the charges of price cartelisation.

Coal
Govt mulling repeal of Colliery Control Order
IN a major move, the Government is considering withdrawal of the Colliery Control Order, 2000, which deregulates pricing and distribution of coal of all varieties from January 2000.

Corporate
BSES foreign bond cleared
OVERSEAS quasi-equity issuance by Indian corporates is set to be kicked off after a lull with the Finance Ministry giving an in-principle approval to BSES, for a Foreign Currency Convertible Bond (FCCB).

Open offer clause compliance -- Private cos can approach SEBI for exemption: DoD
THE Department of Disinvestment (DoD) is of the opinion that private companies could approach the Securities and Exchange Board of India (SEBI) if they have a problem in complying with the open offer clause in accordance with the takeover code prescribed by the market regulator following strategic acquisition of Government companies.

Jagdish Capoor in Indian Hotels board
MUMBAI: Mr Jagdish Capoor, former Deputy Governor, Reserve Bank of India, has been appointed as a director on the board of Indian Hotel Company Ltd, the company informed the Bombay Stock Exchange on Monday. -- Our Bureau

Economy
Business index paints dark `bear' shades
CONFIRMING the continued sluggish phase of the economy, the business confidence index (BCI) of the National Council of Applied Economic Research (NCAER) at the end of the first quarter of the current fiscal has turned bearish.

`Special skills needed to meet challenges of globalisation'
THE managers of international business need to acquire special skills to face the new economic challenges including that of globalisation, Mr Omar Abdullah, Minister of State for External Affairs, has said.

BoE Dy Governor to address ICRIER anniversary
THE Bank of England Deputy Governor, Dr Mervyn King, will participate in the deliberations on the occasion of the 20th anniversary of the Indian Council for Research on International Economic Relations (ICRIER). ICRIER will complete two decades of existe nce on August 9.

WTO: `Implementation issues must not be linked'
IMPLEMENTATION-related concerns should be resolved without being linked to any new round of negotiations, the Special Secretary -- WTO, Ministry of Commerce and Industry, Mr Nripendra Mishra, has said.

Foreign Trade
Curbs on import of spares under EPCG scheme
THE Government has amended the Export-Import (Exim) Policy to stipulate that imports of spares under the export promotion capital goods scheme (EPCG) would be restricted to 20 per cent of the cost, insurance and freight (c.i.f) value of the licence issue d under the scheme.



India needs better image to attract business: Lord Paul
INDIA is still regarded as a difficult country to do business with even if the eventual returns are recognised as excellent, Lord Swaraj Paul, Ambassador for British Business, has said.

Dumping probe on porcelain tiles from China, UAE
THE Designated Authority in the Commerce Ministry has initiated anti-dumping investigations on alleged dumping of vitrified/porcelain tiles from China and the United Arab Emirates (UAE).

Forex
Rupee seen steady in next six months
BACKED by a forex reserve of over $43 billion and an expected steady inflow of funds, the rupee is likely to remain stable in the next six months, say forex dealers and analysts.

Insurance
IRDA clears Metlife application
THE Insurance Regulatory and Development Authority (IRDA) has cleared the application of Metlife India Insurance Company Pvt Ltd, to set up a life insurance company.

Mutual Funds
US-64: Insurance cos keep head above water
PUBLIC sector insurance companies have been insulated from the crisis which has effected the Unit Trust of India's flagship scheme, US-64.

Policy
ERC tenure extended by a month
THE Finance Ministry has granted a month's extension to the Expenditure Reforms Commission (ERC) whose tenure ends on August 31.

Bill in LS to repeal MRTP Act
THE much-awaited Competition Bill, 2001 was introduced by the Government in the Lok Sabha on Monday. The Bill aims at repealing the Monopolies & Restrictive Trade Practices (MRTP) Act, 1969 and dissolution of the MRTP Commission.

Money orders via VSAT will minimise delays
With the process of sending money orders through low speed VSATs to high speed VSATs being put in place before the end of the current fiscal, the delay in despatch of money orders would be minimised, Mr Paswan told Mr M. Chinnasamy in the Lok Sabha. He s aid if there had not been a substantial decline in the number of complaints received pertaining to delay in the payment of money orders, it was partly due to the fact that only about 12 per cent of the money order traffic was being transmitted annually v ia satellite through 77 low speed VSATs.

Power
SC stays arbitration proceedings -- HC to decide on MERC authority in DPC case
THE Supreme Court today stayed the arbitration proceedings initiated by Enron and asked the Bombay High Court to decide whether the Maharashtra Electricity Regulatory Commission (MERC) had the jurisdiction to adjudicate the dispute with Dabhol Power Comp any (DPC).

States
Protest against smoking ban
MANGALORE: All the major Central trade unions have decided to protest against the State Government's proposal to pass a legislation banning smoking in public places. The newly-formed action committee of trade unions has organised a rally on August 9 to p rotest against the proposed legislation.

45 cases of CRZ rules violation in Karnataka
A COMMITTEE appointed by the Karnataka High Court to look into the violations of the Coastal Regulation Zone (CRZ) Notification along the 287-km-long Karnataka coast has found 45 prima facie cases of violation and has made specific recommendations to imp lement the notification.

Female mortality rate lower in AP: Study
SURVIVAL chances of females are more than males, particularly in the case of adults where male mortality is not only far higher than females but tends to stagnate, according to Dr N. Krishnaji, former Professor of the Centre for Economic and Social Studi es (CESS).

CAG raps Bengal PCB's working
THE West Bengal Pollution Control Board (WBPCB) has come in for sharp criticism for deviating from established test standards in pollution, and for its failure to enforce compliance of existing legislation on large industries.

Stocks
Reliance names brokers for buyback
RELIANCE Industries Ltd (RIL) has appointed three brokers to implement its share buyback programme through open market purchases.

`Rolling settlement must follow electronic fund transfer facility'
THE five-member delegation of the Securities Industry Association of India (SIAI), the recently formed apex body of stock brokers from across the country, has decided to seek continuation of weekly settlement until infrastructure for electronic fund tran sfer is put in place.

Taxation
Broadcasting cos to discuss service tax
BROADCASTING companies are expected to chalk out a fresh strategy for seeking exemption from the 5 per cent service tax at the meeting of its apex body, the Indian Broadcasting Foundation (IBF), on Tuesday.

e-com taxation panel seeks further study
THE high-power committee on e-commerce and taxation has asked the Government to factor in the aspect of diverse `income streams' in the IT sector before arriving at norms for e-commerce taxation.



India, Austria sign taxation agreement
INDIA and Austria have signed a treaty for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income in a bid to boost mutual flow of investments, technology and trade and services between the two countries.

Technology
R. Chidambaram is new TIFAC chief
Dr R. Chidambaram, former Chairman, Atomic Energy Commission (AEC) is the new Chairman of the Technology Information Forecasting and Assessment Council (TIFAC), an autonomous institution under the Department of Science and Technology (DST).

Telecommunications
Bharti Telecom eyeing new foreign partner
ON top of aggressive plans to rollout its new telecom ventures with estimated investments of over Rs 6,000 crores, the Bharti group proposes to rope in a new foreign equity partner in its flagship company Bharti Telecom Ltd.

Tatas, Hughes in tie-up talks for basic telecom services
THE Tatas and the Hughes group are in talks for an alliance in basic telephony services.

Issue of licences to 4th cellular bidders -- Minister denies tender norms violation
THE Union Communication Minister, Mr Ram Vilas Paswan, has said in the Lok Sabha that the process for issue of licences to the private bidders for the fourth cellular slot in 17 circles is already under way.


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