Financial Daily
from THE HINDU group of publications

Thursday, September 13, 2001





Air France offers through check-in for IA passengers
TO enhance the comfort of outstation passengers during transit, Air France has introduced through check-in facility. In a statement, the airlines has said that passengers travelling on Indian Airlines from Delhi, Chennai, Mumbai, Kolkata, Bangalore, Hyde rabad and Tiruvanathapuranm can now avail themselves of a through check-in facility for their onward international connections on Air France.

BA, Lufthansa clip agent commission
BRITISH Airways and Lufthansa, two of the major players in the Indian market, have followed Air India's lead in capping agency commission.

BA, Lufthansa flights to Europe continue
WITH US airspace being closed till 9 p.m. on Wednesday night, leading US carrier United Airlines decided to cancel both its daily flights from Delhi to London and Hong Kong for the second consecutive day on Wednesday.

Close-circuit TVs to beef up airport security: Minister
THE Union Government plans to install close-circuit televisions in the periphery of hyper-sensitive airports within three months as a measure to beef up security.

Panel set up to study Trayon revival package
THE Kerala Government is going to set up a high-level committee to study the revival package submitted by a Coimbatore-based industrialist for the ailing Travancore Rayons Ltd (Trayons) at nearby Perumbavoor.

Firms grope to take staff count
MORGAN Stanley Dean Witter & Co, which was the World Trade Centre's largest tenant with over 50 floors, said it had ``limited information'' on the fate of its employees there after the devastating attack by two hijacked airplanes on the twin towers.

US tragedy not to have immediate impact on India: Sinha
THE Finance Minister, Mr Yashwant Sinha, expects no immediate direct impact of the US tragedy on the Indian economy, particularly on the rupee and the oil import bill.

Move to curb illegal entry of foreigners
THE Law Commission of India, headed by Mr Justice B.P. Jeevan Reddy, has recommended measures for amending the Foreigners Act, 1946, to curb the menace of illegal entry by foreigners from neighbouring countries into India.

Govt clears 21 FDI proposals
THE proposal of Organon Participations B.V. of Netherlands to convert its Indian outfit into a wholly-owned subsidiary with fresh investment of Rs 85.83 crore and Toshiba Corporation's proposal to set up a 100 per cent subsidiary with an investment of Rs 5.2 crore are among the foreign direct investment (FDI) proposals cleared by the Government.

`FII investments will not be hit'
INFLOW of foreign institutional funds to India is unlikely to be affected by the attacks in the US cities on Tuesday, said fund managers and equity analysts on Wednesday.

Foreign Trade
India, Thailand target $2 b trade turnover in 3 years
INDIA and Thailand have agreed to increase the bilateral trade volume to reach a target of $2 billion within the next three years. Towards this end, it has also been agreed that businessmen from both the countries would identify new items of imports and exports for diversification of the trade basket.

FICCI seeks greater market access to EU
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has expressed concern that the European Commission's proposal for a new scheme of generalised tariff preferences (GSP) has not addressed some of the major concerns of the industry.

Dumping duty on paracetamol from China, Taiwan
THE Finance Ministry has imposed provisional anti-dumping duty on all imports of paracetamol from China and Taiwan.

US strikes unlikely to impact oil position: Naik
THE spurt in global crude oil prices to over $30 a barrel in the aftermath of the terrorist strikes in the US is unlikely to impact India in the near-term as the domestic oil companies have comfortable stocks and have secured supply contracts for the nex t couple of months, the Petroleum Minister, Mr Ram Naik, said.

Analysts fear oil import bill will shoot up
NOTWITHSTANDING the Finance Minister's optimism, traders and analysts expect the country's oil import bill to go up in the current fiscal, though much depends on US reactions.

An ambushed nation feeds another's fears
``CAN it happen to us? Other children in my school are saying India will be bombed next and we'll get five days holidays.'' The innocence of an eight-year-old's query notwithstanding, fear, it seems, has permeated beyond the Big Apple right across to cla ssrooms in India.

The politics of terrorism
THE mother of the little school girl who was killed in Kashmir a few days ago will be able to relate much better to the thousands of anguished and bereaved Americans who have lost their loved ones in Tuesday's carnage in New York and Washington DC. As al so the relatives of thousands of Kashmiris who have lost their loved ones in nearly two decades of terrorism in Jammu and Kashmir.

Tight vigil
Security beefed up around the US embassy on Wednesday in New Delhi following terrorist attacks in the US.

Indian (dis)connection
PANIC-STRICKEN Indians were desperately trying to reach their kith and kin and friends in the US last night.

Terror strikes the heart of America
Tuesday began like any other day before it. I was in my office sitting in front of the computer and beginning the ritual of checking e-mail when my department secretary's voice called out from across the hallway,`` A plane hit the World Trade Center!''

Project report for Bengal tidal power plant ready
THE detailed project report (DPR) for India's first tidal power project is ready. The project is slated to come up in Durgaduani creek in the Sundarbans in West Bengal.

AP farmers seek more funds to fight coconut mite
THE coconut farmers of Andhra Pradesh, especially the Konaseema area in East Godavari district, have urged the Coconut Development Board (CDB) to sanction more funds to fight the eripohyd mite ravaging the crop in Konaseema and other parts of the State. They have also pleaded for proper use of Rs 3.70 crore already allocated by the board for this purpose.

Bengal to brand farm produce
THE West Bengal Government plans to link farm produce of the State either with the established brands or new brands with corporate backing.

Sensex feels tremors of US attacks; drops 117 points
STOCK prices in India and major Asian markets dropped on Wednesday in sympathy with the falling World Trade Center twin towers following unprecedented terrorist attacks on the US on Tuesday morning.

SEBI narrows filters to check volatility
FEAR of a crash in the capital market gripped the bourses today in the aftermath of US tragedy.

Uncertainty in stock options segment -- NSE traders rue delay in cash market closing quotes
FOR the traders in stock options at the National Stock Exchange (NSE), the `cash' market closing prices, relevant for determining the exercise price, are available only after the traders exercise their options.

BSE, DSE in merger talks
The current spell of bearishness and falling volumes impacting the revenues of stock exchanges have started having its impact. The Bombay Stock Exchange (BSE) and Delhi Stock Exchange (DSE) are talking of ``consolidation'' through a merger between the tw o.

Nasdaq: Taking `stock of volatility'
``VOLATILITY is not about markets at all but the stocks themselves.'' This message comes courtesy Nasdaq, whose India office is currently carrying out a campaign to sign up local companies to make them Nasdaq-listed entities.

Bombing, a double-blow to markets
WHILE the full ramifications of yesterday's terrorist attack on the US are yet to unfold, stock market players feel that it has come as a double-whammy to the Indian capital markets already reeling under extended recession.

LSE shortlists 20 Hyderabad compaines
THE London Stock Exchange (LSE) has shortlisted around 20 Hyderabad-based companies to call them for a listing on the bourse, according to the LSE Country Manager, Global Business Development, Ms Deborah Medley Foye.

Modern version to replace badla -- Finance Ministry promises more teeth to SEBI
THE Ministry of Finance has indicated to the Joint Parliamentary Committee (JPC) on the stock scam that it would work out a permanent and refined carry-forward system, instead of the earlier badla system which has been banned since July 2.

SIMA flays interim relief announcement
MEMBERS of Southern India Mills' Association (SIMA) have expressed shock at the Government's apathy in announcing interim relief without calling the individual mills for conciliation.

Travel & Places
`WTC bombing will tell on travel and tourism'
THE bombing of the World Trade Center (WTC) in the US is likely to have ramifications on the world travel and tourism industry as also on the fortunes of certain international airlines besides affecting pricing and availability of air seats to the US in the near term, aviation and tourism industry observers feel.

Tourism meet put off
NEW DELHI: The Chief Ministers and Tourism Ministers Conference, scheduled to be held on September 12, has been postponed. According to a press release, this was in view of international developments not congenial to deliberations on tourism, improving a ir connectivity and related issues. -- Our Bureau

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