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July 15
Coke's no genie, keep it out of Goa, plead small-scale bottlers
As Coca-Cola's major venture in Goa nears completion, local bottlers worry that their annual market of 50 lakh crates would be eaten up by the multinational, and plan to move the Monopolies and Restrictive Trade Practices Commission.
Hard times ahead for tax collectors in e-commerce age, reckon experts
For levying tax on commerce conducted over Internet, a major problem for tax collectors would be to determine the 'permanent establishment' of the sellers and buyers. Tax can be levied only
when the 'permanent establishment' of the dealers can be identified, a very difficult task under the present tax laws, opine experts.
RS debates NRI invitees on Air-India board, clears purchase of 52 aircraft
Civil Aviation Minister Anant Kumar has offered to constitute a departmental inquiry into the NRI issue. The report will be submitted in this session of Parliament. Later, suitable action will be considered.
IA staff urge PM to reject Tata Airlines venture
The entry of Tata Airlines would convert the existing domestic carriers, including Indian Airlines, into loss-making companies as they are already flying with more than 30 per cent unoccupied seats, aver IA officers.
KLM keen on modernising airports in India
KLM Royal Dutch Airlines wants to offer know-how and consultancy for modernisation and airport infrastructure. The KLM chief would meet the Union civil aviation minister in Delhi on Wednesday and apprise him of the airline's interests and its perception that India can capture a major share of the aviation business, both in cargo and passenger sectors. Co-sharing of tourist traffic would be another area of co-operation he would be discussing
ANZ Investment Bank to advise government on Modern Foods' divestment
As the global advisor, ANZ will be instrumental in examining both restructuring options for Modern Foods and in the potential search for an international investor/partner.
Government plans moves to protect plant varieties and farmers' rights
Steps are being taken for the examination of the patents in the US. The government is also bringing out Plant Varieties and Farmers' Rights Protection Act, which is at the stage of formulation, to ensure that foreign commercial interests did not indulge in bio-piracy of indigenous plants.
• Forex: 42.64/64, rupee weakens by 4 paise
• BSE: 3371.50, Sensex recovers some lost ground
• NSE: 967.35, pivotals firm up marginally
July 14
Goa may become first state with private power transmission and distribution
Chief Minister Pratapsing Rane plans to sign a fresh contract with the International Finance Corporation to prepare a memorandum, based on which international bids will be invited to set up the network.
New hydro power policy in August, says Kumaramangalam
The ratio of
hydro power has come down to just 25 per cent and the government
hopes to increase it to 31 per cent by the end of the Tenth Plan.
Real estate, insurance, atomic energy, drugs not open to foreign investors, says Bakht
'These are sensitive and strategic sectors relating to national security and scientific subjects. So, we want to keep these away from foreign investments,' the Union industry minister said in an interview.
No executive powers for key Maruti panels headed by Saito
The recent deal between the government and Maruti was to vest the new chairman, a representative of Suzuki, with sweeping executive powers. However, sources said, some of the government directors on the board foresaw certain legal hiccups in the formation of these panels.
Work starts on Rs 8 billion power project in AP
Naidu said Rs 30 billion would be spent on generation and distribution of power in the state during the next few years. Power projects for generation of 4000 MW would be set up in Visakhapatnam and East and West Godavari districts in the next three to four years. An amount of Rs 600 million would be spent on transmission and distribution in the East and West Godavari districts next year.
Tata Airlines venture not shelved, clarifies minister
The government had surveyed 126 domestic air services all over the world and found that hardly any country provided the facilities which were demanded by private airlines in India.
Inflation rate 7.41, touch 66-week high
Reeling under the budgetary impact, the inflation rate witnessed a steep climb for the eleventh successive week to touch a 66-week high of 7.41 per cent on June 28. It was 6.86 per cent the preceding week.
BRIEFS
Surat likely to get full-fledged airport
• Forex: 42.58/60, rupee weakens 6 paise
• BSE: 3322.17, Sensex dives 80 points!
• NSE: 964.35, pivotals plunge after early rise upswing
July 12
New bill may help Clinton to waive sanctions on India
The legislation would make it possible for World Bank and other multilateral financial institutions to resume lending to India.
Decision on Tata Airlines deferred
The Foreign Investment Promotion Board to meet
again on August 8.
Panel recommends wider tax net
The Standing Committee on Finance has recommended
urgent steps to widen the tax net and enhance revenues.
Air-India to raise money from foreign markets
The airline board has given its approval
to raise substantial amounts, including
nearly Rs 1 billion through
private placement of bonds, through financial instruments in
the international market.
Mehta counts on mutual funds to ease capital crisis
Securities and Exchange Board of India chairman D R Mehta called upon the mutual funds industry to play an active role to boost the sagging capital market.
July 11
US senate clears partial lifting of sanctions
US President Bill Clinton has issued a strong endorsement of the move even as senator Sam Brownback said, ''Passage of this legislation is an important first step. We need to begin repealing the remaining sanctions on India and Pakistan. And, we must act now."
FIPB meets on Saturday: Tatas may take off as solo airline
Apparently, the Tatas have now decided to set up the airline on their
own. Foreign participation, if any, will be limited.
ITC wins legal battle against Chitalias in US
The US courts have awarded the $ 12 million claim to ITC while dismissing the Chitalias' counter-claim for $ 55 million. The case involves alleged murky rice exports, setting up of restaurants in the US, FERA violations, commission defaults, defamation, corporate clashes....
Panel suggests setting up divestment fund
The Parliamentary Standing Committee on Industry suggested that the Centre hand over the job to the Disinvestment Commission.
Buy one ticket, fly Air-India, roll on rails!
Air-India passengers flying from the Middle East to India will soon be able to make reservations for onward journeys by trains to different points in the country.
BUSINESS BRIEFS
Choksey enters IT, is Infoway's chief
Patel accuses Kumaramangalam of scuttling Cogentrix
• Forex: 42.52/54, rupee stronger by 6 paise
• BSE: 3,401.74, Sensex races on, gobbles another 70 points!
• NSE: 980.15, week sustains upswing
July 10
User fee scrapping dries up funds, forcelands Karipur airport project
The Kerala high court has ruled against collection of user fee at Kozhikode's Karipur airport. And no one seems interesed in funding the incomplete expansion works.
India may end up last on world trade list
To avoid such a scenario, the country should increase its export earnings to at least $ 100 billion by the turn of the century, said Union Commerce Minister Ramakrishna Hegde.
Government okays Mizoram power project, ONGC's cogeneration plan
The Rs 3.68 billion, 60 MW Tuirial hydro electric project will be executed by the North Eastern Electric Power Corporation.
BUSINESS BRIEFS
India's share in world diamond trade is just 0.02 per cent
Civil aviation minister to visit Surat over airport demand
Govt okays revised NTC revival strategy
• Forex:Rs 42.58/60; Rupee slides two paise more
• BSE: Pivotals rally on FIs' support, Sensex 3331.98
• NSE: Prices rise, Nifty 961.05
July 9
SBI to raise $ 3 billion from NRIs
The bank, which will issue five-year bonds denominated in dollars, British pounds and Deutsche marks, proposes to pump the money into the infratructure sector.
Hegde, Sinha to check fall in exports
During April-May 1998-99 exports are estimated at $ 4994.35
million which is 7.54 per cent lower than the level of
$ 5401.41 million during April-May 1997-98.
Avoid confrontation on trade issues, panel tells Govt
The parliamentary standing committee on commerce has also asked
the government to take care that the nation's sovereignty, dignity and long-term interests are ''not unduly sacrificed''.
THE REDIFF BUSINESS SPECIAL
Fly ash sparks green revolution
When a handful of volunteers armed with spades and shovels landed on a barren piece of land splattered with fly ash in Dadri, Uttar Pradesh, a few months ago, local people scoffed at their attempt to convert it into a lush agricultural land. Today, the same crowd gazes in amazement at the transformation while queuing up to purchase fresh vegetables at throwaway prices.
• Forex:42.57/58; Rupee weakens by 10 paise
• BSE: 3245.88, Sensex up 50 points
• NSE: 944.15 points, pivotals continue to improve
July 8
Uncertainty over sanctions hits US exports to India and Pak
While the US commerce department has issued interim guidelines for
export licensing, customs agents have been taking extra precautions
with shipments to India and Pakistan, resulting in delays at the airport.
Kerala HC stays warrant against Prabhu
The Union environment and forests minister is facing
a court case in a cheque dishonour case involving
Bombay-based Western India Financial Services Limited
which he had founded.
Standing panel urges revamp of airlines
Parliament's standing committee on civil aviation has urged the government to implement the recommendations of the Kelkar Committee.
Mobility of labour crucial to development, India tells WTO
India has stressed that mobility of labour is just as important as flows of capital, goods and services
THE REDIFF BUSINESS INTERVIEW
'We are flattered by the attention but don't wish to be flattened'
'RiceTec has done nothing wrong and the name basmati has not been stolen... I do not personally think it would help the Indian rice industry to have the RiceTec patent overturned, unlikely as that is... I also believe that the legal costs involved in attempting to reverse history might best be spent otherwise.' RiceTec chief executive Robin Andrews defends his company against charges of cultural piracy after it patented basmati rice, in an exclusive interview.
• BSE: 3195.94, firm spell holds as FIs offer buying support
• NSE: 924.70, pivotals firm up as market opens on a positive note
July 7
ISI unloads counterfeit notes in Bombay
Suddenly the City of Gold seems to be awash with fake Rs 500 notes. While the RBI feels there is no cause to worry as yet, the police believes that this is part of the ISI's efforts to wreck the economy.
Give SEBI teeth, says Dhanuka panel
The SEBI should be the sole regulatory agency
for the securities market, according to the recommendations.
Bio Bill could sound death-knell for farmers, warn activists
The immunity of the bureaucracy combined with power and unaccountability of the multi-nationals could easily work to usurp the resources and knowledge of the people, say Vandana Shiva and Asish Kothari
StanChart survey says rupee will sink further
A quarterly survey, which touched more than 100 treasurers in
eight principal cities, shows that 50 per
cent of the respondents expect the rupee to
be in the 44-45 range.
New, improved Financial Commission constituted
Chairman A N Khusro is to review the state of finances of the Union and the states and maintain macro economic stability.
NDC to okay Ninth Plan by August-end
The Planning Commission is working out action plans based on the altered priorities of the government.
BRIEFS
Lok Sabha takes stock of soaring vegetable prices
• Forex:Rs 42.45/47; rupee loses one paise against dollar
• BSE: 3178.31; pivotals stage smart rally
• NSE: 917.35; Nifty goes up by 16 points
July 5
AP may be heading into a debt trap
Critics say Chief Minister Chandrababu Naidu may be borrowing his way out of trouble, putting the pressure on future generations.
External borrowing dearer by 75 basis points: report
The domestic market is the only source to raise capital for corporates. So also infrastructure requirements, says a ICICI Securities and Finance Company (I-Sec) report.
BRIEFS
BSE denies payment crisis sparked Rs 140 million dues
July 4
Cabinet okays IOC's Rs 82 billion JV with Kuwait
The project would be executed over a 48-month period through a joint venture between the IOC and the Kuwait Petroleum Corporation.
Tata, HLL plan multi-billion complex in Kochi
Tata Housing Development Company Ltd, a joint venture between the Tatas and Hindustan Lever Ltd, has proposed a Rs 5
billion commercial-cum-residential complex with a World Trade Centre and a five-star hotel at Kochi, hub of the new spices futures trading in
India.
Left MPs protest outside Parliament against Budget
The MPs also opposed the government's decision to divest 75 per cent of the equity in the public sector units, including those which were ''highly profit-making".
Two senators ask US to soften sanctions
Republican senator Sam Brownback said that the sanctions, which in combination with other moves by the United States and its allies, had virtually shut off access to international financing for India and Pakistan. They ''hurt Pakistan much more than India, and Pakistan is much less culpable'' because India tested first, he said. Democratic senator Charles S Robb ''is more sympathetic to India''.
• Forex: 42.44/47; rupee gains ground
• BSE: 3089.02; Sensex loses 91 points
• NSE: 900.55; Nifty drops by 19.35 points
July 3
Cyclone devastates salt industry
Fear keeps away labour, especially the prized Kolis who keep the salt industry going.
India will face hard time in attracting foreign capital: Morgan report
Highlighting problems that need urgent attention by the authorities, a research report of Morgan Guaranty Trust Company of New York said that the large and fragile coalition government at the Centre sent negative signals to the foreign investors. They noticed a lack of political commitment and consensus to go ahead with the reform process. India needs to speed up clearances and further open its infrastructure sector to foreign capital, the report said.
SEBI announces new volatility margin
In the new system, the price band will be reduced from the current level of 10 per cent to 8 per cent, said a SEBI statement. The new system will come into force after the ban on short sales is lifted on Monday.
Aid will not push AP into debt trap: Naidu
Rejecting the Congress criticism in this regard, the
Andhra Pradesh chief minister said his government was investing for making the economy vibrant. ''They (Congress) had borrowed but assets were not created and money was misused,'' he counter-charged.
BRIEFS:
Sharp increase in credit-deposit ratio will not bring profits: Tarapore
• Forex: 42.51/53; Rupee sinks by 32 paise
• BSE: 3180.73; Sensex loses 49.87 points
• NSE:919.90; Nifty takes a dip
July 2
Saffron props fail to revive the market
What most brokers believe is that once the ban on short selling is removed next Monday, there could be a spurt in selling which could push the Sensex down. M G Damani , former president of the Bombay Stock Exchange, says, 'No one can make any guesses about the level to which the Sensex may fall. Anything is possible since the market sentiment is at its lowest ebb right now. And short-term measures to boost it will bring only
temporary relief. '
Stock exchanges need to clean up their act
'It is a telling commentary of the extent to which government and the stock market fraternity in post-Independence India have mismanaged the stock exchanges that 50 years after the nation's avowed tryst with destiny, the great majority of citizens continue to invest their savings in gold rather than in stocks and shares which could finance great enterprises for the common good,' laments Dilip Thakore.
CII chief opposes retaliatory measures against US corporations
Rajesh Shah wants New Delhi to press ahead with economic reforms with greater vigour to make India an attractive destination for foreign investors.
Kerala to set up 40 industrial parks
A park in every assembly segment -- that is the grand plan. A business delegation from Bahrain is expected to visit the state to explore investment opportunities.
UP to get $ 130 million WB aid
The World Bank has okayed $ 130 million package for supporting the agricultural sector in Uttar Pradesh. The idea is to accelerate rural development and benefit poor farmers, especially women.
BRIEFS:
Gupta becomes IDBI chief
No cut in budget: WHO
• Forex: Rs 42.19-21; Rupee gains further
• BSE: 3230.60; Sensex loses 20.09 points
• NSE:942.25; Nifty moves up
July 1
Indian to head StanChart Bank
Rana Talwar is confident that he can develop the Standard Chartered franchise. 'I believe we can do more to build and grow the bank and make it a major force in emerging markets,' he told Rediff on the Net in an exclusive interview.
Divestment panel chief urges government to sell off 20 PSUs
Disinvestment Commission Chairman G V Ramakrishna has urged the Union government to resort to strategic sales of 20-odd Public Sector Units to foreign investors as recommended by the commission to offset the possible impact of US economic sanctions.
India's FM asks industry to shed Moody's blues
Yashwant Sinha has asked the Indian industry to look to the future, as it was on the road to revival. In April and May, exports had registered a mild growth as against a negative growth of 10 per cent last year. Tax collections had increased by 25 per cent in April and May this year.
Drug-makers seek protection from imminent patent regime
Indian drug manufacturers say that with the introduction of product patent after the expiry of the transition
period in 2005, prices of medicines including life-saving drugs
would skyrocket. The multi-national companies will enjoy a
monopoly. This, they say, will subject the common man to a lot
of hardship.
Kerosene subsidy to continue beyond 2002, 7 MNCs in race for LNG projects, oil pool account has surplus, says minister
Ramamurthy has said no government can afford to do away with kerosene subsidy, even after complete dismantling of the administrative price mechanism by the year 2002
BRIEFS:
SBI to launch new products
SBI has decided to launch a series of new products which include multi option deposit scheme, personal loans scheme and sale of gold on retail basis
Andhra Bank has a new chairman in TJA Ganiga
Thenkanidiyur Janardhan Anantha Ganiga, 59, has been appointed the chairman of Andhra Bank. Ganiga is known for his role in bringing 130,000 accounts to New Delhi's Ramakrishna Puram branch -- a world record.
• Forex: Rs 42.38-40; Rupee gains by 14 paise
• BSE: 3250.69; Sensex plunges 39 points
• NSE: 941.65; Nifty loses 7.45 points
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