Banks scale South Korea exposure
Indian banks are drastically slashing their exposures to Korea even as Seoul struggles to keep its economy afloat. The State Bank of India, Bank of India and Bank of Baroda have already reduced their exposures to Korean banks substantially over the last six weeks in the face of a fast-depreciating won, the slide in the stock index and soaring yields of corporate bonds in South Korea.
Crisil infuses fresh blood into benchmark 500-scrip index
Crisil's index committee has announced some changes in the broad-based market benchmark -- Crisil-500 equity index -- Crisil industry indices and the Crisil PSE Index. The changes, to be effective from January 5, 1998, ensure that the Crisil-500 Equity Index will represent about 70% of the total market capitalisation and 98% of the total turnover on the Bombay Stock Exchange (BSE).
Price Waterhouse, Coopers & Lybrand partners okay global merger plan
The merger between Price Waterhouse and Coopers & Lybrand has come a step closer with the partners of both the firms having cleared the merger by a majority vote. But the two firms will still need an approval from anti-trust bodies in the US and the UK before formalising their global merger.
Telco to unveil 5% finance scheme to peddle trucks
Commercial vehicles major Telco will drive into the new year by offering truckers a real deal on wheels. It is set to start financing its heavy commercial vehicles (HCVs) at a rock-bottom flat interest rate of 5% per annum. This is a desperate move by the company to clear a massive inventory pile-up of about 25,000 vehicles.
HPCL signs fuel-supply agreements with 12 IPPs
Hindustan Petroleum Corporation Ltd. (HPCL) has entered into fuel supply agreements (FSAs) with 12 major independent power producers (IPPs) setting up new power generation units. HPCL intends to augment infrastructure at various ports and inland locations for meeting the fuel requirements of the IPPs.
State to lend P&O helping hand on Vadhavan project
The Maharashtra government has stated that it was keen on ensuring that the Rs 3,500-crore Vadhavan port project comes up on the present site. To this end, the state government has expressed its willingness to extend all the necessary assistance to P&O Australia Port Pvt Ltd, the developers of the all-weather port at Vadhavan.
