39 independent power producers miss deadline to sign FSA with oil companies
As many as 39 independent power producers (IPPs) or roughly 43% of the 118 IPPs that had initially been allocated liquid fuels are yet to sign fuel supply agreements (FSA) with oil companies, nine days after the deadline set by the latter expired.
"IMF prescribed wrong medicine for Asian ills"
The international community and the International Monetary Fund (IMF) had "hit upon the wrong strategy" to solve the Asian crisis, according to Jeffrey D Sachs, professor at the Harvard Institute of International Development. He stated that the IMF had prescribed the "wrong" medicine.
Excise dept seizes illegally stored chemical; accused points finger at HLL
The Central Excise, Mumbai VI Commissionerate in Mumbai seized 4 metric tonnes of unaccounted acetic anhydride and other goods, stored illegally at the plant of an aromatic chemical manufacturer in New Mumbai. Five persons including the managing director of the firm have been arrested.
Middle-class takes maximum mileage of VDIS, declares Rs 5,700 crore
The recently-concluded voluntary disclosure of income scheme (VDIS) tells an astonishing story about the country's middle-class whose reach and prowess were on display throughout the scheme. The affluent middle class declared five-fold more income of around Rs 5,700 crore than the corporates in Mumbai which contributed around Rs 1,200 crore to the VDIS kitty.
Banks feel the pinch as deposits find their way into political coffers
With elections round the corner, signs of corporates withdrawing money from the banking system to fund the coffers of political parties have started showing. The aggregate deposits of commercial banks for the fortnight ended December 19, 1997, dipped by Rs 1,489 crore.
GM raises estimation on plant closing charges to $4 billion
General Motors Corp has raised the estimated after-tax charges it will take against earnings in the fourth quarter of 1997 on plant closings and asset impairments to $3 billion to $4 billion from $2 billion to $3 billion.
