The Indian Express The Financial Express Latest News Elections '98 Express Investment Week Market Indicators Screen Express Computers Travel & Tourism Advertisers Forum Information Technology Drumbeat: Ad Buzzaar Astrosurf Career India Business Forum Match Maker Express Properties

Corporate Economy Expressions Markets Leisure 30 January 1998   Cabinet overrules minister's objections, upholds pharma price cuts The Union cabinet has upheld the price cuts proposed by the department of pharmaceuticals in ranitidine and rifampicin and shot down the objections raised by the minister, M Arunachalam, to these cuts. A one-man committee will also be appointed to investigate Arunachalam's objections to the denial of price exemption to Cipla's bulk drug salbutamol sulphate.   RBI eases curbs on opening letters of credit The Reserve Bank of India (RBI) has allowed banks to open letters of credit (LoC) and make remittances in the case of companies importing goods into bonded warehouses. The measure is seen as another step towards an easing of exchange controls. Earlier, applications for opening LoC and remittances to pay for such imports were required to approved by the apex bank. Philippines to back Delhi for APEC membership The Philippines has agreed to support India's plea for becoming a member of the Asia-Pacific Economic Cooperation (APEC) and Asia-Europe Meeting (ASEM). As per agreement, both sides will set a target of $500 million for bilateral trade by 2000 AD and enhance their trade prospects to $199.47 million. Fate of "cyber city" hangs in balance Early signals from the two contenders shortlisted for the Rs 1500 crore Chennai `cyber city' indicate that the Tamil Nadu government may be forced to go in for a massive downsizing of the ambitious project - or even scrap it. A final decision on the fate of the Tamil Nandu government's largest ever software project will be made in early March.   Nine banks set to become DPs A group of nine banks, including some up-country ones, are on the verge of becoming depository participants (DPs) with the National Securities Depository (NSDL). These include Punjab National Bank, State Bank of Patiala, Punjab & Sind Bank, UTI Bank, IDBI Bank, Centurion Bank and Vyasa Bank. Some of these banks have already signed up with NSDL. BJP lashes out at Congress campaign The BJP hit out at Sonia Gandhi saying the Congress election campaign lacked credibility and its main campaigner's hit and run campaign methods raised serious questions of accountability. Although the BJP didnot use Sonia Gandhi's name, it criticised her speeches for lacking the past political conduct of the family.     Congress spars with Sena on Sonia tour   Nagpur district mandarins register clutch of model-code violation plaints   Executive Briefing   Japan clean-up body to probe banks in jusen fiasco   "No one can stop Sonia from state tour"   Take to conciliation rather than litigation   Election offence cases against RSS, ABVP, Shiv Sena, BJP in   Market Briefing   Maharashtra Briefing