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Corporate Economy Expressions Markets Leisure 05 February 1998   BankAm, Nova Scotia slash short-term deposit rates The Bank of America (BankAm) and the Bank of Nova Scotia yesterday slashed their short-term deposit rates by a whopping 300-350 basis points, signalling a return of liquidity into the system. This is the first round of a downward revision of deposit rates by the banks. The short-term rates were jacked up last month after the Reserve Bank of India's (RBI's) announcement of a series of measures, which sucked out liquidity from the system.   Nestle to buy out Spillers Petfoods Nestle SA said that the company had inked an agreement to acquire Spillers Petfoods for a cash transaction valued at 715 million sterling. Nestle intends to relocate key activities of its European pet food business to London and build a strong marketing, financial and supply chain team around the existing Friskies and Spillers management. Pepsi "feels good" despite select earnings trouble Pepsico Inc feels good about the fourth-quarter and year end results, despite lower-than-expected domestic snack food results and continued pricing pressures in its North American beverage business. Coca-Cola sees profits in Asia Coca-cola's south-east and west-Asian division said that the expecting profits from its soft drinks to exceed 1997's record levels despite Asia's economic crisis. The company also mentioned its rising sales with its growing profits in dollar terms inspite of the severe currency depreciations in some of the countries in which the division operates.   Compaq sees growth in Asian business Compaq Computer Corp expects its Asian business to keep growing in 1998 despite financial uncertainty and industry consolidations. Meanwhile Compaq has announced it plans of acquiring Digital Equipment Corp for $9.6 billion, a move that would help it make bigger inroads into the corporate market. DoT nod for Shyam Telecom The department of telecommunications (DoT) has finally ended a 30 month long uncertainty on Rajasthan circle's basic services and awarded the letter of intent to Shyam Telecom. The company has signed the licence with the DoT, declaring it as a big boost to the privatisation process in the country.     National Housing Bank wins second round in battle with ANZ Grindlays   BMW's manufacturing facility plan is off   Half-a-dozen networks in Petronet pipeline   Executive Briefing   SBI merges treasury unit with forex cell   Hindustan Copper output up 8 per cent   Holding firm assures Dunlop on rights subscription   Reserve Bank relaxes guidelines on FDI   Electrolux to step up stake in bleeding Intron to 74 per cent   BIFR clears Reliance Silicones Rs 43-crore rehabilitation plan   Microsoft goes swadeshi, plans to unveil software support in Hindi   Corporate Briefing   Hindujas to seek $800-million foreign loan for Visakhapatnam power project   Denso India promoters may step up holding through rights issue   IL&FS firms up plans for stock-lending   Kinetic car has export potential, says consultant   KPMMA yield doubles to 30 per cent   Microsoft in spat with trade association   World Briefing   Stir may hit NTPC project   Amway distributor uses Web to grab Hotmail users   Icra downgrades Pennar Aluminium NCD programme from LBB to LD   State Bank to launch cash management product on February 10