Clinton strikes aggressive posture against Iraq: War clouds looming large over Iraq gathered momentum on Friday after US president Bill Clinton dispatched some 2,200 maritime forces to the Gulf in a bid to muster support from his allies for the use of force against Iraq. Clinton and British prime minister Tony Blair said Iraq could still avoid confrontation by allowing UN inspectors access to suspected weapons sites.Best & Crompton turnaround plans: Shareholders of the bleeding Best & Crompton Engineering on Friday cleared a proposal to hike the company's share capital by Rs 10 crore. The move, the company says, will form the cornerstone of its plan to turn itself around. Malaysia's Polysindo group, which has taken over the company, has vowed to bring in the additional funds.
Hidesign plans new outlet: Leather exporter Hidesign plans to open a retail outlet in Chennai in a bid to cater to an expanding southern market. The tenth outlet in the country will help the company record aturnover of nearly Rs 44 crore in the current financial year.
Union Bank, Global Trust raise rates: The Mumbai-based Union Bank of India has stepped up its term-deposit rates across the board. While it will offer 9 per cent on deposits between one and three months, maturities between 91 and 179 days will fetch 9.5 per cent. The nascent Global Trust Bank has, meanwhile, stepped on the gas to jack up the rates on deposits between one and three months by a whopping 550 basis points to 13 per cent.
Calcutta brokers decry State Bank move: The Calcutta Exchange Brokers' Association has cried foul over State Bank of India's move to shift its forex business to Mumbai. An exchange official said the move made little sense as the high cost of operations and lack of adequate infrastructure in Mumbai would cause untold trouble to the country's largest bank.
Iffco Nellore urea plan seen risky: The Public Investment Board has ruled that Iffco's planned Rs 1,570-crore Nellore urea project is highlyrisk-prone, but has left the decision for a go-ahead in the hands of the fertiliser industry. The persistently-low price of imported urea is believed to have influenced the board's outlook.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
