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Korea registers current-account surplus
South Korea posted a huge current account surplus in January for the third consecutive month as imports continued to fall in line with a deepening domestic economic slump. The Bank of Korea's provisional figures showed the country's current account turn to a surplus of $3.03 billion from a shortfall of $3.05 billion in January 1997. The country posted a current account surplus of $0.54 billion in November and $3.64 billion in December last year.
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Step up Bareilly Corp capital, Bank of Baroda told
The Reserve Bank of India (RBI) has directed Bank of Baroda (BoB) to pump in funds immediately to shore up the capital adequacy ratio (CAR) of Bareilly Corporation Bank by March 1998. Confirming the development, sources in the Reserve Bank said the Mumbai-based mega nationalised bank -- which holds 98% stake in Bareilly Corporation Bank -- will pump in funds through a rights issue or a subordinated debt issue in the next few weeks.
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LC Gupta panel report moots tighter margin money, capital adequacy norms
The LC Gupta Committee report on futures and options trading has called for tightening margin-money requirements, capital-adequacy norms and the management system in stock exchanges. The committee submitted the second part of its report to the Securities and Exchange Board of India (SEBI) on Monday. The report also contains a dissent note by the Bombay Stock Exchange (BSE) president MG Damani.
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Kerala asked to develop Beypore minor port
The Kerala government should take bold steps inorder to see that the development of Beypore port into a minor port is made a reality. Though the port, located at the mouth of river Chaliyar with access to roads and railways is an ideal port which could be developed into a vibrant port. Even as the port has got tremendous potential to be developed into a major centre of cargo movement next to Kochi in the state, at present the cargo handling of the port is inadequate.
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