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Chidambaram drops Rs 16,000-cr hot potato on his successor
The United Front will hand over a badly-managed economic baton with a deferred payment liability of about Rs 16,000 crore to the new government. The new government will have the daunting task to set aside funds of about Rs 16,000 crore in 1998-99 to pay for the arrears on one count or the other. The additional outgo was not backed by robust revenue realisation, which will continue to suffer on account of subdued external trade and poor industrial growth.
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Full convertibility may be thrown off schedule, says RBI
The Reserve Bank of India (RBI) has admitted that the rupee may not go full float within the three-year time-frame as stipulated by the SS Tarapore committee on capital account convertibility (CAC). V Subrahmanyam, executive director of the RBI said that there have to be further developments towards deregulations in the market.
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Nomura quits battle for UK Energy Group
Nomura International Plc withdrew from the battle for Britain's Energy Group Plc, leaving Texas Utilities Co as the only remaining threat to PacifiCorp's bid. Texas Utilities and Nomura emerged last month as potential rival bidders, but PacifiCorp's offer last week to purchase the British electricity and coal company for $6.6 billion proved too rich for the unit of Japan's Nomura Securities Co Ltd.
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Asian woes draw oil majors' interest
Though the financial crisis embroiling Asia has opened up lucrative acquisition and merger targets for oil majors there are few takers. The crisis has forced the henceforth protected markets to open up in lieu of the multi-billion dollar rescue packages being arranged by IMF. Majors are however cautious of approaching Asian companies being forced out of their cocoons.
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