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Corporate Economy Expressions Markets Leisure 09 March 1998   BJP moves closer to power with Congress likely to throw in towel The Bharatiya Janata Party moved closer to ruling India on Sunday as the centrist Congress party admitted its chances of forming a new government had narrowed. Key constituents of the centre-left United Front alliance, whose support Congress has been seeking after inconclusive general elections, came out against the party, puncturing its hopes of stopping the BJP.   Crack whip on errant MNCs: Fernandes Samata Party president George Fernandes, who is tipped to take up a senior cabinet post in case a BJP-led government comes to power, has proposed that the new government should investigate into the misuse of export obligations by quite a few multinational companies. Centre set to review divestment norms in 100% subsidiaries The Union government is reviewing guidelines on divestment of equity in wholly-owned subsidiaries and joint ventures of foreign companies to Indian public. The issue will be taken up by the core group of secretaries at a meeting to be held today. Safeguard duty for carbon black on the anvil Increased imports at rock-bottom prices and low demand in the domestic markets have prompted the carbon black industry to demand a safeguard duty. A proposal to this effect has been submitted to the Union finance ministry.   Pen-G prices weaken on high imports After their initial attempts to prevent imports of penicillin-G by exporters (on an advance licence basis) fell flat, they have now submitted another proposal to the Director General of Foreign Trade (DGFT). They have called for a reduction in the time-period given to exporters to meet their export obligations for penicillin-G derivatives under the advance licence scheme from 18 months to six months. New diamond, gold belts identified The Geological Survey of India has identified new diamond and gold belts in the country with a potential for commercial extraction in the future. Among the newfound potential diamond resources are Kimberlite (diamondferous) rocks in Raipur district of Madhya Pradesh and similar clusters in Maddur region of Andhra Pradesh.     Takeover talks send firms running into investment bankers' bosoms   Posse of problems forces petrochem firms to put off caustic-soda expansion plans   Maharashtra scales down its tenements plan   World Briefing   Ministry cautious over basmati patent row   China to grant autonomy to state firms   Punjab farmers turn to chilli-farming   Brazil top sugar exporter to India   China plans to ease curbs on foreign banks' yuan trade   `Kerala topography not fit for paddy cultivation'   Malaysia swings into action as crisis hurts financial institutions   Japan's ruling party seeks succour   International interest in Indian coffee weak   Investment in tea, coffees lows down   Indonesia, IMF standoff haunts market   Tobacco exports soar, may cross Rs 1,000 crore   India, China to lead Asian rubber markets   Truck-freight rates may move up on back of dispatch spurt   Political Briefing   Arms dealers look up to BJP for increased defence spending   Maharashtra distilleries face an acute molasses shortage   Sonia factor wide off the mark in West Bengal   Companies rework strategies in the decorative paints market   Few takers for AGP's poll fiasco theory   Executive Briefing   High taxes, costly imports crush Bengal oil mills   Unseasonal rains blight grapes crop in Maharashtra   Exporters partially to blame for inviting EU duties   Synthetic, rayon exports sluggish   Tackling cotton contamination the CCI way   Sharp drop in yarn prices forces spinning units to slow down output   Opec keeps output pace, Saudis offer cuts