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Drumbeat: Ad Buzzaar

Friday, May 22, 1998

	Centre may not toe panel line on crude duty cut The Union finance ministry is not likely to implement duty changes in crude and petro-products as recommended by the Nirmal Singh committee report on oil reforms. Although no final view has been taken on the matter, the prevalent opinion within the Union finance ministry is that the top priority in the budget is revenue.		Anagram Finance set to pull down AMC, housing finance arms' shutters The Lalbhais have decided to wind up at least two of Anagram Finance's subsidiaries -- Anagram Wellington Asset Management and Anagram Housing Finance. Wellington International Management Company, which has a 25.1% stake in the asset management company, will get out of the joint venture. The Lalbhais are also planning to run down their small-housing loan portfolio.
	Delhi moots freeze on nuclear tests India has proposed a unilateral moratorium on nuclear tests and said it is ready to interact with key interlocutors to formalise the obligation. Without naming the countries, the Principal Secretary to the Prime Minister, Brajesh Mishra, told newspersons on Thursday that that there had been "some communication" from some nuclear weapon states on the subject.		Kopran spins off unit in recast exercise The Rs 343-crore Kopran Ltd has restructured its business by spinning off its semi-synthetic penicillin (SSP) business into a new company and transferring its research-and-development (R&D) activities into a wholly owned subsidiary. The spin-off will make it possible for Kopran to integrate further into penicillins through a joint venture or strategic alliance.

Citibank, Bank of New York set to extend LoCs to Indian banks
Citibank and Bank of New York have decided to extend lines of credit (LoCs) to Indian banks in the United States despite the US government's sanctions against the Indian government following the five nuclear tests in the second week of May. Both banks have assured Indian banks that they are willing to do business with their overseas branches.

Suharto bows to pressure, steps down
After a week of deadly protests against president Suharto and Indonesia's battered economy, the premier yesterday announced his resignation in a nationwide television address. Suharto turned over the leadership to vice president Baharuddin Jusuf Habibie, a close ally and said Habibie would serve out the remainder of the current presidential term -- until 2003.

CORPORATE
Allahabad Bank customers peeved over service fee for interest warrants
Utkal Alumina promoters to review participation in $1 bn alumina project

ECONOMY
Open up insurance sector, says CII
Hudco to earmark Rs 1,800 crore for housing, core projects

EXPRESSIONS
Crooked planters
Macro justice

MARKETS
ICICI Premier, ICICI Power corpus up 26% in three months
Firms await CBDT nod to issue core bonds

LEISURE
Art market stays stable in the age of explosions
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