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Drumbeat: Ad Buzzaar

Economy

Saturday, May 23, 1998

	US banks may shun May 27 gilts auction US banks are likely to stay away from the planned Rs 4,000-crore nine-year paper auction to be held on May 27. This will be the first auction of goverment securities after the United States imposed economic sanctions against the country.		Trade sanctions unjustified, says FIEO chief Federation of Indian Export Organisations (FIEO) president Ram S Deora has expressed disappointment at the trade sanctions imposed by the US and some other developed countries on private Indian trade. He further reiterated that trade sanctions are "unjustified" and also "self-defeating" for private companies across the world who wish to do business with India.
	Tobacco manufacturers seek excise cut All India tobacco manufacturers association (Aitma) has urged the government to reduce excise duty from existing 50% to 10% to benefit tobacco farmers, consumers and the industry providing rural employment.		Excise anomalies will be removed, finance minister tells pesticide SSIs Union finance minister Yashwant Sinha has assured that the anomalies in the excise duties on pesticide technicals and formulations will be examined in detail for redressing the grievances of small scale pesticide formulating units in India. He further assured that the central government was committed to stand by the small sector.

Centre transfers 34 excise commissioners
The Central government has abruptly transferred 34 commissioners of central excise and customs without the formal approval of minister of state for finance RK Kumar who resigned yesterday. The order for transfer is understood to have been signed by finance minister Yashwant Sinha.

China gets tough; mulls anti-dumping measures for steel imports
China's steel industry is lobbying to impose anti-dumping measures against steel dumping from Asian exporters. The Chinese government has not imposed new taxes on steel imports yet. Sliding steel prices in Korea and Japan have driven China's steel prices down, particularly on flat steel products.

Maharashtra seeks ECB facility for real-estate development
Sharjah free zone woos local investors
Slowdown in growth mounts pressure on China to cut rates
World Briefing
Habibie unveils clean, "reform" cabinet
Senate rejects legal cap for tobacco firms
S&P affirms country rating but downgrades outlook
RK Kumar quits ministry
Executive Briefing
Edible-oil trade hit by delay in official notification