Refiners to do up retail outlets to keep hawks away
The big three refining companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- have embarked upon an aggressive strategy to thwart possible takeover attempts of their retail outlets by private predators. With the first phase of oil reforms already under way, these companies are beginning to feel the glare of private players, from both here and abroad, on their retail sites.
SBI to integrate associate banks treasury operations
The State Bank of India (SBI) is planning to integrate the treasury operations of its seven associate banks to take maximum advantage of size without formally merging them. The plan also includes swapping non-performing assets (NPA) through informal securitisation and syndication of loans collectively by the associate banks.
Nuke tests likely to have negligible impact on budget
The nuclear explosions will cast their shadow on the first budget for the full year to be presented by the BJP-led coalition government, but the direct impact will be marginal. Total external funding, including grant assistance, aid material and equipment, shown as capital receipts,, amounts to about Rs 11,000 crore. This works out to be 0.4% of the total capital receipts of Rs 2,64,988 crore as projected in the interim budget.
Bids for NELP, methane blocks by August
Prime minister Atal Behari Vajpayee on Saturday hinted at several policy packages aimed at enticing greater private sector and foreign investment in oil and gas exploration. It is likely that notices for the new exploration and licensing policy (NELP), deep water exploration and a scheme for tapping coal bed methane gas, would be issued by August this year.
Citibank signals business as usual; Fuji Bank restores link
The Japanese Fuji Bank has offered an additional $10 million line of credit to Bank of India. In a parallel development, Citibank has indicated to the Indian state-run banks that "it is business as usual" as far as transactons with Indian banks are concerned.
Budget may cut exporters' transaction costs
The 1998-99 budget, to be presented on June 1, is likely to contain provisions to reduce the transaction cost of exporters, giving them a competitive edge in the international market. However, introduction of new export promotion schemes with an element of subsidy or assistance appears ruled out. This is because of fears that subsidy will attract countervailing duty from developed importing countries.
