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Drumbeat: Ad Buzzaar
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Friday, May 29, 1998
Pakistan conducts five nuclear tests; US slaps sanctions, Japan to follow suit
Pakistan on Thursday conducted five nuclear blasts. Ignoring the world opinion against any further tests, Pakistan detonated five nuclear devices in the Chagai area of Baluchistan. White House spokesman Mike McCurry said President Bill Clinton was "very disappointed" by Sharif's action. White House officials said the sanctions would include cut-off of most US aid to Pakistan and a suspension of Washington's backing for international lending to Islamabad.
Funds for core sector to come from insurance, PF
The Economic Survey for 1997-98 promises sweeping reforms in the ensuing Budget to attract more investments in the infrastructure sector to offset the economic aftermath of the Bomb. The insurance and providend funds sectors are likely to be the primary vehicles which will be used to quicken the reforms process.
Icra set to rate domestic firms for foreign clients
Icra has launched "customer-credit assessment" to rate domestic corporates' creditworthiness. Overseas corporates, keen on dealing with their Indian counterparts, are flocking to Icra for availing of this product, the first of its kind in India. The Delhi-based rating agency plans to rate between Rs 30,000 and Rs 40,000 crore worth of credit through this product.
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Internal liabilities up Rs 97,000 cr
The internal liabilities of the Union government have increased by Rs 97,000 crore, the Economic Survey for 1997-98 has noted. The Survey has projected that the same will amount to Rs 7,18,299 crore in 1997-98, up from Rs 6,21,438 crore in 1996-97. The Survey remarks that the increase is mainly contributed both by market borrowings and "other internal liabilities".
Tisco, ACC profits take a beating; VSNL surges
While Tisco and ACC net profits recorded 31% and 82% falls, respectively, VSNL net zoomed up 78%. Tisco registered a steep fall in its net profit of 31 per cent to Rs 322.08 crore (Rs 469.21 crore). This is despite a growth of 9.74% in domestic sales volume to 2,388 mt (2176 mt).
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CORPORATE
 Indal panel asks Alcan to top Sterlite offer
VSNL net profit leaps 78% to Rs 898 crore, revenue up 21% to Rs 6,396 cr
ECONOMY
Sops for core sector in the offing
Stress on greater private, foreign participation in transport
EXPRESSIONS
All said and done
Economic Survey misses the point
MARKETS
Rupee plunges to 41.90 on the kerb
Wockhardt may delist Merind shares as stake surpasses 90%
LEISURE
World car sales seen falling 4%
Gateway launches new consumer sale programme
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