Saturday, August 29, 1998
World markets rout spreads tentacles
Global financial turmoil still raged on Friday as the impact of Russia's economic catastrophe showed no signs of a letup and continued to raise fears of a worldwide recession. Stock markets buckled again, although there were signs in Europe that share prices were steadying after Thursday's rout.
Bhagwati may lift creeping acquisition cap to 5%
The revised takeover code, which will be ready by the end of next month, is likely to hike the creeping acquisition limit from 2 per cent to 5 per cent. The justice PN Bhagwati committee, which is reviewing the existing takeover code, is holding another meeting on Saturday. The committee is expected to submit its report next month after one more meeting.
Spic to buy back foreign bonds, retire $120m floating-rate note
Southern Petrochemical Industries Corporation (Spic) plans to buy back its overseas bonds as a part of its debt-restructuring. Spic had floated a $120-million floating rate note (FRN) three years ago to raise resources for investments in its overseas Jordanian fertiliser business and local expansion plans.
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