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No shadow PM for Cong: Azad
The Congress will not project a prime ministerial candidate for the forthcoming Lok Sabha elections, according to All India Congress Committee (AICC) convenor Ghulam Nabi Azad. Azad said that a party leader would be elected by the new members of Parliament, while adding that the Congress had not projected a leader even during the previous polls.
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Hegde backs BJP's South block march
Lok Shakti chief Ramakrishna Hegde has finally announced his party's seat sharing arrangement with the Bharatiya Janata Party for the Lok Sabha elections in Karnataka and a few other States in South. The news was however marred by the decision of Janata Dal national secretary Ramakant Pandey to quit the party along with some aides.
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RBI relaxes NBFC norms
The clamour raised by the non-banking finance companies (NBFCs) over the new norms issued by the Reserve Bank of India (RBI) has had its effect. The RBI has relaxed the timeframe for compliance of new deposit taking norms by allowing NBFCs to hold on to excess deposits beyond the stipulated deadline of December 31, 1998. This is expected to reduce the asset-liability mismatches that NBFCs are likely to face following the new norms.
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Asian crisis hits world markets
The recent downward spiral in Asian currencies has now threatened to engulf world markets. In early trade on Friday, markets across Europe fell sharply. In a repeat of the domino-effect the crisis led to a meltdown in the US markets on Thursday, which in turn saw European bourses opening sharply lower.
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