The Indian Express The Financial Express Latest News Express Investment Week Market Indicators Screen Express Computers Travel & Tourism Advertisers Forum Daily Horoscope Information Technology Drumbeat: Ad Buzzaar Astrosurf Gems &Jewellery Banking Update Career India Business Forum Match Maker Express Properties

Politics Business Expressions General Sports Leisure States 11 January 1998   More reforms in the offing: FM The Union finance minister P Chidambaram said that the government has vastly streamlined the procedure for foreign direct investment (FDI) approval. He also reiterated the decision to disband the Foreign Investment Promotion Board (FIPB). He also promised further reforms to enhance the financial sector.   Moody's downgrades Korea, Indonesia after crisis sets in Moody's Investors Services has downgraded Indonesia's foreign currency country ceiling for bonds and notes to B2 from BA1 and the foreign currency bank deposit ceiling from CAA1 from BAA3. It has also downgraded the long-term debt ratings of 19 South Korean banks to CAA1 from B1. This move comes in the wake of the crash in stocks and currencies in both the countries. US stocks stumble, oil prices slip down to 29-month low The recent Asian currency crisis finally seems to be affecting the US markets also. Wall Street stocks slumped on Friday and investors sought safety in bonds. Oil prices fell to their lowest level in 29 months as continued gloom over supply and demand sent prices down. The Dow Jones industrial average also dropped by 222.20 points. GDR index too declines Moody's move to downgrade India's rating and the ongoing crisis in South-east Asian markets have forced foreign investors to unload global depository receipts of Indian companies listed on overseas stock exchanges in London and Luxemburg. The Skindia GDR index closed at 870.04 for the week ending on January 8 recording a fall of 2.89%.   Peregrine shaky as deal flops Peregrine Investments Holdings Ltd, one of Asia's largest independent investment banks, is staring a crisis in the face. This follows the move by Zurich Centre Investments Ltd (ZCI) to pull out of a deal to inject US $200 million into Peregrine. Peregrine has already entered into talks with another investor in a bid to revive its fortunes. Bank deposits fall, credit up Indian banks have been facing a dilemma over the rise in deposit base and a fall in demand for credit in the last few years. But not any more. The trend seems to be reversing as the non-food credit given by the banking sector has gone up by Rs 1,887 crore during the fortnight ended December 19, 1998 even when there was a whopping Rs 1489 crore withdrawal of bank deposits.     IMF gave wrong medicine   Daewoo to take over Ssangyong   Prices take a knock in used car market   ICRA downgrades Gujarat Lease Fin   Badla business reaches new high   The Week In Review   De-politicise banking   CSE stalls share shifting   The govt must work, forget the polls   Bizbits