Inflation moves up to 5.78%
Maintaining its upward momentum, the annual rate of inflation moved up marginally to 5.78% for the latest week as prices of pulses and vegetables continued to skyrocket.
GM may acquire 50% stake in Daewoo
General Motors Corp is expected to take a 50% stake in South Korea's Daewoo Motors. The two companies have reached an agreement in principle to set up new cooperation. However it is not clear if the agreement involves an equity participation by GM, which is likely to pay up approximately 500 billion won for the 50% stake in Daewoo.
Damn the ED, but hear them out first
A lot of controversies surround the alleged allegation on the media baron Asok Jain of the Times of India of having committed FERA violation of approximately Rs 5 crore that the Enforcement Directorate (ED) is accusing him of. One can't really say if Jain is being harassed and hounded the Rajan Pillai way, as is being suggested through a well-orchestrated media campaign.
Firms pull hoax on investors
After the CRB securities scam and many other scandals, promoters of companies are finding innovative methods to short-change investors. A new trend is emerging in the corporate sector to cancel dividends after making initial announcements with much fanfare. At least 25 companies have cancelled their dividends after announcing them during the financial year 1997.
States take a lesson on the Centre's cash management
The state governments are all set to take a leaf from the centre's book on cash management. The idea is to reduce the cost of borrowings and hit the market at the right time. This is imperative as the cost of borrowing for the state governments is bound to go up once they switch from fixed coupon rate to the auction method as has been suggested by the Reserve Bank of India.
Star Supreme claims McDowell Derby
Star Supreme, owned by Dr MAM Ramaswamy and saddled by Dallas Todywalla, with the assistance of jockey J Fortune reduced The McDowell Indian Derby, to a one horse race, claiming Rs 26,78,964 and the trophy valued Rs 75,000. The estimated crowd of 75,000 turned up enthusiastically to have a glimpse of the national event.
