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RBI cuts bank rate by 0.5%
Relaxing the liquidity-squeezing measures announced in January, the Reserve Bank of India (RBI) on Wednesday cut the bank rate by 50 basis points to 10.50 per cent. This is a clear signal that the apex bank wants interest rates to ease before the new government embarks on its borrowing programme for the next fiscal.
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DSF '98 expects $1 billion sales
The Dubai Shopping Festival (DSF) '98 is expected to attract more than 2 million visitors from all over the world and lead to more than $ 1 billion in incremental sales as preparations continue for the grand March 19 opening ceremony, which will kick off the 31-day event.
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CII for developing Mumbai as OFC
The Confederation of Indian Industry (CII) has stressed the need to develop Mumbai as an offshore financial centre (OFC) to attract cash/foreign currency, earn higher local operating expenditure, integrate and improve creditworthiness, develop markets and above all attract high networth individuals and businesses.
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Two Peregrine arms in India to down shutters
After making numerous unsuccessful attempts at finding a buyer, Peregrine has decided to draw the curtains on two of its Indian outfits. The board of Peregrine Capital India Pvt Ltd in its meeting held on Wednesday decided to wind up its operations. The same would apply to Peregrine Securities India Private Ltd, a wholly-owned subsidiary of Peregrine Capital.
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