WASHINGTON: IMF managing director Michel Camdessus has expressed hope that the issue of gold sales by the IMF will be resolved before the IMF's annual meeting in September. The idea is that the IMF will sell 10 million ounces from its gold stock pile of 103 million ounces, create a trust fund and use the money for debt relief for the most indebted poor nations of the world. He told the council on foreign relations in New York on Friday: "if a decision is taken to sell gold, we will make every effort to insure that such sales are conducted with the minimal disruption to markets." The sale will require board approval.

Silver rises

MUMBAI: Silver prices rallied smartly and gold ruled steady on the bullion market here on Saturday. The moderate rise in silver was mainly on account of good industrial demand at lower levels. Better New York advices also helped the firm trend. Gold ruled steady in the absence of market moving factors. Silver ready .999 finenessshot up by Rs 65 to Rs 7675 from Rs 7610. Raw silver .916 fineness improved by Rs 25 to Rs 7525 from Rs 7500. Tenderable silver firmed up by Rs 65 to Rs 7680. Standard gold at Rs 4160, 22-carat gold nominally quoted at Rs 3850.

Abhyudaya Bank

MUMBAI: The deposits Abhyudaya Co-Op Bank stood at Rs 949 crore and loans and advances at Rs 382 crore at the end of financial year ended March 1999. The paid-up share capital of the bank is Rs 12.26 crore and owned funds have gone up to Rs 192 crore. The bank has a network of 35 branches including a mobile bank and one extension counter catering to the banking needs.

Bobcards

MUMBAI: Bobcards Ltd has declared the list of the prize winners under its scheme for purchase of consumer durables. The company had introduced a scheme on April 10, 1999 for the purchase of consumer durables through various cards. The company had also announced a prize scheme under which those who purchased consumer durables through their card for a minimumamount of Rs 5,000 were eligible for a lucky draw. The draw of lots was taken out by directors of Bobcards Ltd, V Visvanathan, Girish Vasudev, Yatin Dossa and Ratan Kapoor.

Modi Xerox

MUMBAI: Modi Xerox Ltd, India's leading document company and the leader in organised fax market, launched the new myfaX series of fax machines in India. Designed for small office Home office, small establishments and personal use at homes, myfaX machines offer two configurations: X-7242A with a revolutionary digital answering machines and X-7242, without digital answering machines.

Environ norms

MUMBAI: Minister for environment and forest Suresh Prabhu has said the Government will soon announce guidelines for banks and FIs so that they start incorporating environment concerns while clearing loans for industry. Discussions regarding the required norms have already taken place between the Government, RBI representatives and FIs, he said.

Cement M&As

MUMBAI: FIs propose toformulate a comprehensive policy for funding and encouraging mergers and acquisitions in cement industry. Since FIs have large exposures in cement companies, a uniform policy will facilitate smooth takeovers and mergers, sources said.y