Vajpayee gives in to Jaya, drops Buta Singh
Prime minister AB Vajpayee sought to defuse the crisis threatening to engulf his fledgling government by sacking communications minister Buta Singh from his cabinet. He simultaneously moved to soothe Jayalalitha's ruffled feathers over the telephone this morning with an assurance that he "values the AIADMK's continuing cooperation and support".
RBI slaps CRR, SLR on banks' borrowed gold
The Reserve Bank of India (RBI) has slapped cash reserve ratio (CRR) and statutory liquidity ratio (SLR) stipulations on banks' import of gold on a loan basis. The central bank has further said that gold held by banks on their own account will qualify as an asset for meeting their SLR needs under SEction 24 of the Banking Regulation Act, 1949.
Nominated agencies allowed to import gold against credit
Agencies/banks nominated by the Reserve Bank have also been permitted to import gold against suppliers/buyers credit for sale to jewellery manufacturers, exporters, NRIs, holders of special import licence (SIL) and domestic users, according to a recent circular issued by the RBI. Imports will be under the three different schemes outlined in the 1997-2002 Exim policy.
Private banks, NBFCs make a beeline for tractor finance
If a few years down the line private banks and non-banking finance companies do manage to establish themselves in the tractor-financing market, they may well have to thank the ongoing recession in the commercial vehicle industry. The recent 35-40 per cent drop in commercial vehicle sales has forced those interested in vehicle financing to take a closer look at funding tractor.
South Asian crisis drags down garment exports
Readymade garment exports totalled $4.91 billion (Rs 18,389.57 crore) during fiscal 1997-98, well below the $5.2 billion target, due to financial meltdown in south Asian countries and economic recession in Europe. But non-quota items fetched a lower unit value realisation compared to the previous year whereas quota items showed a marginal increase.
"Opec may consider further cut in output"
Qatari oil minister Abdullah bin Hamad Al Attiyah said that the Organisation of Petroleum Exporting Countries (Opec) is likely to cut oil production further when the organisation meets in June, if the current situation in international oil markets continues. Attiyah however, didn't say how much Qatar might be willing to cut under a new agreement.
