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Economy

Saturday, May 9, 1998

	ONGC deep-water probe veers off Krishna-Godavari to Cauvery basin Oil and Natural Gas Corporation has revised its agenda for deepwater exploration and will now begin work in the Cauvery basin in Tamil Nadu instead of Krishna-Godavari as planned earlier. The change in location was necessary as there have been "unusually rough currents" in the Krishna-Godavari basin which have prevented any drilling from taking place.		Pharmaceutical pricing authority steps up 19 formulations' retail price-tag The National Pharmaceutical Pricing Authority (NPPA) has increased the retail prices of 19 formulations ranging between 6.64 per cent and 35.54 per cent. The retail prices have been reduced for two formulation packs on account of the decrease in the notified price of the bulk drug rifampicin.
	Fresh British initiatives to spur trade with India In a bid to stem the falling rate of growth of exports and imports with India, the British Department of Trade and Industry (DTI) has initiated a fresh set of initiatives. These include including India in its top 12 key world markets, appointing five dedicated export promoters, seconded from industry and commerce to India, and increasing the budget allocation from India-related trade initiatives.		Vajpayee unveils special package for north-east, earmarks Rs 1,500 cr Prime Minister Atal Behari Vajpayee on Friday announced a special package for the north-east, which includes creating a special non-lapseable fund of around Rs 1,500 crore each year. The central pool will be created from the unspent balance of the allocated expenditure of 10 per cent of budgets of concerned ministries.

Fiat asking tobacco firms to disclose ingredients may come into effect soon
Massachusetts argued Thursday that a federal judge should allow its law requiring tobacco companies to disclose all ingredients by brand to go into effect immediately. But lawyers for Philip Morris Co Inc, RJ Reynolds Tobacco Co, Brown and Williamson Tobacco Corp, Lorillard Tobacco and other tobacco companies wanted the state law declared unconstitutional and struck down.

Manohar Joshi may sack defiant Ganesh Naik
Maharashtra chief minister Manohar Joshi last night gave the broadest hint yet that Ganesh Naik, forest minister in the Shiv Sena-BJP government, was being dropped from his three-year old ministry. Joshi refused to divulge the names of ministers being dropped from his cabinet. "I have sent the necessary letter to the governor and am awaiting his reply," he said.

US may revise laws on organic food
China's oil, chemical products exports up
US business leaders call for steady rates
Financial Briefing