US clearing banks withdraw overdraft facility to local banks
US clearing banks have stopped intra-day overdraft facilities to the State Bank of India, Bank of India and Bank of Baroda following the US sanctions against India. The Indian banks have been told to ensure availability of funds in their clearing accounts before making payments, state-run banking industry.
BCCI moots steps for full float of rupee
The Bombay Chamber of Commerce and Industry (BCCI) in its report "Creating engines for growth, an immediate strategy for economic growth" has suggested that immediate steps have to be taken to make the current account fully convertible.
Nuke tests data sufficient to launch weapons programme, say experts
Data generated by the five serial underground nuclear tests at Pokhran is sufficient to launch a weapons programme, according to military and scientific experts. However, if one needs to improve on the design during the actual process of weapon production, one may have to go in for more tests, Dr MR Srinivasan, former chairman of the Atomic Energy Commission (AEC), said.
"Government can control PSUs with 26% stake"
The centre can consider diluting its stake in public-sector enterprises to 26 per cent and still retain effective control over them. This was one of the action points adopted at the end of the three-day conference on "Indian industrial relations -- agenda for change," organised by the Standing Conference of Public Enterprise (SCOPE) in cooperation with the Friedrich Ebert Foundation.
AES Transpower shortlists 7 MNCs for Ib Valley EPC deal
American utility major AES Transpower has shortlisted seven multinational giants/consortia for the EPC (engineering, procurement and construction) job for its Ib Valley thermal project through fresh international competitive bidding. The companies/consortia selected are Raytheon, Black & Veatch, Duke-Flour Daniel-Tata, L&T and Sargent Lundy, Bechtel-Foster Wheeler-Mitsubishi Heavy Industry-Nichiman, ABB and Siemens.
Hindustan Lever shareholders clear merger with Pond's
Shareholders of Hindustan Lever Ltd (HLL) approved by an overwhelming majority the merger of Pond's (India) Ltd (PIL) with HLL at a court-convened meeting. The merger, after other statutory approvals, will be effective from January 1, 1998. A total of 1,415 shareholders (either present in person or through authorised representatives or proxies) cast valid votes at the polls.
