The FIPB cleared the proposals of York International, Bina Power and Benckiser on Saturday. The FIPB, however, did not take a decision on the application of GE Capital Services for a Rs 100-crore joint venture with SBI for credit cards as the administrative ministry.

US banks pick stake in Air Freight:

US-based Bankers' Trust Corporation, through its direct investment affiliate has picked up a 9.91 per cent stake in Air Freight. The equity participation of Bankers' Trust in AFL is the first investment made by them in India. The decision to issue additional equity aggregating 9.91 per cent of the enhanced share capital was taken at an AFLl board meeting on Thursday.

BSE online surveillance:

BSE has shortlisted Systems Design Group, the Hyderabad-based technocrat, to put in place an on-line surveillance package for the exchange. The deal was finalised on July 1 and the contract is expected to be inked by the end of thisweek.

More scrips on demat list:

Sebi has decided to add another 50 scrips to the list of securities where institutions have to trade only in demat shares in the next week or so. A meeting of the core group on depositories is being convened to take a decision to this effect and shortlist the securities which will take the number of scrips where institutions are required to trade in demat shares only to 100, said Sebi chairman DR Mehta.

Trade tax exemption for UP units:

The Uttar Pradesh government has decided to allow trade tax exemption for units implementing an expansion programme during the first five years of their existence. The issue has been hanging fire since 1995 as there was a lack of clarity and interpretation on the subject. A similar facility is already available to industries in other parts of the country.

Atherton in pact with Swiss firm:

Mustad Hoofcare SA of Switzerland, a part of the $500-million Mustad International group of the Netherlands, has signed anagreement with Atherton Engineering Co Pvt Ltd of Calcutta for setting up a joint venture company at the Falta Export Processing Zone in West Bengal. The company will be manufacturing horseshoe nails. The international marketing of the products will be handled by Mustad Hoofcare from Switzerland. The company controls around 70 per cent of the 7000-tonne horseshoe nails market worldwide.

Maruti TU seeks assurance:

The industrial unrest at Maruti Udyog appeared to be getting over with industry minister Sikander Bakht assuring the agitating employees union of safeguarding their "interests" on Saturday. The employees union has sought a "written assurance" from the minister on their demands of job protection and non-divestment of government's stake of 50 per cent in the joint venture with Suzuki Motor.

Australian consortium plans investment:

Australian consortium `Mobius' has proposed to invest Rs 5,000 crore on socio-economic and tourism development in Pondicherry in the next six years.Addressing a press conference in Pondicherry on Saturday, Mobius management director Brian Daunter said 1,000 acres of land had been identified at Vambakeer Palayam for the three-stage project. The land would be given on lease for 90 years.

Tender for Iisco privatisation:

The government is planning to float another global tender to privatise Indian Iron & Steel Co. This will be the second attempt after 1992 to privatise Iisco. The first failed in the face of stiff opposition from employees.

National Fertilisers mulls expansion:

National Fertilisers Ltd has decided to take up the construction of the Bhatinda and Panipat projects simultaneously. The expansion programme will take place on the existing land.

GDRs indifferent:

The volatility in the domestic markets on account of FII sales and fluid political conditions failed to have a negative impact on the sentiments of the GDR market-makers. Reflecting the indifference, the Skindia GDR Index gained 11.41 points in the weekending July 2, compared with the BSE Sensex which lost 27.81 points during the same week.

CSE to lift curbs on intra-day limits:

The Calcutta Stock Exchange authorities have decided to restore the intra-day exposure limit of members to 33.3 times their base minimum capital with effect from July 10, 1998, following the Sebi's decision to lift restrictions on short sales from July 6.

`Stability necessary to boost market':

The uncertainty on the political front has added to the macro-economic uncertainties and the depressed sentiments are evident across the equity, debt and forex markets, according to ICICI Securities and Finance Company (I-Sec). Stability in the political situation, unambiguous policy signals as well as clear understanding of the implications of the economic sanctions is necessary to boost market sentiments, I-Sec said in its discussion paper on `balance of payments: trends and prospects'.

RBI launches open market operations:

The RBI has kicked off aggressiveopen market operations to mop up excess liquidity in the banking system. In the price list issued on Saturday, the apex bank put out four government securities at market-related rates, sending out a signal that it wants interest rates to soften.

Bullion prices recover:

Prices of both silver and gold recovered on the Mumbai bullion market on Saturday following better overseas advices coupled with thin supply. Ready silver (.999), raw silver (.916) and tenderable silver recovered by Rs 15 to close at Rs 8,015, Rs 7,890 and Rs 8,020, respectively, from the last close of Rs 8,000, Rs 7,875 and Rs 80,05. Standard gold improved by Rs 5 to end at Rs 4,290 as against Friday's level of Rs 4,285.

JNP tops in container handling:

The Jawaharlal Nehru Port across Mumbai island has emerged as the number one container handling port during the first quarter of the current financial year amongst major ports in India. Handling of 1,48,280 teus during April to June 1998 registered a growth rate of around25 per cent compared to the same period last year.

State committed:

The Maharashtra government is committed to complete all the pending projects under the Maharashtra Krishna Valley Development Corporation (MKVDC) by the year 2000 to fully utilise the state's share of Krishna waters, chief minister Manohar Joshi said in Mumbai on Saturday. The projects, which were estimated to cost around Rs 7,000 crore on the price index of 1994-95, would now cost around Rs 10,000 crore and the government will raise the required funds that would fall short to complete all pending works in different stages of construction, Joshi said.

Move on churches may be shelved:

The BJP admitted that there had been "some misunderstanding" regarding the move by the Delhi government to denotify churches as places of worship for serving wine and indicated that the decision would be shelved. Party general-secretary Venkaiah Naidu said prime minister AB Vajpayee had given an assurance that steps would be taken to removethe misgiving among members of the community.

LS approves bill hiking judges' pay:

The Lok Sabha on Saturday approved a bill enhancing the salaries of judges of Supreme Court and high court by over three times. High Court and Supreme Court Judges (Conditions of Service) Amendment Bill, which replaces an ordinance promulgated this April, enhances the salary of Chief Justice of India to Rs 33,000 per month from Rs 10,000 and that of Supreme Court judges to Rs 30,000 per month from Rs 9,000 a month.