Saturday, September 12, 1998
New Act set to give RBI teeth to design gilts-transfer instruments
The proposed Government Securities Act (GSA) will give power to the Reserve Bank of India (RBI) to design and introduce new instruments for transferring government securities from one holder to another in consultation with the central government. The GSA, which will replace the Public Debt Act, 1944, was approved by the Union cabinet last month.
IDBI Flexibonds to hit market on Sept 21
The Industrial Development Bank of India (IDBI) will float the fourth series of its Flexibonds issue on September 21 to raise Rs 1,500 crore from the market. The average annual yield of the four instruments on offer is pegged at 14%. The core size of the issue is Rs 750 crore.
Clinton woes sting Wall Street
Fears about President Bill Clinton's future at the White House could be in question added to the world's economic problems on Thursday, sending US stocks into a free-fall as investors rushed out of the market in droves. Fear that President Clinton could face impeachment proceedings spooked investors, already rattled by financial crises in Russia and Asia and plummeting markets in Latin America.
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