Friday, October 2, 1998
IMF predicts bleak future for global economy in 1999
Making a bleak and pessimistic forecast of the world economy the International Monetary Fund predicted a lower 2% economic growth and warned that risk of prolonged downtrend had escalated with little chances of any significant improvement in 1999.
Investement in state-run firms' stocks caused chunk of US-64 depreciation
UTI chairman PS Subramanyam has said that "a major part" of the trust's US-64 portfolio depreciation was caused by investments in PSU stocks like ONGC, Indian Oil Corporation, State Bank of India, Bharat Earth Movers, Shipping Corporation, IDBI and Sail.
Bank of Baroda set to take over Uco's London branch assets by December
Bank of Baroda (BoB) will take over the assets of the Calcutta-based United Commercial Bank's (Uco) London branch by December. The London branch of Uco is learnt to have assets worth about $65 million.
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