Japan on Saturday unveiled a $30-billion aid programme to help its Asian neighbours rebuild their economies badly battered by the fallout from last year's region-wide currency crisis. Finance minister Kiichi Miyazawa said that the aid will consist of $15 billion to help meet short-term capital needs and another $15 billion for medium-term funds.

RBI nod for issue of shares to NRIs

The Reserve Bank has allowed Indian companies to receive inward remittances and issue shares there against to NRIs and overseas corporate bodies under the 24 per cent and 40 per cent schemes, without its permission. The companies would, however, have to file the required documents with the concerned regional office of the RBI within 30 days of the issue of shares.

Munde lays down options on power tariff

A budgetary support of Rs 650 crore by the state government to the Maharashtra State Electricity Board, cut in the allocation of other departments and furtherhike in the power tariff of domestic, industrial and commercial consumers are three options available if the state government will have to fulfil Sena supremo Bal Thackeray's directive to waive power tariff to 22 lakh agricultural consumers, deputy chief minister Gopinath Munde said on Saturday.

IMF braces for criticism at annual meet

The IMF is bracing for sharp criticism at its next week's annual joint meeting with the World Bank in Washington for its failure to anticipate the present international economic crisis that has caused systemic disruption and threatened political stability in nations.

Sanctions waiver authority for Clinton

The US house of representatives has voted the agriculture spending bill authorising president Bill Clinton to waive the sanctions on India and Pakistan. However, the waiver would not be effective on any military technology or equipment and dual-use technology. The legislation gives the president authority to withdraw the US opposition to loans frominternational institutions like the World Bank to India and Pakistan.

Dr Reddy's Labs Q2 sales jump

Dr Reddy's Laboratories has registered a 26 per cent jump in sales to Rs 109.59 crore in the second quarter of the current fiscal, against Rs 87.17 crore in the corresponding period of 1997-98. The finished dosages segment continues to be the major contributor to the sales turnover by accounting for 55 per cent of the total turnover for the second quarter of 1998-99, a company release said on Saturday.

Household insecticides growth dips

Growth in the Rs 450-crore household insecticides market has slowed down tremendously from a high of 45 per cent to 50 per cent in 1996-97, to as low as 5 per cent. During 1997-98, the industry growth was 35 per cent. While the overall market has shown a positive growth of around 5 per cent, the mosquito repellent mats category has reported a negative growth of 20 per cent, industry sources said.

Power firms stay away from Gujarat

Private powercompanies appear to have developed cold feet in investing in Gujarat. Of the 21 projects planned till the year 2002, only three private-sector projects seem to be materialising. They are ones being set up by the Essar group, the Reliance group and the Ahmedabad Electricity Company whose major stake is held by Torrent.

Mogul Lines former staff struggle

More than three years of remaining jobless and after approaching various ministries for help, over 40 employees attached to the former Haj Pilgrim service of the Mogul Lines Ltd are still running pillar to post to get their redundancy compensation. The employees have been seeking redundancy compensation of Rs 44 lakh from the Shipping Corporation of India, but in vain.

Depository participants to be tested

The prospects of an investor walking into a depository participant's (DP) office and finding the person behind the counter only increasing his troubles rather than "dematerialising" them might well be diminished. The NSDL has realised thatthe best way of doing this is by the most-effective practice of sending shivers down the spine of a "student" -- that is, put him through a test.

Vajpayee, Akali leaders hold talks

Prime minister Atal Behari Vajpayee has initiated a dialogue with the Akali leadership to allay the misgivings of the Akali Dal on the Udham Singh Nagar and other issues. Stating this, BJP spokesman Kishan Lal Sharma told newspersons on Saturday that ``there is no danger to the Vajpayee government.''

Akali Dal decision on Oct 6

The Akali Dal will take a final decision on the question of continuing support to the Vajpayee government on the Udham Singh Nagar issue and on its tie-up with the BJP in the ensuing assembly polls at its working committee meeting on October 6, senior party leader GS Tohra said on Saturday.

Industry opposes Thackeray directive

The industry and the trading community have reacted sharply against move to waive power tariff to farmers as directed by Shiv Sena supremo BalThackeray to the Maharashtra government. They have asked the state government to think twice before resorting to such an exercise.

PM dares Congress to bring no-trust motion

Prime minister Atal Bihari Vajpayee on Saturday dared the Congress to bring a no confidence motion against his government and asserted it along with other political parties would not succeed in toppling the BJP-led coalition at the centre. "Wishes of the Congress and other political parties, which are uniting against the ruling combine, will not be fulfiled as my government will complete its five-year term," Vajpayee said.

BMW rules out fresh Asia mergers

German auto-maker BMW AG on Saturday ruled out any fresh mergers, acquisitions or joint ventures with Asian car firms any time in the near future. Board member Wolfgang Reitzle said that his company was ready to ride out the current regional economic crisis which had hit sales of BMW cars hard.

Eaton says may quit Daimler Chrysler

Chrysler Corp chairmanRobert Eaton said in remarks released on Saturday he could imagine stepping down earlier than planned as co-chairman of the merged DaimlerChrysler group. Eaton told Der Spiegel magazine in an interview he would run the group together with Daimler-Benz AG chairman Juergen Schrempp until the integration of the two companies had been completed.

Speculation on UBS chairman

Deutsche Bank's Josef Ackermann and Swiss National Bank board member Bruno Gehrig emerged as leading candidates for the chairmanship of UBS AG in weekend newspaper speculation about who might get the job. Several media outlets raised the prospect that Ackermann, president of UBS rival Credit Suisse until 1996, could be lured away from the German giant where he serves on the management board.

Australian PM secures narrow victory

Australian prime minister John Howard clung narrowly to power on Saturday after an early election called to push through radical tax reforms. The conservative leader saw off a resurgent Labouropposition and Pauline Hanson's populist One Nation party to earn his coalition a majority of around six seats in the 148-seat lower house.