IBP proposal for alliances to be reviewed: Union petroleum ministry has set up a committee headed by former Planning commission advisor Nitish Sengupta to evaluate a strategy that should enable stand-alone refineries and stand-alone marketing company, IBP, to cope with deregulated market conditions after the year 2002. The year will see the last vestiges of government controls vanish over oil production, refining, pricing and distribution.

Trial of Jaya in corruption cases to continue, rules SC: TheSupreme Court on Friday said the trial of AIADMK supremo J Jayalalitha by special courts in Chennai in certain corruption cases would continue only till the stage of framing of charges and posted for November 23 her special leave petition challenging a Tamil Nadu government notification setting up the special courts.

HPCL's maiden venture into exploration takes off: Hindustan Petroleum Company Limited's maiden venture into exploration and production, the Prize Petroleum Company, has been registered in New Delhi. Hindustan Petroleum Corporation chairman and managing director Hira Lal Zutsi will also head the exploration and production company as chairman.

CIL officers body flays ECL closure: The Coal India Officers' Association has noted with concern the management's decision to shut down 64 mines at Eastern Coalfield Ltd and retrench 71,518 workers. The association said that it had urged the CIL management not to take a hasty decision and had offered alternative measures to revive theloss-making subsidiary.

KIOCL goes ahead with conservation plans: In spite of being bogged down by the admittance of a public interest litigation for its forest encroachment Kudremukh Iron Ore Company is going ahead with its environment conservation plans in the region and is simultaneously denying the charges of environmentalists on the issue.

Global majors vie for PGCIL telecom project: Four leading international companies including National Grid Corporation, UK, Sweet Power, Sweden, Ivo International, Finland, and Lahemeyer of Italy have bid for procuring the job as consultant for the Rs 1200-crore telecom optical fibre project of Power Grid Corporation of India Ltd.

Chamber asks FIs, banks to pare interest rates: The financial institutions and banks should provide a special financial package with a moratorium of at least five years on the interest and principal for capital-intensive infrastructure projects, the PHD Chamber of Commerce and Industry has said. The projects withlong-gestation periods and operating losses, or very low returns during initial years should be provided concessional interest rate and security package.

Urban coop banks seek scheduled status: The Federation of West Bengal Urban Cooperative Banks & Credit Societies has requested the Reserve Bank of India to grant scheduled status to all urban cooperative banks which have achieved a Rs 50-crore working capital target and reported profits during the past three years.

Export promotion schemes do not violate WTO norms: Export promotion schemes for leading exporters of polyester texturised yarn do not amount to subsidies and therefore should not invite retaliatory action, the central government has told the European Commission. It has clarified that it does not provide subsidies but offers only a legitimate drawback on duties levied on different products at various stages of production, termed a duty drawback.

SBI gains from oil PSU papers' sale: The State Bank of India has madewhopping profits on purchase of Indian debt paper from South East Asian and Japanese banks which were earlier the main buyers of such securities but have now run into serious liquidity problems. SBI's international branches stepped into the troubled waters of the South-East Asian economic disaster to buy debt papers issued by public sector majors such as Indian Oil Corporation, Oil & Natural Gas Commission, and Power Finance Corporation as well as some private sector debt paper.

Allocation for highways raised: Union minister for surface transport M Thambi Durai on Friday stressed on the need for tackling road safety measures as a national campaign with integrated and coordinated efforts by all the concerned departments. Allocation to infrastructure sector has been enhanced by the present government by 35 per cent over the last year and for national highways by 50 per cent, he added.

Railway staff to observe campaign week: Aggrieved over the anomalies created by the Fifth Pay CommissionReport the railwaymen have decided to observe all-India campaign week from December 7 to 12. The All-India Railwaymen's Federation, claiming allegiance of over one million railway employees, has also called for a joint action by all Central Government employees to fight the "indifferent" attitude of the bureaucracy.

BoR faces lower credit offtake: The Bank of Rajasthan is facing a peculiar situation with corporates making advance repayments to the bank due to the dwindling industrial scenario. What has made the situation worse is the reduction in the exposure of the corporates in the bank. Though the move has reduced the NPAs of the bank, in the longer run the loss of business will tell upon its financial health.

Rabo India forms alliance with foreign banks: Rabo India Finance limited, the 75 per cent subsidiary of Netherlands-based Rabobank, has entered into strategic alliance with a few foreign banks which will provide them with a line of credit for providing food and agri businessservices in the country. Rabo India received a license to carry on the business of non banking finance company last month.