`US-64 depreciation figure notional': Finance minister Yashwant Sinha on Wednesday said the depreciation to the tune of Rs 3,566 crore in the value of investments which was reflected in the balance sheet of US-64 is notional and as and when the stock market prices improve this `notional depreciation' would be recouped. He said the depreciation was a fallout of the after-effects of worldwide and domestic adverse movement of stock prices.

Rangarajan warnsagainst inflation: Former RBI governor C Rangarajan on Wednesday warned the monetory authority against a galloping inflation, unless the money supply growth is contained. The money supply growth, which crossed 20 per cent in October-end, came down to 18.4 per cent on November 6. This is against RBI's target of 15.5-16 per cent year-on-year growth in money supply.

Anti-trust review of Exxon, Mobil deal likely: Exxon Corp's proposal on Tuesday to buy Mobil for stock valued at about $75.4 billion, or $94.64 a share - the largest corporate purchase in history - may be a case so big that they make regulators nervous about the public and political consequences of letting them happen.

Deutsche Bank buys Credit Lyonnais Belgium: Deutsche Bank AG on Wednesday announced it was buying the Belgian business of France's Credit Lyonnais for one billion marks ($593 million). The deal to be finalised in the first quarter of next year is Deutsche's second big acquisition announced this week after it saidon Monday it was buying Bankers Trust Corp of the US for $10.1 billion.

Chandrababu Naidu bags computer magazine award: At the annual Techies '98 ceremony, three IT magazines IS Computerworld, PC World and Information Communications World honoured companies and individuals for their excellent performances during the year. IS Computerworld's `IT Man Of The Year' award went to Andhra Pradesh chief minister Chandrababu Naidu. `The Software Evangelist Of The Year' award went to Nasscom executive director Dewang Mehta for the second time. `The Premier Software Company' award went to TCS.

Losses force Uptron closure: The Uttar Pradesh government has decided to close down Uptron Ltd, a state government undertaking, following staggering losses incurred by the company in the last few years. Chief secretary Yogendra Narain on Wednesday said the company, which had incurred accumulated losses to the tune of Rs 230 crore during the last five years, had been declared sick by BIFR in 1994.

Ceat maymake radials on its own: Ceat Ltd, the RPG group tyre flagship, finally appears to be going it alone for manufacturing radial tyres after its joint venture Goodyear Tires of US failed to make much headway. The move may make it the second company after MRF to develop radial technology on its own.

Navratna status continues to elude oil firms: The navratna status continues to be a pipedream for the four oil PSUs -- IOC, BPCL, HPCL and ONGC -- as the mandatory requirement of four part-time directors is yet to be fulfilled. While sources in New Delhi reiterated that the list of candidates for the boards is close to being finalised, there is no reason why the process has taken so long.

De Beers move to contain glut: Pressed by increased production of diamonds and reduced global offtake, De Beers, one of the major suppliers of diamond roughs to the global diamond processors, has for the first time openly sought cooperation from other diamond suppliers `to protect the industry from increasingproblems of over-production'.

BSE scheme for small investors: BSE has decided to introduce a scheme wherein small investors will be able to trade in those scrips where compulsory trading will be made mandatory from January 1999. At the market operation committee meeting held on Wednesday, the exchange studied the scheme wherein the clearing house would not only act as a clearing entity, but would also take up the responsibility of dematerialising the stocks on behalf of the investors, the cost of which would be borne by the investors.

SBI increases stake in Indo Nigerian Merchant Bank:SBI has raised its stake in Indo Nigerian Merchant Bank, Lagos, from a platry 12.8 per cent to 51 per cent. The move is in conformity with the bank's strategy of pushing for a majority stake in all overseas joint ventures.

Indian Bank former chief gets chargesheet: Former Indian Bank chairman M Gopalakrishnan and four other accused in the Rs 3.6 crore scam involving the bank, on Wednesday receivedcopies of the chargesheets filed against them before a CBI special judge SSK Dharveesh. Besides Gopalakrishnan, others charged for offences under various IPC sections and Prevention of Corruption Act are the bank's zonal manager AV Shanmughasundaram, chief manager K Sundaramurthy, Akhilam Constructions managing director S Dhan Singh and properitor of Alankar Constructions and Alankar Foundation, S Anantham Pillai.

Cotton futures trading to start on Dec 5: The much-awaited cotton futures trading will be inaugurated by ministry of civil supplies secretary MN Mukerjee on December 5, 1998 at the Sewree Cotton Exchange. Earlier, the secretary had flagged off the mock-trading in cotton futures around mid-October and encouraged participants to take advantage of the facilities set up at the exchange.

Indian businesses under scrutiny in US: Indian businesses will now come under greater scrutiny following the busting of a nationwide ring that smuggled in cheap labour, a lot of it from the Indiansub-continent. Indian expatriates running small businesses in and around New York are worried that the unearthing of the racket would hurt the community's image in the eyes of Americans.

Trade unions to strike on Dec 11: Members of various trade unions in Maharahstra would strike work on December 11 in response to a nationwide strike in protest against rising prices, unemployment and increase of contract labour for permanent jobs, suicides by farmers, privatisation and the entry of multinationals.

Asian recession clips Boeing wings: Aerospace giant Boeing Co on Tuesday said it plans to cut 48,000 jobs during the next two years as part of a large-scale plan to cut airplane production in the face of the Asian financial crisis. The Seattle-based jumbo-jet manufacturer said it decided to reduce the production rates for some of its commercial airplanes after reassessing the impact that economic conditions in Asia will have on air travel and airplane customers.