Foreign currency assets up $23m: The country's foreign currency assets increased by $23 million to $26.55 billion in the week to December 4. However, gold reserves held with the RBI declined by $21 million to $3.04 billion, the central bank's weekly statistical bulletin said on Saturday. While, special drawing rights increased by $1 million, the net effect on total forex reserves was a marginal $3 million rise.

`Fee criterion for telecom licences faulty': The Telecom Committee of the US-IndiaBusiness Council has said that licence fee should never have been the primary criterion for awarding telecom licences in India. But the Indian government decided to earn huge revenue from the privatisation process which forced telecom companies to "quote excessive licence fee" in just four months which were 40 per cent to 50 per cent of total project costs.

No end in sight to Escorts strike: There is no end in sight to the ongoing strike that has paralysed the Escorts group with the management and employees' union sticking to their respective stands. While the management has termed the strike as an outcome of the internal conflicts within the union, striking employees say the recent move to sack workers of Escorts Communication Ltd is a `vindictive' step.

Kanoria mill declares work suspension: The owners of Kanoria Jute and Industries Ltd on Saturday declared `temporary suspension of work' at their jute mill at Phuleswar in West Bengal. Although there was no notice put up at the main gateof the mill, workers who went to report for duty at 6 am were denied entry into the mill. Nearly 3,500 workers have been deprived of their livelihood.

FIPB spikes Cabitel, Nichimen plans: The FIPB has rejected proposals of Cabitel India to offer wired line payphone services and Nichimen Corporation of Japan to set up a wholly owned subsidiary. The proposal was rejected on the advice of the Department of Telecom which said it did not conform to the policy guidelines.

Microsoft to introduce new technology: Microsoft Corporation is planning to incorporate a new PC technology called `office registration wizard' into its forthcoming Office 2000. Richard H Stenson, technical product manager (office applications and tools group), Microsoft Corporation, said the new technology would check piracy to a large extent. Users will have to get connected to a registration server which in turn will provide a binary installation key.

UK-based firm raises stake in Tudor India: The UK-based ChlorideMotive Power Batteries, a subsidiary of the American battery giant Exide Corp, is increasing its stake in US parent's Indian subsidiary Tudor India to 75 per cent from 50 per cent. Chloride Motive Power will buy 24.6 per cent stake in Tudor India from JM Shah of MJ Exports for Rs 14 per share. The company has already received FIPB approval for the same.

Intentia, Microtech tie up: The $300-million Intentia International AB of Sweden will form a joint venture with Microtech Software and Consultants to market and sell Movex, a complete integrated enterprise system in India. Intentia is the third largest supplier of Movex in Europe and eighth largest in the world. Intentia director Anders Hellermak said that his company would not have majority control in the venture. He said that Microtech was the sole distributor of Movex to Hindustan Motors, Dr Wilmar Schwabe India, Guindy Machine Tools, RMI Steel Strips and Grunding Electronics India.

VSNL hires 8 transponders from Intelsat: VSNL has hiredeight transponders, each with a capacity of carrying two channels, from Intelsat for analog broadcast services in the country. The company plans to charge $900,000 from customers per channel. VSNL has already received firm bookings from a number of broadcasters for the transponders, capable of carrying two channels per transponder.

US company ties up with Apple Finance: Transamerica Distribution Finance, US, and Apple Finance Ltd have received approval from the FIPB for a new venture to be called Transamerica Apple Distribution Finance Ltd. It will introduce the concept of integrated distribution finance solutions in India. Apple Finance chairman Atul Nishar will head the new venture. TDF will also acquire 65 per cent of Whirlpool Apple Consumer Credit Private Ltd.

Badla rates hover at 12% on BSE: Carryforward rates on the BSE fluctuated in the band of 11.5 per cent to 17.5 per cent annualised before closing at 12.2 per cent for the week ended December 11. The badla turnover on the BSE,excluding the undha badla (backwardation) volumes, touched a high of Rs 663 crore. Among the heavyweight stocks, HLL, Castrol, Novartis and Britannia attracted backwardation charges due to concentrated purchases by foreign funds at these counters, brokers said.

BoI revises interest rate on FCNR(B) deposits: Bank of India will revise the rate of interest on FCNR (B) deposits for various maturities for pound sterling and deutsche mark with effect from Monday. There is no change in the rates for US dollars and Japanese yen deposits, the bank said in a release on Saturday. For pound sterling deposits, the rate of interest for maturity of six months to less than two years will be 5.75 per cent, for two years to three years 6 per cent, and for deutsche mark 2.75 per cent and 3 per cent respectively.

Factoring companies form association: Factoring companies in India have decided to form an association which will be operational within a few months to address the needs and lobby for them with theReserve Bank and the finance ministry. This was decided at a meeting of the representatives of various factoring companies held on December 10. Factoring institutions function as complementary bodies to the banks, focussing on ensuring cash flow to clients through the bill route.

IDMA opposes Patents Bill: The Indian Drug Manufacturers Association has said that the new Patents (Amendment) Bill is a sell-out of national interest under pressure from international lobby and should be rejected. The proposed bill denies the patent office opportunities to verify claims and also denies drug manufacturers their right to oppose a grant which will prevent them from producing or continuing to produce within the country vital life saving drugs at fair and reasonable prices.

Disbanded IA-AI board members express shock: Members of the joint board of directors of Indian Airlines and Air-India, who were sacked by the government on Friday, have expressed shock at their unceremonious dismissal. The board isbelieved to have earned the wrath of Ananth Kumar, union minister for civil aviation, due to its decision to set the ball rolling on the merger the two state-run airlines. The board took this decision at a meeting in the capital on Monday when it accepted a three-year time frame for the merger recommended by AF Ferguson & Co.

5 chargesheeted for cheating Bank of Maharashtra: The CBI has chargesheeted five persons, including a former official of the Bank of Maharashtra, for allegedly cheating the bank of more than Rs 34 lakh between 1986 and 1991.