The actual inflow of foreign direct investment into the country is likely to touch $4 billion in 1998 despite a fall in approvals. In comparison, the actual inflow of FDI last year was to the tune of $3.71 billion. The actual FDI has already crossed $3.1 billion till October and may cross $4 billion, industry ministry sources said on Saturday. The figure, in rupee terms, stands at Rs 11,790 crore till October compared with Rs 12,989 crore for 1997.

Forex reserves rise $71m to $29.75 bn:

The country's foreign currency assets increased by $125 million to $26.67 billion in the week to December 11. The total foreign-exchange reserves, however, moved up by only $71 million to $29.75 billion, as the country's special drawing rights dwindled by $54 million to $34 million. Gold reserves remained static at $3.04 billion during the week, according to RBI's weekly statistical supplement.

Ashok Agarwal group elected to DSE board:

The eight-membergroup led by former Delhi Stock Exchange president Ashok Agarwal was elected to the board of the exchange for 1998-99 on Saturday. This is perhaps the first time in the 50-year history of the exchange that all eight members of a group have been elected to the board of directors. The losing group was led by former DSE president Arjun Kapur.

BCC submits pre-budget memorandum to centre:

The Bombay Chamber of Commerce has submitted the first pre-budget memorandum to the union government on the budget scheduled for end-February. The chamber has deliberated on some key issues involving growth options, tax policies and laws. The chamber has noted that domestic expenditure must rise for the economy to come out of the slow growth rut. To achieve this, savers must be convinced to invest and consumption must be encouraged.

SC asks Birla Textiles to pay staff dues:

The Supreme Court has ruled that the nearly 2,200 employees of Birla Textiles will receive wages for the last two years and one year'sshifting bonus, provided they join their duty at the newly installed Baddi unit in Himachal Pradesh on January 14 and 15. Birla Textiles shifted out of Delhi after the Supreme Court had ruled that all polluting units should be re-located.

Bhushan Steel plans plant in Patalganga:

Bhushan Steel plans to set up a Rs 1,200 crore hot rolled coil plant at Patalganga in Raigad district. About 100 acres will be required for this three million tonne facility. Bhushan Steel plans to increase capacity to eight million tonnes. Construction will begin in two months after the necessary clearances are sought and land transfers done. The plant is likely to be commissioned in about 20 months.

Interlink forms links with 5 global firms:

Healthcare consultancy firm Interlink Marketing Consultancy has established a network in the UK by firming up co-operation plans with five globally renowned research agencies, including Taylor Nelson AGB Healthcare. The move, according to Interlink managing director RBSmarta, will boost the Indian firm's efforts to provide in-depth and qualitative consultancy services in the country.

Calchem AGM brings to light board-level differences:

The Calcutta Chemical Co Ltd's (Calchem) 77th annual general meeting brought forth the difference of opinion at the board level between the two largest shareholders and the acquirer Henkel Spic India Ltd over the sale price. Although managing director PJ Rao and nominee of the largest shareholder Shaw Wallace & Co Ltd denied any boardroom dispute, KD Paul, who holds 25.93 per cent, affirmed that there was a difference of opinion.

Citizen Watch in venture with local firms:

Japanese watch giant Citizen Watch Company has started an assembly unit with the Chennai-based Doshi Time Industries following a 51:49 equity tie-up for the domestic market. The new company, Citizen Watches India Ltd, has started with an initial investment of Rs 8 crore. Citizen is also contemplating developing India as a manufacturing base for exportto other countries.

Striking Escorts employees fail to get stay:

The Punjab & Haryana high court has refused to grant a stay to the Escorts employee union against Haryana government's order which declared the workers' strike at the Escorts group's factories illegal. Meanwhile, the company management and union representatives have been holding talks with district authorities to resolve the deadlock. With about 10,000 workers on strike since November 23, the company is understood to have already incurred losses to the tune of Rs 250 crore.

Cell operators to push for auto-roaming:

RPG Cellular and Skycell, the two cellular service providers in Chennai, have started phasing out plastic roaming and replacing it with automatic roaming. Both the operators have stopped issuing plastic roaming to new subscribers with only auto-roaming services on offer now. Efforts are also on to switch the existing plastic roaming customers to automatic roaming.

BSE clarifies:

The BSE has said thatthe three brokers charged for price manipulation in the Gujarat Cotex scrip are not members of the exchange and neither do they have any relationship with the bourse. The three brokers charged by Sebi are Amrish Valia, Rajan Mehta and Dimple Shah.

WMA up by Rs 3,360 cr:

Ways and means advances increased by Rs 3,360 crore in the week to December 4. The total WMA outstanding as on December 4 stood at Rs 5,826 crore. Bank credit during the fortnight ended December 4 grew by Rs 1,308 crore while aggregate deposits were up by Rs 1,697 crore. Bank investments during the same period were up by Rs 1,308 crore.

Spectrum panel report likely in 10 days:

The first report of the Spectrum Management Committee will be forwarded to the government within the next 10 days, according to NK Singh, secretary to the prime minister. Spectrum is a medium through which voice and data transmission takes place. The committee was formed according to the recommendation of a group of experts in the telecomsector.

Captive mining for 13 Coal India projects:

Coal minister Dilip Ray on Saturday said that 13 coal projects of Coal India Ltd would be shortly given for captive mining to power, cement and steel sectors. He announced that a new package would soon be introduced to improve the financial health of the Central Coalfields Ltd and Bharat Coking Coal Ltd, the two subsidiaries of the CIL.

Proceedings initiated against Murdoch:

A Delhi court on Saturday initiated proceedings against media baron Rupert Murdoch to declare him a "proclaimed offender" following his failure to appear before it despite repeated summons and arrest warrants. Murdoch, wanted in a case of alleged screening of "obscene movies" through his Star TV network in India, has been avoiding summons since December 1996.

Fog forces Vajpayee to cancel city visit:

Prime minister Atal Behari Vajpayee on Saturday cancelled his visit to Mumbai because of a fog in the capital in the morning, official sources said.Vajpayee was scheduled to inaugurate a nine-day "ram katha" programme during his brief visit to the metropolis, but foggy conditions prevented his aircraft from take off.

Indo-Italian talks to boost trade:

Union commerce minister Ramakrishna Hegde took up the issue of anti-dumping and anti-subsidy duties levied by the European Commission on Indian products during talks with Piero Fassino, Italian minister for foreign trade. He told Fassino that the attitude of certain countries was unjust and against the policy of WTO.