Indian Airlines hits air pocket as Centre slashes aid to Rs 5 cr
The finance ministry has decided to give a mere Rs 5 crore to Indian Airlines (IA) against the proposed Rs 125 crore equity infusion announced in last year's budget. "The whopping cut in the funds to IA has taken us totally by surprise as we were expecting the Rs 125-crore equity infusion any day now that the fiscal year is drawing to a close," said sources in the civil aviation ministry.

DoT set to end fiscal with a surplus of Rs 404 crore
The Department of Telecommunications (DoT) is all set to end the current financial year with a surplus of Rs 7,176 crore, a gain of Rs 404 crore over the projected surplus of Rs 6,772 crore for 1998-99.

Indian Banks' Association ups wage offer
In a climbdown, the Indian Banks' Association (IBA) has decided to raise its offer to 9.99% for about 10 lakh employees. The original offer was 8%. The association will not, however, implement the new wage pact with retrospective effect, November 1997, when the last wage settlement expired.