The World Trade Organisation will consider on July 19 India's appeal against the dispute settlement panel ruling asking it to remove quantitative restrictions on imports in its fight with the United States. The dispute settlement panel of WTO, in its ruling on December 11, 1998, had endorsed the US position that import restriction placed by India on more than 2,700 items relating to agriculture, textiles and industrial products on balance of payment grounds were unmaintainable.

Ministry plans shipping company

Petroleum ministry is chalking out an ambitious plan to float a wholly-owned LNG shipping company to tap the vast potential offered by the fuel of the future. The company would be fully owned by the ministry and operated by Petronet LNG which is planning to import the environment friendly fuel from Qatar, petroleum ministry VK Ramamurthy said.

India stalls EU anti-dumping probe

India has been able to stall an EU effort to startanti-dumping investigations against monumental black granite exports from the country following an understanding with EU manufacturers. The understanding was reached early this month between Indian granite exporters and European black granite manufacturers in Europe, industry sources said.

Private firms' other income rises

Income from non-manufacturing items (classified as other income) of 325 major private sector firms (sales above Rs 50 crore) rose by 14.8 per cent to Rs 4,655 crore in 1998-99 from Rs 4,056 crore in 1997-98, according to a study by The Financial Express. On the other hand, total income of these companies increased by only 8.5 per cent to Rs 1,75,774 crore in 1998-99 from Rs 1,61,991 crore in 1997-98.

Petronet ties up Rs 400cr debt

Petronet India has tied up its debt component of Rs 400 crore for the Cochin-Karur pipeline. The project, with a capital cost of Rs 535 crore and financed through a 3:1 debt-equity ratio, is planned to be set up by Petronet-CCK.

HLLtransfers animal feeds business

HLL has decided to transfer its animal-feeding stuffs (AFS) business to one of its wholly-owned subsidiaries, having failed to find a buyer at an attractive price. The AFS business, which involves the manufacture and sale of cattlefeed, fish feed, broiler feed, poultry feed and other related products, will be transferred for Rs 16 crore.

Pharma firms look beyond India

Top notch domestic pharma firms may be forced to look outside India to further their biological research efforts given the unwanted regulatory hurdles created by the Breeding of and Experiments on Animal Rules 1998. The Hyderabad-based Dr Reddy's Laboratories has already made a beginning by announcing its intent to set up a satellite discovery research laboratory in the US to access tools like high throughput screening and transgenic animal models.

Drug price control review panel

The Department of Chemicals and Petrochemicals has granted a three-month extension each to the drug pricecontrol review committee and the pharmaceutical research and development committee which were constituted in mid-March.

BIFR turns down Videocon plea

The Board for Industrial and Financial Reconstruction has brushed aside the plea of Videocon International to participate in the revival of the sick Uptron Colour Picture Tubes following non-fulfilment of its obligations. Dismissing VIL's plea, the bench comprising members NR Banerji and G Narayanan concluded that VIL failed to comply with its obligations as laid down in the sanctioned revival scheme within the time prescribed.

Engineering sector leads VRS offerings

Over 40,000 staff in the engineering sector alone have bid goodbye to their organisations ever since corporates started implementing VRS in 1993.

Vysya Bank posts 30.54cr PAT

Vysya Bank has posted a profit after tax (PAT) of Rs 30.54 crore during fiscal 1998-99. The bank's deposits during the period have gone up by Rs 762 crore to reach Rs 6,510 crore.

Athreya,Ambani on IBA panel

The IBA has set up an council comprising eminent industrialists, economists, accountants and management consultants. The brief of this council is to guide bankers about corporate requirements.