FDI inflow-approval ratio in Q4
Actual inflow of foreign direct investment as a percentage of approvals has shown a remarkable turnaround in the current year so far, with inflows touching 93.12 per cent of the total investment approved. During January to March, actual inflow of FDI has been to the tune of $992.4 million compared to $1.07 billion approved, according to latest figures available.

Tata Engg unveils retirement scheme
The Tata Engineering has announced an early separation scheme for its workers. A notice has been released across various divisions announcing the scheme and is a major effort by the management to reduce employee strength at its Pune plants. The company has a 12,000-strong work force spread across the two plants in Pune and the target is to reduce the number to 7,500.

Rallis MD resigns
Rallis India managing director Vijay Rai has stepped down and the company's board has accepted his resignation with immediate effect. Rai, who was associated with Rallis India for 15 years and with the Tata group for 28 years, has also resigned from the boards of the company's subsidiaries and associates.

BOC Group remains independent
Industrial gases maker BOC Group on Friday said it continues as an independent company after a joint bid by US-based Air Products & Chemicals and Air Liquide of France lapsed without clearance from US regulators.

DishnetDSL Internet gateways soon
Chennai-based Internet Service Provider DishnetDSL Ltd on Friday said it would soon set up seven international gateways across the country and undertake e-commerce and content-related initiatives.

ICICI to offer floating rate home loans
ICICI is planning to introduce a variable rate home loan product shortly. The proposed floating rate product is expected to undercut housing finance major Housing Development Finance Corporation's 12.50 per cent floating rate loan by half a percentage (50 basis points) point.

14-day T-bill yield rises to 7.3%
The Reserve Bank of India on Friday set a cut-off price of Rs 99.72 at its weekly auction of 14-day treasury bills compared with Rs 99.74 at the previous auction. Dealers said the yield rose to 7.3205 per cent against 6.7962 per cent at the previous auction.

91-day T-bill steady at 8.01%
The Reserve Bank of India on Friday set a cut-off price of Rs 98.04 at its weekly auction of 91-day treasury bills, unchanged from the previous auction. Dealers said the yield was steady at 8.0187 per cent.

Dollar turns dearer against Rupee
The dollar turned dearer against the rupee at Rs 43.91/93 per dollar and the pound sterling ended sharply higher at Rs 66.50/52 per pound at the close of the Interbank Foreign Exchange market on Friday.

Ford shuts UK car-making plant
Ford Motor Co. said on Friday it would end car production at its biggest British plant from the first quarter of 2002, with the loss of 1,900 jobs, in an attempt boost profit at its struggling European operations. But it reaffirmed commitment to the Dagenham plant east of London, pledging 500 new jobs and $600 million of investment over five years to make the site a global centre for diesel engines.

Honda profits hit by yen
Honda Motor Co on Friday posted a 14 per cent decline in profits for the year just ended, the first fall after three consecutive years of record profits, as a rising yen took its toll. Consolidated net income for the year to March 31 slid to 262.4 billion yen ($2.42 billion).

Agricultural output
The serious water and fodder crisis affecting Gujarat, Rajasthan and parts of Andhra Pradesh is not expected to significantly alter estimates of agricultural output during 1999-00 (July-June) as harvesting of most crops has been completed, said the Centre for Monitoring Indian Economy.

100% FDI in mineral sector allowed
In an effort to increase foreign direct investment in the mining sector, Government has allowed 100 per cent foreign investment for all the minerals except diamonds and precious stones.

SC rules Pakistan coup legal
Pakistan's Supreme Court on Friday ruled the October 12 coup that brought the army to power was legal but set a three-year deadline to hold elections. The court gave General Musharraf three years to achieve objectives. After which elections had to be held in 90 days.