Oil firms may be allowed to import crude directly
The ministry of petroleum may soon allow `navratna' oil companies to import crude on their own. The Union Cabinet is likely to take a decision on this matter soon. Union Minister for Petroleum and Natural Gas Ram Naik said that the issue will be taken on a war-footing. ``The government does not have any problem in granting permission to oil companies, but to import crude needs certain expertise,'' reasoned Mr Naik.Banking operations paralysed
Over a million officers and employees paralysed banking operations across the country in a one-day, nationwide strike to protest against the proposed privatisation of the banking sector. Even as the United Forum of Bank Unions claimed all-India success, the Indian Banks Association said the strike was only 50 per cent successful.
Sonia Gandhi re-elected
Mrs Sonia Gandhi has been re-elected president of the Congress party with a thumping majority, decimating her rival Jitendra Prasada on expected lines. While, Ms Gandhi polled 7,448 votes, Mr Prasada had to contend with a mere 94, proving beyond doubt that the Nehru-Gandhi family's charisma continued to hold sway in the party rank and file. Special board for state PSUs revampThe Maharashtra government will soon issue an ordinance for the formation of a special board headed by the former chief secretary Sharad Upasani for restructuring of state enterprises. The board would function on the lines of Board for Industrial and Financial Reconstruction.
Max New York Life gets IRDA licence
Max New York Life Insurance Company on Wednesday said it has been awarded registration by the Insurance Regulatory Authority (IRDA). "The IRDA's decision to award license to our joint venture with New York Life is an important milestone in our vision to excel in the knowledge-based, people-oriented service businesses. I am confident that MNYL will emerge as the life insurance brand of first choice," MNYL chairman Analjit Singh said in New Delhi.
RBI 2005 paper auction
The Reserve Bank of India on Wednesday said that it will offer the 11.19 per cent 2005 paper from its investment portfolio for sale through auction on November 16 for an aggregate amount of Rs 3,500 crore.
LIC announces bonus
The Life Insurance Corporation of India (LIC) has announced the bonus rates for the year 1999-2000. The bonus rates for whole life type policies range from Rs 95 to Rs 106, while bonus rates for endowment type policies range from Rs 56 to Rs 89. Bonus rates for money back, anticipated endowment range from Rs 53 to Rs 72 and the bonus rates for Jeevan Surabhi policies range from Rs 56 to Rs 80. The bonus rates for Jeevan Mitra, Jeevan Sathi, limited endowment policies range from Rs 67 to Rs 91.
UTI Bank, L&T Trade.com sign MoU
UTI Bank and L&T Trade.com on Wednesday signed an MoU to provide customised online trading solutions for the broking community to be launched on January 1, 2001. While UTI Bank will provide the banking and depository infrastructure, L&T Trade.com's compre-hensive portfolio of retail financial pro-ducts like mutual funds and fixed inco-mes will also be made available.
Sterlite to buy two mines in Australia
Sterlite Industries is all set to acquire two copper mines in Australia. The company is in an advanced stage of acquiring the mines, with the deal likely to be sealed in the next few months, sources close to the deal said.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.