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Landslide for Labour
The Labour party has won the British election and its leader Tony Blair will be the next Prime Minister of United Kingdom. As the polls closed at 10 pm GMT the Exit Polls of the BBC said that the Labour win was landslide.
PM hints at hike in petro prices, Budget changes
Prime Minister Inder Kumar Gujral has indicated that his government might make certain amendments in the 1997-98 Union Budget. He indicated that there may be revision in petroleum prices as the government could not allow the "swelling deficit on oil pool account."
Last ditch battle by Laloo to save his skin
Bihar Chief Minister Laloo Prasad Yadav plans to move court for an anticipatory bail, apprehending arrest by the CBI. Since Laloo has already charged the CBI with conspiring against him, his supporters feel that there is a definite move to arrest him.
Excise, Customs duties cut likely to peg oil pool deficit
The Union petroleum ministry has made a fresh pitch for a 10% cut in excise and customs duties on crude oil and petroleum products, even as the Union Budget comes up for a debate in Parliament.
EC-parties meet to thrash out ceiling issue
With the persistent spectre of fresh political crisis being sparked off, the Election Commission is getting down to the business of putting its electoral rules in order.
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Samsung, Daewoo in talks with Godrej-GE for tieup
Samsung and Daewoo, the rival Korean multinational giants, are said to be separately negotiating with Godrej-GE Appliances Ltd, India's largest refrigerator-maker, for production tie-ups.
GE Caps makes fresh bid for SRF Fin via subsidiaries
The US-based General Electric Capital Corporation (GE Caps) appears to have dropped its plans to acquire a 100% stake in SRF Finance. Instead, four of its subsidiaries have made an open offer for picking up 34.47% in the SRF group firm.
No pressure to alter budget: Chidambaram
Finance minister P Chidambaram has assured that there would be no drastic changes in the budget. Soon after his oath as a cabinet minister, he said that he was not under pressure from any quarter to make drastic changes, adding that that the budget passage would not be a problem.
IOC ties up $1bn syndicated loan to fund imports
The Fortune 500 Indian Oil Corporation has contracted a fully underwritten two-tranche $1 billion one-year syndicated loan facility to fund imports in 1997-98. The first tranche of $500 million, inclusive of a $100-million greenshoe option, has been been contracted at an all-in cost of 25.5 basis points over Libor.
I will not be weighed down by profit syndrome: Bhide
The new chairman and managing director of Bank of India, Manohar Gopal Bhide, has taken charge at a time when each player in the industry is vying for a greater pie of the market share. But Bhide, a veteran in the banking industry, has seen it all.
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