Forex reserves jump by $ 717 mn
The Reserve Bank of India's foreign exchange reserves increased by $ 717 million to $ 27.83 billion for the week ended January 29, 1998. This was primarily due to a rise in foreign currency assets to the tune of $ 659 million. Foreign currency assets on January 29 stood at $ 24.45 million, up from $ 23.80 million on January 23.
Cabinet rejects proposal to bring down urea prices
The Union cabinet has shot down the proposal of the Union agriculture ministry to reduce the price of urea (nitrogenous fertiliser) by Rs 100 per tonne. The committee of secretaries (COS), appointed by the cabinet to look into the proposal, has decided that there is no justification in reducing the price of urea at this juncture as a cut barely 11 months after a steep hike -- would send confusing signals to the market.
GIC hikes third-party motor cover premium
The General Insurance Corporation (GIC), after a gap of nearly seven years, has decided to raise the third-party motor insurance premium with effect from February 15. The move is likely to enable GIC to wipe out its entire loss of Rs 1,200 crore accrued on account of third-party motor claim by the year 2000. The motor portfolio constitutes about 33% of the total general insurance business.
"Bijbehara's pledge not to vote"
The men and women of Bijbehara a south Kashmir highway town, has decided against voting for the government. This is mainly because four years ago security personnel ruhtlessly shot 49 of their young men when they were protesting against the siege of the Hazratbal shrine. The impact of violence is so deep-rooted here that people even tend to overlook their routine problems which are generally attended to only during the elections.
Sonia for Jharkhand state
Sonia Gandhi has laid great emphasis on the prevailing instability at the Centre by listing corruption and separatism as the country's main enemies and has stated that this political instability has badly hit economic growth. Sonia Gandhi has requested the people in the tribal areas of Bihar to vote the Congress back to power as she would create a Jharkhand state in the natural resource-rich region which has wallowed in poverty and violence for long.
Resign? Definitely not, says Clinton
US president Bill Clinton yesterday firmly promised that he would never resign, even as the sex-and-coverup scandal that has battered his presidency for weeks showed no sign of abating. Clinton made the categorical statement at a joint press conference with visiting British Prime Minister Tony Blair.
