NEW DELHI: Annual rate of inflation fell to 3.86 per cent for the week ended May 29, despite a marginal increase in the wholesale price index (WPI). The rate of increase in prices fell by 0.09 percentage points to 3.86 per cent (provisional) compared to 3.95 per cent (p) last week and 6.89 per cent a year ago.

The downward movement halted a two-week rise in inflation after it touched a 84-week low of 3.67 per cent on May 8. Despite the fall in inflation, the index for all commodities (base: 1981-82=100) rose from 357.6 (provisional) to 357.9 (p), recording a 0.1 per cent rise.

New VSNL ED

MUMBAI: Parminder Mathur has been appointed to the newly formed post of executive director (vigilance) at the Videsh Sanchar Nigam Limited in Mumbai. Mathur was earlier chief electoral officer and commissioner-cum-secretary in Himachal Pradesh.

Banks test Y2K

FRANKFURT: Banks in 19 countries around the world took a virtual step into the future on Saturday as theysimulated the first day of business in 2000 to test if their computer systems could keep the millennium bug at bay.

The global exercise, involving at least 190 banks, is intended to ensure that whatever else happens the backbone of international payment systems worldwide will function normally as the world's clocks tick past midnight on December 31, 1999.

Softbank buy

Tokyo: Softbank Corp plans to buy a 30 per cent stake in Global Sports Inc for about $80 million, bolstering the sporting-goods company's efforts to transform itself into a Web-only retailer. Softbank, a Tokyo technology and media conglomerate, will acquire 6.15 million shares of Global Sports at $13 each. The companies expect to close the purchase in July.