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December 15, 1999 Jobless? Try Assam! Thousands of unemployed youth in the north-eastern state benefit by entering the 'forbidden' tea gardens business. Sensex sheds 113 points on profit-booking, goes under 4700 Led by Hindustan Lever, stocks from commodity and economy counters tumbled on bull unloading at the Bombay Stock Exchange. Greens step up war; company says no change in pull-out move Cogentrix officials will hold talks with the Karnataka government on Wednesday. If Enron can overproblems in Maharashtra, so can Cogentrix, said Karnataka CM S M Krishna. The Centre said it is inclined to clear the power project. 'Television has come full circle, from local to national to local content. The real challenge now is to create a new paradigm' "The ad revenues are skewed in favour of the national channels. That will change in the next five years. It's already changing in South India," says R Basu, bureaucrat-turned-chief executive- turned-entrepreneur. Reliance denies fresh issue of equity Reliance Industries and Reliance Petroleum would, however, consider converting their presently outstanding Global Depository Receipts into American Depository Receipts, a company statement said. Patent is not for Indian-type curry, clarifies Japan's House Food Corp The company has reiterated that the media fuss was a mistake and all it wants is legal protection for a food additive it had developed. Gujarat Ambuja takes majority stake in DLF Cement Gujarat Ambuja Cement will buy 20 million shares of DLF from its promoters at Rs 12.65. Encyclopaedia Britannica launches 'Indianised' site The Indian arm seeks to offer comprehensive online information on India-centric electronic publications. BSE, NSE and Forex: Sensex plummets 113 points to 4691; Nifty down 30 points to 1397; rupee down 2 paise to 43.53 to US $ December 14, 1999 Forex dealers are passing through troubled times Company may 'reconsider' pull-out decision Mangalore Power Company's MD Ron Somers is reported to have said that "there has to be a reassessment" of the situation in the light of the apex court's clean chit to the company. SC sets aside HC order for CBI probe into Cogentrix 'kickbacks' The Supreme Court bench has allowed appeals filed by the Karnataka government, Karnataka State Electricity Board and the China Light and Power Company against the impugned high court judgment. Satnam to set up basmati plant in England The company is seeking to cut costs. England imposes customs duty of 500 pounds per tonne on imported processed basmati rice. Banking reforms hold precedents for the insurance regulator The acid test for IRDA will be selection of private entrepreneurs. Although the Rs 1 billion minimum equity will keep out many, IRDA will have enough applications to put it in a dilemma, says R C Murthy. December 11-13, 1999 Maharajas' Deal Richard Branson's Virgin strikes a deal with Air-India. PM sets up eight panels to tone up the economy Industries like infotech and pharma cannot earn sufficient foreign exchange. So industries like cement and steel must be rejevenated in the national interest, said CII president Rahul Bajaj. British Airways is playing dirty, it's cancelled my ticket, claims Virgin's Branson "I always thought that British Airways believes in having a healthy competition but after what they have done to me, I think they are not very happy about the proposed agreement between Air-India and Virgin Airways," Branson said. Arun Jaitley heads new Department of Divestment The Disinvestment Commission would be reconstituted. The DoD would process its recommendations for a decision by the Union Cabinet, and will decide all matters relating to disinvestment and pricing of PSU shares. 150 private radio channels to go on air from 2000-end The monopoly of All India Radio will end soon and it ''will have to quickly prepare a viable strategy", a government official said. The painful M&A fever will improve Corporate India's health The ongoing mergers and acquisitions will catapult moribund Indian companies into the vibrant global marketplace, forcing them to restructure and shape up, says Dilip Thakore. Good governance = grand globalisation December 10, 1999 Brand: Bharat Marketers retrace the route to roots. Redtape-weary Cogentrix abandons Mangalore power project "Efforts to construct the 1,000 MW, $ 1.3 billion project have been thwarted by delays in obtaining required government approvals and agreements, and in resolving public interest litigations," Cogentrix's partner CLP Power International said. Clinton delinks WTO labour agenda from Indo-US trade "I did not mean that I'd cut off US markets to India if it doesn't raise labour wages to American levels. All we asked for was to start a dialogue within the WTO on trade issues,'' the US President said. 'Govt's hypocritical: it wants foreign investors but not their views on child labour' "If consumers abroad declare that they will not buy Indian goods made by child labour, then I see nothing wrong in it," says Kailash Satyarthi, chairman, the South Asian Coalition on Child Servitude. ICICI Bank enhances Web services for NRIs Also on the platter is the 'millennium offer' of high interest rates on NRI deposits for all maturity periods. Tributes flow in for Darbari Seth Prime Minister A B Vajpayee was among those who recalled Seth's contribution in shaping Corporate India. BSE, NSE and Forex: Sensex regains 40 points to 4839, Nifty up 11 points to 1450, rupee down one paisa to US $ at Rs 43.45 December 9, 1999 Changing gears India's car industry hurtles toward an exciting growth phase as MNCs reorient strategies and the WTO regime nears. WB cautions India on oil price surge and fiscal deficit The World Bank's Global Economic Prospects and the Developing Countries notes that business confidence in India is strong and major political parties are committed to reforms. From barter to smart-cards, currency systems survived ages Currencies are no longer a mere medium of trade, they are mental and financial support systems to man. Govt safeguarded India's economic interests at Seattle, Maran tells Parliament The mandated negotiations under the provisions of the Agreement on Agriculture and the General Agreement on Trade and Services will take place as scheduled from January 1, 2000. Govt to decide on FDI in media before April 2000 ''We are for the best technology at the lowest price and for healthy competition in the print media,'' Minister of State for Communications Tapan Sikdar said. Ban on power supply connections in Goa lifted partly The Bombay high court has withheld the six-phase plan of Goa's electricity department till May 2000. The plan sought clearance for 2,237 applications with a requirement of 39.77 mega-watts. Darbari Seth, Tata group's luminary, passes away Seth had a 50-year association with the business house, and was a key adviser of J R D Tata. He guided Tata Chemicals to glory and set up the Tata Energy Research Institute. AP seeks RBI help to make Hyderabad India's financial capital "What is happening in Andhra Pradesh has wider significance and is critical to the future of economic reforms in the country," the RBI governor told Chandrababu Naidu. Roadblocks to e-prosperity Out of a list of ten identified growth trends, India is completely cut out of four and possesses possible competitive advantages in another four. Used cars are the flavour of the day The market is being consciously developed by manufacturers, dealers and financiers in India. Ford Motor's CEO Jacques Nasser has, in fact, made a passionate plea against the import of used cars. BSE, NSE and Forex: Sensex sheds 64 points to 4799, Nifty down ten points to 1439, rupee gains two paise to US $ at Rs 43.44 December 8, 1999 Rajya Sabha approves insurance bill The Presidential assent is all that is required now to make the Insurance Regulatory and Development Authority bill a law. 'Insurance law' begins its course, halts employees' struggle Parliament's nod has dampened the mood in trade unions, but leaders say the fight against 'the multinational invasion' is not over. Convenience called cyberbanking More and more banks offer services through the Internet, and promise to change the face of banking industry forever. Jalan urges banks to embrace hi-tech in Y2K Electronic banking not only offers convenience for the customers but has tremendous implications for productivity and employment generation, the RBI governor said. BSE, NSE and Forex: Sensex rises 27 points to 4863, Nifty gains six points to 1449, rupee slips to Rs 43.46 to US $ December 7, 1999 Airports Ahoy! Biz buzz fills tiny Kerala as plans for a fourth aerodrome are afoot Sensex spurts up 122 points to 4836 India's stock markets ended on a firm note on Monday. Reforms good but not good enough, say business bigwigs Experts said the two most important things that will take India on a fast growth path are decentralisation and infrastructure development. It's a good time to push and sustain reforms, WEF chief tells India India needs a GDP growth rate of 7.5 to 8 per cent in the next 7 to 8 years to double its per capita income, said Claude Smajda. Enron to foray into telecom in India "We want to develop the fibre optic capability by bringing our technology and from the US," Enron's CEO Kenneth L Lay said. Allow states to raise money from global markets, Naidu urges Centre This will take reforms to the lowest level of the nation and usher in better social welfare programmes, the AP chief minister said at the summit. Dhirubhai Ambani voted 'Indian Businessman of the Century' The business magazine that conducted the poll said Ambani represents "Asian business at its best: bold, visionary, technology-minded and entrepreneurially daring." TRIPS is not anti-biodiversity, assures WTO chief "The TRIPS Agreement does not provide for the patentability of biological material in its natural state or for indigenous knowledge in the public domain," Mike Moore said in a letter.  BSE, NSE and Forex: Sensex up 122 points to 4836, Nifty up 25 points to 1443, rupee down one paisa to 43.42 to US $ December 4-6, 1999 Re-made in Japan The curry patent is a budding row over taste Vajpayee may outline next tranche of reforms at India Economic Summit Thirty countries will discuss India's role in the world economy at the meet jointly organised by the CII and the Davos-based World Economic Forum. Fiat India to launch taxi models of Uno The move is aimed at replacing old, polluting taxi models in metros like Bombay. NGOs decry 'sacrifice of people and environment at the altar of free trade and profits' Social workers recalled the killer methyl- icocynate gas leak, highlighted the continuing grief of over 500,000 victims and blasted corporates and the government for being apathetic. Corporation Bank to form insurance joint venture with foreign partner Talks are on with four 'expert agencies', two each from the UK and US. 'Infrastructure won't get any funds if insurance is privatised' 'There is a high rate of failure of private insurance companies in the US. That private companies' service will be efficient is debatable. Private companies will invest their profits according to what the market considers important,' says Prakash Karat of the CPI-M. Economy's overlords bungle in cyclone-hit Orissa 'The post-cyclone phase should be a time of introspection for India's 20 million strong, multi-tiered bureaucracy which costs the economy an estimated Rs 400 billion annually. The government needs to earn its keep and learn the rudiments of disaster prevention and management,' says Dilip Thakore. • BSE, NSE and Forex: Sensex up 9 points to 4706; Nifty up 7 points to 1417; rupee down a tad at 43.41 to US $ December 3, 1999 Lok Sabha passes insurance bill with 4 amendments Every insurer has to provide life insurance or general insurance policies to people residing in the rural sector, workers in the unorganised or informal sector or for the economically vulnerable or the backward classes. Sinha says insurance bill is fool-proof He allayed fears that LIC and GIC employees would lose their jobs after the opening up of the insurance sector to foreign companies. Forex, money bills won't harm economy, assures Sinha; LS nods The Foreign Exchange Management Act was aimed at making the law humane and practical; there was no question of any large outflow of foreign exchange on this account, the finance minister said. Cable TV firm slaps suit against Hindujas' media arm The war for ground distribution market-shares has acquired a new twist: former IndusInd executives are demanding Rs 13.12 billion for a colleague's family from the Hindujas for reneging on a 'promise'. • BSE, NSE and Forex: Sensex up 85 points to 4697; Nifty up 24 points to 1410; rupee up a tad at 43.40 to US $ December 2, 1999 Rest Insured Global major Prudential sews up plan to 'cover' India. Congress will support IRDA bill Senior leader Rajesh Pilot made the announcement while participating in the resumed debate on the IRDA bill in Parliament. WTO: Uproar in Parliament over 'secret' deal with US Repeated pleas by Parliamentary Affairs Minister Pramod Mahajan that Prime Minister Atal Bihari Vajpayee will be informed as soon as his meeting with the visiting Vietnamese prime minister ended, fell on deaf ears with many members saying that nothing could be more important than this. Protests delay meetings The streets of Seattle were shrouded in clouds of tear gas yesterday as armed police battled with demonstrators who forced the cancellation of the opening ceremony of the World Trade Organisation by blocking key street intersections. Mayor imposes curfew The move came after day-long protests marked by repeated clashes between protestors and police, in which police fired tear gas, pepper spray and rubber pellets at protestors. WTO chief calls protestors anti-poor Mike Moore, only three months in his post, was forced to call off the gathering's opening ceremony in a city centre theatre as protestors linked hands to stop delegates from getting through yesterday. Annan supports developing nations Annan, along with many other delegates to the opening ceremony of a World Trade Organisation conference, remained in his hotel room yesterday because of protests against the meeting. India won't discuss non-trade issues Commerce Minister Murasoli Maran said India had, in good faith, agreed at Marrakesh to the establishment of a WTO committee on trade and environment. However, India would strongly oppose any attempt to either change the committee's structure or mandate which could be used for legitimising unilateral trade restrictive measures. • BSE, NSE and Forex: Sensex 4612; Nifty 1386; rupee 43.41 to US $
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