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30 October 2000

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Zee withdraws from FM race, accuses Govt of changing rules
NEW DELHI: Media giant Zee's radio company New Media on Sunday accused the government of abruptly changing rules of the FM radio licensing process and said it was withdrawing from the arena.
Sushma calls for national debate on foreign media entry
AMBALA: Information and Broadcasting Minister Sushma Swaraj said there would be a national debate on the entry of foreign media into India, a matter, which was under the consideration of her ministry.
DTH TV proposal to become a reality soon
NEW DELHI: The long-awaited direct-to-home (DTH) television proposal may soon become a reality with the group of ministers (GoM) understood to have reached a broad consensus on Sunday on allowing it in the country.
Bharat Forge to hive off non-core businesses
PUNE: Automobile forgings major Bharat Forge (BFL) has set up a company to take care of its non-core businesses.
Cabinet likely to clear Textile Policy on Monday
NEW DELHI: The much awaited textile policy is likely to get the approval from the Union Cabinet on Monday following consent from the ministry of small-scale industries to de-reserve ready-made garments from the list of items ear-marked for the SSI sector.
FIIs turn net buyers in equities and debt
MUMBAI: Foreign institutional investors (FIIs) were net buyers in both equities and debt to the tune of Rs 558 crore and Rs 64.7 crore, respectively, during the week ended October 27, 2000.
Inflation rate falls below seven per cent
NEW DELHI: After reigning above seven per cent consecutively for two weeks, the annual inflation rate fell 0.17 percentage points to 6.86 per cent for the week ended October 14, despite costlier fuel and primary items.
Cars, comm vehicles exports up, domestic sales dip
NEW DELHI: Slowdown in domestic market failed to dampen exports of `made-in-India' vehicles as sales of cars, commercial vehicles and scooters increased during April-September this year, while multi-utility vehicles and three-wheelers continued their slide in the global market.
BSNL may suffer loss due to tax implications
NEW DELHI: Bharat Sanchar Nigam (BSNL) was likely to suffer a revenue loss of between 15 and 20 per cent in the current financial year due to various tax implications, including income tax and sales tax, highly placed sources said.
IDBI mulls hiving off its VC scheme as separate arm
NEW DELHI: The Industrial Development Bank of India (IDBI) is considering hiving off its venture capital scheme as a separate company before the end of this fiscal.
Competition Commission to replace MRTPC
NEW DELHI: The government has decided to wind up the Monopolistic & Restrictive Trade Practices Commission, replacing it with Competition Commission of India.
IOC net profit dips to Rs 978 crore in Q2
NEW DELHI: Indian Oil Corporation (IOC) on Sunday reported a marginal decline in net profit to Rs 978 crore in the second quarter ended September 30, 2000 as against Rs 988 crore profit posted in the same period last year.
SBI to emerge as major card player: Visa report
NEW DELHI: The State Bank of India (SBI) will emerge as a major credit card player, taking advantage of the booming domestic market that could touch about 10 million in the next few years, says a report by Visa International.
Engineering exports set to overshoot target
NEW DELHI: The target for engineering exports for the current financial year would not only be met but also surpassed, a top industry official said.
MP to lose 50% mining revenue as Chattisgarh becomes a state: CII
NEW DELHI: Madhya Pradesh is likely to lose close to 50 per cent of its total revenue generated by the mining sector to the newly carved out state of Chattisgarh, which will come into being next month.
Speedy trial to settle disputes a must
Complainants, it seems, are not the only ones agitated over the delay in settlement of disputes before consumer courts constituted under the Consumer Protection Act. Even the Supreme Court has come down heavily on these quasi-judicial bodies for overlooking the spirit of the benevolent legislation. Observing that the legislative intent of enacting a law providing for speedy summary trial to settle consumer disputes has been respected in its breach, the apex court warned in a recent judgment (September 20) that the very object of the law would be defeated if summary trials are not disposed of expeditiously.
MRTPC inquiry notice to Aiwa for misleading ad
NEW DELHI: Baron International (BIL), manufacturer of Aiwa television sets and one of its local dealer have been issued inquiry notices by the Monopolies and Restrictive Trade Practices Commission (MRTPC) for allegedly issuing misleading advertisement about concession in the prices of its TV sets.
Govt to restructure EPCs soon
NEW DELHI: The government will soon begin an excercise to restructure many of the export promotion councils (EPCs) preparing them to meet the challenges of the globalised business environment.
BHEL bags single largest transformer order
NEW DELHI: Bharat Heavy Electricals Limited (BHEL) has bagged the single largest order for power transformers against stiff global competition for the 2000 MW Talcher super thermal power project (stage II) in Orissa.
Use foodgrain to finance rural projects: ASSOCHAM
NEW DELHI: The Associated Chambers of Commerce and Industry (ASSOCHAM) on Sunday suggested utilisation of food grain stocks to finance rural infrastructure projects, provide jobs and boost rural demand.
OOC seeks time to decide on Bina refinery project
MUMBAI: The Oman Oil Company (OOC) has asked Bharat Petroleum Corporation (BPCL) for "more time" till November 20, 2000 for its equity participation in their proposed Rs 6,200 crore joint venture Bina refinery project.
Major Thai bid to boost trade with India
NEW DELHI: With a view to cash in on the burgeoning Indian market, the Government of Thailand is organising a three-day trade exhibition in Mumbai from November 17 showcasing a wide array of its products.
FDs have highest investor appeal: Survey
CALCUTTA: Fixed deposits, as a class, have the highest preference among Indian investors, followed by recurring deposits in post offices and LIC policies, according to an Indian investors' survey conducted jointly by the Securities and Exchange Board of India (SEBI) and National Council of Applied Economic Research (NCAER).


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