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May 23-24, 1999  
Maruti, Hyundai missing from list of cars fit for registration in NCR Should it be found in future, when official tests will be carried out, that the company-certified vehicles do not actually conform to the Euro norms, they may be de-registered. PROFILE C++ in C Major Notes on Ramana Kumar Gogula, ex-Sybase man, musician, entrepreneur. NEWS Low-wage, organised economies facilitate good health, Amartya tells WHO Despite average economic growth, Kerala, Sri Lanka, China and Costa Rica could achieve rapid reduction in mortality rate and better living conditions because of heavy public spending on education and health, the Nobel laureate said. FOCUS: AFRICAN SAFARI Exim Bank, African Bank in cofinancing tie-up Exim Bank will sponsor a delegation of Indian companies and consultants to visit African Development Bank member-countries to boost exports from India. FICCI to act as bridge between African envoys and Indian businessmen The objective is to showcase the vast scope for alliances of small, medium and micro enterprises of India with African enterprises which can lead to large trade and investment. 
• BSE and NSE Weekly Review: Local bulls, FIs negate gains on FII-buying; Sensex down 53 points, Nifty sheds 20 points May 22, 1999  
Hindustan Lever floats team for people growth, to define new model of business ''As our people increasingly acquire more capabilities, our businesses will develop and retain their competitive edge. This will, in turn, attract more and more talented people, completing the virtuous cycle,'' HLL chairman K B Dadiseth said. NEWS LG lines up $ 50 million investment for India Korea's electronics major LG is eyeing India as a target market for joint launches with Philips of the Netherlands. Upcoming auto units expected to change the face of industrial UP Uttar Pradesh has attracted Rs 68.79 billion in the automobile sector, generating about 42,000 jobs in recent times. Kerala Venture Capital Fund to be set up by July The Rs 200 million fund will be managed by the Kerala Industrial Development Corporation through a board of trustees.
• BSE: Sensex 4015.75; sheds 64 points • NSE: Nifty 1147.40; down 22 points • Forex: Rs 42.73 vs US dollar Rs 45.29 vs euro Rs 68.68 vs pound Rs 34.48 vs yen (100) May 21, 1999 
COLUMN Financial recast isn't enough, IA needs autonomy 'If Parliament wants to provide free air travel to its members, it should raise their pay rather than impose a burden on Indian Airlines. Free travel is not good for the financial health of IA,' says Dilip Thakore. NEWS Tisco net profit dips 12 pc to Rs 2.82 billion; board okays 40 pc pay-out Net sales during the year came down to Rs 62.75 billion from Rs 64.33 billion in 1997-98 while other income increased to Rs 1.78 billion in 1998-99 from Rs 830 million. Biotech will boost agri, food processing sectors, says Pawar Biotechnology is a thrust area for India as this is the first technological revolution which is not capital intensive, the former Maharashtra chief minister said. Decision deferred on film financing by banks Banks will have the freedom to take decisions on financing the film industry, depending on their individual policies, according to the Indian Banks' Association. FOCUS: INSURANCE Captive insurance units will help corporates, says Assocham The apex body also suggested that the Tarriff Advisory Committee should include representatives of users and remain an 'advisory' body. Monopolies panel allows newspapers to offer cover for readers Insurance schemes offered by newspapers are not prejudicial to the public interest or the interest of the subscribers in general. Nor are they an unfair trade practice, the MRTPC ruled in favour of Kerala newspapers.
• BSE: Sensex 4079.45; sheds 44 points • NSE: Nifty 1169.70; down 12 points • Forex: Rs 42.76 vs US dollar Rs 45.49 vs euro Rs 68.93 vs pound Rs 34.42 vs yen (100) May 20, 1999  
THE REDIFF BUSINESS COLUMNIST Time for war against the dirty car 'It will be wrong to single out manufacturers as the only villains of the piece. Politicians and bureaucrats are guilty of `automobilising' society and polluting cities,' says Darryl D'Monte. SPECIAL REPORT Pepper futures exchange faces closure over row with FMC The Forward Markets Commission is insisting on guarantee for contracts at the Kochi exchange, a move that has been termed as 'a change for the sake of change'. OTHER REPORTS Indian farmers to assail MNCs and biz groups for dangerous practices Nearly 500 farmers and activists will leave New Delhi on May 20 for Europe to highlight how international trade is causing degradation of rural areas and impoverishment of peasants. Honda to launch Accord, set up scooter JV in India The partner for the scooter venture, in which Honda will have a majority stake, has not been finalised. Motorcycle joint venture partner, the Hero group, does not figure in the probables. New cars still not being registered in Delhi Sheila Dikshit's Delhi government is busy pleading with Sonia Gandhi to continue as Congress president. 'How can we register cars when our party is in a crisis?' said Delhi's transport minister Parvez Hashmi. ABN Amro Bank acquires Bank of America's consumer banking business The acquired business in India, Taiwan and Singapore will be merged with the consumer banking division of ABN Amro. It will be headed by N Rajashekaran, currently head of BoA's CB division. Tata Finance ties up with Amex for money services The new joint venture will offer money changing and foreign exchange services, and marketing of traveller cheques. Co-branded outlets across the country will be leveraged. The venture would be up by 1999-end.
• BSE: Sensex 4123.58; up 38 points • NSE: Nifty 1181.40; up 21 points • Forex: Rs 42.74 vs US dollar Rs 45.42 vs euro Rs 69.08 vs pound Rs 34.32 vs yen (100) May 19, 1999 
Next round of reforms will cover factor markets, says finance secretary Addressing a meeting to mark the release of ICICI Securities' annual compendium on debt and money markets, Vijay Kelkar said, ''The first set of reforms covered the product markets. Now the next generation of reforms would aim at money markets, land market, labour market and institutional reforms." OTHER REPORTS Cabinet decided to allow wheat export Up to one million tonnes of the grain can be exported this year. The government also decided to allow the export of sugar in value-added terms like cubes and consumer packs of up to 25,000 tonnes. Stock Holding Corp set to open 'one-stop shop' SHCIL has also entered into an agreement with Computer Associates to avail of their enterprise management solution software to monitor and manage its highly distributed and diversified information technology network.
• BSE: 4085.11; up 45.72 points May 18, 1999 
Maruti to restrict Euro-I cars to NCR But the country's premier automaker said it would absorb the increase in production cost that will result from the modifications to be carried out to make its models Euro-I-compliant. Hyundai raises Euro-II Santro price by Rs12,000 The board of directors also decided that all future products, including the next offering code-named LC, will meet the Euro-II emission norms from the time of their launch in the country.
• BSE: 4039.39; down 36 points May 16-17, 1999   Burial awaits CAG's 100-odd reports on misuse of govt money Owing to dissolution of the 12th Lok Sabha, the reports that cost Rs 60 million to prepare, can not now be released without they being tabled in Parliament. Pallone introduces bill to suspend US sanctions "We must turn away from the current stance of confrontation with India, and towards recognition of India's legitimate security needs and the prospects for greater Indo-US cooperation in both strategic and economic areas," Democrat Congressman Frank Pallone said. OTHER REPORTS Oil price hike, political uncertainty will undermine Indian economy, says HSBC In relative terms, India should underperform the rest of Asia, said HSBC. It said the sudden change in political situation could have a negative impact on the economy. Indian banks eat into foreign banks' share in credit card business The card business has become so popular that leading corporates like Hindustan Lever have launched co-branded credit cards for promoting their products and images in the premium market.
• GDR Weekly Review: Skindia GDR Index down 34 points to 765.99; fertiliser, petro, cement up; hotel, telecom and aluminium dip • BSE and NSE Weekly Review: Heavy FII buying sustains rally; Sensex soars 367.72, Nifty zooms 102.45 points
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