Bizbits

Brent has so far in 1999 averaged a paltry 10.80 after slumping to 13.30 in 1998 from 19.30 in 1997. Organisation of Petroleum Exporting Countries OPEC, a month ahead of a key ministerial meeting, remains split on whether to reduce supply again to rebalance the market. OPEC8217;s biggest producer Saudi Arabia has complained that rival members have failed to implement supply curbs agreed last year.

Compaq buys Zip2 Corp

NEW YORK: Compaq Computer Corp said on Tuesday it had acquired Zip2 Corp, a supplier of software used by a variety of leading US metropolitan newspapers to create local Internet media and electronic commerce sites. The deal is the latest move by Compaq CPQ to remake its AltaVistasearch engine into a top Web media and shopping site and follows its successful tender offer for shares of online retailer Shopping.com Inc IBUY, also announced on Tuesday. The deal will give users of AltaVista, among the top 10 most visited sites on the Internet, access to a range of local media and electronic commerce links running on Zip2 sites in 160 cities, including the top 50 US metropolitan regions.

India top milk producer

CHENNAI: India has surpassed the United States US to become the largest producer of milk in the world, Union Agriculture Minister Sompal said here today. quot;We have now become the largest milk producer in the world by producing 18 million tonnes of milk to surpass the US,quot; Sompal said at a seminar on exports of agri-products.

Total milk production in the country in 1951 stood at 13 million tonne, he said, adding the numero-uno status in milk production was achieved just three weeks ago. India now ranks number one in the production of cashew, coconut, tea, jute andcotton, and second to China in fish and vegetable.Silver nosedives by Rs 310
Mumbai: Silver prices crashed by Rs 310 per kg at the bullion market here today following the steep fall in New York prices. The weakening of the Japanese yen against the US dollar generated heavy fund selling abroad which caused crash-like conditions in India, dealers said.Ready silver .999 fineness resumed sharply lower at Rs 8160 and fell further steeply during the day and ended at Rs 8130, showing a big fall of Rs 310 over the last close of Rs 8440. Raw silver .916 fineness and tenderable silver also nosedived to Rs 7995 and Rs 8135 respectively from Rs 8310 and Rs 8445. Standard gold closed at Rs 4350, showing a sharp setback of Rs 30 from Rs 4380. 22-carat gold wasquoted steeply lower at Rs 4025 from Rs 4050. Ten-tola gold bar .999 purity declined by Rs 450 to end at Rs 50,900 from Rs 51,350.

Sebi bans RSML
Mumbai: Radhika Spinning Mills Ltd and its promoters have been debarred bythe Sebi from accessing the capital markets for two years. Sebi investigations, following investor complaints, revealed that the promoters had deliberately caused delay in transfer of shares of the company and had declared bad deliveries on certain flimsy grounds8217; with a view to reducing floating stock and manipulate the market, the regulator said. The said act of the company had created an artificial scarcity of floating stock in the market as a result of which the scrip price, rose from Rs 13 to Rs 50, during the book closure period and thereafter, Sebi said in a statement here today. Pursuant to the show cause notice, Sebi has given an opportunity for personal hearing.