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Fieo seeks cut in export creditMUMBAI: The FIEO has sought reduction in interest rate on pre and post-shipment credit and a hike in lenda...

Fieo seeks cut in export credit

MUMBAI: The FIEO has sought reduction in interest rate on pre and post-shipment credit and a hike in lendable resources for exporters. President Navaratan Samdria in a statement said that exporters should be provided with rupee credit at 7 per cent. Total lendable resources for exports, said Samdria, should be hiked from 12 per cent to 15 per cent in the ensuing credit policy.

Kalyani Sharp8217;s recovery plan

MUMBAI: Kalyani Sharp India said on Saturday that quot;recovery plan on a war time urgencyquot; has been embarked on for resumption of CTVs production as the plant-I at Koregaon Bhima area in Pune was gutted in a fire on April 14. The company said Sharp Corporation has assured to provide full resources and support for early commencement of production. A core team from Sharp is already on way to India, a release said.

Satyam to open offshore centres

HYDERABAD: Satyam Computer Services plans to increase the number of its offshore centres and strengthenexisting ones, the company chairman said on Saturday. Satyam, which has seven offshore centres, is setting up two more centres, one in Singapore and the other in Santa Clara US, said B Ramalinga Raju.

Goldstone acquires Newtech

MUMBAI: Goldstone Engineering GEL has taken over Newtech Stewing Telecom, a joint venture between Newtech and Germany-based Stewing Gmbh and Company. GEL plans to provide the Hyderabad-based NWT with technical know-how and access to its manufacturing facilities to enable the company to expand its product range.

Honda mulls new car plant in America

TOKYO: Japanese carmaker Honda Motor Co said it is considering building a new car plant in North America to keep up with growing demand in the region. A Honda spokesman said that, while no final decision had been made yet, building a new plant would be one option either in or after 2001.

Steep hike in key petro-product prices

MUMBAI: Oil companies have effected a steep increase in the prices of naphtha,low sulphur heavy stock and furnace oil, effective Friday. This is the second increase in the prices of these products within a gap of barely a fortnight. The revision has been in line with the change in the world prices of these petro products.

Wyeth Lederle net profit up 9.62 pc

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MUMBAI: Wyeth Lederle has registered a 9.62 per cent increase in its net profit to Rs 26.55 crore for the year ended March 31, 1999, against Rs 24.22 crore in the previous year. Net sales for the year improved by 9.2 per cent to Rs 226.48 crore Rs 207.27 crore.

Gujarat govt decision on Torrent

GUJARAT: The unconditional clearance accorded by the Gujarat government to the equity sale by the Torrent group to British power major PowerGen in Gujarat Torrent Energy Corporation has upset the corporate sector as it is perceived that it would give an MNC unfair advantage over domestic players.

SE warning on Y2K compliance

MUMBAI: The Bombay and National stock exchanges will disable terminals of members whoare not Y2K-compliant by June 30. Acting on a Sebi directive, the two bourses have issued notices to their members warning of the disablement with effect from July 1.

ISE kicks off

MUMBAI: The Inter-Connected Stock Exchange Ltd has successfully started its trading. Currently, 10 exchanges have logged into the system and it is expected that soon the exchange will emerge as a single window to its entire 14-member exchange nationwide, according to a release from the BgSE.

Corporation Bank

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MUMBAI: Corporation Bank has unveiled a business plan for fiscal 1999-2000 with a business target of Rs 25,000 crore. During the period, the bank will open 34 new branches taking the number of branches to 650.

Cardamom

KOCHI: Domestic cardamom is set to lose out against heavy under-invoicing of imports, as the Government has allowed to import the commodity at a stiff customs rate of 38.50 per cent. Domestic cardamom produce faces stiff competition from the Guatemalian cardamom in theinternational and local markets.

EC move on euro

LONDON: The European Commission has backed a three-year time-table for the introduction of euro-denominated notes and coins and rejected calls to circulate the new currency earlier than the due date of January 1, 2002. The executive body of the EU said that many technical and legal factors make it quot;not desirablequot; to roll out cash in the new currency ahead of the date previously agreed by the 11 euroland countries.

IBM in Japan

TOKYO: IBM plans to invest 83 million to set up a state-of-the-art semiconductor production line in Japan, a report said on Sunday. The US electronics giant will install the line at its plant in Yasu in the western Japanese prefecture of Shiga by 2001.