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Oil futures from May 10MUMBAI: The Bombay Oilseed and Oil Exchange is the first exchange to start international future trading in castor ...

Oil futures from May 10

MUMBAI: The Bombay Oilseed and Oil Exchange is the first exchange to start international future trading in castor oil on May 10. This exchange will enable international trading of castor oil in mass volumes. Derivatives of futures trading has been revived after a gap of 30 years on the recommendations of the Kabra committee. The Kabra committee was set up to review futures and has recommended, to begin with, trading in 17 commodities. In the western countries, futures trading has proved to be an effective instrument for risk control and hedging. The BOOE has selected JCS8217;s e-commex product to automate the international futures trading at their exchange.

Entevo Corp to expand operations

MUMBAI: Entevo Corporation, a US-based directory management solutions provider, has announced expansion of its India operations by about 50 per cent by the year end. Entevo, which sources its software needs from its Indian arm, Entevo India Ltd, would increase Indian staff strengthfrom the present 57 to 85 software engineers by the year end, Entevo CEO Amir Hudda said. The expansion of the company8217;s Pune-based development centre was necessitated by introduction of new comprehensive cross-platform directory management products, which were finding good market in the US and Europe.The development centre, established with an outlay of Rs 10 crore, exported Rs 4.26 crore worth software during 1998, he added.

Mirc Electronics sales improve

MUMBAI: Mirc Electronics Ltd, the manufacturers and marketers of Onida, a leading brand of premium televisions in India, had an extremely successful ending of the financial year 1998-99. In the CTV market, Onida has registered an impressive volume growth of 66 per cent vis-a-vis a market growth of 28 per cent. In the Bamp;W TV industry, Onida has achieved a volume of 6.5 lakh sets. It has launched Web cruiser, an Internet TV. 8220;At the price of a premium 21quot; colour TV, this is a compact and cost-efficient gateway to cyberspace, which comes with 25hours internet time free.

Amex launches personal loans

MUMBAI: Personal Finance Service PFS, the retail banking unit of American Express Bank, the world8217;s leading travel and financial services company, has launched Personal Loans8217; in India with a unique Balance Transfer8217; service that enables customers to save upto 50 per cent on interest charges for existing loan and credit card balances. American Express Bank8217;s Personal Loans, targeted at the financially prudent, will also offer attractive interest rates and flexible loan options. It has also announced the introduction of new banking convenience such as home banking, phone banking and depository services for its customers in India.

Defaults of 2 quarters become NPAs

NEW DELHI: The Institute of Chartered Accountants of India ICAI has clarified that advances by banks against security of shares must be treated as non-performing asserts NPAs if they remained unpaid for two quarters. Atleast one public sector bank has advised itsbranches to consider advances against shares on par with those against Kisan Vikas Patras KVP and Indira Vikas Patra IVP and not to consider unpaid advances as NPAs, but this was not correct practice, ICAI release said today.