Bizbits

The downward movement halted a two-week rise in inflation after it touched a 84-week low of 3.67 per cent on May 8. Despite the fall in inflation, the index for all commodities base: 1981-82=100 rose from 357.6 provisional to 357.9 p, recording a 0.1 per cent rise.

New VSNL ED

MUMBAI: Parminder Mathur has been appointed to the newly formed post of executive director vigilance at the Videsh Sanchar Nigam Limited in Mumbai. Mathur was earlier chief electoral officer and commissioner-cum-secretary in Himachal Pradesh.

Banks test Y2K

FRANKFURT: Banks in 19 countries around the world took a virtual step into the future on Saturday as theysimulated the first day of business in 2000 to test if their computer systems could keep the millennium bug at bay.

The global exercise, involving at least 190 banks, is intended to ensure that whatever else happens the backbone of international payment systems worldwide will function normally as the world8217;s clocks tick past midnight on December 31, 1999.

Softbank buy

Tokyo: Softbank Corp plans to buy a 30 per cent stake in Global Sports Inc for about 80 million, bolstering the sporting-goods company8217;s efforts to transform itself into a Web-only retailer. Softbank, a Tokyo technology and media conglomerate, will acquire 6.15 million shares of Global Sports at 13 each. The companies expect to close the purchase in July.