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World resortsMUMBAI: International hotel company Inter-Continental Hotels and Resorts has tied up with the Sanjay Khan promoted World Res...

World resorts

MUMBAI: International hotel company Inter-Continental Hotels and Resorts has tied up with the Sanjay Khan promoted World Resorts Limited. The companies plan to tap the market for luxury resorts and spas in India through health and fitness packages. quot;Spa resorts, though popular abroad have still not made their presence felt in the country. Hence, we are confident that the business potential for this new property would be very substantial,quot; Daniel Desbailiets, president, Inter-Continental said in a press release.

The project will be located on 14 acres on the outskirts of Bangalore in Karnataka. It will be five-star deluxe category and have conference and seminar facilities, apart from recreational and health care facilities. It is scheduled to be inaugurated in October.

TMB net profit

CHENNAI: Tamilnadu Mercantile Bank has registered a net profit of Rs 35 crore in the last financial year, topping all private banks, according to the bank chairman S Krishnamurthy. The grossprofit stands at Rs 59 crore and after allocating funds towards tax, bad debts and capital investment, the bank earned a net profit of about Rs 35 crore.

Nedungadi net up

KOCHI: Nedungadi Bank8217;s net profit has risen 11.33 per cent to Rs 8.08 crore for 1998-99, while the total business of the bank crossed Rs 1,827 crore. The bank has proposed a dividend of 25 per cent for the year. The total deposits of the bank registered a growth of 41.74 per cent, against an average 18.5 per cent recorded by scheduled commercial banks in the country, and have crossed Rs 1,182 crore.

Silver rises

MUMBAI: Silver prices improved further on the bullion market on Saturday due to better overseas advices while gold held steady. Activity was generally on a low key and both the precious metals moved in a narrow groove during the major part of the trading session. Ready silver .999 fineness opened firm at Rs 8250, but declined towards the end and closed at Rs 8200. However, showed a rise of Rs 55. Raw silver.916 fineness improved to Rs 8035 from yesterday8217;s close of Rs 8025 and tenderable silver closed higher at Rs 8205 from the last close of Rs 8150.

On the other hand, standard gold and 22-carat gold held steady at the previous day8217;s close of Rs 4150 and Rs 3840 respectively. However, ten-tola gold bar .999 purity found some local support and rose by Rs 100 to Rs 48,700 from Rs 48,600.

Citibank

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MUMBAI: Citibank has strengthened its NRI savings account by announcing a unique offer for NRI customers worldwide which will enable them to access their rupee savings account in India through multiple access channels. These access channels include the internet, ATM machines and fax which empower customers to have convenient access to thier rupee savings account in India while residing overseas. 8220;The Citibank NRI savings account enables non-resident Indians to meet their routine rupee needs in India,8221; said a press statement.

SK bank sold

SEOUL: South Korea has agreed to sell the troubledKorea First Bank to US investment consortium Newbridge Capital Ltd for 600 million, news reports said today. Newbridge Capital will take over a 51 per cent stake in KFB for 600 million dollars, Yonhap news agency said. But the spokesperson for the Financial Supervisory Commission declined to comment.