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Drumbeat: Ad Buzzaar

Economy

Wednesday, May 20, 1998

	Centre may allow foreign firms to pick up 100% stake in housing plans The Centre is planning to allow overseas firms' pick up a 100% stake in housing projects from 40% in its bid to attract foreign direct investment inflow. The new guidelines will provide automatic approval to joint ventures with a majority foreign stake. Approvals will be subject to a five-year lock-in period.		Cabinet opens floodgates for ports' joint ventures The cabinet has approved guidelines permitting joint ventures between major ports and private companies for development of ports. The detailed guidelines will be tabled during the budget session. The guidelines will enable the port authorities to forge joint ventures which will result in quicker expansion of the port infrastructure.
	Government to permit private operators to uplink from country The Union government is likely to issue a notification within this month allowing the private sector to uplink from the Indian soil for satellite broadcasting. Companies with 20% foreign equity will also be allowed uplinking facility.		ECGC turns more cautious on covering Indonesian risk Following the near collapse of political authority in Indonesia, the Export Credit Guarantee Corporation of India (ECGC) has adopted a cautious approach in providing insurance cover to exports and project funding in that country. In a similar move, the Export Import Bank (Exim) of India has also adopted a restrictive policy on funding projects there.

Centre to raise retirement age for CPSU staff
The government has decided to increase the retirement age of the central public sector undertakings employees from 58 years to 60 years. The decision to increase the retirement age for below the board level employees of the public sector enterprise will come into force with amendments in the rules and regulations of the concerned enterprise.

Power industry sees no immediate impact of curbs
Economic sanctions imposed by the US and Japan will not affect the power sector this year. But if the embargo is not lifted, experts estimate that the additional cost burden on the sector will be Rs 2,205 crore from calendar 1999. The bulk of this amount would be an aid of Rs 2,200 crore from the Japanese government agency, the Overseas Economic Cooperation Fund (OECF).

Spectre of fresh debt crisis in Korea looms large, say economists
Concerned IMF keeps watch on Indonesia situation from the aisles
Anti-trust chief Klein is tough Microsoft foe
Asian crisis hits foreign investment in China
Textile imports register steep increase
Finance ministry to look into Bengal coal royalty issue
Innovative technology ushers in new oil boom in Alaska North slope
Students boo as president Suharto stays
Thai media urges Suharto to quit
Jakarta strife may force Indian firms to pack bags for now
Executive Briefing
Duff & Phelps studies impact
Country deplores use of anti-dumping measures
Sanctions may impinge on state projects
I-T department petitions Mumbai high court against tribunal
AI begins rescue service from Jakarta