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Corporate Economy Expressions Markets Leisure 18 January 1998   FIPB clears the runway for Tata Airlines The Foreign Investment Promotion Board (FIPB) has cleared Tata Airlines' proposal to induct 40% foreign equity in its proposed Rs 1475-crore airline. Tata Airline will have a seven aircraft fleet and will fly to 12 destinations in the first year of operation.   ICICI Bank hikes short-term deposit rates ICICI Bank hiked the short-term deposit rates by 4.5 percentage points (450 basis points) to 11% while Timesbank hiked its prime lending rate (PLR) by two percentage points (200 basis points) on January 17. ICICI Bank revised only deposits rates upward in an immediate response to the two percentage points hike in bank rate. FIPB clears Hero-Briggs & Stratton JV Hero Briggs and Stratton, the 50:50 joint venture between Hero Motors and $1.3-billion Briggs and Stratton, was cleared by the Foreign Investment Promotion Board (FIPB). The joint venture will manufacture engine and transmission systems for two and three-wheelers. Pond's India net up 30 per cent to Rs 61.11 crore Pond's (India) posted a 30% rise in net profit to Rs 61.11 crore during the year ended December 1997, as against Rs 46.95 crore last year. Net sales rose 19% to Rs 469.65 crore from Rs 395.21 crore in the previous year. Profits improved largely due to a greater control over operational costs and an improvement in operational efficiencies.   BPL plans to set up second colour monitor picture unit The Rs 2,700 crore BPL group has drawn up a three-pronged export-oriented marketing strategy for 1998. It is planning to set up a second colour monitor picture tube facility at its plant in Noida. Currently, the Noida unit houses a colour picture tube manufacturing facility for colour televisions (CTVs). United Breweries may enter Bangladesh, Sri Lanka; Carlsberg launch deferred United Breweries is likely set up operations in Bangladesh and Sri Lanka. With a 100% subsidiary already operational in Nepal, the new acquisitions will make UB a major force in the sub-continental market. Even as the UB Pegasus is spreading its wing in the international market, its joint venture in India with Carlsberg is still to take off.     "Local pharmaceutical firms need mergers to take on global challenges"   It's workers' participation with a difference at Morarji Goculdas   Adidas sets up shop in Chennai   HFCL bags top bidders' grade for DoT's optical fibre tender   Volatility in global prices may see Tata Tea move out of coffee trading   Corporate Briefing   JD Power plans to survey customer satisfaction levels   IDEA weighing options of setting up subsidiary   Money to flow from ICICI, IDBI for Mahindra Ford   Executive Briefing   World Briefing   Abbott Laboratories reports higher profits, sales; chairman,CEO to retire   Malaysia Airlines likely to defer Boeing deliveries; may sell aircraft