OIL in race for $10-mn contract in the Middle East
Oil India (OIL) is in the race for a $10 million exploration contract in Middle East. The proposal has been forwarded to the cabinet and approval is expected shortly. Oil India will hold a 20% stake in this venture where the other partners are Total of France and the Oman Oil Company. The assignment involves work on an onshore exploration block next to a gasfield.

ONGC Videsh lobbies for OIDB loan as ECB route turns unviable
ONGC Videsh, expected to spearhead the country's hunt for security oil overseas, is canvassing for an Oil Industry Development Board (OIDB) loan, as volatile exchange rates and downgrading by sovereign rating agencies have rendered external-commercial borrowings (ECBs) unfeasible.

Tatas, AIG in 50:50 risk management venture deal
In a move to gear up for the expected opening up of the insurance sector, the Tatas have "quietly" concluded an agreement with the American International Group for a joint venture to undertake risk management services. The new venture, Tata-AIG Risk Management Company, will absorb the activities currently carried out under Tata Risk Management (TRM), a Tata Sons division.

CORPORATE
SBI overseas arms to up lending rates for new loans
Centre nod for ModiLuft, East West Airlines revival

ECONOMY
MoF's debt-relief package finds no takers as states opt for debt write-offs
Removing NOR clause will hit foreign investment, says Ficci

EXPRESSIONS
Traders face a hollow market
Who follows RBI guidelines?

MARKETS
NDDB's edible oil supply to stem speculation
Surplus stocks push down aluminium price

LEISURE
Training creates better work culture
Foreign students face funds crunch