US senate votes in one voice to free farm credit from sanctions' ambit
The US senate has voted to exempt agriculture credit programmes from sanctions imposed on New Delhi and Islamabad after the two countries conducted nuclear tests in May. Senator Mitch Mcconnell said on Thursday that the sanctions are supposed to squeeze the targeted country, not the American producer and their farmers in an effort to put the nuclear genie back in the bottle.

Centre trims cool-off time for external debt
The government yesterday relaxed guidelines for external commercial borrowings by reducing the period for re-application to one month from three months with immediate effect and gave a month's fresh lease of life to applications lapsed before July 1. Along with these relaxations, the government withdrew the existing facility available to corporates of pre-payment to an extent of 20% in the company's outstanding balance.

RBI signals higher interest rates on short-leg gilts
The Reserve Bank of India on Friday hiked the coupon on 14-day treasury bill and 91-day treasury bill by 52 basis points and 42 basis points, respectively, signalling a higher interest rate regime at the shorter end of the market. Despite the hike in interest rates, a substantial portion of both the auctions devolved on the Reserve Bank as well as primary dealers.

CORPORATE
ITC finetunes IT policy to achieve Y2K compliance
Essar group puts in Rs 230-crore insurance claim for cyclone damage

ECONOMY
Three-fold increase in FDI investment
No RBI fiat on balance for savings account

EXPRESSIONS
Four governments later, Tatas still await nod for airline plan
Margins alone cannot contain volatility

MARKETS
Sebi clears ICSE members' eligibility norms
CBDT allays investor fears on capital-gains tax for paperles scrips

LEISURE
Gold smugglers, havala traders make most of NRI scheme
Wait not for Godot