US-based gOODYEAR tIRE & Rubber Company has acquired 50 per cent equity holding in South Asia Tyre Limited from RPG-Ceat. With this acquisition, Goodyear, along with its Indian subsidiary, Goodyear India Limited, has complete management control of this plant set up at Aurangabad with an investment of $134 million.

Statutory status for central vigilance commissioner:

The centre on Tuesday promulgated an ordinance conferring statutory status on the central vigilance commissioner. President KR Narayanan signed the ordinance two days ahead of the scheduled hearing in the Supreme Court, which has directed that the commissioner be empowered to monitor the functions of investigating agencies like the CBI and the Enforcement Directorate.

IA union threatens strike:

The employees' union of Indian Airlines on Tuesday threatened to go on strike if the Foreign Investment Promotion Board clears the Tata Airline proposal. CD Somani, general secretary of the Air Corporation Employees' Union representing 16,000 employees, said, "We have consistently opposed the Open Skies policy."

Citu calls for nationwide strike on Dec 11:

The Centre for Indian Trade Union has called for a nation-wide strike on December 11 to protest against inflation, privatisation of public sector undertakings and entry of multinational companies in the Indian market. The employees of public sector undertakings would launch agitation on August 27 while the Citu, AITUC, HMS will organise demonstrations in all state capitals on October 31. The employees would form a human chain on November 10 and notices for strike would be given on November 25.

ACC mulls disinvestment to generate funds:

The Associated Cement Companies, faced with the worst cement recession in memory and the spectre of industry overcapacity, is weighing options to generate funds by unlocking investments in non-core businesses. The country's largest cement maker having investments into several unrelated areas such as tyres, float glass etc has not yet decided on disinvestment but it is one of the options being considered to generate funds.

India Cements Q1 net at Rs 12.4 cr:

India Cements Ltd has posted a turnover of Rs 264.74 crore for the first quarter of the current fiscal 1998-99. The net profit during the period was Rs 12.43 crore. For the previous year 1997-98 the company had posted a turnover of Rs 927.31 crore and a profit after tax of Rs 58.26 crore.

Bajaj, Hero Honda come out with flying colours:

Two-wheeler makers Bajaj Auto, Hero Honda and TVS-Suzuki continued their joy ride in the recession-hit automobile industry which saw car sales plummet by over 50 per cent between April-July. The segment registered smart growth during the period but almost all other segments took a severe drubbing as per the latest figures of the Association of Indian Automobile Manufacturers.

IRA becomes licensing authority:

The controversy over the issue insurance licensing authority whether it will be the ministry of finance's insurance division or the Insurance Regulatory Authority as and when the sector is opened, was settled in favour of IRA. ``The IRA will be the centre-piece of insurance reforms. It will be responsible for registering companies and checking whether they meet all the qualifications.''

RBI intervenes in forward market:

The Reserve Bank of India intervened in the forwards with sell/buy swaps for September and October. The spot rupee ended at 42.47/50. Forwards premiums ended softer from their overnight finishes on lower call rates at 7.50-8 per cent and inflows of rupee funds via RIB conversion. September premiums finished at 53/58 paise, down from Monday's 59/64 paise, October at 92/96 paise (95/100 paise), November at 121/126 paise (126/131 paise). In the far terms, May premiums closed at 335/340 paise (345/355 paise) and June at 372/378 paise (382/392 paise).

Maharashtra to raise Rs 2,000 crore:

Cash-strapped Maharashtra government will shortly approach the market to raise Rs 2,000 crore for various infrastructure projects. The irrigation department will float a bond issue of Rs 1,000 crore on behalf of various irrigation development corporations; Maharashtra State Electricity Board will raise Rs 500 crore (Rs 262 crore to pick up 30 per cent equity in the Dabhol power project and the balance Rs 238 crore for system improvement) and Maharashtra Life Authority will approach market to raise Rs 500 crore for various water sewerage projects.

Maharashtra reaction on sugar delicensing:

The Maharashtra government on Tuesday gave a guarded reaction on the Centre's decision to delicense sugar industry which has been controlled by the opposition Congress in the state. Chief minister Manohar Joshi neither hailed the move nor extended support with a view not to hurt the powerful network of 121 sugar cooperatives in the state.

Import of Encyclopaedia Britannica banned:

The government on Tuesday banned import of Encyclopaedia Britannica in cd-rom because of various discrepancies in the maps and text. The maps have not depicted the external boundaries of India correctly and the test contains factual inaccuracies about Jammu and Kashmir which has been mentioned as a disputed territory between India, Pakistan and China since the partition of India.Tyre firms begin lifting stocks from STC: Ending differences over "trading technicalities" with the State Trading Corporation five tyre companies have come forward to lift stocks of rubber procured by it from open market last year as part of its market intervention operations. They have signed letter of credit with STC for lifting 2000 tonnes," Automotive Tyres Manufacturers Association director-general D Ravindran said.

Ulcra set to be repealed:

Union minister for urban affairs and Employment, Ram Jethmalani, on Tuesday promised to repeal the Urban Land Ceiling & Regulation Act and said that new closure laws would be framed. He said that in another six months Delhi would be bustling with housing activity. Delhi notification on Blueline buses quashed: The Delhi high court on Tuesday quashed the Delhi government's notification asking private bus-owners to operate under the kilometre scheme of the Delhi Transport Corporation.