The country's foreign currency assets dwindled by $69 million to $26,184 million during the week ended September 30, 1998. Total forex reserves as on September 30 stood at $29.18 billion, compared with $29.20 billion last week, according to RBI's weekly statistical statement. FCA as on September 30 was higher by $209 million over the end-March 1998 level, but the total reserves were lower by $185 million as a result of gold reserves falling by $407 million during the period.

Sops for coal sector in pipeline: The government is contemplating fiscal incentives and concessions to the coal sector, minister of state for coal Dilip Ray said on Saturday in New Delhi. ``Certain incentives in tune with advantages enjoyed by power and oil sectors are under active consideration of the government for the coal mining sector," Ray said.

Sushma Swaraj to take over as Delhi CM: Information and broadcasting minister Sushma Swaraj replaces Sahib Singh Verma asDelhi chief minister in a move aimed at shoring up the BJP's prospects in the assembly elections next month amidst all-round criticism of the Delhi government's performance. Verma will step down to make way for Swaraj, who is to be sworn in on Sunday evening, according to party spokesman M Venkiah Naidu.

Taxmen approach SC over appeal fees: The All India Federation of Tax Practitioners has filed a public interest petition in the Supreme Court challenging the fees charged for filing first appeals and enhanced fees for the second appeals. The petition filed under Section 32 of the Constitution states that the object of the said amendments is contrary to the letter and spirit of the Constitution of India which ensures easy and quick access to the justice.

Adarsh Anand sworn in as chief justice: Justice Adarsh Sein Anand was sworn in as the new chief justice of India by president KR Narayanan at the Ashoka Hall of Rashtrapati Bhawan on Saturday. Anand, 62, became the 29th chief justice ofIndia.

Chauhan, Coke slug it out in soda segment: Ramesh Chauhan of Thums Up fame and Coco-Cola, partners in the cola business, are now openly slugging it out in the soda segment. The battle of the fizz started with the recent termination of agreement between Chauhan and Coke for marketing the Bisleri soda. Chauhan is promoting and marketing Bisleri himself while Coke has quickly retorted by launching its own soda brand, Kinley. The first keen contest is taking place in Goa, the largest soda market in the country.

Gujarat Adani Port commissions terminal: Gujarat Adani Port has completed its first phase of port development with the commissioning of the multi-purpose terminal at Mundra in north western Gujarat. The first phase of the Rs 350-crore project's multi-purpose terminal is capable of berthing four vessels with a berthing capacity up to 60,000 dwt. The jetty has 300 acres of back-up area and an approach road.

Sonata mulls offshore unit: Sonata Software plans to set up anoffshore software development facility in Bangalore at an estimated cost of Rs 23 crore. In addition, the company is also planning to open offices in Japan and Germany to target those markets. Sonata is planning an initial public offering by the end of the year to fund its expansion plans. This will consist of 25.4 lakh shares and is expected to be priced at a premium of Rs 65 to Rs 80 per share.

Koel-Karo project: The Koel-Karo hydroelectric project is likely to see the light of day by 2004-05. The project envisages utilisation of the water from South Koel and North Karo rivers in the Chhotanagpur region of south Bihar to create an installed capacity of 710mw (almost four times the existing hydel capacity in Bihar) and generate 1,000 million units (mu) of energy annually. The project was estimated to cost about Rs 2,624 crore, according to the revised project report.

Universal Cables plans rights issue: Universal Cables, the MP Birla group company, plans to raise fresh funds from a rightsequity issue in the ratio of one share for every four equity shares held on a record date that will be announced later. In a notice to shareholders convening an extraordinary general meeting on October 21, the company has stated that the shares will be issued at a premium in the band of Rs 10 to Rs 15.

Silver prices plunge: Silver prices plunged on heavy stockists' offering due to a steep fall in international prices. Gold also declined on weak London advices. Ready silver .999 fineness opened with overnight weakness and dived further to close at Rs 7,430, showing a huge lose of Rs 220 over the previous close of Rs 7,650.

WWF on Vadhavan port: The UK-based World Wildlife Fund (WWF) claims that a mega port in the state will lead to underutilisation of existing infrastructure. The report estimates the impact of the construction of a mega port by the state government at Vadhavan. The report has questioned the need for setting up a mega port when expansion planned at the Jawaharlal Nehru Portunder the Ninth Plan would meet all traffic needs.

`State should buy power from MSEB': The state government should buy power from Maharashtra State Electricity Board and then gift it to farmers instead of putting the burden on MSEB, union power minister PR Kumaramangalam said on Saturday. He said Maharashtra is likely to have a surplus of power in the next few years. It can even be an exporter of power, but if it starts gifting power to the people free of cost, then it is bound to have bad repercussions.

Plan panel investment target for ports: The Planning Commission has targeted a massive Rs 6,354 crore investment from the private sector for the development of major ports in the country during the Ninth Plan period till 2002. Most equipment at the ports are old and obsolete resulting in congestion, low productivity and increase in the turnaround time of ships necessitating participation of private sector, the commission said.

Jaya keeps alliance options open: AIADMK chief JJayalalitha on Saturday kept her options wide open for future poll alliances including a possible tie-up with the Congress and described her party's pre-election tie-up with the BJP as only a seat adjustment. Significantly, she refused to comment on Congress president Sonia Gandhi's Italian origin as a disqualification to hold the office of the prime minister. ``It is quite unnecessary to discuss Sonia Gandhi,'' she said, clearly suggesting a change of stance.

Japan to pump money into two banks: Japan will prop up two of its major commercial banks, Fuji Bank and Sakura Bank, by giving them each a lifeline injection of up to 1 trillion yen ($8.6 billion), a report on Saturday said. The government and the ruling party would inject the money under the new banking reforms now passing through parliament, the Tokyo Shimbun daily said. Fuji dismissed the report today insisting it was still strong and held a capital to asset ratio of 9.5 per cent. No one from Sakura was available for comment.