Business confidence has plunged to a two-year low with industry predicting either a worsening of the situation or continuation of the current subdued scene, according to a survey conducted by CII. What is worse is that 52 per cent of the 524 CII members surveyed foresee lower profits in the second half ending March 1999, while 34 per cent expect the current trends to continue.

SAIL may lay off 70,000 employees:

SAIL is planning to reduce its workforce by 70,000 in phases to improve manpower productivity, aiming at 17,000 jobs in the first round. A new voluntary retirement scheme is being worked out and is likely to be announced in a month.

Foreign Trade Act to be amended:

The Foreign Trade Act is being amended to meet WTO stipulations. The government is engaged in reviewing the entire gamut of policies which are misaligned with WTO guidelines, according to commerce ministry additional secretary NN Khanna.

Centreclarification on FDI rules:

The government on Thursday issued clarifications on the rules governing foreign direct investment in the manufacture of alcohol and cigarettes. A press note clarified that proposals for the manufacture of cigarettes with FDI up to 100 per cent will be considered by the FIPB, subject to provisions relating to compulsory licensing under the Industries (Development & Regulation) Act, 1951.

Age limit for PSU board jobs revised:

The union government has decided to raise the age limit for all board level appointments in public sector undertakings to 58 years. Consequently, all interviews held by the Public Enterprises Selection Board after July 6 this year for board level appointments will be rescheduled.

US omnibus bill:

The omnibus bill, lumping together all unfinished business of the US house of representatives before it adjourns, is expected to include authority to president Bill Clinton to ease sanctions against India and Pakistan if and when he sodecides. However, analysts link Clinton's use of discretionary powers, if granted, to US pressure on the two nations to sign the CTBT and meet other demands.

Pond's merger with HLL formalised:

The merger of Pond's (India) Ltd with Hindustan Lever Ltd was accomplished on Thursday with retrospective effect from January 1, 1998, which is the appointed date for the merger under the scheme of amalgamation. HLL on Thursday filed with the Registrar of Companies, Maharashtra, the order of the Bombay high court, over four weeks after the court approved the amalgamation on September 10.

AES-Orissa Power Corp:

US power company AES Corporation has signed a $144-million agreement with the Orissa government to acquire a 49 per cent share in the Orissa Power Generation Corporation. OPGC owns and operates a 420mw coal-fired power station. The acquisition is expected to be completed by the first quarter of 1999.

Pharmacia & Upjohn lines up new products:

The $6.5-billion Pharmacia & Upjohn Incof the US has lined up a slew of new pharmaceutical products to be launched shortly in India. The new products will be imported and marketed by its Indian subsidiary. With the new products the company is looking at a 400 per cent increase in sales from the Rs 8.5 crore turnover it notched last fiscal.

IOC presents Rs 177cr cheque to minister:

Indian Oil Corporation chairman MA Pattan on Thursday presented a dividend cheque for Rs 177.42 crore for 1997-98 to VK Ramamurthy, minister for petroleum and natural gas. Pattan also presented a cheque for Rs 50 lakh as corporation's contribution to the prime minister's national relief fund. IOC has declared a 50 per cent dividend amounting to Rs 194.66 crore for 1997-98.

Shakeout likely among OTCEI brokers:

A major shakeout is on the cards among the 1,014 broker ranks of OTCEI as top brokers get set to enter the fray in a big way and the smaller ones find it difficult to meet the newly laid base minimum capital requirements. Top brokerage housesactive at both the NSE and BSE have decided to jump into the OTCEI system post on October 19 to reap the benefits of arbitrage thrown up by it.

Task force moots SRO for finance firms:

The task force on non-banking finance companies, headed by special secretary (banking) CM Vasudev, has favoured the setting up of an independent regulatory organisation on the lines of SEBI for the entire NBFC sector over a period of next two years. The task force is expected to finalise its report by the end of this week.

SBI credit card launched:

State Bank of India's credit card offered jointly with GE Capital was launched in New Delhi on Thursday. Christened `SBI Card', the payment card will be launched in other metros soon. The Mumbai launch is slated for next month.

Court serves notices on Crisil, SEBI:

The Delhi high court has issued notices to Crisil, RBI, SEBI and the union government on a writ petition filed by VLS Finance Ltd against the company's downgradation by Crisil. VLS haschallenged the downgradation by four notches in one shot, from FAA (-) to FB (+), on the ground that there are no statutory guidelines or regulations prescribed as yet by SEBI under Section 11 (2ba) of the SEBI Act, 1992.

Nabard officers criticise bosses for profligacy:

The Bhubaneswar unit of the National Bank for Agriculture & Rural Development Officers' Association has passed a resolution recently castigating the bank's managing director PV Rama Rao, presently officiating as chairman, and ex-chairman P Kotiah for their unnecessary foreign jaunts and buying of expensive gifts at a time when the government was stressing on austerity and cutting non-productive expenditures.

Ship-breaking boosts CPT income:

The Calcutta Port Trust has earned Rs 3.05 crore till August this year from ship-breaking activities at some abandoned coal berths. The income came from port charges for 15 ships scrapped in the Calcutta Dock System. Another six are being dismantled while five are waiting at the dock.The port expects to earn over Rs 8 crore from the ship-breaking berths in the full year.

`Information poverty' worries economist:

Noted economist MS Swaminathan has expressed concern over a new type of poverty -- information poverty -- looming large over the developing world and called for launching a rural-based information network to speed up the process of development. He gave a call for setting up the `knowledge system for sustainable food security'.