Bank services all over the country will be crippled for two days from today following the decision of over 12.5 lakh workers to observe a strike as talks between the United Forum of Bank Unions and the Indian Banks' Association failed on Wednesday. IBA chairman Panner Selvan refused to budge from the earlier offer of a 10 per cent increase in wages, against our lowered demand of 18 per cent, National Confederation of Bank Employees joint secretary VK Gupta said.

`Vajpayee will not resign':

As the Bihar imbroglio continued to cause anxiety to the Vajpayee government, the BJP on Wednesday asserted that the Government will not resign even if the statutory resolution ratifying imposition of President's rule in Bihar was defeated in parliament. "The defeat of the statutory resolution does not constitutionally warrant any resignation of the Government. The BJP has the moral right to rule even after the defeat of the resolution in parliament," spokesman KrishanLal Sharma said.

SmithKline Beecham net up slightly:

Smithkline Beecham Pharmaceuticals said on Wednesday it posted a marginal rise in its net profit to Rs 33.26 crore for the year ended December 31, 1998, compared with Rs 33.18 crore in the previous year. The board has proposed a dividend of 30 per cent on the enhanced share capital for the year.

Second-hand car prices from Kotak:

To help understand customer preferences better and arrive at an appropriate price for second-hand cars, Kotak Mahindra Primus has begun the process of releasing an indicative list of prices of such vehicles every month. These are based upon data collected from in-depth research in 21 cities where Kotak operates.

Ispat power project:

The fate of the 1082mw Bhadravati power project hinges on financial institutions' decision on the restructuring plan for domestic steel units. The committee, set up by the institutions, will meet on March 8 to discuss the issue. While the Ispat-promoted power companysays investment in the project should not be linked with its core business of making steel, the institutions insist the Mittals should focus only on steel.

Parvez Damania joins Sahara Airlines:

Parvez Damania has joined as director of Sahara Airlines, an airline release says. He will work closely with all the airline's travel partners, the release adds.

Dabur India:

Dabur India has informed the FIPB that it will disinvest 20 per cent out of the 60 per cent it holds in the joint-venture company Excelcia Foods to Nestle SA of Switzerland. Excelcia Foods is a joint venture with Osem Group of companies, Isreal.

Whirlpool of India:

Whirlpool of India has informed stock exchanges that parent Whirlpool Corp of the US has transferred its 9.28 per cent holding in the company to its subsidiary Whirlpool Mauritius. The stake of Whirlpool Mauritius in the Indian company has now gone up to 44.18 per cent.

StanChart launches travel plan:

Stanchart in collaboration with Cox &Kings on Wednesday launched a travel-and-savings programme for its credit-card holders, `Travel Cash Back'. Under the programme, the card-holders will be offered 3.5 per cent discount on basic fare in domestic flights and 6.5 per cent on international fares.

UTI picks 5.16% in ICICI Bank:

Unit Trust of India has picked up a 5.16 per cent in ICICI Bank. In a notice to the Bombay Stock Exchnage, the bank has said that the aggregate number of shares held by UTI is 85,18,000 out of 16,50,00,700 shares. UTI holds 12 per cent in ICICI, and is the largest shareholder in the institution.

Floating rate bonds:

The Reserve Bank has set the rate of interest on the floating-rate bonds 1999 at 1.25 per cent over the average rate of the implicit cut-off yields for the 364-day treasury bills auctions held during the preceding half-year subject to a floor rate of 13 per cent. Since the cut-off yield for the 364-day T-Bills during the half-year ending February 1999 was pegged at 10.41 per cent, the rateof interest rate on FRBs has been fixed at the floor rate of 13 per cent.

Capital goods firms seek deemed-exports status:

The capital-goods sector has urged the Government to accept the Verma committee recommendations, especially the one on giving domestic industry access to deemed export business opportunities within the country. This can be done by extending full benefits under the Exim policy.

`47 extremists arrested in Bihar':

Forty-seven ultras, including 22 of the banned Ranvir Sena, have been arrested during the past 12 days, Governor Sunder Singh Bhandari said in Patna on Wednesday. The Ranvir Sena had killed 33 Dalits in Shankerbigha and Narainpur villages in Jehanabad district within a fortnight leading to the Rabri Devi government's dismissal and imposition of Central rule.