Corporates are swapping forex debt with rupee loans
Growing apprehensions about a weakening of the rupee against the dollar, triggered by the Kargil factor, have forced Indian corporates to shift from foreign currency liabilities to rupee loans.

US takes cue from Japan, EU; challenges auto policy
After the European Union and Japan, the US has challenged India's automobile policy and has sought formal consultations on the subject. The US objection is on lines similar to those voiced by the other two developed countries.

IOC okays Central India pipeline stake plan
The board of Indian Oil Corporation has given the go-ahead to pick up a 26% stake in Central India pipeline (CIPL) initially proposed by Reliance Petroleum (RPL). The decision will soon be conveyed to the ministry of petroleum and natural gas.

CORPORATE
Surya Roshni targets 20% jump in exports turnover
Channel partners boost Microsoft sales by 65%

ECONOMY
Association urges Centre for policy on rehabilitating plant
Canada to produce 12% of world's gems

EXPRESSIONS
Corporate governance -- Good versus bad
Freedom to fix par value of shares -- Pros and cons

MARKETS
Comex aluminium futures down in quiet trade
Maize shortfall this kharif put at 1.5 mn tonnes

LEISURE
Max message -- 25 per cent growth in pager users in March-April '99
Will ETN be able to capture eyeballs?