The US Congress has authorised President Bill Clinton to waive for one more year the sanctions imposed on India and Pakistan after the estranged neighbours conducted nuclear tests in May last year. The motion, already adopted by the Senate, was passed by the House of Representatives on Tuesday.

PFC $100m FRN fully subscribed

Power Finance Corporation's $100-million floating rate notes have been fully subscribed. The issue, which closed on Tuesday, was priced 145 basis points above Libor.

Indo-US extradition treaty

The extradition treaty between India and the US came into force from Wednesday, allowing law-enforcement agencies to cooperate in various areas, including counter-terrorism. The two sides exchanged instruments of ratification for the bilateral treaty signed between New Delhi and Washington in June 1997.

WTO reserves judgment

The appellate authority of the WTO at Geneva has reserved its judgment on India's appealagainst removal of quantitative restrictions on imports before 2003.

Assembly, LS polls together in state Assembly elections will be held along with the Lok Sabha polls in the state, the Election Commission announced on Wednesday. The assembly electionsin the state will also be held on September 4 and 11.

GM net jumps nearly fivefold

General Motors Corp reported its net income rose nearly fivefold from a year earlier, when strikes crippled much of the company's North American operations. The No 1 auto maker said the net income rose to $1.92 billion ($389 million)

Global Tele-Systems Q1 net up

Leading telecom company Global Tele-Systems said on Wednesday it had posted an 88.41 per cent rise in its net profit for the first quarter ended June 30, 1999, to Rs 13 crore. During the period, sales too grew 27 per cent to Rs 77.78 crore, the company said.

Indo Rama back in the black

Indo Rama Synthetics said on Wednesday it had moved back into the black after 18 months of losseswith a net profit of Rs 6.70 crore in the first quarter ended June 30, 1999. Rise in polyester and yarn prices over the past few months and enhancement of internal efficiencies had aided the turnaround, the company said.

Engineers India to help BPCL

SBI Caps has roped in Engineers India to help BPCL in its valuation of Essar Oil. SBI Caps was hired by BPCL to do a valuation of the Essar refinery being commissioned in Vadinar in two years.

Sensex up 42 points

Hindustan Lever and pharma stocks on Wednesday rescued the 30-share Sensex form the 99-points fall it suffered the day before. The bellwether index, which initially went below the 4550 level, rallied to close its Wednesday innings at 4659.59 points, up 41.77 points from its Tuesday close.

RBI directive to banks

In a bid to tighten accounting procedures among public-sector, the RBI has directed them to make 100 per cent provisions for unreconciled debit positions in nostro accounts from April 1, 1996. Nostro accounts areaccounts maintained by Indian banks abroad.

IBA invites unions for talks

In a fresh attempt to arrive at an amicable solution of the contentious wage dispute between bank unions and the Indian Banks' Association, the IBA has invited all the nine unions for talks on July 24 at Mumbai. The IBA will be represented by a nine-member high-powered delegation comprising at least five bank chairmen.

--Compiled by S Hariharan