The Centre has once again clamped moratorium on Sikkim Bank for a period of one month. The bank was opened just for a day en on Saturday as the earlier moratorium--imposed on March 4--came to an end on Friday. The Government issued orders of moratorium for the period from the close of business on September 4 up to and inclusive of December 3 under the provisions of sub-section (2) of section 45 of the Banking Regulations Act, 1949. "The moratorium has been declared in public interest, in the interest of the depositors and the banking system," an RBI release said on Saturday.

Forex reserves fall by $163 million

The total foreign exchange reserves declined by $163 million to 33.03 billion during the week ending on August 27. The weekly statistical supplement of the Reserve Bank of India stated that the decline in reserves was a reflection of an equivalent fall in foreign currency assets. The foreign currency assets of the country were $20.36 billion, marking afall of $163 million. Gold reserves were at $2.65 billion while special drawing rights with the IMF was at $9 million. The year-on-year money supply (M3) growth rose to 19.2 per cent during the fortnight ended August 13 from 18.5 per cent in the previous fortnight.

Carryforward rates hover at 22%

The average carryforward (badla) rates on the Bombay Stock Exchange hovered around the 22 per cent level during the badla session on Saturday. According to a release from Kaji & Maulik Securities, the average badla rates were in the region of 22.2 to 22.4 per cent (on per annum basis) against last Saturday's average of 22.3 to 22.7 per cent.

Skindia GDR index declines

In the GDR market, hotel industry scrips posted smart gains during the last week. GDRs of Indian hotel companies appreciated by over 15 per cent, which was matched by a similar surge in their underlying shares in the domestic market. During the week the Skindia GDR Index was down by 1.45 per cent at 907 on September 2 over 920.77on August 26.

Shiv Sena on a comeback trail in Jalgaon

The ruling Shiv Sena-BJP alliance, despite the anti-incumbency wave and corruption charges against certain leaders, is in a comeback trail in the Jalgaon district. The saffron alliance has put up a united show against the divided Congress party in the district which had been the Congress bastion till the 1995 assembly elections.

`NCP will not hamper Cong-I prospects'

Congress-I nominee from Aurangabad Lok Sabha constituency AR Antulay said that with the expulsion of the Maratha strongman his party's secular credentials have been further strengthened. Antulay who is a known Pawar-baiter said that the formation of the Nationalist Congress Party (NCP) will not hamper the Congress-I's electoral prospects in Maharashtra where the party alongwith the Republican Party of India (RPI-Ambedkar) is in fight with the ruling Shiv Sena-BJP alliance.

Florida appeals court

In a major win for tobacco companies Friday, a state appeals courtin Florida ruled that damage claims in a landmark smoking case must be considered one smoker at a time, effectively removing the possibility of a single multi-billion-dollar verdict.

The jute journey comes full circle

From the proverbial sack cloth to the latest haute couture, the jute journey has been a long one. Today, its an alternative lifestyle option, thanks to its eco-friendliness.

Dream homes come closer

It can't get better for prospective house buyers. Prompted by a cut in the interest rates by HDFC, many other housing finance companies follow suit.

Towards a clean take-off

British Airways is targetting a 30 per cent improvement in fuel efficiency for the new millennium, says its annual environmental report.Aviation contributes about 2 per cent of world emissions of carbon dioxide.

New Webzine for HR consultants

Feedback Reach bridges the missing link in HR management with an innovative Webzine. Feedback Reach, a leading HR solutions company and part of theFeedback Ventures Group, has set up India's first on-line HR magazine called Reach-Us (www.reach-us.net). The Webzine offers career guidance, quizzes and tests, information on executive movements, an almanac of human resources events and programmes, space for corporate advertisements and resume submission service.

Compiled by Rajwant