Daewoo Motor goes bankrupt
Creditors cut off their lifeline to Daewoo Motor on Wednesday, forcing the automaker with more than $10 billion in bank debt into bankruptcy after last-minute negotiations with its union collapsed. Daewoo had fought with the union for months hoping for a deal to cut jobs and costs in order to sell the company.

Dhirubhai Ambani bags award
Dhirubhai Ambani, chairman, Reliance Industries Ltd, was conferred the "Man of the Century" award by the Chemtech Foundation on Wednesday. Maharashtra Governor PC Alexander presented the award to Mr Ambani at the Chemtech-CEW awards for his "Remarkable ability to redefine the boundaries of expansion and transform the face of corporate India."

United Western tries to foil bid
The Satara-based United Western Bank has knocked at the doors of the RBI and the Sebi to prevent any `kind of destabilisation' out of the minority stakeholders' effort to take over its management.

Eliminate tariff rate quota, says India
India has called for eliminating tariff rate quota system and reduction of high agricultural tariffs and export subsidies. Minister of state for commerce and industry Omar Abdullah conveyed this at a meeting with the Bulgarian minister for agriculture and forestry Ventsislav Varbanov.

242 global patent applications
As many as 242 international patent applications have been received by the government since December 1998 even as India has embarked on a Rs 75 crore plan to modernise its patent machinery and offices. Minister of state for commerce and industry Raman Singh said patent systems of the developing countries would be under tremendous pressure.

I-T searches on luxury hotels
Income Tax authorities in searches conducted at nearly 30 premises of three groups, who are running luxury hotels, fast food joints, a customs clearing agency and an elite restaurant in south Mumbai, have so far seized Rs 83 lakh cash and jewellery worth Rs 26 lakh. At least 26 lockers have been sealed and a large quantity of jewellery, valued at more than Rs one crore, has been kept under prohibitory orders pending further verification.

Centre targets 6-7% growth: Sinha
Finance minister Yashwant Sinha has said that the government was targetting a GDP growth rate of 6 to 7 per cent during the current fiscal. Sinha said the country had enough foreign exchange reserves to meet any situation, adding that as much as $ 10 billion had been mopped up during 1998-99.

BSES plans stake in 8 power projects
BSES Ltd, whose net profit has shot up to Rs 60 crore at the end of second quarter in September, is exploring equity participation in eight power projects across the country. BSES's equity share in these projects would be as much as Rs 2,000 crore.

Ford India engines localisation
Ford India is likely to go for selective localisation of engines. The company has got an in-principle clearance for this and preliminary steps have been initiated pending final approval.