Message-ID: <31137760.1075840216672.JavaMail.evans@thyme> Date: Mon, 16 Oct 2000 08:12:00 -0700 (PDT) From: ksherwood@uschamber.com Subject: USIBC Daily News for October 16, 2000 Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: 7bit X-From: "Sherwood, Katherine" X-To: X-cc: X-bcc: X-Folder: \Kenneth_Lay_Dec2000\Notes Folders\All documents X-Origin: LAY-K X-FileName: klay.nsf + The recent hike in oil prices pushed inflation up to 7.56% in the week ending September 30. + Hyundai Motors India plans to invest an additional $350 million over 3 years to enhance its existing production capacity and launch new models. + The Ministry of Power opposed Enron India's proposal for trading in surplus power. USIBC Daily News October 16, 2000 Agro/Patents/Pharma October 16: U.S.-based Rice Tec Inc withdrew 4 out of 20 claims from its 1997 patent on basmati rice. The Hindustan Times (Print edition only) October 16: The central government sanctioned a $77.7 million relief package for farmers of the north Indian state of Punjab. The Food Corporation of India had earlier decided to suspend procurement of paddy as it found the crop was sub-standard. The Times of India < http://www.timesofindia.com/today/16home3.htm> ? Broadcasting/Entertainment October 16: The Indian government announced that private agencies would start FM radio broadcast on schedule in four major cities. The Times of India < http://www.timesofindia.com/today/16busi13.htm> Communications October 16: Usha Telecom Ltd has decided to pay its entire outstanding cellular-license fees of $70.2 million to the Department of Telecommunications (DoT). This follows Usha Telecom's bid to sell its cellular licenses. The Times of India < http://www.timesofindia.com/today/16busi2.htm> October 16: Southern Railways has completed an optic fiber cable network in Tamil Nadu.? The Financial Express (Print edition only) Economic/General News October 16: The Associated Chambers of Commerce and Industry (Assocham) stated that the slowdown in industrial growth (down to 5.3% during April-August 2000) is expected to continue for the next 6 months. The Financial Express < http://www.financialexpress.com/fe/daily/20001016/fex16035.html> October 16: The recent hike in oil prices pushed inflation up to 7.56% in the week ending September 30, compared to 6.06% in the previous week. This is the first time inflation has risen beyond 7% since the introduction of a new index in April 2000. Business Standard < http://www.business-standard.com/today/economy7.asp?Menu=3> Energy October 16: The National Oil Company of Oman is likely to purchase a 26% equity stake in Bina Refinery of Bharat Petroleum. The Economic Times (Print edition only) Financial: Trade & Investment October 16: CVD International, a U.S.-based entertainment hardware/software development company, is likely to purchase 20% of Hyderabad-based Prathina Video Private Ltd. The Financial Express (Print edition only) October 16: Hyundai Motors India has decided to invest an additional $350 million over 3 years to enhance its existing production capacity and launch new models. The Financial Express < http://www.financialexpress.com/fe/daily/20001016/fco16031.html> Information Technology October 16: Cheecoo Networks announced its partnership with Yahoo-India. Cheecoo Networks has a unique navigation, notification and communication console. Cheecoo Networks will make Yahoo's popular services available to the Internet community through their desktop application. The Financial Express (Print edition only) Insurance and Finance October 16: The government finalized a cabinet note to amend the Banking and Acquisition Act 1969. This will allow the government to reduce its ownership percentage in nationalized banks to 67%. The Financial Express (Print edition only) Political/International October 16: The Ministry of External Affairs confirmed that it received requests from both Israel and the Palestinian National Authority (PNA) for intervening in the West Asia peace process. However, the Indian government offered only humanitarian aid and a general condemnation of the violence. The Times of India (Print edition only) Sanctions Transportation/Infrastructure October 16: The Ministry of Power opposed Enron India's proposal for trading in surplus power. Enron plans to set up a wholly owned subsidiary and invest $50-100 million to market power; including purchase of power from private producers, transmission and distribution companies and state electricity boards. The Foreign Investment Promotion Board (FIPB) has already referred Enron's proposal to the Group of Ministers on foreign direct investment and believes that power trading may be useful in reducing power losses. The Economic Times (Print edition only) October 16: India requires an investment of $65 billion to meet its urban infrastructure needs, according to a paper prepared by the Confederation of Indian Industry (CII). The Times of India ? < http://www.timesofindia.com/today/16busi23.htm> October 16: Indian financial institutions led by Industrial Development Bank of India (IDBI) disbursed over $173 million to PPN, a 330 mw power project based in Tamil Nadu. PPN will receive $73.6 million in rupee-denominated term loans and a foreign currency loan of $93.7 million. The Financial Express < http://www.financialexpress.com/fe/daily/20001016/fex16045.html> ============================================================================== = The USIBC Daily News is a free service of the U.S.-India Business Council to USIBC Members and affiliates. USIBC provides Internet links to news stories for informational purposes only, and makes no representation of the accuracy of information posted on other organizations' websites.? To add or remove your name from this list, or with questions or comments, please contact USIBC via e-mail at usibc@uschamber.com . U.S.-India Business Council Website: 1615 H Street NW Washington DC 20062-2000 Phone 202 463 5492 Fax 202 463 3173 West Coast 477 Ninth Avenue, Suite 107 San Mateo, CA 94402 Phone 650 685 8790 xt. 16 Fax 650 343 2848