Friday, July 08, 2011

Economic updates from newspapers


v  SBI would take a call on increasing base rate today, says its Chairman.(IE)

v  SBI is hopeful of government’s approval of its proposed rights issue of equity shares of Rs 20,000 crore to support its growth plans.(BS)

v  IOB cleans up balance-sheet with Rs 970-cr write-off.(BL)

v  Punjab & Sind Bank has paid dividend of Rs 36.61 crore to the Government for the financial year 2010-11.(BL)

v  IDBI Bank has bought 10% stake in Universal Commodity Exchange (UCX).(BS)

v  Credit Information Bureau (India) Ltd (CIBIL) is now making companies' credit information reports available to individual companies.(BL)

v  Indian corporates  are raising funds through commercial papers to meet their short-term working capital needs as borrowing from banks turn expensive with most lenders increasing base rates.(ET)

v  Handicraft exporters have demanded that goods being sold in India should be given "deemed export" status to make them eligible for tax benefits that currently apply only to exported items.(ET)

v  Government released the draft Micro Financial Sector (Development and Regulation) Bill, 2011, which seeks to make it mandatory for all MFIs to be registered with RBI, making it the regulator of this sector.(FE)

v  Government guarantee  is vital for investing PF money in equities, says former RBI Governor, Mr Bimal Jalan.(BL)

v  SEBI is looking at allowing interoperability between BSE, NSE to facilitate aggregated clearing in the next two-three years.(BS)

v  IRDA has scrapped the minimum -3- year profitability clause for life insurers to float IPOs.(ET)

v  World Bank has approved $1 billion for National Rural Livelihood Project.(FE)

v  Swiss Banks block client access to offshore accounts on pending tax deals.(BS)


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