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Left attacks government over 
cut in EPF rates


What is India News Service, August 18, 2004, 1700 hrs IST


The government today came under attack from the Left parties for reducing the EPF interest rate to 8.5 per cent even as Labour Minister Sis Ram Ola assured the Lok Sabha that the rate will be hiked if there were surplus funds by the end of the year.

CPI leader Gurudas Dasgupta launched an attack on the government, charging it with resorting to a \93unilateral\94 decision and saying that the decision was \93imposed\94 on the Central Board of Trustees (DBT) of the EPFO by the minister.

Private investors set to buy Intelsat for $5 billion: America's oldest satellite company Intelsat today said it was being purchased by a group of private investors for $5 billion in cash and the assumption of debt. The deal, completed today in Bermuda, marks a big transition for Intelsat, which for most of its 40-year history has been owned and governed by companies representing governments around the world.

Exim Bank signs pact with Korean counterpart: Giving a fillip to Indo-Korean trade, the Export Import Bank of India on Monday signed a $10 million bilateral letter of credit (L/C) confirmation facility agreement with its Korean counterpart.

VSNL to get Rs. 786 crores: Internet gateway and service provider Videsh Sanchar Nigam Ltd (VSNL) is likely to receive around Rs. 786 crores ($169 million) from the sale of its 5.42 per cent stake in U.S. satellite company, Intelsat Ltd. 

Birlas file for probate of 1982 `mutual Will': The battle for the property of late Madho Prasad Birla intensified with a probate application being filed for a "mutual and concurrent Will made out by M. P. Birla and his wife, late Priyamavada Birla.

A-I to take planes on lease:  Faced with the shortage of aircraft, the country\92s international carrier Air-India (A-I) plans to take the planes on lease till the acquisition of new aircraft.

Banks ignoring RBI terms: panel:  A Parliamentary Standing Committee asked the government to make it mandatory for the banks to extend 18 per cent of their advances to the agricultural sector. 

Oil imports up 62 p.c. at $9.9 billion in April-July: Exports continued to surge this year with 18.8 per cent growth in July, bringing the overall increase since April to 25.5 per cent. This is considerably higher than the growth of 4.8 cent recorded April-July 2003-04. 

SBI Caps focuses on north: SBI Capitals Markets (SBI Caps), the investment banking arm of the State Bank of India, plans to commence foreign operations shortly, besides focussing on mid-cap companies in the northern region. The company plans to opens offices in Rajasthan and Chattisgarh as also South India.

OBC to hire consultant for GTB merger, rules out VRS: Oriental Bank of Commerce will soon appoint a global consultant to restructure and integrate the troubled Global Trust Bank with itself within six months.

Human face of reforms, a mask: Bardhan: Communist Party of India (CPI) leader A.B. Bardhan described the so-called \93human face\94 of UPA government\92s reform programme a \93new mask\94.

\91Social & economic development linked\92: Social development must be integrated with economic development for an equitable growth, the Associated Chambers of Commerce and Industry (Assocham) has said.

IOC forays into petrochemicals: Indian Oil Corporation Ltd, (IOC) has commissioned the country's largest Linear Alkyl Benzene (LAB) plant at its Koyali Refinery in Gujarat, marking its first major entry into the petrochemicals sector.

Flu scare: livestock import banned: The government imposed a ban on the import of certain livestock and their products from all countries in view of the resurfacing of bird flu in Vietnam.

LPG backlog to go: The government today informed the Rajya Sabha that the backlog of providing 84,000 LPG connections in the country would be cleared within 30 days.

Maruti to hike capacity for Alto: Sales of Maruti Udyog's compact car Alto may be impacted by supply constraints over the next few months. The Alto has seen a sharp jump in sales this year, overtaking the company's bread-and-butter car Maruti 800.

Sensex down 44pts; Bharti crashes 6%: Fresh selling, mainly in Reliance and cement stocks, pushed the Sensex to a low of 5,049. The index is now at 5,059 - down 44 points. The Nifty has declined 14 points at 1,590. 

Overall: 

Left smells scam in EPF interest rates: The government came under attack from the Left parties for reducing the EPF interest rate to 8.5 per cent 

Banks ignoring RBI terms:  A Parliamentary Standing Committee asked the government to make it mandatory for the banks to extend 18 per cent of their advances to the agricultural sector. 

Intelsat set for purchase: America's oldest satellite company Intelsat said it was being purchased by a group of private investors for $5 billion in cash and the assumption of debt.