Business & Economy
   
Crude oil prices sky rocket, 
crosses $47 mark

What is India News Service, August 20, 2004, 1700 hrs IST


Oil prices soared to new highs in response to fresh threats by Iraqi militants. Prices inched up in after hours access trading on the New York Mercantile Exchange - crude oil rose 23 cents or 0.5 per cent to hit a new high of $47.50 a barrel. 

Earlier, Nymex futures had tested a historic high of $47.39 a barrel. Nymex futures finally closed at $47.27 a barrel. A Shiite uprising forced Iraq to keep a main southern pipeline shut for the 10th day on Thursday, halving the country's oil exports.

Draft rules for export of taxable services: The Centre has come out with draft rules with regard to the export of services to fulfill a requirement proposed in the Finance Bill. As per the draft rules, any service provided in relation to the export of goods shall be treated as export and specified services pertaining to immoveable property are to be treated as export, if the said immoveable property is located outside India.

L&T Infotech to invest Rs. 170 crores: L & T Infotech, a wholly owned subsidiary of the engineering and construction firm, Larsen & Toubro (L&T), will invest Rs. 150 crores in the next five years to build a software development facility.

Infosys to expand Mysore centre: Mysore may soon get an influx of thousands of young talented people, three times a year, courtesy a different kind of university on its outskirts. 

BMW to set up plant in Kochi: Luxury German carmaker BMW is setting up its manufacturing facility in Kerala. The company is acquiring 25 acres of land in Kalamashery, and a memorandum of understanding will be signed by September end.

Security deposit hike for LPG cylinders soon: The government is expected to increase the security deposit for LPG cylinders from Rs 650 to Rs 900 per cylinder following the hike in procurement cost of cylinders due to spiralling steel prices.

Conveyor belt to Bangladesh: Phoenix Yule Ltd, the single largest exporter of conveyor belts, plans to install a 34-km long conveyor belt system between Meghalaya and Bangladesh.

Restore EPF rate, says House panel: A parliamentary standing committee today urged the government to restore 9.5 per cent interest rate to EPF till final decision is taken. 

Tax issue in software taken up with Japan: India and Japan discussed the contentitious issue of withholding tax, which is imposed by the latter on subsidiaries of Indian software companies creating a non-level playing field. "It is mutual problem. 

Judge declines to hear Birla case: Mr Justice S K Mukherjee of Calcutta High Court once again declined to hear on personal grounds two applications of the Birla family seeking permission to submit certified copies of two mutual “Wills” by M P Birla and Priyamvada Birla, for which probate applications had been moved earlier.

‘Inflation rate to come down soon’: The finance minister, Mr P Chidambaram,  expressed confidence that inflation as a measure of wholesale price index (WPI) will will soon moderate given the ample supply of essential commodities.

Welspun pipeline surveillance: Eyeing the 8,000 km oil and gas pipeline network in the country, the German pipe-coating major, Eupec Group, announced a tie-up with Welspun-Gujarat Stahl Rohren to launch online pipeline surveillance technique.

Oil price hike shears plastic units: The upward trend and frequent fluctuations in the prices of crude oil has has sheared the Indian plastics industry. The main reason for this is that the plastic raw material (dana) is naphtha-based, a derivative of crude oil.

DD plans 40 free DTH channels: The state-run Doordarshan will soon launch Direct-to-Home free broadcasting service, providing 40 channels in the beginning across the country.

L&T on expansion spree: Larsen & Toubro Limited (L&T) added further thrust to its IT and related business with a slew of initiatives.

Fresh selling pulls down markets: A fresh bout of selling pushed the Sensex to a low of 5,063, and the index is now at the same level - down 61 points. The Nifty has shed 20 points to 1,589.


Overall:

Crude oil prices hit all time high: Oil prices soared to new highs in response to fresh threats by Iraqi militants.

Draft rules for export of taxable services: The Centre has come out with draft rules with regard to the export of services to fulfill a requirement proposed in the Finance Bill.

Inflation rate to come down soon - FM: The finance minister, Mr P Chidambaram,  assured that inflation as a measure of wholesale price index (WPI) will will soon moderate given the ample supply of essential commodities.