Business & Economy

G-24 countries demand
better say in World Bank

What is India News Service, Saturday, 2 October 2004, 1700 hrs IST

The Group of 24, representing developing countries, has demanded revision of shareholding so that they can get a "greater voice" in these institutions.

In a five-page communique, the G-24 has demanded revision of quotas or shareholding on the basis of Purchasing Power Parity and not on the basis of international currency value.

They also urged that the next World Bank president be chosen by a "transparent" selection process with a view to attracting the best candidates "regardless of nationality." Finance Minister of Trinidad and Tobago, Senator Conrad Enill, was in the chair and members included India's Finance Minister P Chidambram.

Left changes tune, says 'satisfied' with decision: Barely 12 hours after their outrage against the Centre's decision to dismantle all consultative committees of the Planning Commission, Left leaders were singing a different tune. Following a breakfast meeting with the Prime Minister at his residence, leaders of all four Left Front constituents came out smiling and said, they were "satisfied" with the Centre.

PM promises devise mechanism for consultations: Manmohan Singh informed the Left parties today that his Government could think of setting up of some kind of a mechanism for consultations as regards the Planning Commission.

Sensex soars to 5-month high: Triggered by softening inflation rate, the Bombay Stock Exchange sensitive index on Friday shot up 92 points to five month high of 5,676 points as the blue chip companies led by index heavy-weights ONGC, Reliance and SBI contributed to the rally.

Bank employees defer strike: The United Forum of Bank Unions (UFBU) on Friday deferred the proposed two-day all India strike on October 5 and 6, as the Union and Indian Bank Association (IBA) were slated to hold another meeting on Tuesday.

IOC pays highest ever dividend of Rs 2,453 cr: Indian Oil Corporation chairman M S Ramachandran presenting a cheque of Rs 1,533 crore as final dividend to Petroleum Minister Mani Shankar Aiyar.

All channels must be shown on DTH, says Trai: The regulator has issued recommendations which leave no room for content \91exclusivity\92. It has also given a choice of three models for implementing conditional access system without stating which one is desirable.

Prasar Bharati to move Supreme Court: The Prasar Bharati Corporation will file a writ petition in the Supreme Court against BCCI's decision to award cricket telecast rights to Sony TV.

India, China big 'change agents', says Gates: "China and India are the big change agents for the years ahead. We have to go into the risky new areas. That's what's going to allow the United States to stay at the forefront," Gates told students at the University of California, Berkeley.

BPL expands roaming network: BPL Mobile has on Friday launched a unique technology solution to offer seamless international roaming for its subscribers in Tamil Nadu and Pondicherry.

Bobcards cuts service charge: Bobcards a subsidiary of Bank of Baroda, as a gesture to its card holders to mark the tenth anniversary, has announced a cut in service charges. C. Kurian, Assistant Vice-President, said that from the existing 2.25 per cent the

Ordinance to amend Banking Regulation Act: An Ordinance to amend the Banking Regulation Act, 1949 has been promulgated to enable the Reserve Bank of India to issue licences to Multi-State Cooperative Societies to carry on banking business.

Entry tax on more goods in Karnataka: The entry tax which has come into force from Friday would help check trade diversion, says deputy chief minister Siddaramaiah.

Hero Honda, Bajaj sales up; TVS down in September: Two-wheeler manufacturers Hero Honda and Bajaj Auto continued their sales surge as they recorded 38 per cent and 32 per cent, respectively, growth in September while TVS vehicle sales were down 8.9 per cent.

IDBI becomes deemed banking company: The Industrial Development Bank of India (IDBI), the erstwhile principal development financial institution with four decades  of contribution towards Indian industry, has metamorphosed into a company.

Customs duties on polymers, naphtha slashed by 5%: The government on Friday cut customs duties by 5 per cent on polymers and naphtha.

Overall:

Developing countries demanded better say in World Bank: India is among the signatories to the demand.