President on economic reforms
New Delhi: President K R Narayanan has stated that the economy should be made to grow at about 7-8 per cent. He said administered pricing should be eliminated and measures should be undertaken for tax reforms and railway reforms.

The President also said the government should take up measures such as coal sector privatisation, formulation of a new aviation policy, privatisation of the department of telecommunications and state electricity boards.

Mr.Narayanan was addressing the joint session of parliament.
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Govt. plans retirement at 58
New Delhi: The new government is considering bringing back the retirement age to 58 from the current 60. The government is thinking of various methods to reduce non-plan and non-salary expenditure by 10 per cent. Wages, at Rs.2,06,882 crore, are about 16 per cent of the government’s total non-plan expenditure.

Earlier when the government had increased the retirement age from 58 to 60, it had saved in terms of deferred payment of gratuity and pension.
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Banks asked to form Y2K centres
Mumbai: The Reserve Bank of India has asked banks to set up Y2K information centres that will provide information relating to Y2K problems and their resolution during the period December 1999 to March 2000. Banks are expected to set up such centres by 15 December 1999.
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ABN-Amro takes over BankAm retail division
New Delhi: Dutch bank ABN Amro has completed the takeover of the Indian retail division of Bank of America. ABN says that it is looking for further takeovers.

ABN Amro has taken over around 250 employees and 1,00,000 retail customers of BankAm. The Dutch bank has taken over Bank of America 's retail divisions in Taiwan, India and Singapore at a cost of $200 million.
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Truckers’ strike losing momentum
New Delhi: The truckers’ strike called by the All India Motor Transport Congress (AIMTC) protesting against the diesel price hike is running out of steam. The truckers are now pushing for reduction of duties on diesel, but the government doesn't seem in the mood to agree.

The AIMTC arms in Madhya Pradesh, Bengal, Orissa and Kerala have called off the stir and Maharashtra is expected to follow suit. However, the strike intensified in Tamil Nadu, and the movement of petroleum products has been affected.
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Dishnet cuts rates in Delhi
New Delhi: Chennai-based Sterling group company Dishnet, which is the latest Internet service provider in Delhi, is offering rates that are 25 per cent lower than that of Videsh Sanchar Nigam Ltd. and Mahanagar Telephone Nigam Ltd.

Dishnet’s rate for 500 hours is Rs.5,750, while VSNL and MTNL charge Rs.7,250. For a 100-hour dial-up account, Dishnet charges Rs.1,750 while VSNL and MTNL charge Rs.2,150.
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IFC to invest in power projects
Hyderabad: The International Finance Corporation will invest $9 million in a 28 megawatt power co-generation project developed by Astha Power Corporation. The total project cost is $25.8 million and will be located in Pashamylaram, near Hyderabad.

IFC has signed an agreement to this effect with Astha Power. The power generated will be transmitted by the Transmission Corporation of Andhra Pradesh. IFC will invest through $1.9 million equity and provide a loan of $7.1 million.
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M&A advisory services tie-up in Japan likely
Tokyo: Japan's Bank of Tokyo-Mitsubishi and Lehman Brothers of the US are likely to join hands in advising the Japanese companies that are entering into mergers and acquisition deals. The tie-up is likely to fructify by mid-November 1999.
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SEB to buy BfG Bank
Stockholm: Sweden’s SEB will buy German BfG Bank AG for $1.7 billion. This will help SEB expand in northern Europe. SEB’s total assets under management go up to $13.5 billion after the deal.

BfG went up for sale when the European Commission asked Credit Lyonnais to sell 50 per cent of its stake in the former.
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