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Subject:U.S.-India Buisness Council; Daily Investment Update; September 1
Date:Wed, 13 Sep 2000 03:28:00 -0700 (PDT)

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+ Strike by Department of Telecom Employees
+ Finance Ministry considering super regulator for financial sector

U.S.-India Business Council to host Indian Finace Minister Yashwant Sinha and
U.S. Secretary of Commerce Norman Mineta for the U.S.-india Commercial
Dialogue at the U.S. Chamber of Commerce on September 14, 2000 at 11 a.m.

Please contact Rick Rossow at rrossow@uschamber.com for further details on
registering for this event

USIBC Daily News

September 12, 2000

September 10- Rupert Murdoch controlled Star TV is likely to take 25 per cent
equity stake in Rajan Raheja's Hathway Cable Company to firm up its place in
the fiercely competitive cable distribution market. Company sources confirmed
the move, but declined to comment on the price involved. -The Indian Express

September 8- Communications networks in many parts of India were disrupted
because of the indefinite strike by telecom employees seeking settlement of
labor issues before corporatisation of the department of telecommunication
services (DTS) -The Times Of India

September 7- A section of cellular service providers, to ensure a level
playing field, is planning to form a consortium to bid for the national
long-distance (NLD) telephone license in India. -The Financial Express

?? ????
Economic/General News
September 11- The rate of inflation, in India, rose to 5.94 per cent in the
week ended August 26, due to a significant 5 per cent rise in electricity
charges. - The Economic Times

September 7- The Indian Petroleum Minister, Mr. Ram Naik, has appealed to the
members of the Organization of Petroleum Exporting Countries (OPEC) to
increase the production levels of crude oil so that prices are brought down
to sustainable levels.? -Business Line

Financial: Trade & Investment
September 11- The finance ministry is actively considering the appointment of
a super-regulator for the financial sector on the line of the Financial
Services Authority (FSA) in the UK. The super-regulator will coordinate among
the function-specific regulators. -Business Standard?? ????

Information Technology
September 10- NASDAQ-listed Satyam Infoway today said it would invest up to
Rs 160 crore ( $1,600,000,000 US) over the next one year to expand its
Internet operations including rolling out new E-Commerce strategies in the
country. -The Indian Express

September 11- The online ad market in India is all set for a quantum leap.
Revenues from the online advertising market are estimated to jump four-fold
by this year, touching an impressive Rs 50 to Rs 60 crore ($500-$600 million
US). -Business Line

September 11- Cybersquatters with devious intent may be in for some legal
action soon. Nasscom, the Indian association of software Companies, says that
it expects its recommendations on the Copyright Act be amended to include
cybersquatting as a legal offence will be passed in the winter session of
Parliament. -The Economic Times

Insurance and Finance

September 10- The Indian government has set December 2000 as the deadline for
review of all schemes being run by different government departments with a
view to eliminating those programs that have lost relevance. -The Indian

September 11- The Indian steel industry is keeping their fingers crossed on
the possibility of the United States imposing a fresh dumping duty on Indian
steel. The primary concern is that other attractive export markets-like
Canada and Mexico-may follow if the U.S. takes a decision. -Business Standard

September 7- The Indian Inter Ministerial group (IMG) today decided to
prohibit schedueled domestic airlines from picking up equity stake in Indian
Airlines (IA), blocking any plan of Jet Airways or Sahara Airlines to take
control of the state-owned domestic airline. -Business Line? ???

September 8- Members of the SkyTeam Alliance - Air France and Delta Air- have
jointly decided to bid for a 26 per cent stake in the state-owned Air-India
(A-I), after entering into a joint venture with an Indian partner. With the
Indian partner, the joint venture Company will bid for 40 per cent of the
government's equity in A-I. -The Times Of India