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Dear USIBC Members and affiliates,
We are in the process of improving the content and usability of our Daily News Updates.? If you would prefer not to receive these messages in the future, please respond to this e-mail address with the word UNSUBSCRIBE in the text, and your name will be immediately removed from this list.? Comments and suggestions as we continue our improvement process may also be sent to this address. ==================================== + The Reserve Bank of India (RBI) has forecasted slower-than-expected economic growth and left lending rates unchanged in its half-yearly report. + International rating agency Standard & Poor's downgraded the rating outlook on India's long-term foreign currency credit from "positive" to "stable". + Allstate International has decided to withdraw from its proposed life insurance venture with Dabur India. USIBC Daily News October 11, 2000 Agro/Patents/Pharma October 11: The Indian government is expected to clear trading in sugar futures by March 2001. Financial Express http://www.financialexpress.com/fe/daily/20001011/fco11050.html October 11: India could emerge as a leading supplier of fine chemicals to the global market with locally available raw material and production facilities according to Mr. Derrick Samuel, Managing Director, Colgate Palmolive India. He said this while inaugurating the expanded facility of Kumar Organic Products in Bangalore. Kumar Organic Products is the sole supplier of Triclosan, an anti-bacterial agent for Colgate's entire oral care product range. The Hindu <http://www.hinduonline.com/<; ? Broadcasting/Entertainment October 11: Star TV is targeting advertising sales revenue of Rs 550 crore ($119.3 million) and a subscription income of Rs 77 crore ($16.7 million) in the financial year ending in June 2001. The Start TV network expects to earn total revenues of Rs 700 crore ($152 million) in this year, almost double of last year's revenues. The total investment in Star TV's India operations will increase to $300 million by the end of 2001. Financial Express < http://www.financialexpress.com/<; October 11: US-based TeleCruz Technologies announced a $10 million investment in research and development related to software/hardware at its new facility in Hyderabad. It also announced a strategic alliance with Videocon International to provide technology and software for manufacturing Internet TVs and set top boxes in India. The Economic Times http://www.economictimes.com/today/11comp05.htm ? Communications October 11: UT Starcom, a U.S.-based telecom company, has entered into an agreement with Himachal Futuristic Communications Ltd. (HFCL) to manufacture broadband access equipment in India. The joint venture will also market broadband wireless equipment in India and abroad.?? The Economic Times http://www.economictimes.com/today/11comp09.htm ? Economic/General News October 11: The Reserve Bank of India (RBI) has forecasted slower-than-expected economic growth and left lending rates unchanged in its half-yearly report. The RBI governor said economic growth in the fiscal year ending March 2001 was likely to be closer to 6% instead of earlier projections of up to 7%. He said the slowdown was partly because of the floods that devastated sections of India -- most recently in West Bengal. Inflation also rose by more than 0.5%, a trend attributed to the substantial rises in international oil prices in the past year. BBC World Service < http://news.bbc.co.uk/hi/english/world/south_asia/newsid_965000/965373.stm< October 11: International rating agency Standard & Poor's downgraded its outlook on India's long-term foreign currency credit rating from "positive" to "stable". Standard & Poor had earlier upgraded India's rating to "stable" in March 2000. The rating agency expressed concern over the impact of higher oil prices on the government's fiscal deficit, given the system of subsidizing certain petroleum products. In addition, Moody's may also review their "positive" rating soon. The Economic Times < http://www.economictimes.com/<; October 11: India's tax receipts jumped 19.21 percent year-on-year in April-September 2000 powered by a surge in direct tax collection, government data showed on Wednesday.? Tax revenues, particularly direct taxes, have risen largely because of improvement in the tax collection and administration structure.? Reuters http://www.siliconindia.com/shownewsdata.asp?newsno=5467&;newscat=Business Energy October 11: The A.V. Birla group will invest in Dakshin Bharat Energy, an LNG-cum-power project at Ennore in Tamil Nadu. Almost two years ago the A.V Birla group formed a consortium along with CMS Energy, Unocal, Woodside Development and Siemens for setting up a 2.5 million ton LNG based power project and a 1,800 mw power project. The consortium also has an agreement with Rasgas for supply of LNG for the project. Business Standard? < http://www.business-standard.com< Financial: Trade & Investment October 11: India's marine exports grew 24% during the period from April to July this year compared to 7% annual growth last year. This is mainly due to increased demand from all major markets including Japan, Europe and US. The Economic Times <http://www.economictimes.com/<; October 11: Royal Phillips Electronics NV (Phillips) of Netherlands has decided to increase its stake in Phillips India from 51% to 74% through an open offer. The Times of India <http://www.timesofindia.com/<; Information Technology October 11: General Electric has acquired the software division of Citadel Healthcare Informatics Ltd. that has developed a full-fledged enterprise resource planning (ERP) for healthcare and medical insurance. The Economic Times <http://www.economictimes.com/<; ? Insurance and Finance October 11: Allstate International has decided to withdraw from its proposed life insurance venture with Dabur India - Dabur-Allstate Alliance India. Allstate International withdrew due to a change in its international business strategy. Business Standard <http://www.business-standard.com/< ? Political/International October 11: Former Indian Prime Minister P.V.Narasimha Rao was convicted in the Jharkhand Mukti Morcha (JMM) bribery case and will file his appeal in the superior court. The special court is likely to announce its verdict today. The Times Of India <http://www.timesofindia.com/<; Sanctions Transportation/Infrastructure October 11: The second unit of the Suratgarh thermal power plant in Rajasthan will be commissioned this week, making it the first super thermal power station in the state. The final capacity of the plant is likely to be 1,000 mw after the installation of four units in two stages by the end of 2002. The Hindu Online <http://www.hinduonline.com/<; October 11:? PowerGen Plc, a major UK-based power generation corporation, has acquired an additional 13.89% stake in Gujarat PowerGen Energy Corporation (GPEC) for $51.5 million. This follows the decision of Siemens Project Ventures to sell their stake in GPEC. PowerGen plans to double the capacity at GPEC to 1,300 mw from the present 655 mw. Business Standard < http://www.business-standard.com/< ============================================================================== = The USIBC Daily News is a free service of the U.S.-India Business Council to USIBC Members and affiliates. USIBC provides Internet links to news stories for informational purposes only, and makes no representation of the accuracy of information posted on other organizations' websites.? To add or remove your name from this list, or with questions or comments, please contact USIBC via e-mail at usibc@uschamber.com. U.S.-India Business Council Website: <http://www.usibc.com<; 1615 H Street NW Washington DC 20062-2000 Phone 202 463 5492 Fax 202 463 3173 West Coast 477 Ninth Avenue, Suite 107 San Mateo, CA 94402 Phone 650 685 8790 xt. 16 Fax 650 343 2848
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