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From:ksherwood@uschamber.com
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Subject:USIBC Daily News for October 16, 2000
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Date:Mon, 16 Oct 2000 08:12:00 -0700 (PDT)

+ The recent hike in oil prices pushed inflation up to 7.56% in the week
ending September 30.
+ Hyundai Motors India plans to invest an additional $350 million over 3
years to enhance its existing production capacity and launch new models.
+ The Ministry of Power opposed Enron India's proposal for trading in surplus
power.



USIBC Daily News
October 16, 2000

Agro/Patents/Pharma
October 16: U.S.-based Rice Tec Inc withdrew 4 out of 20 claims from its 1997
patent on basmati rice. The Hindustan Times (Print edition only)

October 16: The central government sanctioned a $77.7 million relief package
for farmers of the north Indian state of Punjab. The Food Corporation of
India had earlier decided to suspend procurement of paddy as it found the
crop was sub-standard. The Times of India <
http://www.timesofindia.com/today/16home3.htm<;
?<http://www.hindustantimes.com/<;
Broadcasting/Entertainment
October 16: The Indian government announced that private agencies would start
FM radio broadcast on schedule in four major cities. The Times of India <
http://www.timesofindia.com/today/16busi13.htm<;

Communications
October 16: Usha Telecom Ltd has decided to pay its entire outstanding
cellular-license fees of $70.2 million to the Department of
Telecommunications (DoT). This follows Usha Telecom's bid to sell its
cellular licenses. The Times of India <
http://www.timesofindia.com/today/16busi2.htm<;

October 16: Southern Railways has completed an optic fiber cable network in
Tamil Nadu.? The Financial Express (Print edition only)

Economic/General News
October 16: The Associated Chambers of Commerce and Industry (Assocham)
stated that the slowdown in industrial growth (down to 5.3% during
April-August 2000) is expected to continue for the next 6 months. The
Financial Express <
http://www.financialexpress.com/fe/daily/20001016/fex16035.html<;

October 16: The recent hike in oil prices pushed inflation up to 7.56% in the
week ending September 30, compared to 6.06% in the previous week. This is the
first time inflation has risen beyond 7% since the introduction of a new
index in April 2000. Business Standard <
http://www.business-standard.com/today/economy7.asp?Menu=3<

Energy
October 16: The National Oil Company of Oman is likely to purchase a 26%
equity stake in Bina Refinery of Bharat Petroleum. The Economic Times (Print
edition only)

Financial: Trade & Investment
October 16: CVD International, a U.S.-based entertainment hardware/software
development company, is likely to purchase 20% of Hyderabad-based Prathina
Video Private Ltd. The Financial Express (Print edition only)

October 16: Hyundai Motors India has decided to invest an additional $350
million over 3 years to enhance its existing production capacity and launch
new models. The Financial Express <
http://www.financialexpress.com/fe/daily/20001016/fco16031.html<;

Information Technology
October 16: Cheecoo Networks announced its partnership with Yahoo-India.
Cheecoo Networks has a unique navigation, notification and communication
console. Cheecoo Networks will make Yahoo's popular services available to the
Internet community through their desktop application. The Financial Express
(Print edition only)

Insurance and Finance
October 16: The government finalized a cabinet note to amend the Banking and
Acquisition Act 1969. This will allow the government to reduce its ownership
percentage in nationalized banks to 67%. The Financial Express (Print edition
only)

Political/International
October 16: The Ministry of External Affairs confirmed that it received
requests from both Israel and the Palestinian National Authority (PNA) for
intervening in the West Asia peace process. However, the Indian government
offered only humanitarian aid and a general condemnation of the violence. The
Times of India (Print edition only)

Sanctions

Transportation/Infrastructure
October 16: The Ministry of Power opposed Enron India's proposal for trading
in surplus power. Enron plans to set up a wholly owned subsidiary and invest
$50-100 million to market power; including purchase of power from private
producers, transmission and distribution companies and state electricity
boards. The Foreign Investment Promotion Board (FIPB) has already referred
Enron's proposal to the Group of Ministers on foreign direct investment and
believes that power trading may be useful in reducing power losses. The
Economic Times (Print edition only)

October 16: India requires an investment of $65 billion to meet its urban
infrastructure needs, according to a paper prepared by the Confederation of
Indian Industry (CII). The Times of India ? <
http://www.timesofindia.com/today/16busi23.htm<;

October 16: Indian financial institutions led by Industrial Development Bank
of India (IDBI) disbursed over $173 million to PPN, a 330 mw power project
based in Tamil Nadu. PPN will receive $73.6 million in rupee-denominated term
loans and a foreign currency loan of $93.7 million. The Financial Express <
http://www.financialexpress.com/fe/daily/20001016/fex16045.html<;



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