Power, port sectors lag behind on Y2K
New Delhi: The power and port sectors have not yet completed their Y2K preparedness as the millennium bug getting nearer, the government's task force on Y2K has found.

The task force, headed by Planning Commission member Montek Singh Ahluwalia is of the view that several sectors are lagging behind in their efforts to meet the challenges of the computer problem at the dawn of the year 2000, but the situation in the power and port sectors is serious.

The Confederation of Indian Industry, which conducted a sample survey, also finds that several private sector establishments are not prepared for taking on the new year. The CII says, "Most companies woke up to the Y2K problem in the later half of 1998 and there are a large number of organisations that have yet tot take the problem seriously."
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Lower inflation not good for economy
New Delhi: A reduced level of inflation is not good for economy, say economists. Contrary to popular belief, inflation at a very low level can lead to rising real rates of interest, which would in turn hit industrial recovery, feel economists.

The annual rate of inflation for the week ended 22 May was 3.95 per cent. This is close to the natural rate of inflation of 4 per cent, which supports the economy. With the inflation falling steadily below this level, there is cause for concern, says Dr Madhumita Hari, deputy director, Eleventh Finance Commission.
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Forex reserves go up
Mumbai: India's foreign exchange reserves have gone up by $168 million to $33.47 billion during the week ended 30 July, the weekly statistical supplement of the Reserve Bank of India said.

Foreign currency assets with the central bank have risen to $30.76 billion, gold assets remained unchanged at $2,706 million and SDRs at $8 million.
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ICICI not to lend any more to steel sector
Calcutta: ICICI will not increase its exposure to the steel sector.

ICICI's chief executive officer K.V.Kamath said that in spite of steel prices hardening globally, ICICI will not lend any further to the industry.
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Convenience cheques from Citibank
Mumbai: Citibank has introduced 'convenience cheques' for its cardholders. Cardholders will be able to issue cheques against their cards and pay utility bills and other expenses.

The facility is available in Mumbai, Delhi, Calcutta, Chennai, Bangalore and Pune and enables inter-city payments The bank said the facility is available to cardholders with a good credit history.
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Citigroup to merge two units
New York: Citigroup said it is combining its private banking business and asset management arm into a new group.

The new SSB Citi Asset Management, which has an asset base of $347 billion, will combine with Citibank private bank and Citibank retirement plan services, the company's chief executives John Reed and Sandy Weill told senior executives of the company.

The action will enable the group to combine profits when the company reports earnings, they added. The new group will be run by the head of its funds management operation.

Citibank private banking, run by Shaukat Aziz and emerging markets pensions funds, headed by Ricardo Zabala, fell under Citigroup's global corporate and investment bank division, but they will join the new group.
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