Indian Airlines plane hijacked
New Delhi: An Indian Airlines Airbus flight from Kathmandu to New Delhi with 187 passengers and crew was hijacked to Lahore by five unidentified, heavily armed persons. The hijackers said they killed four passengers during a refuelling halt at Amritsar. The plane later took off from Amritsar and landed at  Lahore.  The hijackers, according to reports, spoke in Hindi and said they were heading for their "homeland". Pakistani authorities had earlier refused permission for the plane to land at Lahore, following which it was forced to land at Amritsar. However, Indian authorities requested their Pakistani counterparts to allow the aircraft to land at Lahore on its second attempt. The circumstances under which the passengers were killed are not known.

India has meanwhile suspended all flights originating from Kathmandu as it felt the security at the airport is lax.
Back to News Review index page

IDBI Bank plans credit card
Hyderabad: IDBI Bank is coming out with its credit card as a co-branded product with a foreign bank. The bank is also introducing in January 2000 'MoneyExclusive', a product offering banking and investment consultancy to high net worth individuals. A bank spokesman said the announcement about the credit card will be made jointly by the bank and its foreign associate. IDBI Bank will shortly add nine more bank branches, taking the total to 40.
Back to News Review index page

No diesel price hike
New Delhi: The petroleum ministry is understood to have decided not to increase the price of diesel for the time being. The decision seems to have been taken in the light of an assurance from the finance ministry that the duty structure on petroleum products would be rationalised.

Petroleum minister Ram Naik has said discussions are going on with the finance ministry on the rationalisation of duties. The pressure to raise prices is owing to petroleum prices in the global markets moving up.
Back to News Review index page

Bank strike plan deferred
Mumbai: The proposed strike on 27 December called by three bank employees’ unions has been deferred following assurances from finance minister Yashwant Sinha that their demands will be looked into. The National Confederation of Bank Employees, the Indian national Bank Employees Federation and the National Organisation of Bank Workers had jointly announced the strike plan.
Back to News Review index page

3 Taiwanese banks merge
Taipei: Three Taiwanese government-owned banks have merged in order to consolidate banking activities in the country, overcrowded by too many banks. The three banks are Bank of Taiwan, Land Bank of Taiwan and the Central Trust of China. All three banks are wholly-owned by the ministry of finance. They have combined assets of Taiwanese $3.712 trillion ($117.46 billion).
Back to News Review index page