Hijack into day 6, ultras scale down demands
New Delhi: The hijackers of the Indian Airlines plane have relented and dropped their demand for $200 million in cash and the return of the body of a terrorist killed when escaping from a Jammu prison. While the negotiators received positive support from the Taliban rulers of Afghanistan, which is borne by the fact that the hijackers have dropped two of their demands, the foreign minister of the country, Wakil Ahmed Muttawakel, said his government will be forced to order the plane to fly out of the country, if the negotiations did not progress quickly. The hijackers remained firm on their demand for the release of 36 terrorists arrested by India. India has meanwhile started a lobbying campaign to influence Afghanistan through countries, which have recognised the Taliban regime.
Back to News Review index page Allahabad Bank told not to delay float
Calcutta: Allahabad Bank has been asked by the government to go ahead with its initial public offering in the financial year 1999-2000. The bank had earlier decided to defer the IPO due to inadequacy of time and the fact that positive financial results projected for the year ending 31 March 2000 may get a better price for the IPO. The finance ministry is, however, understood to have advised the bank not to delay the issue. Accordingly the bank is now likely to seek the permission of the Securities and Exchange Board of India for the float. The government is planning to divest close to 25 per cent of its holding in the bank.
Back to News Review index page Taiwan plans bank mergers
Taipei: As part of the Taiwan government's plan for consolidation in the financial sector in preparation for its entry into World Trade Organisation, it is merging three big state controlled banks. A government spokesman said Bank of Taiwan, Land Bank of Taiwan and Central Trust of China will submit details of their proposed merger in June 2000. He also disclosed that some private sector banks in the country are also likely to merge by mid-2000.
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