US tariffs waived for Indian steel
New Delhi: The US has exempted most steel exports from India from the new tariffs under the developing country exemption.

Indian steel industry is greatly relieved with the US decision to exempt India from safeguard duties on all steel products (except carbon flanges).

This will ensure continuity of Indian exports of value-added downstream products in the flat category segment and long product segment to the US, CII said in a statement, adding that this is a positive step towards vibrant Indo-US relations.

Earlier US President George W Bush imposed punitive tariffs of up to 30 per cent on several types of imported steel under a three-year plan to aid the ailing American steel industry.

The EU, China, Japan and other countries which export steel to the US have said they would fight the measure. Australia, South Korea, Brazil have all denounced the move as a threat to global free trade and signalled they would probably back the EU plans to challenge it through the disputes resolution mechanism of the World Trade Organisation.
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Cabinet approves central rule for UP
New Delhi: The union cabinet has approved president's rule for Uttar Pradesh.

The state assembly will be kept under suspended animation during the presidents rule.

UP governor Vishnu Kant Shastri had recommended president's rule in the state inviting criticism from the Samajwadi Party that has staked claim to form government.
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Govt approves 100% FDI in auto sector
New Delhi: The government has allowed 100 per cent foreign investment through the automatic route in the auto sector as part of its new automotive policy aimed at increasing competition in the industry.

A 100 per cent foreign direct investment without any minimum capitalisation norms would now be permitted in this sector, a government statement said.

The policy aims at promoting a globally competitive auto industry in India, developing the country as a source of world-class auto components and an international hub for the manufacture of small cars, tractors and two-wheelers in the world, the statement added.
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Gem, jewellery exports up 24%
New Delhi: Exports of the gem and jewellery sector have registered a growth of 24.23 per cent in dollar terms in January 2002, compared to the same month last year. According to an official release, the sector accounted for about 17.6 per cent of the total exports of $44.10 billion during 2000-01.
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Mahindra refuses Padma Vibhushan
Mumbai: Noted industrialist Keshub Mahindra has decided not to accept Padma Vibhushan conferred upon him by the government as it was important for him to place absolute sanctity of the national awards above personal satisfaction.

The decision not to accept the award follows the hue and cry created by several Bhopal-based trade unions and non-governmental organisations saying Mahindra was the chairman of Union Carbide Ltd during gas tragedy in 1984.

In a recent letter to union home minister L K Advani, the industrialist said he was conscious of the reaction that the award has drawn from organisations that espouse the cause of people who suffered in the Union Carbide tragedy in Bhopal.

As you are aware, I was the non-executive chairman of Union Carbide at the time of the tragedy. Although it is known that I was not in any way involved with the day to day operations of that company, there is, unfortunately, legal action still pending against me, he said.

I sympathise deeply with all who suffered in that tragedy. I can also empathise with their frustration with the protracted process of providing assistance and compensation, he said.
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Russia keen to set up titanium dioxide plant in Orissa
Bhubaneswar: Two Russian companies, Technokhim Holding and NPF Pigment, plan to set up a 50,000-tonne capacity titanium dioxide plant in Orissa with an investment of Rs 1,000 crore.

Director general of Technokhim Holding Bobkov Leonid Nikolaevich and deputy director general of NPF Pigment Konotopchik Konstantin Ulyanovich met Orissa chief minister Naveen Patnaik and industries minister KB Singhdeo to discuss the possibility of the location of the plant near Gopalpur.
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DPC due diligence stalled
Mumbai: The due diligence procedure for sale of foreign equity in Dabhol Power Company (DPC) has been stalled further with Enron, GE and Bechtel declining to accept the lenders' decision not to pay them the proceeds of the proposed sale.

The differences between the two came to the fore at the company's board meeting on 27 February, where former DPC managing director K Wade Cline rejected the Overseas Investment Promotion Corporation's (OPIC) decision to forward the sale proceeds to a Trust and Retention Account (TRA) operated by the Bank of America.

The DPC is now left with less than $ eight million in its kitty for further sustenance and the lenders have not even disbursed the sanctioned $ 1.7 million as due diligence budget.
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RBI cuts urban co-op banks' lending rates
Mumbai: The Reserve Bank of India has decided to lower urban cooperative banks' minimum lending rate by 100 basis points to 12 per cent from 2 March.

The decision was taken in the wake of representations received from urban cooperative banks and their federations, which felt that such a reduction would help them offer competitive rates to their borrowers, a statement from the RBI said.
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