Petrol may rise by Rs 3, diesel Rs 2
New Delhi: Retail prices of petrol and diesel may be increased before the end of May 2002. The timing has to do with Parliament winding up its Budget session on 16 May. After which, the government will not have to face Opposition MPs waxing wrathful over the inevitable domestic fallout of global price changes.

Until now retail prices have been on hold despite a spurt in international prices. The government forced the public sector oil marketing companies to absorb their losses as import parity prices of auto fuels kept rising above the retail prices announced by the finance minister while presenting the Budget.
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Urban cooperative banks violated norms
Mumbai: Most urban cooperative banks (UCBs) are not following the Reserve Bank of India (RBI) directive of having at least two professionals on boards of banks, according to RBI officials. After the Madhavpura scam a year ago, the RBI had directed all UCBs to have a minimum of two professionals on their boards.
One of these officials should be necessarily a chartered accountant while the other could be any professional such as an MBA, economist or ex-banker, the RBI had said in a notification to all UCBs.
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US stocks rise on Applied Materials
New York: Stocks rallied on 13 May, lifting the Dow Jones industrial average over the 10,000-mark, as investors bet quarterly earnings reports of technology leaders like Applied Materials Inc will point to a turnaround in the key computer chip sector.
There is some feeling that the fundamentals have bottomed in these popular names that are leading the market, said Milton Ezrati, senior economist and strategist at Lord Abbett & Co, which oversees $45 billion. The economy is recovering, and I think earnings are going to surprise on the high side. I think there is altogether too much pessimism out there.
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Gond used wifes firms to launder kickbacks
Mumbai: Arun K Gond, former commissioner of Seamens Provident Fund (SPF), used two companies registered in the name of his wife allegedly to launder kickbacks received from brokers.
Investigative agency sources believe Sanjay Agarwal of Home Trade and stockbroker Ketan Sheth, who was also a director of Home Trade, paid large amounts of money to Mr Gond to access the funds of SPF. The PF lost close to Rs 100 crore, which was supposed to have been used to buy government securities, in the murky dealing. According to the sleuths, it was Sheth who introduced Gond to Agarwal.
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Opposition seeks Sinhas resignation
New Delhi: Finance Minister Yashwant Sinha is under pressure again with the Opposition parties seeking his exit from the ministry following reports that Flex Industries - now facing a CBI probe - had allegedly printed and supplied material for his Lok Sabha campaign in 1999.
While Sinha is scheduled to make a statement on 15 May in Parliament to clear himself of the allegation, sources said there was pressure from within the ruling BJP and certain top corporate houses to shift him out of the finance ministry.
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Co-op scam makes sugar funding a sour affair
Mumbai: The after-effect of the gilts scam in the cooperative banking sector is feared to have a major adverse impact on the lending of funds for the pre-monsoon credit requirements of at least one major crop in the state - sugar. The sugar sector contributes over Rs 2,000 crore to the state exchequer and around Rs 350 crore to the central exchequer.

The fear of the funds crunch comes at a time when the states 135-plus sugar mills are overburdened with rising stock and are inevitably forced to underutilise their daily cane-crushing capacities by around 15 per cent.
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RBI to discuss co-op bank mess with state govts
Mumbai: Reserve Bank of India governor Bimal Jalan has said the central bank is in talks with various state governments to clear the ongoing cooperative bank mess as soon as possible.
We are talking to state governments and looking into the various aspects of government securities trading by cooperative banks, Dr Jalan said, adding that there was no need for more regulations from the RBI and what was necessary was compliance with existing regulations.
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