Rupee up 5 paise
Mumbai: The rupee on Monday closed at 45.2400/2450 per dollar - five paise higher than the previous close of 45.2975. G-Sec - The 7.40 per cent 2012 paper closed at Rs 114.52/55 and the 8.07 per cent 2017 paper closed at Rs 122.55/60.
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Tata AIG launches unit-linked InvestAssure
Mumbai: `InvestAssure' is a new unit-linked insurance plan, launched by the Tata AIG Life Insurance, which intends to combine the security of a life insurance policy with the opportunity of earning high returns on the premium. InvestAssure offers investors the flexibility of choosing the investment fund and also of topping their investments (single top-up premium or regular top-up premium) at any time during the life of the plan.The company has entered into an agreement with Franklin Templeton Investments (India), which will lend Tata AIG, non-discretionary investment advisory services, under the portfolio management services licence.
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India is growth market for ABN Amro
Mumbai: Netherlands-based, ABN Amro Bank N.V has identified India as one of the growth markets, worldwide, for its working capital business. The bank plans to venture into vendor financing by December 2004 as part of its working capital initiative. Other than India the growth markets include China and Taiwan in Asia and Turkey, Russia and Brazil worldwide.
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IDBI Flexibonds issue for Rs 500 cr
Mumbai: IDBI is to tap the market with the Rs 500-crore `IDBI Flexibonds 21' issue. It will remain open for subscription between March 9 and March 29. The issue has a target amount of Rs 500 crore with a greenshoe option to retain an additional Rs 500 crore. IDBI Flexibonds-21 have been rated `AA+ (Rating Watch with developing implications)' by CRISIL, "AA+(ind) (Outlook on Rating is stable)" by FITCH Ratings and `LAA' by ICRA.
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Visa promotion plan for travellers to Singapore
Mumbai: The Singapore Tourism Board (STB), Singapore Airlines (SIA) and Visa International have launched the `Visa for VISA' promotion plan for Visa Platinum and International Gold cardholders. The programme offers benefits and discounts on airfares, visa and other facilities when cardholders purchase Singapore Airlines tickets over the Internet. The scheme is valid in Mumbai, New Delhi, Bangalore, Kolkata and Chennai. The programme has been designed for Visa Platinum and International Gold cardholders along with their immediate family members (spouse and unmarried children below 21 years of age).

The promotion includes free health screening worth $200 for all Visa Platinum cardholders and special offers on health screening packages for all Visa International Gold cardholders, in collaboration with Parkway Group Healthcare, a healthcare provider in Singapore. Travellers can also avail themselves of facilities such as obesity and weight management, body contouring and lip sculpture. The promotion is valid for tickets issued at www.singaporeair.co.in up to April 30. Passengers must travel from India to Singapore by April 30 and return travel must be within the validity of the ticket (three months for economy class and one year for raffles class).
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ING sale of Asian equities business
Bangalore: ING has sold its Asia equities business to the Australia-based Macquarie Bank Ltd. The sell-off included Asian cash equities sales, trading, research and equity capital market operations in 10 countries in Asia and key locations in Europe and the US.

All its existing business In India would continue which would include its operations through ING Barings. ING Barings is a registered foreign institutional investor. ING's product profile in the country includes equity derivatives, mergers & acquisitions advisory, debt capital markets, fixed income trading, sales and research, treasury, structured finance, syndicated loans, securitisation, foreign exchange, money markets and derivatives and trade & commodity finance.
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Assocham seeks better credit flow
New Delhi: In a note submitted to the Reserve Bank of India, the President of Associated Chambers of Commerce and Industry of India (Assocham), Mr M.K. Sanghi, has said that inadequate credit to agriculture and small medium enterprises and the lack of long-term development financing will limit future growth prospects. According to the Chamber, the RBI should take definite policy measures to reduce risk aversion of the bankers and develop a mechanism for project financing as securitisation has not yet caught on in India.

Mr Sanghi has pointed out that while now bank lendings were done on an asset-based model, it was now time to look at moving onto a receivables-based model with a view to addressing the credit disbursement problem, especially in the services sector. From the point of view of commodity exchanges, the RBI has been urged to consider allowing banks to take up membership with the exchanges, which would help farmers to route their futures contracts through banks, which act as aggregators.
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