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Goldman Sachs Foundation to support ISB's Centre for Analytical Finance
Hyderabad: The Goldman Sachs Foundation (GSF), a global philanthropic organization funded by The Goldman Sachs Group, Inc., is making a grant to the Centre for Analytical Finance (CAF) at the Indian School of Business (ISB) to support research work at the Centre.

The funding will also be directed towards bringing in world-renowned professors in finance from the best business schools across the world to teach at the ISB for full terms.

The GSF supports academic programmes that provide high-quality instruction in the related subjects of entrepreneurship, business, financial literacy, economics and leadership.

"Goldman Sachs, through the Foundation, is proud to support the Indian School of Business and its efforts to prepare a new generation of business leaders," said Lloyd C. Blankfein, President and Chief Operating Officer, The Goldman Sachs Group, Inc. "The US$1mn grant announced today will support the school's Centre for Analytical Finance which will strengthen its position as the premier finance research centre in the Asia-Pacific region."

Professor M Rammohan Rao, Dean, ISB, said, "It is a matter of great pride for us that an organization such as the Goldman Sachs Foundation has chosen to support the ISB. This is the first time that the GS Foundation is supporting an educational institution in India. The Goldman Sachs Foundation has had a long standing association with the ISB, being one of the first to support us when the School was being established."
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India will have 100 million net users by 2006-07
Mumbai: India's Internet user base will soar to 100 million in two years time, up from the present 38.5mn, according to the Internet and Mobile Association of India.

The e-commerce market is also expected to double to cross the US$500mn-mark in two years, the association announced here on Wednesday. The forecasts are based on a survey of 882 people who shopped online from cyber cafes.

There has been a sharp spurt in the value of online shopping in India, especially for rail and air tickets. Most of the online purchases are done from cyber cafes. The number of Internet cafes have also crossed the 100,000-mark, up from under 20,000 just about four years ago.
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Supreme Court clears deck for Dabhol project
New Delhi: The Supreme Court on Wednesday gave the green signal for an out of court settlement between Dabhol Power Corporation (DPC) - now renamed as Ratnagiri Gas and Power Ltd - and the Maharashtra State Electricity Board (MSEB).

The National Thermal Power Corporation (NTPC) and Gas Authority of India Ltd (GAIL) have formed the new joint venture, Ratnagiri Gas and Power, which has taken over the controversial project. The apex court ordered disposal of all pending litigation in terms of the settlement.
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PF interest rate fixed at 8.5 per cent
New Delhi: Approximately four crore subscribers of the Employees Provident Fund Organisation (EPFO) will lose one percentage point interest, compared to last year, on their provident fund deposits, with the Central Board of Trustees (CBT) of EPFO finally announcing an 8.5-per cent interest for provident fund deposits for 2005-06.

The labour minister, K. Chandrasekhar Rao, chairman, EPFO, told reporters that, even at 8.5 per cent interest there would be a shortfall of Rs370 crore. The minister said that he will not seek Government support for raising this Rs370 crore, however, but will look at ways of generating resources internally.
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