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Business Briefs

New-look FIPB team

New Delhi, Feb. 21: With the shifting of the Foreign Investment Promotion Board to the finance ministry, the government has reconstituted the board appointing finance secretary S Narayan as its chairperson. The FIPB will now comprise a four-member core group. The other members of the group will be secretary in the department of industrial policy and promotion in the industry ministry, commerce secretary and secretary, economic relations in the external affairs ministry, sources said.

FDI norms

New Delhi, Feb. 21: The forthcoming budget is expected to lay the roadmap for further liberalising the FDI regime enhancing sectoral caps on certain sectors, including civil aviation, insurance, banking and SSI. The group of ministers on FDI which was scheduled to meet today to consider the recommendations of the N K Singh Committee report was deferred but sources said the budget could still contain announcement on FDI.

Plan grant

New Delhi, Feb. 21: After intervention by Prime Minister Atal Bihari Vajpayee, the finance ministry has decided to step up plan allocation in the budget to Rs 1,21,000 crore Rs 3,500 crore more than its original proposal.

Enron bargain

Washington, Feb. 21: Wall Street major Merrill Lynch has agreed to pay $ 80 million to resolve civil charges that it aided Enron in fraudulently overstating its earnings. It is the first financial services firm to settle with regulators over the matter.


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