The Telegraph
Since 1st March, 1999
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Business Briefs

Crude on the boil

don, Sept. 9: Oil prices simmered close to their highest level in a year on Monday as the US stepped up efforts to win support for toppling Iraqi leader Saddam Hussein. Brent crude oil rose six cents to $ 28.38 a barrel, near its highest level in a year. US crude futures slipped two cents to $ 29.59. The “war premium” for uncertainty over Iraq has added between $ 4 and $ 6 on a barrel of crude, analysts believe, which will give Opec price hawks ammunition to argue against any relaxation of supply in the fourth quarter.

Vysya board

Mumbai, Sept. 9: Vysya Bank Ltd has recast its board consequent to increase in equity stake of Bank Brussels Lambert of the ING group from 20 per cent to 43.99 per cent in the bank. The bank said that M. K. Ramachandra, H. N. Tarachandani, Y. A. Subramanyam, all directors resigned from today and that Peter Alexander Smyth and Jacques P. M. Kemp, nominees of the ING group, have been appointed directors in the casual vacancy.

Rakesh Mohan

Mumbai, Sept. 9: Rakesh Mohan, former advisor to the Union finance minister, today took over as deputy governor of the Reserve Bank of India. Mohan, who replaced Y. V. Reddy, will oversee monetary policy, external investments, internal debt management cell and department of economic analysis.

GRL unit

Mumbai, Sept. 9: German Remedies Ltd (GRL) has decided to close down its factory in Andheri from October 1. The employees have been offered voluntary retirement scheme and the total outgo is likely to exceed Rs 30 crore.

Central projects

New Delhi, Sept. 9: Expressing concern over delay in completion of central projects and to avoid cost and time overruns, the government said today it will provide fiscal incentives and evolve simpler land acquisition measures for quick implementation of the projects.

BSL offer

New Delhi, Sept. 9: Promoters of BSL Ltd today said the Sarda group was “unlikely” to acquire 30 per cent additional stake in the company under the proposed open offer, and they were “confident” of retaining management control over it even after the offer closes.

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