The Telegraph
Since 1st March, 1999
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Business Briefs

ONGC finds gas in Bassein

New Delhi, Feb. 14: Oil and Natural Gas Corporation (ONGC) has struck huge oil and gas reserves west of its gigantic Bassein gas field, off Mumbai. “Exploratory well B-22-5, west of Bassein field, flowed oil and gas at two intervals — 1,774 barrels per day of crude oil and 10,760 cubic metres per day of gas at one and 1,050 barrels per day of oil and 7,955 cubic metres per day of gas at the other,” sources said.

Textile quota

New Delhi, Feb. 14: The United States and the European Union are reported to have assured India that they will remove all quota restrictions on textiles by December 31, 2004. US trade representative Robert Zoellick and EC trade commissioner Pascal Lamy made these assurances to commerce minister Arun Jaitley at separate bilateral meetings in Tokyo today.

Syndicate Bank

Calcutta, Feb. 14: Syndicate Bank has lowered interest rates on housing loan product, Synd Nivas. The floating rates on housing loans are — up to five years 8.5 per cent, above five years and up to 10 years 9.25 per cent and above 10 years and up to 20 years 9.5 per cent.


Samsung chief

New Delhi, Feb. 14: Samsung India has appointed C. H. Yoon as its new managing director. Yoon was head of Samsung system appliances division in Seoul before this.

Icra forecast

New Delhi, Feb. 14: Credit rating agency Icra today said that all indications show that the economy is slated to grow by 5.4-5.5 per cent this fiscal. This disputes the official forecast of 4.4 per cent growth in GDP.

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