Opec cuts output ceiling
Vienna, Sept. 24: The Opec oil cartel today shocked oil markets by signalling a cut in production, sending prices surging as Iraq returned to the table for the first time since the US-led war to topple Saddam Hussein and pledged to double oil exports by next March. A source close to Opec said the amount of the cut was 900,000 BPD, bringing the output ceiling down to 24.5 million BPD.
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Mumbai, Sept. 24: The RBI has said that banks need not obtain its prior approval for engaging in insurance agency business or referral arrangement without any risk participation, subject to certain conditions. The banks should comply with the IRDA regulations, it noted.
New Delhi, Sept. 24: Disinvestment minister Arun Shourie will meet law minister Arun Jaitley tomorrow to consider options before the government and chalk out future strategy after the halting of HPCL and BPCL selloff.
Calcutta, Sept. 24: Balmer Lawrie plans to set up an industrial packaging unit in Uttar Pradesh, MD P. K. Bishnoi said.
New Delhi, Sept. 24: Escortsí decision to sell 17.1 per cent equity in Escorts Heart Institute and Research Centre has been put on the backburner, after vice-chairman Anil Nanda opposed it and income-tax department conducted a survey on alleged illegal transfer of its assets to a limited company.