The Telegraph
Since 1st March, 1999
Email This Page
Business Briefs

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.

Details on Page 23


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.

Selloff meet

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.

Balmer Lawrie

Calcutta, Sept. 24: Balmer Lawrie plans to set up an industrial packaging unit in Uttar Pradesh, MD P. K. Bishnoi said.

Escorts sale

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.

Email This Page