* AVIATION: Singapore Airlines and its wholly-owned subsidiary, Silk Air, announced special fares for a limited period from 11 Indian cities to the US .
* BANKING: Export-Import Bank of India has increased the loan repayment period for export-oriented pharmaceutical companies. RBI has capped the amount it lends under its repo auctions to 1% of banks' net demand and time liabilities, or at about 750 bln rupees, effective from Wednesday. RBI has also raised its Marginal Standing Facility rate to a spread of 300 basis points above the repo rate from 100 bps with immediate effect. RBI has allowed companies in the manufacturing, infrastructure and hotel sectors to refinance rupee loans, availed for investing in overseas joint ventures and subsidiaries, through external commercial borrowing.
* COMMODITY EXCHANGE: The consumer affairs department has sought an undertaking from the National Spot Exchange that no further contracts will be launched and all existing contracts would be settled on their due date.
* ENERGY: The Petroleum and Natural Gas Regulatory Board has granted authorization to Reliance Gas Pipelines for a natural gas pipeline between Shadol in Madhya Pradesh and Phulpur in Uttar Pradesh. The Supreme Court on Thursday will resume final hearing on Petroleum and Natural Gas Regulatory Board's plea over city gas pricing for companies.
* INFORMATION TECHNOLOGY: Eka Software buys significant stake in Australia- based Matrix Group for 1.2 bln rupees.
* INFRASTRUCTURE: A government panel headed by Prime Minister's Principal Secretary Pulok Chatterji will review Mumbai elevated Rail Corridor project on Friday. National Highways Authority of India is pulling up developers for not executing road projects. Developers who cannot get projects moving in four months face cancellation. A steering group anchored by the Prime Ministers' Office to accelerate infrastructure investment will hold its first meeting on July 19.
* INSURANCE: Insurance Regulatory and Development Authority has permitted insurers to lend up to 10% of their holdings in a particular stock. Insurance companies are likely to push non-participating products as compared with participating ones after implementation of the new product guidelines from October. IRDA may favour allowing insurance companies to use the network of bank branches to sell policies.
* PHARMACEUTICALS: Export Import Bank of India will provide long-term finance to Indian drug makers to help them set up manufacturing plants compliant with standards specified by the US Food and Drug Administration.
* RETAIL: Bharti Walmart has asked departing senior executives to sign parting agreements giving their consent to appear before the US Department of Justice in the event of any probe into the company's operations.
* STEEL: Posco has scrapped the 300-bln-rupee 6-mln-tn-a-year steel project as it struggles to get land for the same.
* TELECOM: The Comptroller and Auditor General of India have pulled up the Department of Telecommunications for providing undue benefit of 1.87 bln rupees to Vodafone. The Department Of Telecommunications is likely to ask Vodafone India to pay an additional penalty of 5.49 bln rupees for using 3G spectrum in 11 service areas. Videocon Telecommunications is embarking on a three-prolonged game-plan to get a foothold into the mobile market.
* BANKING: Export-Import Bank of India has increased the loan repayment period for export-oriented pharmaceutical companies. RBI has capped the amount it lends under its repo auctions to 1% of banks' net demand and time liabilities, or at about 750 bln rupees, effective from Wednesday. RBI has also raised its Marginal Standing Facility rate to a spread of 300 basis points above the repo rate from 100 bps with immediate effect. RBI has allowed companies in the manufacturing, infrastructure and hotel sectors to refinance rupee loans, availed for investing in overseas joint ventures and subsidiaries, through external commercial borrowing.
* COMMODITY EXCHANGE: The consumer affairs department has sought an undertaking from the National Spot Exchange that no further contracts will be launched and all existing contracts would be settled on their due date.
* ENERGY: The Petroleum and Natural Gas Regulatory Board has granted authorization to Reliance Gas Pipelines for a natural gas pipeline between Shadol in Madhya Pradesh and Phulpur in Uttar Pradesh. The Supreme Court on Thursday will resume final hearing on Petroleum and Natural Gas Regulatory Board's plea over city gas pricing for companies.
* INFORMATION TECHNOLOGY: Eka Software buys significant stake in Australia- based Matrix Group for 1.2 bln rupees.
* INFRASTRUCTURE: A government panel headed by Prime Minister's Principal Secretary Pulok Chatterji will review Mumbai elevated Rail Corridor project on Friday. National Highways Authority of India is pulling up developers for not executing road projects. Developers who cannot get projects moving in four months face cancellation. A steering group anchored by the Prime Ministers' Office to accelerate infrastructure investment will hold its first meeting on July 19.
* INSURANCE: Insurance Regulatory and Development Authority has permitted insurers to lend up to 10% of their holdings in a particular stock. Insurance companies are likely to push non-participating products as compared with participating ones after implementation of the new product guidelines from October. IRDA may favour allowing insurance companies to use the network of bank branches to sell policies.
* PHARMACEUTICALS: Export Import Bank of India will provide long-term finance to Indian drug makers to help them set up manufacturing plants compliant with standards specified by the US Food and Drug Administration.
* RETAIL: Bharti Walmart has asked departing senior executives to sign parting agreements giving their consent to appear before the US Department of Justice in the event of any probe into the company's operations.
* STEEL: Posco has scrapped the 300-bln-rupee 6-mln-tn-a-year steel project as it struggles to get land for the same.
* TELECOM: The Comptroller and Auditor General of India have pulled up the Department of Telecommunications for providing undue benefit of 1.87 bln rupees to Vodafone. The Department Of Telecommunications is likely to ask Vodafone India to pay an additional penalty of 5.49 bln rupees for using 3G spectrum in 11 service areas. Videocon Telecommunications is embarking on a three-prolonged game-plan to get a foothold into the mobile market.
