+ Strike by Department of Telecom Employees 
+ Finance Ministry considering super regulator for financial sector 

U.S.-India Business Council to host Indian Finace Minister Yashwant Sinha and 
U.S. Secretary of Commerce Norman Mineta for the U.S.-india Commercial 
Dialogue at the U.S. Chamber of Commerce on September 14, 2000 at 11 a.m.

Please contact Rick Rossow at rrossow@uschamber.com for further details on 
registering for this event

USIBC Daily News

September 12, 2000

Agro/Patents/Pharma 
Broadcasting/Entertainment 
September 10- Rupert Murdoch controlled Star TV is likely to take 25 per cent 
equity stake in Rajan Raheja's Hathway Cable Company to firm up its place in 
the fiercely competitive cable distribution market. Company sources confirmed 
the move, but declined to comment on the price involved. -The Indian Express

? 
Communications 
September 8- Communications networks in many parts of India were disrupted 
because of the indefinite strike by telecom employees seeking settlement of 
labor issues before corporatisation of the department of telecommunication 
services (DTS) -The Times Of India 

September 7- A section of cellular service providers, to ensure a level 
playing field, is planning to form a consortium to bid for the national 
long-distance (NLD) telephone license in India. -The Financial Express

?? ???? 
Economic/General News 
September 11- The rate of inflation, in India, rose to 5.94 per cent in the 
week ended August 26, due to a significant 5 per cent rise in electricity 
charges. - The Economic Times

Energy 
September 7- The Indian Petroleum Minister, Mr. Ram Naik, has appealed to the 
members of the Organization of Petroleum Exporting Countries (OPEC) to 
increase the production levels of crude oil so that prices are brought down 
to sustainable levels.? -Business Line

Financial: Trade & Investment 
September 11- The finance ministry is actively considering the appointment of 
a super-regulator for the financial sector on the line of the Financial 
Services Authority (FSA) in the UK. The super-regulator will coordinate among 
the function-specific regulators. -Business Standard?? ???? 

Information Technology 
September 10- NASDAQ-listed Satyam Infoway today said it would invest up to 
Rs 160 crore ( $1,600,000,000 US) over the next one year to expand its 
Internet operations including rolling out new E-Commerce strategies in the 
country. -The Indian Express 

September 11- The online ad market in India is all set for a quantum leap. 
Revenues from the online advertising market are estimated to jump four-fold 
by this year, touching an impressive Rs 50 to Rs 60 crore ($500-$600 million 
US). -Business Line

September 11- Cybersquatters with devious intent may be in for some legal 
action soon. Nasscom, the Indian association of software Companies, says that 
it expects its recommendations on the Copyright Act be amended to include 
cybersquatting as a legal offence will be passed in the winter session of 
Parliament. -The Economic Times 

? 
Insurance and Finance 

Political/International 
September 10- The Indian government has set December 2000 as the deadline for 
review of all schemes being run by different government departments with a 
view to eliminating those programs that have lost relevance. -The Indian 
Express

??????? 
Sanctions 
September 11- The Indian steel industry is keeping their fingers crossed on 
the possibility of the United States imposing a fresh dumping duty on Indian 
steel. The primary concern is that other attractive export markets-like 
Canada and Mexico-may follow if the U.S. takes a decision. -Business Standard

Transportation/Infrastructure 
September 7- The Indian Inter Ministerial group (IMG) today decided to 
prohibit schedueled domestic airlines from picking up equity stake in Indian 
Airlines (IA), blocking any plan of Jet Airways or Sahara Airlines to take 
control of the state-owned domestic airline. -Business Line? ??? 

September 8- Members of the SkyTeam Alliance - Air France and Delta Air- have 
jointly decided to bid for a 26 per cent stake in the state-owned Air-India 
(A-I), after entering into a joint venture with an Indian partner. With the 
Indian partner, the joint venture Company will bid for 40 per cent of the 
government's equity in A-I. -The Times Of India