India’s largest share float opens

BOMBAY July 6: Indias largest ever share fkut opeaxd here- vester day in a market suffering from a lack ol investor confidence and poor sentiment due to an unusual delay in the monsoon. The state owned Industrial Development Bank of India (1DB11, the country's largest term knding organisation is lioping to raise 23” billion rupees (”10 million ck>Uars) from retail and institutional investors. Ihe share issue would remain open for seven days, and market analysts said it would just scrape by largely due to the muscle power of IDBI, the world's 15th largest term lending agency. says AFP.

US-Japan air talks begin

WASHINGTON. July 6: The I nited Mates and Japan opened talks yesterday over Japan s refusal to alkiw expanded cargo flights by a US Air carrier that Washington says arc allowed under their aviation agreement. The US Transportation Secretary sanctions on Japanese cargo flights to the I nited States if the flights are denied to Federal Express Corp. He said the restrictions would be imposed shortly after a publk comment period expires on July 14. reports Reuter.

APEC adopts dual approach for meet

S APPORO, Japan, July 6: The Asia Pacific Economic Cooperation (APEC) forum agreed yester day to adopt a unilateral and col lective approach to prepare for this year s summit in Osaka, officials said. Winding up a third "special" meeting to prepare the November summit, the officials also cited progress in several areas aimed at liberalising and facilitatipg regional trade and investment, reports .AFP.

Moscow promises to keep rouble stable MOSCOW, July 6: The government promised on Wednesday to keep die rouble stable until October 1. a move intended to curb inflation and cement the gains from the Russian currency's strong, sus-tained rally. The government said Uk- central liank would intervene in the currency market to keep the rouble between 4,300 and 4.900 to die dollar, reports AP.

Foreign investment in ASEAN soars KUALA IL MPURJuly 6: Foreign investment into ASEAN jumped by 131 per cent to 39.5 billion dollars List year from 17.1 billion dollars in 1993, with Indonesia absorbing the bulk of the increase. Malaysian trade authorities said yesterday. Better political and economic stability and the continuing liberalisation of ASEAN economies combined with abundant natural resources helped pull in the invest ments. Malaysia's International Trade and Industry' Minister reported, says AFP.

Japan's imports of auto surge by 35 pc

TOKYO, July 6: Japan's auto imports surged by 35 per cent in this year's first lialf, an industry association announced Thursday , in the latest sign that the flow of foreign made vehicles into the Japanese market is picking up steam. The dramatic growth rale, however, was based on what remains a low sales figure: 185,637 imported vehicles out of a total market of 2.6 million. In the same six-month period last year, 1)7,966 imported vehicles were sold, reports AP

Smith Corona goes bankrupt

NEW CANAAN. Connecticut. July 6: Smith < orona. one of the last remaining I S typewriter makers, filed for bankruptcy protection yesterday throwing in the towel to computer manufacturers. Smith (orona's sales had fallen steadily over rec ent years with the gmw in, use and affordability of personal computers, reports AFP