Friday, September 18, 1998
India to comply with WTO on product patents
India will comply with the World Trade Organisation (WTO) obligations for disputes on patent protection for pharmaceutical and agricultural products. The Union Cabinet on Thursday approved a proposal to this effect. The Indian ambassador and permanent representative to the WTO is being advised to inform the dispute settlement body of WTO, meeting on September 22 that India would comply with its obligations as per the ruling of the panel as it has already made such a commitment in its earlier dispute with the US.
Asian markets dip, Tokyo at 12-year low
Asian markets beat a retreat on Thursday as mounting pessimism over Japan's banking system helped hammer Tokyo to its lowest close in more than 12 years. Tokyo's benchmark Nikkei average closed 338.56 points or 2.38% lower at 13,859.14 -- its lowest since 13,807.46 on March 5, 1986. Hong Kong shares finished almost four per cent lower, and Singapore closed marginally down after investors decided to cash in on three straight days of index rises.
Benz, Chrysler seek merger nod
Germany's biggest auto group, Daimler-Benz will ask its shareholders tomorrow to approve plans to merge with the US giant Chrysler in what will be the biggest industrial merger in history. Securing the blessings of shareholders of both firms is the last hurdle to be overcome before the merger goes ahead -- most likely before the end of the year 1998.
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