Headlines for the day....

Ø The Prime Minister’s Office has asked the petroleum ministry to consider linking petrol and diesel prices to the market when it finalizes a cut in pump prices later this week (ET).
Ø Public sector banks (PSBs) have decided to lower interest rates on bulk deposits and to offer a maximum rate of 7.5% for one-year maturity (ET).
Ø In a 38-page note to the Cabinet Committee of Economic Affairs (CCEA), DoT has alleged that TRAI went beyond its brief by givingviews on 3G spectrum to be auctioned while it was only asked to give recommendations on annual spectrum charges (ET).
Ø The government has decided to amend the income-tax law relating to tax exemption for units operating out of special economic zones (SEZs) under which it has allowed 100% tax exemption on profits, on par with SEZs set up as separate entities (ET)
Ø Accounting regulator Institute of Chartered Accountants of India (ICAI) has said it has the power to strip an audit firm of its license if there is sufficient proof of extensive wrong-doing (ET)
Ø DoT has proposed a compromise formula to fix the reserve price at Rs35.4bn (BL)
Ø The eighth round of auction of oil and gas blocks under NELP might get delayed beyond February 2009 on account of the current financial and economic situation (BS)
Ø Domestic passenger traffic for the calendar year 2008 showed a decline of 5% YoY (BS)
Ø The bidding process for setting up city gas distribution networks in 14 identified cities is likely to begin by January-end (BS)
Ø SEBI is likely to come out with a concept paper on revamping Clause 49 of the corporate listing agreement to give independent directors more powers and strengthen disclosure norms (BS)
Ø The government is planning to ask SEBI to check the financial position of all companies which have announced buyback of their equity, but have deferred the scheme or have not started it yet (BS)