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India inflation hits 42-month high of 7.57 pct
NEW DELHI, May 2, 2008 (AFP) – India’s inflation rate accelerated to a 42-month peak of 7.57 percent, driven by higher food costs, according to official data on Friday, dealing a fresh blow to the government.Annual inflation quickened more than two-tenths of a percentage point to touch 7.57 percent for the week ended April 19, […]
China inspects 3,600 factories in child labour scandal: report
BEIJING, May 1, 2008 (AFP) – Chinese authorities inspected more than 3,600 businesses in a major export city at the centre of a child labour scandal, state press reported Thursday, after children were found working in factories.The children, aged from nine to 16, worked long hours in factories in the city of Dongguan for about […]
Sri Lanka govt running out of time to fix economy: study
May 02, 2008 (LBO) – The Sri Lankan government is running out of time to fix the economy, with inflation out of control and other economic fundamentals steadily deteriorating, a new research paper on the economy says. With the regime of President Mahinda Rajapakse nearing its half term (by November 2008) and the parliamentary election […]
IMF welcomes Sri Lanka monetary and fiscal tightening; clarifies external shock study
May 02, 2008 (LBO) – The International Monetary Fund says it backs moves by Sri Lanka’s central bank to tighten monetary policy as well as ‘economically correct but politically difficult’ decisions by the island to reduce fuel and food subsidies. The head of IMF’s Asia Department David Burton says a recent IMF working paper on […]
British police get more time to quiz Tamil Tiger suspects
LONDON, May 1, 2008 (AFP) – British police have been given more time to question three men held as part of a police probe into the Tamil Tiger guerrillas in Sri Lanka, a spokesman said Thursday.Detectives have been granted until Tuesday to hold the trio at the high-security Paddington Green police station in London. “We […]
Sri Lanka mine kills two police commandos: military
May 1, 2008 (AFP) – Suspected Tamil Tiger rebels on Thursday set off a roadside mine in northern Sri Lanka, killing two police commandos, the defence ministry said. The Claymore mine, packed with steel balls, exploded in Kebethigollewa as troops were clearing the road for mines, the military said, adding that troops fired at fleeing […]
Sri Lankan police arrest UN aid worker for carrying pistol
April 30, 2008 (AFP) – Sri Lanka Wednesday arrested a local staff member attached to a United Nation organisation for carrying a pistol with him, the defence ministry said. Thiagaraja Prabhakaran, working with the World Food Programme office in the northern district of Kilinochchi, was held while he was being searched at a roadblock in […]
India steelmaker Essar seals deal for US steel firm for 1.1 bln dlrs
NEW DELHI, May 2, 2008 (AFP) – Indian steelmaker Essar Steel said Thursday it planned to acquire US steel company Esmark, valuing the deal at 1.1 billion dollars, as it pushes ahead with an aggressive North American expansion drive.With the planned buy, Essar will have nearly seven million tonnes of steelmaking capacity in the United […]
‘s rise hits China-based exporters: US business leader
WASHINGTON, April 30, 2008 (AFP) – The rapid appreciation of the Chinese currency against the US dollar is taking a big toll on Asian companies using China as base for exports to the United States, according to a top US business official. The yuan has risen 18 percent against the dollar since China abandoned a […]
Not enough regulation in some tax havens: British report
LONDON, May 1, 2008 (AFP) – There is too little regulation of financial services industries in British overseas territories like Bermuda and the British Virgin Islands, an official report said Wednesday.The study, by the influential House of Commons Public Accounts Committee, looked at Foreign Office activity in Britain’s 14 overseas territories, including the two low-tax […]