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‘s Tata chief warns West Bengal of flight of industry
NEW DELHI, October 19, 2008 (AFP) – Tata group chief Ratan Tata, forced to relocate production of the world’s cheapest car from eastern India, has warned there could be a flight of capital and industry from the poverty-hit region. In an open letter to residents of communist-ruled West Bengal, Tata asked whether they wanted to […]
‘s affair with employee
NEW YORK, October 18, 2008 (AFP) – The International Monetary Fund has opened an investigation of its director Dominique Strauss-Kahn and his intimate ties to a subordinate employee — an affair that echoes the scandal that ousted Paul Wolfowitz from the World Bank last year. The IMF, one of the main players in coordinating global […]
Sri Lanka central bank reserve outflow continues; bill stock spikes to Rs40bn
Oct 19, 2008 (LBO) – The treasury bills portfolio of Sri Lanka’s central bank topped 40 billion rupees (370 million US dollars) by mid-October, according to the latest official data, indicating a continuing drain of foreign reserves. The central bank has been defending a US dollar peg at 108 rupees and injecting money into the […]
Forum set up to promote security of US ventures in Asia
WASHINGTON, October 19, 2008 (AFP) – The United States is to launch a forum to promote security of largely American businesses in Asia amid concerns on issues ranging from copyright piracy to terrorism threats, officials said.The forum, pushed for by US companies in the region, will be inaugurated this week under the Overseas Security Advisory […]
Japan to give 4.5 billion dollar loans to India rail project: report
TOKYO, October 18, 2008 (AFP) – Japan will provide India with 450 billion yen (4.5 billion dollars) in loans to help build a freight railway between New Delhi and Mumbai, a newspaper reported Saturday.The assistance will be Japan’s largest ever loan for a single construction project overseas, topping the 260 billion yen provided to India […]
Social networking sites told to warn users of weak privacy controls
STRASBOURG, October 17, 2008 (AFP) – Social networking websites were urged Friday to warn users about the low level of protection given to their profiles at a Council of Europe-organised conference on the issue. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 The European Union […]
Indian PM concerned over civilians caught in Sri Lanka conflict
NEW DELHI, October 18, 2008 (AFP) – Indian Prime Minister Manmohan Singh Saturday told Sri Lanka he was deeply concerned about the “deteriorating humanitarian situation” in the war-torn island and urged it to protect Tamil civilians caught in the conflict.Rajapakse assured Singh “all necessary measures” were being taken to keep civilians from harm’s way in […]
Recession fears haunt commodity markets
LONDON, October 17, 2008 (AFP) – World commodity prices tumbled this week, with oil striking a 17-month low point under 66 dollars a barrel in London, as fears of a global recession weighed on demand for raw materials. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to […]
‘s LIOC draws interest as share trading dries up
Oct 17, 2008 (LBO) – Sri Lankan shares ended almost flat after fluctuating in thin trading Friday with petroleum retailer Lanka Indian Oil Corp (LIOC) drawing interest on weaker oil prices, brokers said. The stock ended down two percent (1.50 rupees) at 72.50 rupees with 589,500 shares traded. Dialog Telekom gained 25 cents to end […]
Sri Lankan tea prices slump at Colombo auction
Oct 17, 2008 (LBO) – Sri Lankan tea prices fell on lower demand at the Colombo auctions this week, continuing a downward trend that mirrors the slump in global commodities, brokers said. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 The lower prices means lower […]
LBR-LBO ICT Forum
Oct 17, 2008 (LBO) – Advances in ICT (Information and Communication Technologies) could help companies, especially mid-sized ones, to improve and gain competitive advantage, Sri Lankan experts say. HP said it hopes to do more such projects to help deploy ICT effectively and efficiently in medium sized organizations. The University of Colombo School of Computing […]
Sri Lanka seeks to avoid spat with India over military drive
October 17, 2008 (AFP) – Sri Lanka’s government said Friday it would send a delegation to India to defuse mounting tensions over the escalating war against Tamil Tiger rebels.Sri Lanka’s minority Tamils share close cultural and religious links with the 55 million Tamils in the nearby South Indian state of Tamil Nadu. Colombo’s military drive […]