Category: Other
Galleon Case
NEW YORK, April 25, 2011 (AFP) – A jury began deliberating Monday in Wall Street’s biggest insider trading court case in years, targeting Galleon hedge fund founder Raj Rajaratnam, accused of profiting from insider information. Federal Judge Richard Holwell instructed jurors to use “fairness and impartiality” and said they are “the soul” of the case. […]
‘s double-digit growth ambitions fade
NEW DELHI, April 24, 2011 (AFP) – India’s dreams of attaining double-digit economic growth within the next few years are fading, undermined by high inflation, slow progress on reforms and an uncertain global outlook. While hundreds of millions of Indians are still mired in poverty, the step-change in growth has transformed living standards for many […]
Protests mount against Indian nuclear plant
SAKHRI NATE, April 24, 2011 (AFP) – In the busy Indian fishing village of Sakhri Nate, it’s obvious what the locals think of the plan to build the world’s biggest nuclear power plant just across the creek. “If the government does nothing, at least 5,000 fishermen and farmers will go to Delhi and protest,” he […]
Forced Saving
Apr 23, 2011 (LBO) – Chandra Jayaratne, respected retired Sri Lankan business executive, and financial professional, has written President Mahinda Rajapaksa to stop state plans to build a controversial pension fund by dipping into the salaries of private sector workers. The full text of the letter is as follows. 22nd April 2011. His Excellency Mahinda […]
Galleon Trial
NEW YORK, April 21, 2011 (AFP) – The jury in Wall Street’s biggest insider trading court case in a generation was due to start deliberating Monday after the conclusion of a seven-week trial. The defense for Galleon hedge fund founder Raj Rajaratnam completed its case in New York federal court Thursday by saying the government […]
Sri Lanka tea auction sees return of Libya
Apr 21, 2011 (LBO) – Sri Lankan tea prices were firm at this week’s auction with brokers saying Libya had resumed buying and global prices seen staying high this year owing to lower production and growing demand. Despite the large volume of teas from plantation company estates on offer and “somewhat lower” quality prices were […]
Closing Argument
NEW YORK, April 20, 2011 (AFP) – Federal prosecutors cited “devastating” evidence Wednesday against hedge fund tycoon Raj Rajaratnam at the close of the biggest Wall Street insider trading trial in a generation. In the government’s closing statement against Sri Lankan-born Rajaratnam, Assistant US Attorney Reed Brodsky said secret tape recordings of phone conversations with […]
Obesity, diabetes: expanding India faces big problem
MUMBAI, April 18, 2011 (AFP) – Indian housewife Sujata Budarapu was shocked when she was told that her two sons were on the verge of developing Type 2 diabetes. “It had never even occurred to me that this could happen. I had heard that outside India this happens to other people’s kids but I never […]
India BPO industry suffers 55% attrition
NEW DELHI, April 14, 2011 (AFP) – The attrition rate in India’s business process outsourcing sector jumped to 55 percent from a year earlier, dealing a potentially fatal blow to the flagship industry, a study said on Thursday. India recently lost its crown to the Philippines as the call centre capital of the world. But […]
Reckitt Benckiser picks Indian boss in shock shake-up
LONDON, April 14, 2011 (AFP) – Reckitt Benckiser, the Anglo-Dutch household products and drugs group, on Thursday chose senior employee and Indian national Rakesh Kapoor to replace chief executive Bart Becht, who surprisingly retired. Reckitt’s share price slumped more than 7.0 percent in London on the unexpected announcements by the company whose major brands include […]
Energy crisis leaves Nepal in the dark
KATHMANDU, April 10, 2011 (AFP) – By the light of a single candle Shankar Prasad Bhandari strains his eyes as he tries to count out the correct change for a customer in his blacked out shop on the outskirts of Kathmandu. Rolling 14-hour power cuts, triggered by a growing energy crisis, mean that much of […]
China speaks better English than India: study
NEW DELHI, April 8, 2011 (AFP) – Emerging market giant China has pipped neighbouring rival India in English language proficiency skills, despite the South Asian nation’s strong anglophone tradition, according to a new study. Both countries were given a “low-proficiency” score, with China standing 29th, one place ahead of India in a list of 44 […]