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Cancel deal with Asia Energy

Cancel deal with Asia Energy Environmental groups at a rally in the city yesterday demanded immediate cancellation of the Phulbari Coal Project contract signed with the Asia Energy Corporation (AEC). Terming the contract against the interest of the country, they said extraction of coal in open-pit system will cause damage to the environment of the whole area and will also hinder the economic activities of the area. Bangladesh Paribesh Andolon (Bapa) organised the rally at Shahbagh in the city where representatives of 15 environmentalist organisations including Nagorik Sanghati, Green Voice, Sheba, Sundar Jibon, Peace, Citizen Rights Movement, and The Hunger Project expressed solidarity

Asia keeps gold above $550

Asia keeps gold above $550 Fund-buying coupled with physical buying in Asia has helped the spot price of gold rally and remain above $550 a troy ounce on Monday, traders said. At 3.05pm, gold was $3/oz firmer at $555.35 a troy ounce after hitting an intra-day best level of $556.63/oz earlier. If prices hold above the $550/oz level, gold could breach the next resistance level of $560/oz in the short term, London-based Barclays analyst Yingxi Yu wrote. With market conditions remaining nervous after the price volatility over the past few weeks and also a lack of main factors to drive the

PM Lee urges Europe to build up stake in Asia

PM Lee urges Europe to build up stake in Asia Prime Minister Lee Hsien Loong has urged Europe to build up its own stake in Asia and share in the region's prosperity as China and India continue to surge forward. He also highlighted that there are opportunities beyond those two countries and ASEAN should not be overlooked. Mr Lee added he hoped Singapore can have a Free Trade Agreement (FTA) with the European Union (EU) one day. Mr Lee was speaking to 180 government and business leaders at the Paris Chamber of Commerce and Industry. During his speech, Mr Lee

Toyota to set up Thai unit to oversee Asia operations

Toyota to set up Thai unit to oversee Asia operations Toyota Motor Corp. (7203.TO) plans to set up a new unit in Thailand to oversee Asian production outside Japan in a move to integrate operations in the regions fast-growing market. We are integrating our marketing and manufacturing teams, Akira Okabe, Toyota Motors senior managing director, told a press briefing. The new unit, Toyota Motor Asia Pacific Co. Ltd. (Thailand), will advise nine plants in locations including Thailand, Malaysia and Indonesia on matters related to production, purchasing and logistics. Japans biggest carmaker by value is also consolidating marketing decisions by appointing the

Gold in Asia Falls as Dollar Gains on Prospect of Higher Rates

Gold in Asia Falls as Dollar Gains on Prospect of Higher Rates Gold in Asia declined as the U.S. dollar gained the most against the euro in more than two months yesterday, eroding the precious metal's appeal as an alternative investment. The U.S. currency rose on expectations the Federal Reserve may increase interest rates faster this year than the European Central Bank. Higher rates make holding gold less attractive because the metal has no fixed returns, unlike bonds. ``The hawkish comments coming out of the Fed that they are going to raise interest rates if inflation gets out of control