Economy

California capital to close tent city

California capital to close tent citySacramento - A tent city that sprang up in the California state capital of Sacramento and became a symbol of the country's desperate economic plight is to be closed within three weeks, the Sacramento Bee reported Friday.

Mayor Kevin Johnston said the plan was to move hundreds of the tent city residents to "safer, more sanitary" quarters and cordon off the pasture which they had called home.

Levi-Strauss to close Hungarian jeans factory

Levi-Strauss to close Hungarian jeans factoryBudapest - Clothing giant Levi-Strauss confirmed on Friday that it will close its Hungarian plant by the end of June with the loss of 549 jobs.

The factory in the small southern town of Kiskunhalas has been turning out the company's iconic denim jeans since 1988, when Hungary was still a communist state.

The US clothing company told the local news agency MTI that it had agreed a severance package with its Hungarian workers.

Over 30,000 jobs have been lost in Hungary since the effects of the global financial crisis hit the country hard last October.

Liquid gas shipment from Qatar greeted with protests in Britain

Liquid gas shipment from Qatar greeted with protests in Britain London  - The first giant tanker carrying liquefied natural gas (LNG) from Qatar arrived in Britain Friday amid noisy protests from campaigners who oppose the project on environmental and safety grounds.

The consignment, on board the 316,000-ton Tembek, is the first to be delivered to the deep sea port of Milford Haven, on the coast of Wales in south-west Britain, under a long-term contract signed with Qatar.

US central bank chief "encouraged" by market reaction to steps

US central bank chief "encouraged" by market reaction to steps Washington - Federal Reserve chief Ben Bernanke Friday was optimistic about the market's responses to a series of crisis measures undertaken by the central bank to stem the financial crisis.

"So far, we have generally been encouraged by the market responses, including the decline in mortgage interest rates," Bernanke said in speech to community bankers in Phoenix, Arizona.

British police warn of "challenge" from large G20 protests

British police warn of "challenge" from large G20 protestsLondon - British police face an "unprecedented challenge" from protest groups planning to disrupt the summit of Group of 20 (G20) leaders in London early next month, the officer in charge said Friday.

Commander Bob Broadhurst said 2,500 officers would be deployed to stop environmental and anarchist protestors from bringing the centre of London to a "standstill," as they had vowed to do.

The police operation was expected to cost up to 10 million pounds (14.4 million dollars), he predicted.

Uganda loses 90 million dollars investments owing to global crisis

Uganda loses 90 million dollars investments owing to global crisis Kampala  - Uganda said Friday that it is being hit by the global economic crisis and has lost an equivalent of 90 million US dollars in direct foreign investment since the financial slump began.

"The global economic crisis is drastically affecting developing countries and we are getting affected because we are part of the global village," Aston Kajara, deputy finance minister in charge of investment told reporters.

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