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Lanka IOC move

Colombo, Aug. 20: The Sri Lankan unit of Indian Oil Corporation (IOC) plans to raise fuel prices by about 7 per cent next month amid fresh moves to tighten security in and around its fuelling stations, an official said. “We are losing seven rupees for every litre of fuel sold to the local market as a result of galloping global crude oil prices,” K. Ramakrishnan, managing director of Lanka IOC, said.

SAIL plan

Calcutta, Aug. 20: The Steel Authority of India Ltd (SAIL) has decided to invest Rs 1,300 crore to develop an iron ore mine at Taldih in Orissa. SAIL is discussing the issue with Kudermukh Iron Ore Comapny Ltd (KIOCL).

Salary hike

New Delhi, Aug. 20: Growing attrition rate has forced India Inc to shell out more money to pay better salaries, industry body Assocham has said. According to an Assocham survey, the financial services sector increased salaries by 54.73 per cent in the quarter ended June 30 against the corresponding quarter of the previous fiscal.

Asean talks

Kuala Lumpur, Aug. 20: Southeast Asian ministers hope to fast-track plans to create a European-style single market by 2015 in talks in Malaysia this week.

Posco cash

New Delhi, Aug. 20: South Korean steel firm Posco finds the Indian market too expensive to raise funds for its proposed 12-million-tonne steel plant in Orissa, but nevertheless has not closed the option of getting finance from the country.


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