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India Walmart lobby case 'closed'

India's investigation into whether Walmart may have bribed Indian officials to gain wider access to the country's vast market has been "closed" due to lack of evidence, a report said Saturday. The one-man committee of retired justice Mukul Mudgal probing the matter is likely to submit a report to the government next week saying there was no "adequate" evidence to suggest Walmart was involved in any unlawful activity in India, the Business Standard reported, quoting unnamed sources. There was no immediate comment available from Walmart or the Indian government.

Toronto, Wall Street surge higher amid positive U.S. data, consumer sentiment

TORONTO - The Toronto Stock Exchange surged ahead Friday, encouraged by gains from the U.S. markets, after data showed the world's largest economy may be in recovery. "We continue to grind higher here," said Jason Hornett, a portfolio manager with Bissett Investment Management. "People continue to be more and more optimistic here in North America and it definitely bodes well for the stock market." The S

World stocks mixed ahead of release of leading US economic indicators for April

BANGKOK - World stock markets were mixed Friday as investors digested a slew of disappointing data from the U.S. ahead of the release of a key measurement of the country's economic outlook. Investors were looking ahead to the Conference Board's index of leading indicators for April, to be released later Friday. The index is designed to anticipate economic conditions three to six months out. Analysts hope the figures will balance out several discouraging economic reports released Thursday, including a jump in unemployment aid applications to their highest level in six weeks.

Alcoa will close 2 production lines and cut 500 jobs in Quebec; upgrade delayed 3 years

NEW YORK, N.Y. - Aluminum smelter and parts-maker Alcoa says it will close down two production lines at a plant in Canada and cut about 500 jobs there because of lower aluminum prices. A planned upgrade for the facility in Quebec is being pushed back by three years, to 2019, the company said. Alcoa has seen strong demand for aluminum, but prices have fallen. Those lower prices were a factor when Alcoa reported lower-than-expected first-quarter revenue last month.

Alcoa to close two potlines in Quebec, delay new construction for three years

MONTREAL - Alcoa will eliminate about 500 jobs by permanently closing two potlines this summer at its smelter in Baie-Comeau, Que., while also delaying construction of more efficient facilities at the smelter for three years. The company said Thursday that the job cuts will be made through retirements and attrition at the smelter, which currently has about 1,400 employees. One of the potlines had been expected to be shut down later this year and the second in 2015. Instead, they will both be closed by August.

Stocks edge higher in midday trading on Wall Street; Cisco leads the Dow higher

NEW YORK, N.Y. - Indexes are slightly higher at midday on Wall Street, pushing the stock market further into record territory. Cisco Systems soared 13 per cent, the most in the Dow Jones industrial average, after the network equipment maker reported results that beat the estimates of financial analysts who follow the company. Wal-Mart fell after the giant retailer blamed higher payroll taxes, bad weather and delayed tax refunds for a sales slump that disappointed investors. The Dow was up 15 points at 15,290 at midday Thursday, an increase of 0.1 per cent.

Bangladesh factory safety deal applauded

Labour umbrella groups Industrial Global Union and UNI Global Union on Thursday praised top retailers for joining their drive to make Bangladesh's garment factories safer, after 1,127 people died in a factory collapse last month. "This accord is a turning point. We are putting in place rules that mark the end of the race to the bottom in the global supply chain," UNI Global Union's head Philip Jennings said in a statement.

Global union lobby hails Bangladesh textile deal

Labour umbrella groups Industrial Global Union and UNI Global Union on Thursday praised top retailers for joining their drive to make Bangladesh's garment factories safer, after 1,127 people died in a factory collapse last month. "This accord is a turning point. We are putting in place rules that mark the end of the race to the bottom in the global supply chain," Philip Jennings, UNI Global Union's general secretary, said in a statement.

Bangladesh garment hub to reopen after unrest

Bangladesh garment manufacturers said Thursday they would reopen hundreds of factories in a hub outside Dhaka, days after they were shuttered due to unrest over the country's worst industrial tragedy. The manufacturers Monday announced the shutdown of the factories in the Ashulia industrial area after two weeks of protests over the death of 1,127 garment workers in the collapse of a nine story complex.

Asian stock markets mixed in holiday-thinned trading after US economic data disappoints

BANGKOK - Asian stock markets were mixed in holiday-thinned trading Friday as investors digested a slew of disappointing economic data and corporate results from the U.S. Applications for unemployment benefits jumped to their highest level in six weeks, the U.S. Labor Department reported Thursday, while manufacturing slowed in the mid-Atlantic region. The bright spot was applications for new construction, which reached a five-year peak, reinforcing "the patchy nature of the US economic recovery," Michael Hewson of CMC Markets said in a commentary.
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