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Anti-Posco activists burn letter from Posco
The efforts of Posco India to generate public support for its integrated steel project near Paradeep have aroused the wrath of the anti-Posco activists.

'Varsities not to be controlled remotely'
Union minister for human resources development Kapil Sibal on Monday said the university education system in India was set for a major change to promote the habit of research on their own. Congratulating winners of the Infosys Prize 2009 instituted by Infosys Foundation via video conferencing from Delhi, Sibal said the government was taking steps to maintain independence of the universities so that they could not be ‘controlled remotely by any one’.

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RIL, ONGC lead stock surge
Heavy buying by foreign and domestic institutional investors saw the Bombay Stock Exchange (BSE) Sensex rise 2.25 per cent, or 339 points, to close at a 10-month closing high at 15,466. The rally was led by index heavyweights Reliance Industries (RIL) and Oil and Natural Gas Company (ONGC) as global crude oil price touched $71 a barrel after settling above $70 for the first time in over seven months. Firm global markets too helped the rally.
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IMF inks pact with Sri Lanka on $2.5 bn loan

The International Monetary Fund (IMF) has reached an agreement with Sri Lanka to provide the island nation with about $2.5 billion, to help it in its reconstruction efforts. - "PM"s observations on SL augurs well for renewed friendship" - PM assures Lanka of all support for resettlement of IDPs - Japanese economy to grow 1.7% in 2010: IMF - Share of hot money in forex reserves up - Ratio of volatile capital to forex reserves moves up in FY09 - Japan may face deflation through 2011: IMF This is the first major IMF loan to Sri Lanka after the recent end of the civil war in the country in which the Liberation Tigers of Tamil Eelam (LTTE) was defeated. "The reconstruction effort will be a large undertaking, with significant spending needs," IMF Managing Director Dominique Strauss-Kahn said. "The government"s program aims to meet these needs while safeguarding debt sustainability by boosting revenue and reducing spending in other areas," he said. This program will also provide a framework for international donors to assist the government in financing its reconstruction effort, he added. Moreover, he said the end of the conflict provides Sri Lanka with a unique opportunity to undertake economic reform and reconstruction, which would be key to laying the basis for higher economic growth in the years ahead. To this end, the government has formulated an ambitious program aimed at restoring fiscal and external viability and addressing the significant reconstruction needs of the conflict-affected areas, he said. "The IMF staff supports this program, specifically the government"s goals of rebuilding reserves, reducing the fiscal deficit to a sustainable level, and strengthening the financial sector. It is also essential that the program cushion the most vulnerable from the needed adjustment," Strauss-Kahn said. The IMF Managing Director said an IMF staff mission reached agreement with the Sri Lankan authorities on an economic program that could be supported by a 20-month Stand-By Arrangement for an amount equivalent to SDR 1.65 billion (about $2.5 billion). "The program is expected to be considered by the Executive Board on July 24. The approval by the Executive Board would enable Sri Lanka to draw an amount equivalent to SDR 206.7 million (about $313 million) immediately," he said.


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