Sun, Jul 03, 2016 - Page 16 News List

World Business Quick Take

Agencies

BANKING

Spain seeks to host EBA

Spain will compete with other countries in the EU to host the headquarters of the EU’s London-based bank regulator following Britain’s decision to leave the bloc, its deputy prime minister said on Friday. The race to host the European Banking Authority (EBA) is led by Paris and Frankfurt, but no decision has been reached and other countries have also put themselves forward in the scramble to give London’s agencies a new home. Spain has set up a working group to drive Spain’s bid for the EBA and for the London-based European Medicines Agency, Soraya Saenz de Santamaria told a news conference.

SRI LANKA

Central bank chief sacked

Sri Lanka’s president yesterday bowed to pressure from activists and replaced the country’s controversial central bank chief, appointing a respected economist to the top job. President Maithripala Sirisena announced that Indrajit Coomaraswamy, 66, had been appointed as the governor of the central bank, effective immediately. Coomaraswamy was previously a director of economic affairs at the Commonwealth Secretariat, an intergovernmental agency of Commonwealth countries in London. The announcement ended any prospect of outgoing governor Arjuna Mahendran being reappointed after his tenure ended on Thursday.

UGANDA

Refinery talks to begin

The government invited a group of companies led by SK Engineering & Construction Co of South Korea to begin negotiations to build an oil refinery, as it suspended a deal with a rival Russian company. The state halted talks with RT Global Resources Consortium after the group made “additional demands” from the government before a deal was to be signed last month, the Energy Ministry said on Friday. The government reached an agreement in principle with the group led by RT Global, a unit of Moscow-based Rostec State Corp, in May.

INTERNET

Facebook to translate posts

Facebook Inc on Friday began testing a translation tool that will automatically let posts be displayed in languages users prefer. The leading social network first made the “multilingual composer” tool available earlier this year for use on pages representing companies, brands, groups and celebrities through its Pages service. The factors Facebook is to use to determine which language to use for posts include locales designated in account settings and which languages users routinely use for their posts. Half of Facebook’s more than 1.5 billion users worldwide speaks a language other than English.

FOOD

Flour recalled over E coli

General Mills Co is expanding its recall of certain types of flour in response to an ongoing outbreak of illnesses related to a strain of E coli bacteria. The Minneapolis-based company on June 1 voluntarily recalled 2.2 million kilograms of its Gold Medal, Signature Kitchens and Wondra flour that health officials say was the likely source of dozens of illnesses in 20 US states. The flour is largely produced at the company’s Kansas City, Missouri, plant. On Friday, the company expanded the recall to include flour made earlier in the fall that might still be in consumers’ pantries.

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