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Nokia's commitment



NEW DELHI: Finnish telecom giant Nokia said on Saturday it is in talks with India’s government about how to create a better business climate and remains ‘committed’ to its manufacturing plant in the country. The statement followed an Indian Express newspaper report on Friday that said the mobile maker had told New Delhi the country is now its ‘least favourable market’ in which to operate and it made better sense to export its products from China. “Nokia can confirm that it has been in discussions with the central government and state government over ways to bring greater clarity to the business environment in India,” it said.

UN urges Khartoum

UNITED STATES: The UN Security Council urged Khartoum on Friday to halt its threat to close the economically vital pipeline network carrying South Sudanese oil. In a unanimous declaration, the 15 council members welcomed South Sudan President Salva Kiir’s commitment to investigate abuses against civilians in Jonglei state and hold those responsible to account. They also hailed the demarcation of a demilitarised zone on both sides of the unmarked 2,000-kilometre border between the two Sudans. “The Security Council urges the governments of Sudan and South Sudan to maintain dialogue to ensure continued transportation of oil from South Sudan, and the government of Sudan to suspend any actions to halt the transportation of oil from South Sudan to allow these mechanisms to complete their work,” it said.

Argentina to pay fine

NEW YORK CITY: A US appeals court ordered Argentina on Friday to pay $1.47 billion to hedge funds holding its defaulted bonds, quashing an appeal by Buenos Aires against the initial 2012 judgment. In a case closely watched by financial and debt markets, the court endorsed the original decision that Argentina must compensate two hedge funds 100 per cent of the value of defaulted Argentine government bonds they hold, even though the two declined to take part in a restructuring of the debt.

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