Kolkata gets IT park

SINGAPORE:

A Singapore-based firm is coming up with a high-technology business park in Kolkata, Ascendas confirmed. The first phase of the futuristic International Tech Park is expected to be completed in 2007. Located in the new 4,000-hectare township of Rajarhat, it will be the company’s first foray into India. Ascendas has business parks in three southern Indian cities. — DPA

Malaysian economy

KUALA LUMPUR:

Malaysia’s economy grew a lower-than-expected 4.1 per cent in the second quarter amid a slowdown in manufacturing and weaker domestic demand. However, the central bank maintained its forecast that GDP would expand between five per cent and six per cent this year, down from 7.1 per cent in 2004. — AP

Swedish rate ‘steady’

STOCKHOLM:

Sweden’s central bank said it will leave its key interest rate unchanged at 1.5 per cent, a decision that was widely expected. The bank upgraded its outlook for the growth of Sweden’s gross domestic product, but said the high oil prices may drive up inflation as well. — AP

NPA to be managed

SHANGHAI:

China has set up a new management company to handle nonperforming assets of the People’s Bank of China, the country’s central bank. The new company, Huida Asset Management Ltd, began operations on Friday, the state-run China Cinda Asset Management Corp. — AP

PetroChina profits

HONG KONG:

PetroChina Co, China’s biggest state-owned oil firm, said on Wednesday its first-half net profit rose by 36 per cent, spurred by higher oil prices. The Chinese company said net profit for the six months totalled $7.6 billion, up from $5.58 billion in the same period last year. — AP

HCL tech goes to US

MUMBAI:

HCL Technologies Ltd, a leading Indian software company, said it would set up a dedicated design centre for a US-based firm that is one of the largest makers of aerospace and industrial products. — HNS