Strike hits tea industry

SILIGURI: About 10,000 small tea planters in West Bengal are facing an uncertain future following processing factories fixing ‘unremunerative’ prices for their produce, taking advantage of the ongoing strike in the industry. Factories of major tea gardens have been shut following a strike by plantation workers. — PTI

Eurozone confidence

BRUSSELS: Eurozone indicators to be released in the coming week will show confidence is improving as a result of the easing of the euro but that inflation is climbing on high oil prices, economists said. “We expect moderate increases in the headline indicators,” UBS economist Ed Teather of German, French and Italian confidence indicators, said.— AFP

P’pines FDI dispute

MANILA: The ability of the Philippines to attract foreign investment (FDI) has been dealt a series of blows in recent weeks in the wake of the political crisis facing President Gloria Arroyo. Global credit agencies have downgraded ratings on the country while the Supreme Court has frozen the implementation of a key tax measure amid calls for the president’s impeachment over allegations she cheated in last year’s election. — AFP

C’bodian textile blues

PHNOM PENH: Cambodia’s garment sector has bounced back after the end of a global quota system law orders dip due to competition from China, but experts warn industry’s socially responsible image will not ensure its long-term survival. — AFP

Corporate debt falls

TOKYO: Combined debt at publicly traded Japanese companies has fallen below $892 billion for the first time in 10 years, signaling reinvigorated corporate finances as the economy rebounds. The debt totaled $866 billion at the end of March, down by $62.5 million from a year earlier. — AP