Ex Computer Associate CEO Sanjay Kumar sentenced to 12 years in the US
New York: Former chief executive of Computer Associates Inc and a native of Sri Lanka Sanjay Kumar, has been sentenced to 12 years in federal prison for his role in a $2.2-billion accounting fraud at the computer software company that cost its shareholders more than $400 million.

A US District Judge also fined the former executive $8 million at the hearing in Brooklyn federal court.

Kumar, 44, pleaded guilty to charges including conspiracy, securities fraud and obstruction of justice in April just two weeks before his trial was due to start.

As part of an accounting scheme, Kumar improperly booked software license revenue from 1999 to 2000 in order to meet Wall Street analysts' profit expectations and then lied to investigators, the government said.

His lawyers appealed for leniency, citing Kumar's charitable works for children in Long Island, New York, elephants in Africa and victims of the 2004 tsunami in his native Sri Lanka.
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US October retail sales below expectations
New York: US retail sales were below expectations. Further, Wal-Mart Stores Inc. has forecast flat November sales, raising fears about the holiday shopping season.

Analysts said the disappointing October results may be after heavy spending in the previous month for back-to-school merchandise, and might not signal weak holiday trends.

61 percent of US retailers reported October sales below expectations, according to Retail Metrics. However, department store operators Federated Department Stores Inc. JC Penney Co. Inc and Nordstrom Inc, which have focused on increasing their selection of fashionable merchandise, posted strong gains.
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China GDP estimated to rise 10.5 per cent
Shanghai: The State Information Center of China has said the country's gross domestic product is forecast to rise 10.5 percent in 2006, while the consumer price index is expected to gain 1.4 percent.

The centre, a research body under the National Development and Reform Commission, China's top economic planning agency, released the forecasts in a report published by the official China Securities Journal.
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