Deficit dispute in EU

BRUSSELS:

The EU head office cautioned Britain on Wednesday that its budget deficit, over the three per cent target set by the EU, cannot be explained by the nation’s economic smtuation. Britain is expected to breach the three per cent of GDP level for the second time in 2004-05, warning that its deficit will be 3.2 per cent. — AP

US dailies axe jobs

NEW YORK:

The New York Times and two Philadelphia newspapers announced major job cuts as the industry grapples with severe financial pro-blems including weak advertising an-d circulation declines. The Times wo-uld cut about 500 jobs, while Philad-elphia papers will eliminate 100. — AP

P’pines lowers targets

MANILA:

The Philippines lowered its economic growth targets for next year, citing the impact of ligher oil prices and inflation. GDP for 2006 is expected to expand between 5.7 per cent and 6.3 per cent. — AP

MFCL to issue shares

KATHMANDU:

Securities Board Nepal (SEBO) has granted permission to Merchant Finance Company Ltd (MFCL) to float its initial public offering (IPO) worth Rs 12 million. MFCL will float 120,000 units of ordinary shares with a face value of Rs 100 each. Nepal Finance and Savings Company Ltd has been appointed as the issue and sales manager of the IPO. — HNS