IMF renews Iraq deal

WASHINGTON: The International Monetary Fund on Tuesday extended a multimillion dollar credit deal for Iraq, and said economic progress was being made despite raging violence in the US-occupied country. The IMF board approved a six-month extension of the standby arrangement, which was first agreed with Iraqi authorities in December 2005 and now stands at about $715 million.— AFP

New unit at FNCCI

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has set up a crisis management unit. The unit is responsible for taking initiatives for finding immediate solution to problems encountered in running business and trade, providing necessary recommendations and suggestions after taking stock of situation at various districts and regions and working in coordination with concerned authorities and government departments. In this connection, FNCCI has appealed to its member organisations to help it in its efforts by keeping the unit informed about the situation in their respective regions. — HNS

Oil prices increase

LONDON: Oil prices advanced on Wednesday, as dealers set aside fresh turmoil on global equity markets and looked ahead to the weekly update on energy stockpiles in the United States. Traders also kept an eye on Vienna, where ministers of the OPEC oil cartel are gathering this week for a meeting on output. The price of Brent North Sea crude for April delivery added 33 cents to $61.23 per barrel in electronic trading. — AP