Badimalika fest soon

KATHMANDU: Bajura DDC, in association with different local governmental and non-governmental organisations is going to organise Badimalika Festival-2064 from August 25 to 28, states a press release. The festival will highlight the natural, cultural, pilgrimage and tourism importance of Badimalika region. Nepal Tourism Board is providing promotional support for the festival. — HNS

Oil prices rise to $72

SINGAPORE: Oil prices rose on Monday after an international watchdog agency predicted on Friday tight supplies of oil the next two years amid growing world demand. Light, sweet crude for September delivery rose to $71.95 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell to settle at $71.47 a barrel Friday. September Brent crude rose to $70.72 a barrel on the ICE futures exchange in London. — AP

China’s FDI increases

BEIJING: Foreign direct investment (FDI) into China in July reached $5.04 billion, a rise of 17.8 per cent from the same month a year earlier. In the first seven months of 2007, FDI rose by 12.9 per cent from the same period in 2006 to $36.93 billion. Last year actual foreign investment in China was $69.5 billion, down by 4.1 per cent from 2005. FDI, along with booming exports, are among the top factors resulting in China’s massive build-up in forex reserves. The Chinese foreign exchange reserves, the largest in the world for more than a year, hit $1.33 trillion by the end of June. — AFP

Japan’s economy up

TOKYO: Japan said on Monday its economy grew at a tepid 0.5 per cent annualised pace in the second quarter of 2007, slowing sharply as exports and consumer spending lost steam. The world’s second largest economy, which is in the midst of its longest post-war recovery helped by brisk spending by firms on new plant. — AFP