Exports to SAARC

BIRATNAGAR: Various goods worth Rs 347.94 million out of a total overseas exports of Rs 1.876 billion have been exported to other SAARC countries (except India) in the first six months of the current fiscal year 2005-06 from the eastern development region. Nepal exported mainly to three countries during the period, according to Trade Promotion Centre, Biratnagar. Of the total exports, Nepal’s traded with Bangladesh stood at about Rs 190.38 million, Rs 80.9 million with Pakistan, and Rs 60.52 million in Bhutan. Those exported goods during the period were tea, cardamom, buffalo leather, noodles, washing soap, micro-hydro turbine, metal goods, raincoat, sleeping bags, furniture, lentil, flour, vegetable seeds, Dabur Hajmola, raw materials for the manufacture of shampoo, herbs and others. —RSS

Indian sugar for Pak

ISLAMABAD: Pakistan is looking towards India to import sugar to meet a domestic shortfall. Pakistan purchased around 200,000 tonnes of sugar from India earlier this year and the amount could reach 300,000 tonnes by the end of September, government sources said. “Selling sugar is not a problem. There is a huge demand,” Atul Chaturvedi, president of Indian company Adani Exports Ltd., was quoted by the media as saying. India will be able to sell sugar to Pakistan because it is likely to have an annual surplus of around three million tonnes over the next few years as a result of healthy sugarcane harvest thanks to good monsoon rains.—HNS

China to cool sectors

HYDERABAD: China’s central bank is seeking to cool down overheating economic sectors such as real estate as well as cut massive foreign exchange reserves, a top government official said Saturday. The statement by Li Yong, Vice Minister of Finance, at the annual Asian Development Bank meeting in this southern Indian city came as he said economic growth in 2006 could hit 9.5 percent without new fiscal and monetary steps. The concern about overheating comes after the economy expanded by faster-than-expected 10.2 per cent in the first quarter.—AFP

Shell finds oil field

LAGOS: Royal/Dutch Shell reported on Saturday an exploration success at its deep water Bonga North oil and gas prospect offshore Nigeria to boost output of Africa’s biggest crude exporter. “We are happy with yet another exploration success in deepwater Nigeria,” said Chima Ibeneche, Shell Nigeria Exploration and Production Company (SNEPCo) managing director, in a statement here. “This discovery reinforces the trend of Shells successful exploration efforts in this challenging environment,” he said.—AFP

Aeroflot to buy Airbus

MOSCOW: Russian flagship airline Aeroflot is to buy planes from Europe’s Airbus instead of US-based Boeing, in apparent retaliation for US opposition to Moscow joining the World Trade Organisation (WTO), Vedomosti business daily said on Saturday. “This is a clear signal to the United States not to put too much pressure on Russia in WTO talks otherwise many lucrative contracts and privileges could go to the Europeans,” Yaroslav Lissovolik, an analyst from the Deutsche UFG investment house, told Vedomosti.—AP