Focus on LCD TVs

TOKYO: A joint venture between Sony and Samsung making liquid crystal display TV panels will invest an additional 28 billion yen ($239 million) to boost production. The move is the latest effort by the Tangjeong, South Korea-based joint venture, S-LCD Corp, to meet the brisk demand for large-size flat panel TVs. The two companies are normally rivals in the cutthroat electronics business, but Sony convinced Samsung Electronics Co to form the 50-50 joint venture because it did not produce its own liquid crystal display panels.—AP

Fed nears end of hikes

WASHINGTON: Most Federal Reserve members believe that the end of the central bank’s cycle of rate hikes is “near,” and some are concerned about lifting rates too far. Minutes from the March 27-28 meeting of the Federal Open Market Committee (FOMC) gave further credence to the notion that central bank was close to ending its policy of gradual rate hikes after 15 quarter-point increases. “Most members thought that the end of the tightening process was likely to be near, and some expressed concerns about the dangers of tightening too much,” according to a summary of the minutes. — AFP

Renault halted in Iran

TEHRAN: Iran has suspended a car-manufacturing project by the French automobile company Renault due to an apparent export dispute, a government official said. “As long as Renault does not respond to our needs, the project is halted,” industry minister Ali-Reza Tahmasebi was quoted as saying by state television. Renault struck a deal with Tehran in 2004 to produce the Logan, a budget compact family saloon, as part of a joint venture between Renault Pars, the car giant’s Iranian concern, and the Automotive Industry Development Co, grouping Iran’s two main state-controlled carmakers, Saipa and Iran Khodro. — AFP

Inflation rate up in NZ

WELLINGTON: Soaring fuel prices helped to drive inflation in New Zealand up by 0.7 per cent in the first three months of the year, taking the annual inflation rate to 3.4 per cent, according to official figures released Wednesday. Consumer Price Index (CPI) data showed the annual inflation rate was fueled by a 23.5 per cent increase in the price for petrol and a 5.9 per cent rise in the cost of the purchase and construction of new houses over the previous 12 months.– AP

CNOOC’s mega plan

SHANGHAI: China’s offshore oil giant CNOOC Ltd plans to invest 100 billion yuan ($12.5 billion) in oil and gas exploration and production through 2010, the official Xinhua News Agency reported on Wednesday, citing a CNOOC official. The spending is expected to help raise CNOOC’s production in 2010 to 50 million metric tonnes of oil equivalent, including 38 million metric tonnes of crude oil and 12.6 billion cubic meters of natural gas.—AFP

Mittal’s takeover plans

BRUSSELS: Belgium’s prime minister meets Mittal Steel Co chairman and chief executive Lakshmi Mittal on Wednesday to discuss the company’s surprise euro19 billion ($23 billion) offer for rival Arcelor SA. Unlike France, Luxembourg and Spain, Belgium has so far not criticized the deal, which would join the world’s two largest steelmakers to create a titan with nearly 10 per cent of global steel production.—AFP

Rs 41.2m tea export

BIRATNAGAR: A total of 3,43,587 kg of tea worth Rs 41.2 million is reported to have been exported from the eastern development region of Nepal during the first six months of the fiscal year 2062-63. According to Trade Promotion Centre (TPC), Biratnagar, tea has been exported to five different countries including Germany, Pakistan, Dubai, Czech Republic and Japan during the period. Similarly, a total of 260 kg of cardamom worth Rs 41.86 million has been exported during the period, according to the centre. Likewise, a total of 920 metric tonnes of lintel worth Rs 160.29 million has been exported to Bangladesh during this period. — RSS

India’s outlook raised

MUMBAI: Global rating agency Standard and Poor’s (S&P) Wednesday raised India’s credit rating outlook to positive from stable on greater efforts by the Central and state governments to rein in fiscal deficit. The combined Central and state governments’ deficit is expected to fall below eight percent of the gross domestic product (GDP) in 2006 down from 10 percent in 2002, said an S&P report. “The outlook revision reflects improved prospects of a stabilising debt burden based on greater effort across all levels of governments to consolidate their fiscal positions,” said S&P credit analyst Ping Chew. — HNS

Global economy up

WASHINGTON: The global economy, which has coped well with fallout from natural disasters and lofty energy prices, is expected to pick up a little more speed in 2006 and log another year of brisk growth. Still, risks remain - notably regarding the future direction of already surging oil prices, the International Monetary Fund indicated in its latest World Economic Outlook, released Wednesday. — AP