S Korean economy

SEOUL: South Korea’s economy is expected to expand by 5.3 per cent this year on strong exports and a recovery in consumer spending. The forecast by Korean Development Institute was higher than its earlier projection of five per cent growth for this year — still upheld by the central bank — and the four per cent rise posted in 2005. But the fourth-largest economy in Asia is expected to slow down next year in line with US and China. — AFP

Eurozone inflation

PARIS: Economic indicators for the eurozone to be released are to confirm that inflation slowed in March and that core inflation remains under control. Eurostat is expected to confirm its preliminary estimate of 12-month inflation for March of 2.2 per cent from 2.3 per cent in February. A slight easing of oil prices in March compared to February was one of the factors behind the lower rate, and inflation on a month-on-month basis is expected to be 0.3 per cent. — AFP

Honda’s diesel engine

TOKYO: Japan’s Honda Motor will make diesel engines in Britain to meet rising European demand for fuel-efficient vehicles. Honda currently exports the engines to its British factory from Japan for installation in passenger cars. Honda plans to boost its combined annual production capacity for diesel engines in the two countries by 40 per cent to 100,000 units in the current fiscal year. Assembly lines have already been built inside the British plant, and the firm would transfer part of its production there. — AFP

Titan to enter China

HONG KONG: Oil trader Titan Petrochemicals Group Ltd said it plans to expand into oil product distribution in China in 2007, after posting a 24 per cent drop in 2005 net profit due to high marine fuel oil costs and falling tanker rates. The Hong Kong-based firm plans in 2006 to boost its carrying capacity of oil products, such as fuel oil and petrol, given the nation’s robust demand for petrochemical products, chief executive Barry Cheung said. Titan Petrochemicals announced that its $39 million net profit in 2005, down from 2004. — AP

Budget allocation

BHAKTAPUR: Madhypur Thimi Municipality has allocated the budget of Rs150,000 to each of the wards for the development. According to the mayor Suryahari Shankhadev, the budget has been allocated to speed up the development works in all wards. The mayor appealed to all the ward chairmen to initiate development works as per the wishes of the people. — RSS

Crops output drop

BHAKTAPUR: Production of vegetables and other crops have declined due to degradation of soil quality following increase in acid content, according to a crop officer Dinesh Babu Tiwari. The test results of soil samples taken from 25 places have shown that the quantity of PH component has degraded from its normal level of seven ranging from 3.8 to five. — RSS

PAP proved effective

MAHOTTARI: More than 40,000 locals have benefited from the poverty alleviation programme (PAP) launched by local development fund of DDC, Sarlahi. According to executive secretary of the Fund, Sunil Mishra, the collective and institutional efforts exerted by the programme particularly in the area of skill development, physical infrastructure and technology development has contributed a lot in empowering a large number of locals. — RSS

Irrigation facility

BARA: 828 shallow tube wells have been installed here under a community irrigation sector project to provide irrigation facilities to the lands owned by small farmers in an efficient manner. Earlier, an understanding was reached between the government and ADB for the launch of this project in November 1998. — RSS

Fund unutilised

KATHMANDU: The fund generated from Dharahara worth Rs 840,000 is yet to be utilized although the amount was claimed to be used for the development work. It has been providing Rs 60,000 per month to the Kathmandu metropolis but due to the lack of committee to mobilize the collected amount, it has remained unused. Side Walkers Private Ltd has been preserving and maintaining Dharahara area since 14 months and it has an agreement with the Kathmandu metropolis. — RSS