Oil demand to grow

PARIS: Demand for oil has tested OPEC supplies to the limit, production in some countries remains at risk from political tensions and high oil prices are now crimping demand, the IEA warned. As oil prices pushed upwards to record high levels, the IEA held to a forecast that demand would grow by 1.8 per cent this year. — AFP

EU trims forecasts

BRUSSELS: The European Commission trimmed on Wednesday its eurozone economic forecasts, predicting that the 12 nations sharing the euro could see growth slightly during 2006. The EC said that it expected the eurozone economy to grow by 0.4-0.8 per cent in the first quarter, 0.3-0.8 per cent in the second quarter and 0.2-0.8 per cent in third quarter. — AFP

Consumer confidence

SYDNEY: Consumer confidence in Australia remained steady in April, despite fears interest rates were set to rise. The monthly Westpac-Melbourne Institute Consumer Sentiment Index was unchanged from last month’s 110.7 points even though speculation of a rate hike increased after jobs figures last week showed unemployment had returned to record lows of five per cent. — AFP

Current account rises

TOKYO: Japan’s current account surplus grew in February for the first time in two months as rising exports helped to keep the economic recovery on track. The surplus in the current account grew by 6.2 per cent from a year earlier. — AFP

Curfew concerns

KATHMANDU: Nepal Chamber of Commerce (NCC) expressed concerns today that curfew, bandhs and strikes have hit business and economic activities across the country hard. Issuing a press release today, NCC has said that political activities should not disturb business and the economy, and that this should be stopped immediately. NCC urged all concerned to start working for a sustained democratic process and restoration of peace. — HNS

Rangkhola festival

SYANGJA: Rangkhola festival, which kicked off on April 3 at Putalibazaar municipality-12, Rangkhola, Syangja on the occasion of Chaite Dashain, concluded. At least 35 stalls were set up for the sale of various goods including vegetables, fruits, herbals produced by local farmers. On the occasion, volleyball and folk song competition was also organised. — RSS

S’pore GDP expands

SINGAPORE: Singapore’s economy should grow at the top end of official forecasts this year or even beat them after GDP powered to 9.1 per cent annual growth in the first quarter. Strong performances from the manufacturing and services industries drove GDP growth and minimised the impact from a contraction in the construction sector. The expansion was faster than the 8.7 per cent annualised growth recorded in the fourth quarter of 2005. — AFP

Sony, Samsung JV

SEOUL: Samsung Electronics Corp and Sony Corp plan to invest about $2 billion to expand joint production of liquid crystal display panels (LCD) to meet soaring global demand for flat screen televisions. They expect to manufacture 50,000 panels a month and will start production in late 2007. Global demand for flat screen televisions is soaring. — AP

Machinery orders up

TOKYO: Japan’s core private-sector machinery orders, a closely watched indicator of capital spending, rose by a bigger-than-expected 3.4 per cent in February. Year-on-year, core private-sector machinery orders were up by 8.2 per cent. The market had also anticipated increase. — AFP