Oil should cost $50’

LONDON: Venezuela’s president Hugo Chavez says he would like to see oil prices stabilised at $50 a barrel. “We have the largest oil reserves in the world, we have oil for 200 years,” The Guardian quoted Chavez as saying, “$50 a barrel — that’s a fair price, not a high price.” — AP

Eurozone output up

BRUSSELS: The eurozone’s manufacturing base expanded at its fastest pace in five and a half years during March, beating analysts’ expectations, a closely-watched indicator of activity found on Monday. NTC Economics’ eurozone manufacturing sector purchasing managers’ index rose to a seasonally adjusted 56.1 points from 54.4 in February. — AFP

S Korean inflation

SEOUL: South Korea’s consumer inflation rate eased to a seven-month low of two per cent in March as falling food prices offset higher service charges. The consumer price index rose by two per cent year-on-year in March, the lowest since August and slowing from 2.3 per cent gain. — AFP

LHA meets minister

KATHMANDU: A delegation of Land and Housing Association (LHA) led by its president met with Brajesh Kumar Gupta, state minister for physical planning and works, states a press release issued here today. Issues on planning permit, physical facilities, procedure simplification and setting benchmark were discussed on the occasion. — HNS

Thai inflation picks up

BANGKOK: Thailand’s inflation rate in March picked up to 5.7 per cent from 5.6 per cent in February due to high global oil prices and a sharp rise in food costs. Inflation had steadily eased since peaking at 6.2 per cent in October 2005. — AFP

Wal-Mart sales dip

BENTONVILLE: Wal-Mart Stores Inc, the world’s largest retailer, reported a mere 1.3 per cent gain last month for sales at stores open at least one year. The company said that sales were slower because Easter is three weeks later this year than in 2005. — AP