BoE tight on rates

LONDON: Bank of England (BoE) rate-setters are poised to leave the cost of borrowing in Britain at 4.50 per cent for the sixth straight month later this week. All 34 forecasters expected the nine-member Monetary Policy Committee to leave rates on hold at the conclusion of its two-day meeting on Thursday. The ECB last week kept eurozone borrowing costs at 2.25 per cent, while the Federal Reserve hiked US borrowing costs by a quarter-point for the 14th successive time to 4.50 per cent. — AFP

Fire at Japan’s refinery

TOKYO; A fire broke out on Sunday

at an oil refinery in northern Japan, but no casualties were immediately reported. The Nippon Oil refinery is located in Muroran, Hokkaido, 750 km north of Tokyo. “A fire and

black smoke were seen,” said the official, who added that no civilians had been evacuated from the mainly industrial area, “The scale of damage won’t be known until investigators are allowed to step in.”— AFP

All praise for Mittal

WARSAW: Although steel magnate Lakshmi Mittal is often painted as a ruthless job destroyer in western Europe, in the former communist east of the continent he is hailed as the saviour of a crumbling, outdated industry. During the last decade, Mittal has injected new life into archaic steel plants scattered across the former Soviet Union and its satellite states that would otherwise have been incapable of surviving in a market economy. — AFP

Superjumbo test flight

IQALUIT: The world’s largest passenger jet is set to make its first trip to North America on Monday where it will undergo cold-weather testing in the barren northern Canadian territory of Nunavut. The Airbus A380 is scheduled to fly from France to the Nunavut capital of Iqaluit - about 2,400 km north of Toronto — where officials were busy making preparations on Saturday. — AP

Mitsubishi, Proton JV

KUALA LUMPUR: Proton’s new tie-up with Mitsubishi could give Malaysia’s troubled carmaker a new lease on life by helping it roll out new models, even if the alliance is looser than hoped for. The deal signed on Friday covers the development of new Proton cars, technology transfer and the mutual supply of auto parts. It also allows Mitsubishi to produce its own models in Proton plants. — AFP

Cuba invites US Corps

MEXICO: Cuban officials invited US corporations to lobby against the US trade embargo and invest in the communist nation’s energy sector, as they announced plans to double their drilling capacity and explore for oil in the island’s Caribbean waters. In the first private-sector oil summit between the two countries, executives from US giants like ExxonMobil Corp, Caterpillar Inc and Valero Energy Corp were meeting with Cuban government officials in Mexico City this week to learn about Cuba’s potentially lucrative oil reserves. — AP

‘Release abductees’

KATHMANDU: FNCCI has urged for the release of Pravakar Bikram Shah, Sarvajit Rana and Dambar Limbu, who were abducted by the trade union wing of the Maoists on Friday. Shah, Rana and Limbu are the senior officers at Surya Nepal Pvt Ltd and were abducted from Surya Nepal’s office in Nitanpur, Bara. Various human rights activists and organisations have also urged the immediate release of the abductees. “Such an act is against the Geneva Convention Act-3,” states a press release signed by veteran rights activists Daman Nath Dhungana, Padma Ratna Tuladhar, Sindhunath Pyakurel, Charan Prasain, Kapil Shrestha and Malla K Sundar. Nepal-India Chamber of Commerce and Industry has also issuing a press statement demanded their unconditional release. — HNS

IA brings new offer

KATHMANDU: Indian Airlines (IA) has introduced ‘Business Class Companion Offer,’ states a press release. The new scheme will be valid from February 5 to September 30 for any passenger paying full Normal Business Class on Kathmandu-Kolkata and Kathmandu-Delhi route. “The passenger will be permitted to take a companion at 50 per cent discount rate on the Normal Business Class fare,” states the release. — HNS

Pokhara marathon

POKHARA: Pokhara marathon-2062 will be organised here from February 18 with a view to promoting tourism. The event is being organised by the Forum of ex-sportsmen, which aims at bringing together sports talents scattered all over the country, generating the importance of sports for peace and good health while introducing this picturesque spot. — RSS