P’pines economy up

MANILA: Weak farm output and high oil prices capped Philippine economic growth at 5.1 per cent in 2005, just below the government’s target of 5.3 per cent growth. But the figure was better than most private sector forecasts of below five per cent and president Gloria Arroyo’s government expects GDP to meet its earlier forecast of between 5.7 and 6.3 per cent growth this year. — AFP

Japanese output rises

TOKYO: Japanese factories ramped up production for a fifth straight month in December, but growth was more moderate than anticipated and a slowdown is expected ahead. Production in the coming months would be curtailed by a diminishing appetite for cars in the US, although it was not expected to hit Japan’s overall economic recovery. — AFP

Indian pros expensive

HAMBURG: SAP, the world’s third-biggest software company, is cutting its recruitment of Indian experts because they are too expensive and is instead looking towards China, its head said. With Indians pricing themselves out of the market, SAP preferred to recruit in China and low-cost eastern European nations. “India is getting too dear,” said SAP CEO Henning Kagermann, “We’ve decided to only recruit a certain number more from there, and then to start looking around in other locations.” — DPA

Swedish economy

STOCKHOLM: Sweden’s economy will grow by more than 3.5 per cent this year, higher than previously forecast, Swedish finance minister Paer Nuder said. “The finance ministry misjudged the Swedish economy’s growth in the budget proposal last fall. We expected growth to be three percent this year, but the way it looks now growth will be more than 3.5 per cent”, finance minister. When the Social Democratic government presented this year’s budget, it revised down its growth forecast. — AFP

Govt ready to sell TBs

KATHMANDU: Government is all set to sell treasury bills (TBs) worth Rs 200 million to two commercial banks as per the its announcement. Similarly, the government is also selling 91-day TBs worth Rs 300 million to four commercial banks which was requested through four auctions for the Rs 740 million, states a press release issued by Nepal Rastra Bank here today. Of the total Rs 740 million, only Rs 300 million worth of TBs were asked by the banks to purchase, states the release. However, NRB has not disclosed the names of commercial banks in its press statement that are going to purchase TBs. — HNS

LCCI’s interaction

KATHMANDU: Lalitpur Chamber of Commerce and Industry (LCCI), organised an interaction programme with a view to understand various provisions enshrined in WTO, SAFTA and BIMSTEC, states a press release. LCCI said that businesspersons will face enormous challenges from the enforcement of global and regional bodies. Joint secretary at the ministry of industry, commerce and supplies, Prachanda Man Shrestha, suggested the private sector to make plans and establish their own brands. — HNS