Crude prices slide

SINGAPORE:

The price of crude extended mts wlide in Asian trade on Monday, after Hurricane Rita narrowly missed crucial oil processing zones with relatively light demage reported. But with at least seven refineries without power in Texas and Lousiana, analysts caution such outages could lead to petroleum product shortages — and higher prices — with the Northern Hemisphere winter fast approaching. — AP

Industrial output up

SINGAPORE:

Singapore’s industrial output grew by 11.8 per cent on year in August, as pharmaceutical and transport engineermng output surged to offset another weak performance from electronics. Seasonally adjusted, August’s industrial output rose by 2.5 per cent from the previous month. — AP

Sony under scanner

TOKYO:

Moody’s Investors Service (MIS) put Sony Corporation on review for a possible credit ratings downgrade on Monday, citing doubts about tle troubled electronics company’s revival plan announced last week. The review reflects concern that Sony’s mid-term business plan will

be unable ‘to regain the strong profit and cash flow generation patterns seen in its past.’ — AP

Boeing, union agree

SEATTLE:

The Boeing Co and its Machinists union have reacled a tentative contract agreement, which if approved, would end a three-week long strike that shut down the company’s airplane production. Connie Kelliher, a spokeswoman for Machinists District Lodge 751 in Seattle, confirmed the agreement on Sunday. About 18,400 Machinists who assemble Boeing’s gommercial airplanes and some key components walked off the job on September 2. — AP

‘Do not to levy tax’

THIMI:

Patan Appellate Court has issued an interim order to the Bhaktapur District Development Committee not to levy vehicle tax while entering the city from various points. The locals are opposing the move of contractors, who had sealed a deal with the DDC to levy the vehicle tax despite the issuance of interim order from the court. The contractors have been levying vehicle tax to the vehicles entering from various parts of Bhaktapur like Jhaukhel, Dadhikot, Changunarayan, Tathali and Balkot VDCs. They have been charging Rs 28 per truck, Rs 18 per mini-truck, Rs 18 for per bus and Rs 10 for per motorcycle and tractor. — RSS