Australian budget

SYDNEY: Australia’s prime minister said his government’s 10th proposed budget was ‘conservatively cast’ while opposition lawmakers said they would block tax cuts for as long as possible. Treasurer Peter Costello on Wednesday unveiled personal income tax cuts worth $16.8 billion over four years, while forecasting an $6.9 billion surplus in the next fiscal year which begins on July 1. — AP

Trade surplus rises

WIESBADEN: Germany’s trade surplus increased in March as exports grew faster than imports. The German trade surplus amounted to $20.9 billion in March, up from February, but little changed from last year. — AFP

Poverty rate falls

MANILA: The poverty rate in the Philippines fell by 2.5 percentage points over three years to 30.4 per cent of the population in 2003. The National Anti-Poverty Commission sets the poverty threshold at 58 cents a day. That is more than 46.3 cent cost of a basic hamburger at the country’s largest restaurant chain, Jollibee. — AFP

Norwegian inflation

OSLO: Norway’s annual inflation rate was 1.3 per cent in April, compared to one per cent a month earlier and 0.4 per cent a last year. The 12-month rate was affected by hike in prices for food, housing and insurance, which were partly offset by a decline in prices for audiovisual products, clothing and airline fares. — AP

Brazil’s fiscal austerity

SAO PAULO: Brazil’s finance minister said South America’s largest economy will have to face at least a decade of fiscal austerity to guarantee stable government accounts and sustained economic growth with low inflation. Antonio Palocci made his remarks in a speech at a Brazilian Development Bank event in Rio de Janeiro. — AP

British house sales dip

LONDON: The number of homes sold in England and Wales is falling and house prices are rising at a slower rate. Property prices increased steeply in Britain during the late 1990s and early this decade thanks to low interest rates, and have continued to rise steadily in recent years. — AP

NTT DoCoMo profits

TOKYO: Japanese mobile carrier NTT DoCoMo reported 15 per cent profit growth for the fiscal year ended in March, mostly from the sale of its stake in AT&T Wireless of the US. — AP

Call centre expansion

MANILA: US-based Convergys Corp, the world’s largest call centre company, has informed the Philippines authorities it plans to boost its operations here by 51 per cent this year, president Gloria Arroyo’s office said. The Cincinnati, Ohio company’s senior vice-president Frank Kelly said that it would open its eighth call centre in the Philippines in late 2005, boosting personnel to 8,000 from 5,300 now. — AFP

MS, TCS plan alliance

NEW YORK: Microsoft Corp and Tata Consultancy Services (TCS) Ltd have announced plans to advance their strategic alliance to deliver IT solutions to global companies more effectively. As part of the alliance, MS and TCS are to collaborate on several key initiatives, including implementation of the Connected Services. — HNS