Iraq resumes oil exports

BAGHDAD: Vital oil exports from Iraq’s main southern terminals resumed after a brief halt caused by foiled suicide boat raids, as two people were killed in an attack on a US convoy in Baghdad. Crude exports started on Sunday which is expected to boost the country’s reconstruction efforts, while US marines on Monday drew back from an assault on the flashpoint Muslim stronghold of Fallujah. — AFP

Bush touting for tax relief

WASHINGTON: Tying high-tech innovation to prosperity, president George W Bush is using a speech in a swing state to address an election-year vulnerability: a sluggish job market that hasn’t rebounded with the national economy. In a speech in Minnesota, Bush is urging Congress to slap a permanent ban on taxes consumers pay for high-speed Internet hookups called broadband. — AP

‘ECB rates no obstacles’

FRANKFURT: The current level of interest rates in the 12-country eurozone is no obstacle to economic growth in the single currency region, the Bundesbank’s interim president Juergen Stark said, appearing to rule out the need for a rate cut. “The level of interest rates in the euro area does not constitute an obstacle to growth,” Stark said, “Liquidity is ample” in the eurozone economy, indicating that a further easing of monetary conditions was not necessary to boost economic activity.” — AFP

British economy to grow

LONDON: The British economy is likely to have two years of rapid growth, returning to levels last seen in the 1990s. The Ernst & Young ITEM Club said it believed that the economy would grow by 3.25 per cent in both 2004 and 2005. The forecaster said the anticipated growth was more closely linked to the political cycle than the economic cycle, ahead of a general election that is expected in around a year. — AP

Manufacturing output up

SINGAPORE: Singapore’s industrial production rose by a smaller-than-expected two per cent in March compared with the same month last year - dragged down by falling biomedical output. Biomedical production, including pharmaceuticals and medical technology, shrank by 34.7 per cent compared with March 2003. February’s biomedical output had more than doubled. — AP

Economic index looks up

FRANKFURT: The closely watched Ifo institute index of German business confidence rose in April, reversing two months of worrisome declines, - although its top economist warned that it’s too early to confirm a definite upswing in Europe’s largest economy. The overall index rose to 96.3 from 95.4 in March, boosted by an increase in business executive’s views of current conditions. That part of the index rose to 94.9 from 92.2. — AP

Hyundai, Chrysler eye JV

SEOUL: South Korea’s Hyundai Motor said it continues in talks with partner DaimlerChrysler on their various alliances, with the doors open to “all possibilities.” Making a statement after it was asked to do so by the stock exchange amid speculation DaimlerChrysler was on the point of cutting its ties with Hyundai, the company noted that talks with the US-German auto giant were ongoing. Both sides “have engaged in talks to review the alliances, with the doors open to all possibilities, but the talks are not over yet,” Hyundai said. — AFP