SBL’s bonus shares

KATHMANDU: Siddhartha Bank Ltd (SBL) has proposed 15 per cent bonus share and 20 per cent rights share from the profit it made during the fiscal year 2006-07. Following the issuance of bonus and rights shares, the bank’s paid up capital will rise to Rs 828 million from the current Rs 600 million, states a press release. SBL earned operating profit of

Rs 176.2 million, whereas its deposit grew by 69 per cent to Rs 6.63 billion and lending by 63 per cent to Rs 6.32 billion. — HNS

IDBL to float IPO

KATHMANDU: Securities Board of Nepal has permitted an initial public offering (IPO) worth Rs 24 million of Infrastructure Development Bank Ltd (IDBL) on Wednesday. It will issue 2,40,000 units ordinary shares with a face value of Rs 100 each. The Board gave approval following the sales and issue manager for the IPO — Nepal Merchant Banking & Finance Ltd presented due diligence certificate, states a press release. — HNS

Dealer for DG sets

KATHMANDU: Innoxa Trading Co Pvt Ltd has been appointed as authorised distributor for Diesel Generator (DG) sets produced by Deutz & Weifang Engines, for Nepal. The sets are available in 15,25,40 to 50 KVA and powered by diesel generator. — HNS

Oil prices cross $80

BANGKOK: Crude oil futures held above $80 a barrel on Wednesday in Asia after falling three straight days from the near-record levels of last Thursday. Light, sweet crude for

November delivery rose to $80.24 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. The Nymex crude contract fell to $80.05 a barrel on Tuesday. — AP

IMF needs to revamp

PARIS: Newly elected IMF head Dominique Strauss-Kahn said that reform of IMF should include reducing its costs and integrating developing nations more profoundly in its workings. At a press conference in Paris, the former French finance minister said that reducing IMF staff was one of the options to make it more cost-efficient. — DPA

Trade deficit widens

BUDAPEST: Hungary’s trade deficit in July widened to 145.4 million euros from 39 million euros the previous month. In July 2006 the trade deficit stood at 369.7 million euros. Over the first seven months of the year, exports rose by 17 per cent and imports by 14 per cent compared with the equivalent period in 2006. — AFP

SIA, UK ink pact

SINGAPORE: Singapore and Britain have concluded a landmark Open Skies Agreement, removing all restrictions on air services operated by carriers of the two countries. With this agreement, Singapore Airlines (SIA) will now be able to operate as many services as the Singapore-Britain market could support.

The SIA’s aircraft can also pick up passengers from London’s Heathrow Airport and fly them

onwards to other cities, including those in the US. — Xinhua