Oil prices close to $70

LONDON: World oil prices rose on Monday as the market saw no end to concerns over tight supplies caused by unrest in key crude producer Nigeria and output disruptions at US refineries. Brent North Sea crude for July delivery rose to $69.84. On Friday, Brent had soared to an eight-month high of $70.35 a barrel before closing down as traders booked profits ahead of the weekend. — AFP

M’mar hydro projects

YANGON: Myanmar, which is facing an acute power shortage, is set to sign a series of deals with neighbouring China and Thailand to build hydropower plants in eastern and southern Myanmar. The Ministry of Electric Power is expected to sign deals with companies from the two countries to build major power plants. Chinese companies were seeking to sign a deal for two hydropower projects in eastern Shan State and a Thai company is pursuing a project in Tanintharyi — also known as Tanasserim — Division. — AP

Singapore’s economy

SINGAPORE: Singapore’s economy grew at a faster-than-expected 7.6 per cent annual pace in the first quarter, prompting the government to raise its growth forecast. Construction and services were the main drivers of growth, offsetting a contraction in manufacturing that reflected weak global demand for the city-state’s mainstay electronics exports. — AP

US growth sluggish

WASHINGTON: Weighed down by a housing slump, the US economy in 2007 will log its most sluggish growth in five years. But that showing should not cause businesses to really clamp down on hiring. A forecast puts the growth of the GDP at 2.2 per cent for this year. — AP

AFCL is issue manager

KATHMANDU: Ace Finance Co Ltd (AFCL) has been appointed issue manager of 1,000,000 right shares of Siddhartha Bank Ltd. The rights shares will be available from June 4. AFCL has also signed a contract with Lumbini Bank and Kathmandu Finance Ltd to be the issue manager for their right shares issue, states a press release. The issuance of Rs 250 million worth debentures for Nepal Investment Bank, which will be floated in the near future, is also being managed by AFCL. — HNS

HCF starts operations

HETAUDA: Hetauda Cement Factory (HCF), which had stopped its production a week ago, has resumed its production from Monday. After repairing the clinker, the production was restarted and an enough quality of limestone was also stored, said the HCF management. The process of bringing other necessary raw materials from India is also undergoing. HCF has expected to distribute the new production from Friday. — RSS

Nepal to review ASA

KATHMANDU: A seven-member team led by Madhav Prasad Ghimire, secretary at the ministry of culture, tourism and civil aviation, comprising the representatives from the ministry of law, justice and parliamentary affairs, CAAN and Nepal Airlines Corp left for Hong Kong on Sunday for a new air service agreement (ASA) between Nepal and Hong Kong after reviewing the previous bilateral agreement of October 19, 1998. The team will first hold bilateral discussion on increasing the seat capacity, review the route schedule, acquisition of additional air traffic rights, and other technical issues. — RSS