Mixed signs for oil

SINGAPORE: Oil prices were mixed in Asian trade as market focus shifted from the recent attacks on the oil industry in Nigeria to the weekly US energy inventory data, dealers said. At 10:40 am (0240 GMT) New York’s main oil futures contract, light sweet crude for delivery in June was down two cents to 62.24 dollars per barrel from 62.26 dollars per barrel in late US trades Tuesday. Brent North Sea crude for June delivery rose three cents to 65.57 dollars per barrel. — AFP

Fed’s new message

WASHINGTON: The Federal Reserve opens debate on monetary policy looking for a new message with the world’s biggest economy having slowed to a crawl even though inflation is uncomfortably high. Economists expect no change in rates by the US central bank’s Federal Open Market Committee, which has held its base rate steady at 5.25 per cent since last June. But a tweaking of its statement is a possibility. Some analysts are still holding out hope that the Fed will open the door to a rate cut sometime this year following surprisingly sluggish data. — AFP

Paying higher interest

WASHINGTON: African-Americans face higher interest rates for car loans than other US borrowers, according to a consumer association. Blacks paid a median rate of seven per cent for loans on new cars compared to a typical rate of five per cent for all American consumers in 2004, the Consumer Federation of America said on Monday based on an analysis of a federal survey. And for used car loans, African-Americans paid 9.5 per cent, compared to a rate of 7.5 per cent for Americans in general, the association said in a statement. — AFP

JAC cuts its losses

TOKYO: Japan Airlines Corp (JAC) said its net loss for the January-March quarter shrank 72 per cent from the year before, as increased sales helped offset losses from a new early retirement program and an accounting change that removed deferred tax assets from its balance sheet. Net loss at Japan’s largest air carrier stood at 6.8 billion yen ($56.7 million) for its fiscal fourth quarter, down from the 24.1 billion yen loss of previous year, the Tokyo-based company said.— AP

BOK’s new branch

KATHMANDU: Bank of Kathmandu opened its 14 branch in Itahari today. The branch was inaugurated by director of the board, Sita Ram Thapaliya. Speaking at the inauguration ceremony, Thapaliya emphasised the bank’s mission of providing simplified banking service to each and every part of the country.

The Itahari branch will provide all regular banking services including deposit, lending, remittance and letter of credit and so on. Bank of Kathmandu plans to open two more branches in Gongabu and Kohalpur by the end of this fiscal, informed a press release here. — HNS

IT earnings rise

HETAUDA: The internal revenue office of Hetauda has raised Rs 174 million as revenue in the nine months of the current fiscal year 2063-64 BS. According to tax officer Mohan GC, there was an increase of 16.75 per cent in income tax this year in which Rs 98.6 million was raised. — RSS