US, S Korea FTA row

SEOUL: A proposed FTA between South Korea and the US will not include opening up the sensitive South Korean rice market. South Korean trade minister Kim Hyun-chong said that rice will not be included in the pact reached on Monday after marathon talks. The agreement still requires legislative approval from both countries. — AP

Turkish economy up

ANKARA: The Turkish economy was stronger than expected last year, growing by six per cent instead of the five per cent previously forecast. Fourth quarter growth was only 4.6 per cent but a robust expansion of 7.5 per cent in the first half of the year made up the difference, allowing the government to exceed its target. Turkey’s economy is one of the strongest in the region, having grown by 5.9 per cent in 2003, 9.9 per cent in 2004 and 7.6 per cent in 2005. — AFP

Manufacturing slips

TOKYO: Confidence among Japanese manufacturers slipped in March for the first time in a year. But on a positive note, the quarterly ‘tankan’ survey, which polls more than 10,000 companies, showed that large businesses plan to boost investment in the year ahead. The quarterly ‘tankan’ survey of corporate sentiment showed that a confidence index for large manufacturers slipped to 23 from 25 in the previous survey in December, a two-year high. — AP

Thai, Japan trade talks

TOKYO: Thailand’s premier on Monday hailed ties with Japan as he prepared to sign a FTA with his country’s top investor, easing international isolation of the kingdom since last year’s coup. Army-installed prime minister Surayud Chulanont will sign the deal on Tuesday, which Thailand hopes will boost investment from Japan but was fiercely opposed by environmental activists. — AFP

Foreign banks’ entry

SHANGHAI: HSBC and other foreign banks marked their local incorporation in China on Monday, a rite of passage after years of biding their time on the sidelines of one of the world’s fastest growing financial markets. Britain’s HSBC Holdings PLC was one of four foreign banks approved last month to incorporate local subsidiaries, a step toward entering China’s retail banking market. — AP

Malaysia, US FTA talks

KUALA LUMPUR: Malaysian and US officials will meet later this month in Washington to push forward negotiations for a FTA talks despite missing a weekend deadline to fast-track the deal. “Hopefully at that point, we’ll be able to hammer out a way forward,” US Embassy spokeswoman Kathryn Taylor said. Taylor said the meeting would be the first face-to-face contact since the Malaysian Cabinet discussed the proposed pact in March, just before both sides agreed that it could not be completed in time. — AP

Adidas pays better

HO CHI MINH CITY: The 8,500 employees at the Adidas factory on the outskirts of Ho Chi Minh Stadt - formerly Saigon - are better paid than average Vietnamese workers: they earn the equivalent of about $93 a month. And each month they cut and sew by hand some 650,000 pairs of shoes to be sold around globe. — DPA

NCC Bank awards

KATHMANDU: Nepal Credit & Commerce Bank has awarded three lucky winners under ‘Mahila Suraksha Bachat Khata’ scheme. The winners were chosen through a lucky draw held at NCC Bank’s corporate office last week. Bandana Shrestha won the first prize of Godrej refrigerator, Yango Sherpa stood second and was given a microwave oven and Raj Kumari Shrestha won the third prize of vacuum cleaner. The Mahila Suraksha Bachat Khata’ is a special scheme launched targeting women depositors and accountholders are entitled to a five per cent interest, states a bank press release here. — HNS

Shortage of petroleum

DHANGADHI: Petroleum shortage has been witnessed in the far western region due to strike called by tanker entrepreneurs with demand for increasing transport fair. They resorted to protest after the fair was decreased to Rs 839 from Rs 1,191 per thousand litres from Bandhara depot of Sahajanpur, India to Dhangadhi. The fair was decreased after transporters used a short route instead of the earlier long route, said the NOC regional office Dhangadhi. Most of the petrol pumps have been closed and farmers and transporters have been affected. Some 42 tankers have been transporting petrol. — RSS

Indian shares crash

MUMBAI: Indian shares crashed on Monday and fell by more than three per cent, following an unexpected hike of short-term interest by the central bank to contain inflation. After market hours on Friday, the Reserve Bank of India (RBI) had increased its short-term lending rates to banks by 25 basis points. By noon Monday, the key 30-share sensitive index of the Bombay Stock Exchange was down by 416.14 points or 3.18 per cent at 12,655.96. — HNS

Getz Prime launched

NEW DELHI: Hyundai Motor India Ltd, a wholly-owned subsidiary of South Korea’s Hyundai Motor Co, on Monday launched its new Getz Prime in the compact passenger car segment with an eye on Europe. Getz Prime, which will be made in HMIL’s plant near Chennai, comes in two petrol variant engine options. — HNS