Oil prices hit ‘07 high

LONDON: World oil prices struck the highest points so far in 2007, nearing 64 dollars a barrel in London on Monday as the market fretted over rising tensions in major crude producer Iran, traders said. In London at about 0900 GMT, the price of Brent North Sea crude for May delivery rose 75 cents to 63.93 dollars a barrel. It had earlier struck 63.97 dollars — the highest point since December 6.—AFP

Hong Kong exports up

HONG KONG: Hong Kong’s exports in February rose 11.6 per cent from a year earlier to 171.4 billion dollars (21.9 billion US), after a 9.2 per cent rise in January, the government said Monday. Re-exports, of goods mostly produced in neighouring China, grew 14.6 per cent to 165.2 billion dollars while domestic exports fell 34.7 per cent to 6.2 billion dollars, it said. Imports during the month rose 1.3 per cent to 178.9 billion dollars after a rise of 14.1 per cent in January. —AFP

Deutsche Bank’s plan

FRANKFURT: Deutsche Bank, the biggest bank in Germany, said on Monday it planned to reinforce retail banking interests in China by applying to incorporate its activities there under Chinese law. Deutsche Bank said in a statement that it had “formally advised the China Banking Regulatory Commission (CBRC) of its decision to apply for local incorporation in China.” In addition, Deutsche Bank said it would set up its Chinese headquarters in Beijing, while keeping a foreign currency booking branch in Shanghai. – AFP

Citigroup to cut staff

PARIS: The US multinational bank Citigroup may cut 15,000 jobs throughout the world under a restructuring plan to rationalise and reduce overheads, the European edition of the Wall Street Journal reported on Monday. The plan would generate a restructuring charge of 1.0 billion dollars, the newspaper said. The group was working on cutting its workforce of 327,000 by at least 5.0 per cent. One method being considered was the non-replacement of 30,000 to 50,000 people who left the group each year.—AFP

Industrial output flat

SINGAPORE: Singapore industrial output was flat in February as declines in the key electronics and biomedical sectors offset strong orders for oil-related equipment, the government said Monday. The Economic Development Board (EDB) said factory output was up 0.1 per cent from a year ago. On a seasonally adjusted month-on-month basis, it increased 9.4 per cent following a 5.4 per cent contraction in January.—AFP

E.ON raises its bid

DUESSELDORF: German power giant E.ON raised its offer for Spanish electricity supplier Endesa on Monday to 40 euros (53 dollars) per share or 42.3 billion euros (56.1 billion dollars) in all, extending the offer period until April 3. Previously, the German group had been offering to buy Endesa for 38.75 euros per share or 41 billion euros in total. But at the end of last week Spanish group Acciona and Enel of Italy said they were considerting a joint counter offer.—AFP

Public participation

DHANKUTA: Addressing a press conference organised by the Federation of the Nepalese Journalists, Dhanakuta branch, vice-chairman of the National Planning Commission Dr Jagadish Chandra Pokharel said development projects in Nepal need to be formulated in a different way and carried out accordingly. He claimed development projects could only be successful when carried out with public participation as per their needs. Member of the National Planning Commission, Dr Chaityna Subba too pointed out the need to formulate projects differently in order to alleviate poverty. The programme was presided over by the FNJ chairman, Dhankuta. — RSS

Cooperatives’ meet

KATHMANDU: Participants at the 11th anniversary celebrations of the Sahayata Cooperatives Ltd organised here on Sunday said agriculture and cooperatives were strong and practical mediums for the development of the country. Chairman of the National Cooperatives Development Board, Deepak Prakash Banskota stressed on the need to spread the cooperative movement in villages and towns effectively. According to board co-chairman Haribol Bhattarai cooperative movement is needed for the economic revolution in Nepal. Sahayata cooperatives chairman Naradmani Poudyal, director general of the Department of Agriculture and Cooperatives Deep Bahadur Swanr and National Cooperatives Bank chairman Rajesh Hari Joshi discussed the contributions of cooperatives in the development of Nepal. — RSS

Budget for VDCs

HETAUDA: The 17th district council of Makwanpur DDC has approved a budget of Rs 948.9 million for running development projects in 43 VDCs of the district in the fiscal year 2064-65 BS. The council also approved projects on suspension bridges, drinking water, road, electrification and irrigation among others. At the concluding function, MP Krishna Prasad Dahal said political parties need to give high priority to projects with people’s participation as they are beneficial in the long-term.— RSS