Nepal-Lanka trade ties

KATHMANDU: Prof G L Peiris, Sri Lankan minister for export development and international trade paid a courtesy call on finance minister Dr Ram Sharan Mahat at his office yesterday. During the meeting, discussions were held on the present political-economics of Nepal, trade and business relations amongst SAARC member countries and the possibilities of expansion of trade relations between Sri Lanka and Nepal. Both ministers expressed the view that special attention should be paid on the process for taking forward the process in relation to the possibilities of Free Trade Agreement between Nepal and Sri Lanka and for further expanding trade between the two countries. — RSS

CNI holds interaction

KATHMANDU: Confederation of Nepalese Industries (CNI) organised an interaction on post-conflict economic management and restructuring. Finance Minister Dr Ram Sharan Mahat said the government respects the wish of Nepali people to enter into a federal governance system, but further discussion on this issue is essential. G L Peiris, Sri Lankan minister for export development and international trade said problems like conflict and violence should be resolved internally. — HNS

SCT service in India

Kathmandu: SCT- Network which launched SCT debit cards in Nepal has tied up with Everest Bank Ltd (EBL), Punjab National Bank (PNB) and Financial Software and Systems India (FSS) to provide ATM services in India. Through this association, SCT cards can be initially accepted at PNB’s ATM network throughout India, claimed a SCT release here. SCT along with FSS will provide additional ATM coverage in India soon with similar arrangements with other major banks in India and SCT member banks in Nepal, it added. SCT-Network currently claims to have 13 commercial banks, three development banks and three finance companies besides a cardholder base of 150,000 in Nepal. — HNS

Thailand’s FM resigns

BANGKOK: Thailand’s finance minister resigned as the military junta that seized power five months ago continues to struggle to convince the international community it has a grip on economic policy. The resignation of Pridiyathorn Devakula comes just days after another top economic official quit within a week of taking the job, and follows a series of policy blunders that have undermined investor confidence. —AFP

ECB to hike rates

FRANKFURT: Bundesbank president Axel Weber sent a clear signal on Wednesday that the European Central Bank was set to raise its key interest rates, already at a five-year high point, still further. “The eurozone economy is on a solid and stable course of growth which no longer needs an accommodative monetary policy,” said Weber, who as head of the German central bank sits on the ECB’s decision-making governing council. “We must therefore withdraw the stimulation that monetary policy is providing for the economy. — AP

Japan, Russia ties

TOKYO: Japan and Russia looked Wednesday to expand trade despite rocky relations as they agreed to cooperate on nuclear energy and in preventing disasters in disputed islands. Russian Prime Minister Mikhail Fradkov was on a two-day visit to Tokyo in which he promised his country would be a stable supplier of gas to the energy-hungry Asian giant. — AFP