Consumer confidence

FRANKFURT: Consumer confidence in Europe’s biggest economy fell despite Germany’s upswing, as higher value-added tax discouraged spending, according to a forecast of consumer sentiment for March. The Nuremburg-based GfK research group said its forward-looking consumer climate indicator fell to 4.4 points, down from a revised reading of 4.9 points in February and well below 8.7 points in January, a decrease blamed on the 3-per cent rise in Germany’s value-added tax. — AP

BoJ keeps rate steady

TOKYO: The Bank of Japan’s decision to hold interest rates steady in January resulted from concerns about sluggish domestic consumption and the murky US economic outlook, minutes showed on Monday. The records from the January 17-18 BoJ meeting made no mention of any discussion among policymakers of political pressures, although government representatives present signalled opposition to an interest rate rise. The BoJ policy board, which raised the key lending rates to 0.5 per cent in February, was split for the first time in almost a year. — AFP

Ericsson eyes TV firm

STOCKHOLM: Swedish wireless equipment maker Ericsson AB said it offered to buy Norway’s Tandberg Television ASA for $1.6 billion in cash as it tries to position itself for the convergence of the telecoms and television industries. The company’s offer is about 10 per cent higher than one made in January by American company Arris Group Inc. Ericsson said buying Tandberg would allow it to offer complete networks for the fast-growing technology area of television over the Internet. It also brings Ericsson new customers such as cable and satellite operators. — AFP

S Lanka to raise fund

Colombo: Sri Lanka on Monday raised its overseas borrowing target by 50 per cent to $300 million to fund a growing budget deficit fuelled by costs related to the island nation’s bitter ethnic conflict. In January, central bank governor Nivard Cabraal said he hoped to raise $200 million this year by selling rupee-denominated government bonds to foreigners. But with the budget deficit now estimated at $400 million two months into the fiscal year, the target has been raised by 100 million dollars. — AFP

NTB union’s demand

KATHMANDU: Employees of Nepal Tourism Board (NTB) have asked the government and concerned authorities not to increase tenure of its chief executive officer Tek Bahadur Dangi, which is expiring on February 27. Issuing a press release today, NTB Employees Union has charged that Dangi misused NTB’s fund and resources during the royal regime. “The employees union will launch a series of protests including lockout of NTB office, if Dangi’s tenure is extended,” adds the release. —HNS

Villagers lock UCF

UDAYPUR: Villagers have locked out the Udayapur Cement Factory (UCF) saying the problem of pollution from the factory was not resolved. The locals were victimised because of pollution and had said they would lock up the factory if their 10-point demands were not met within a week. The one-week ultimatum had ended and the UCF management showed no concern and was locked, said Keshav Poudel, member of the Pollution Victims’ Association. They locked out the mine division of the factory at Rautaha, and both the mine and the industry offices are closed. —RSS

Italian tourists wooed

KATHMANDU: Nepal Tourism Board along with other trekking and travel agencies participated in yet another travel fair, Borsa Internationale del Turismo (BIT) 2007 in Milan, Italy from February 22 to 25, 2007. The fair visited by 150,000 persons and participated by 5,000 exhibitors showed an encouraging environment for the promotion of Nepali tourism in Italy in particular and Europe in general, claimed an NTB release. — HNS