Mobile phone sales up

BEIJING: Sales of mobile telephones in China increased by 40 per cent year-on-year to 120 million units in 2006. China has become one of the world’s largest handset markets. nd its sales will likely to surge to 150 million units this year. In 2006, China produced a total of 450 million mobile phones, of which 350 million were exported. Foreign mobile phone giants like Nokia and Motorala hold the lion’s share of the market. — Xinhua

OPEC output cut row

ABU DHABI: Qatar’s energy minister Abdullah bin Hamad al-Attiyah said on Monday his gas-rich emirate is ‘for the moment’ against further production cuts by OPEC. “It is not necessary for the moment to call an extraordinary meeting of OPEC or to institute a further cut in production,” said the minister, who was taking part in an economic forum in Abu Dhabi. “We have to wait to see the impact on the markets of the latest reductions.”— AFP

US, Malaysia FTA talks

KUALA LUMPUR: The US and Malaysia on Monday kicked off a make-or-break fifth round of trade talks, imperilled by sensitive issues and a row over a Malaysian energy deal with US foe Iran. The talks are a last-ditch attempt to strike a FTA before March deadline.— AFP

NIDBL listed at Nepse

KATHMANDU: Nepal Stock Exchange Ltd (NSEL) and Narayani Industrial Development Bank Ltd (NIDBL) on Monday signed an agreement for the latter’s listing of 2,00,000 unit ordinary shares worth Rs 20 million. Rewat Bahadur Karki, GM of NSEL and Birendra Shrestha, deputy general manager of NIDBL signed the agreement on behalf of their respective institutions. With this new listing, the total number of companies listed at Nepse totals 142 and 13 under development banks group. — HNS

HDBL to go public

KATHMANDU: Nepal Stock Exchange Ltd (NSEL) has granted permission for Himchuli Development Bank Ltd (HDBL), Pokhara, for an initial public offering of 120,000 unit of ordinary shares with a face value of Rs 100 each. NIDC Capital Markets Ltd is the issue and sales manager for the IPO, states a press release. — HNS

IME in forex trading

KATHMANDU: International Money Express (IME) has been granted permission to issue travellers’ cheque and exchange of US dollars for Nepalis going abroad in accordance with the new Monetary Policy. IME is into remittance transfer business since 2002, states a press release. — HNS