Minute-long TVC

KATHMANDU: Jagadamba Steels has released its new TV commercial. The promo is claimed to be the first one-minute long TVC in Nepali context. The advertisement accentuates the strength and durability of the brand in an innovative way, states a press release issued by the company. The advertisement, which features with a tagline ‘Apurba Shakti’ is expected to draw overwhelming response in terms of augmenting sales. —HNS

$68b Israeli budget

JERUSALEM: Israel’s parliament during the night passed a 295 billion shekel (68 billion dollar) budget for the fiscal year 2007, a parliamentary source said Thursday. The finance bill, which sees social spending slashed due to the costs of Israel’s 34-day summer war against the Lebanese Shiite militia Hezbollah, was passed by 67 votes to 37 in the 120-seat Knesset, the source said. “The projected budgetary framework was completely respected,” Finance Minister Avraham Hirshson enthused after the vote.—AFP

Indonesia cuts rate

JAKARTA: Bank Indonesia Thursday cut it benchmark policy rate by another 25 basis points to 9.50 per cent amid improving macro-economic conditions, central bank governor Burhanuddin Abdullah said. The move was widely anticipated by the market. It was the sixth cut in as many months. The central bank has reduced the rate by a cumulative 3.25 per centage points from 12.75 per cent at the end of 2005. “Having taken into account the latest macro-economic conditions, which are positive, the board decided to cut the BI rate by 25 basis points to 9.50 per cent,” Abdullah told reporters. —AFP