Oil prices increase :

SINGAPORE: Oil prices climbed higher in Asian on Monday as an Israeli commando raid into Lebanon threatened to unravel a fragile truce and Iran’s missile tests added to Middle East tensions. At 10:35 am (0235 GMT), New York’s main contract, light sweet crude for September delivery was at $71.50 a barrel. — AFP

German economy up :

FRANKFURT: The German central bank now sees the national econony growing at least by two per cent this year rather than a previously forecast 1.5 per cent, bank president Axel Weber said. “Growth had already begun last year and is now going to pick up steam,” Weber said. — AFP

Euro trade surplus :

BRUSSELS: The eurozone’s trade balance improved sharply in June as imports fell and exports rose. The EU booked a trade surplus of $2.6 billion in June after a deficit in May. The June figure was lower than the surplus of 6.8 billion euros that was recorded in the same month of 2005. — AFP

China to woo money :

BEIJING: China will introduce legislation and other measures to attract foreign and domestic investment in the country’s $250 billion railway expansion. The railways ministry plans to allow investors greater control over the pricing of ticket and freight charges. It would introduce transparency in the railway industry. — AP

Aussie wheat dispute :

CANBERRA: Trade Minister Mark Vaile rejected a US call that Australia break up its wheat exporting monopoly. It supports the elimination of trade distorting practices of state tra-ding enterprises such as government financing and the underwriting of lo-sses. Australia believes that monopol-y power conferred on state trading enterprises is not trade distorting. — AP

Volvo eyes expansion :

PARIS: Swedish truck maker Volvo is considering acquisitions in Japan, China and Russia in order to reach its growth target, chief executive Leif Johansson said. “Given our growth target of 10 per cent, to do that wholly organically is almost impossible.”— AFP

Cooperatives demand :

KASKI: A group of cooperatives’ has submitted a 15-point demand to finance minister and minister for agriculture and cooperatives. Their demands include; implementation of provisions of concessions made by the Cooperative Act-2048 immediately and a separate ministry of cooperatives. — RSS

E Asia trade bloc deal :

WELLINGTON: Plans to create a 16 nation Asia-Pacific trading bloc have potential but it likely will take some time to hammer out agreement and implement. New Zealand and Australia support Japan’s proposal for a 16 nation free-trade grouping of China, South Korea, India and the 10-nation ASEAN grouping - covering half the world’s population. The 16 nations last year formed the East Asia Summit, a precursor for the proposed free-trade community. — AP

Russia repays $23.7b :

MOSCOW: Russia has completed early repayment of its total debt to the Paris Club of creditor nations of $23.7 billion. “The sum of $23,737,038,657 has been transferred to the Paris Club of creditors,” Vneshekonombank, “On the instructions of finance ministry, Vneshekonombank carried out payments for early return of external state debt of the Russian Federation.” — AFP