News in brief

FRANKFURT: Deutsche Telekom AG, Europe's largest telephone company, said yesterday it posted a fourth-quarter net loss of 364 million euros after taking a hefty charge to cover its exposure to Germany's problem-ridden truck toll project.  

The fourth-quarter figure compares with a loss of 77 million euros a year earlier. 

For all of 2003, Deutsche Telekom generated net profit of 1.25 billion euros, after a record loss of 24.6 billion euros the previous year. 

A blemish on the performance, however, was the truck toll system, which resulted in a fourth-quarter charge of 442 million euros. – AP 

SINGAPORE: The city-state's economy is expected to expand at a rate near the top end of the government's forecast for 3.5% to 5.5% growth this year, Deputy Prime Minister Lee Hsien Loong said. 

“We are projecting GDP growth of 3.5% to 5.5% this year. In fact, if you look at the projection, it's at the top end of that range,” Lee told parliament yesterday. 

Singapore's trade driven economy grew a sluggish 1.1% last year. – Reuters 

SYDNEY: Australian consumer sentiment fell in March after holding at a nine-year high since the start of the year on concerns the Reserve Bank Australia may raise interest rates again, a leading survey showed yesterday. 

The Westpac-Melbourne Institute index of consumer sentiment index fell 3.8% in March to 114.2, having been flat at 118.7 in February. 

The survey also showed evidence that households remain tentative about buying a home following the RBA's rate rises in November and December. – Reuters  

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The fourth-quarter figure compares with a loss of 77 million euros a year earlier.