WTO may not be ideal platform to deal with currency issue






BEIJING: The World Trade Organisation (WTO) may not be the ideal platform to deal with the issue of currency manipulation, according to Costa Rica's Foreign Trade Minister Anabel Gonzalez, who is in the running to be WTO Director-General.

She was in Beijing to meet Chinese authorities to garner their support.

As the global economy slows and countries scramble to boost exports, trade friction is likely to escalate.

That's particularly the case with the world's largest exporter and second largest trading nation -- China.

Competitors often point to China as unfairly subsidizing its exports via the undervalued yuan.

But Costa Rica's candidate for the top job at the WTO said the trade organization might not be equipped with the tools to tackle the issue.

Anabel Gonzalez said: "I would be cautious in terms of looking at it in the context of the WTO.

"This issue of exchange rates is normally associated with monetary policies, fiscal policies, financial policies, and in that regard I think there may be other venues that are better suited to deal with these issues, be it, meetings of central bankers, ministers of finance, the IMF, the G20."

In Beijing to gain support for her candidacy, Ms Gonzalez said China has achieved a huge transformation over the past decade.

However, trade reform is a long-term process. A recent report on China by the WTO noted a decrease in the number of state-owned enterprises. But still, a significant number of them remain, particularly in sectors regarded as vital to the national economy.

As China's goals change, placing priority on moving up the industrial value chain, liberalizing the market may take a backseat. For instance, state supported financing and cheap land may be seen as unfairly giving home-grown companies a leg up.

Costa Rica's foreign trade minister said: "Each country can, of course, decide what are the best actions and policy measures to continue to promote growth and development in its own country.

"From the perspective of WTO system, the important part is that this is done in a way that respects the rules and disciplines of the organization."

The Costa Rican is among nine candidates vying to succeed Pascal Lamy when he steps down as head of the WTO at the end of August.

- CNA/al



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Government seeks time from high court to study material against NCP minister

MUMBAI: The Maharashtra government today sought time to examine the material submitted along with a public interest litigation filed by BJP leader KiritSomaiya in the high court against state water resources minister Sunil Tatkare over allegations money laundering and land grabbing.

The Mumbai high court had earlier pulled up the city police for "casual attitude" in probing the case, and directed the Economic Offences Wing (EoW) to collect information from Somaiya regarding the allegations against the NCP minister.

The BJP leader has sought inquiry into Tatkare's alleged disproportionate assets and other allegations. Tatkare has denied the allegations and said that petition is politically motivated.

The EOW today sought more time to study 700 pages of material submitted by Somaiya. The matter was deferred till March 11.

The court had earlier asked why the concerned officer had not looked into the complaint and gathered more information. But the government had submitted that anti-corruption bureau has looked into the complaint and filed a status report.

The HC then pointed out that in view of allegations of money laundering and benami transactions, EOW was the right authority.

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FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla (kad-SY'-luh) from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a double-shot of anti-tumor poison.


Cancer researchers say the drug may offer a clear advantage over older drugs because it delivers more medication with fewer side effects.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug.


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was co-developed by South San Francisco-based Genentech and ImmunoGen Inc., of Waltham, Mass. ImmunoGen developed the technology that binds the drug ingredients together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 33 cents, or 2.27 percent, to $14.63 in midday trading.


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Oscar Pistorius Granted Bail in Murder Case












Oscar Pistorius was granted bail today in a South African court, meaning he can be released from jail for the six to eight months before his trial for the allegedly premeditated killing of his girlfriend Reeva Steenkamp.


Magistrate Desmond Nair, in reading his lengthy decision, said, "The issue before me is whether this accused, being who is and the assets he has [here], would seek to duck and dive all over the world."
His conclusion:
"I cannot find that he is a flight risk."


Nair said, "The accused has made a case to be released on bail."


PHOTOS: Paralympics Champion Charged in Killing


The judge also said he had to weigh whether Pistorius would be a danger to others. He noted that Pistorius has been accused of using foul language against people in arguments and once threatened to break someone's legs, but he said that was different from someone with an arrest record of violence.


"I appreciate that a person is dead, but I don't think that is enough," he said.


Nair also said he could not be influenced by the public's "shock and outrage" if Pistorius is released.


A member of Pistorius' defense team told ABC News, "he is going to be released today."


Despite the ruling, prosecutors displayed confidence, with one of them emerging from the courthouse today to say, "We still believe we have the evidence to convict Oscar Pistorius."


The court set bail at about $113,000 (1 million rand) and June 4 as the date for Pistorius' next court appearance.


The other bail conditions are: Pistorius cannot leave the country; he must hand over his passports; he cannot return to his home as long as it's an active crime scene; he needs permission to leave the Pretoria area; he must visit a police station on a daily basis and be available to a probation officer at all times via cellphone; he is not allowed any communication with prosecution witnesses; he cannot drink alcohol; and he must relinquish his firearms.


"Do you understand?" the magistrate asked him.


"Yes, sir," Pistorius replied.






Alexander Joe/AFP/Getty Images















'Blade Runner' Shocker: Lead Detective Replaced Watch Video





Speaking for the family, Arnold Pistorius, the Olympian's uncle, said, "Although we are obviously relieved that Oscar has been granted bail, this is still a very sad time for the family of Reeva and for us.


"We are grateful that the Magistrate recognized the validity and strength of our application. As the family, we are convinced that Oscar's version of what happened on that terrible night will prove to be true."


The judge's ruling came on the fourth and final day of the bail hearing for Pistorius, the Olympian accused of murdering his girlfriend on Valentine's Day.


Pistorius, who gained global acclaim for racing at the 2012 London Olympics, shot his model-girlfriend through a closed bathroom. He says he killed Reeva Steenkamp accidentally, but prosecutors alleged that he took a moment to put on his prosthetic legs, indicating that he thought out and planned to kill Steenkamp when he shot her three times through the bathroom door.


Pistorius sobbed today in court. Barry Roux, his defense attorney, said the prosecution misinterpreted the assigning of intent, meaning that the runner's intent to shoot at a supposed intruder in his home cannot be transferred to someone else who was shot -- in this case, Steenkamp.


"He did not want to kill Reeva," Roux told the court.


FULL COVERAGE: Oscar Pistorius Case


When Magistrate Nair, who overheard the bail hearing, asked Roux what the charges should be if Pistorius intended to kill an intruder, the defense attorney responded that he should be charged with culpable homicide.


Culpable homicide is defined in South Africa as "the unlawful negligent killing of a human being."


Roux also made light of the prosecution's argument that Pistorius is a flight risk, saying that every time the double-amputee goes through airport security, it causes a commotion. He said that Pistorius' legs need constant maintenance and he needs medical attention for his stumps.


The prosecution argued today that the onus was on Pistorius to provide his version of events, and his version was improbable.


Prosecutor Gerrie Nel also spoke of Pistorius' fame and his disability, even relating him to Wikipedia founder Julian Assange, who is now confined to Ecuador's London Embassy, where he has been granted political asylum.
"[Assange's] facial features are as well known as Mr. Pistorius' prostheses," Nel said.


Nel argued that Pistorius' prostheses do not set him apart, stating that it's no different to any other feature, and the court cannot be seen to treat people with disabilities accused of a crime, or famous people accused of crime, any differently.


Pistorius has said that in the early hours of Feb. 14 he was closing his balcony doors when he heard a noise from the bathroom. Fearing an intruder, and without his prosthetic legs on, he grabbed a gun from under his bed and fired through the closed bathroom door, he told the court.


But prosecutors say that's implausible, that the gun's holster was found under the side of the bed where Steenkamp slept, and that Pistorius would have seen she wasn't there. Prosecutors also say the angle at which the shots were fired shows Pistorius was already wearing his prosthetics when he fired.






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Pistorius wins release on $113,000 bail


PRETORIA (Reuters) - A South African court granted bail on Friday to Oscar Pistorius, charged with the murder of his girlfriend on Valentine's Day, after his lawyers argued the "Blade Runner" was too famous to flee justice.


The decision by Magistrate Desmond Nair drew cheers from the Paralympics star's family and supporters. Pistorius himself was unmoved, in marked contrast to the rest of the week-long hearing when he repeatedly broke down in tears.


Nair set bail at 1 million rand ($113,000) and postponed the case until June 4. Pistorius would be released only when the court receives 100,000 rand in cash, he added.


Less than an hour later, a silver Land Rover believed to be carrying Pistorius left the court compound and sped off through the capital, pursued by members of the media on motorcycles.


Pistorius, 26, was also ordered to hand over firearms and his two South African passports, avoid his home and all witnesses in the case, report to a police station twice a week and to abstain from drinking alcohol.


The decision followed a week of dramatic testimony about how the athlete shot dead model and law graduate Reeva Steenkamp at his luxury home near Pretoria in the early hours of February 14.


Prosecutors said Pistorius committed premeditated murder when he fired four shots into a locked toilet door, hitting his girlfriend cowering on the other side. Steenkamp, 29, suffered gunshot wounds to her head, hip and arm.


Pistorius said the killing was a tragic mistake, saying he had mistaken Steenkamp for an intruder - a possibility in crime-ridden South Africa - and opened fire in a blind panic.


However, in delivering his nearly two-hour bail ruling, Nair said there were a number of "improbabilities" in Pistorius's version of events, read out to the court in an affidavit by his lawyer, Barry Roux.


"I have difficulty in appreciating why the accused would not seek to ascertain who exactly was in the toilet," Nair said. "I also have difficulty in appreciating why the deceased would not have screamed back from the toilet."


By local standards, the bail conditions are onerous but it remains to be seen if they appease opposition to the decision from groups campaigning against the violence against women that is endemic in South Africa.


"We are saddened because women are being killed in this country," said Jacqui Mofokeng, a spokeswoman for the ruling African National Congress' Women's League, whose members stood outside the court this week with banners saying "Rot in jail".


TO FAMOUS TO RUN


However, Nair said he was ultimately making his decision in the "interests of justice" and that the prosecution, who suffered a setback when the lead investigator withered under cross-examination by Roux, had failed to show Pistorius was either a flight risk or a threat to the public.


Roux stressed that the Olympic and Paralympic runner's global fame made it impossible for him to evade justice by skipping bail and leaving the country.


"He can never go anywhere unnoticed," Roux told the court.


Pistorius, whose lower legs were amputated in infancy forcing him to race on carbon fiber "blades", faces life in prison if convicted of premeditated murder.


Prosecutors had portrayed him as a cold-blooded killer and said they were confident that their case, which will have to rely heavily on forensics, would stand up to scrutiny at a full trial.


"We are going to make sure that we get enough evidence to get through this case during trial time," a spokesman for the National Prosecuting Authority told reporters.


In court, lead prosecutor Gerrie Nel was scornful of Pistorius's inability to contain his emotions. "I shoot and I think my career is over and I cry. I come to court and I cry because I feel sorry for myself," Nel said.


"DEEPLY IN LOVE"


In his affidavit, Pistorius said he was "deeply in love" with Steenkamp, and Roux said his client had no motive for the killing.


Pistorius contends he reached for a 9-mm pistol under his bed because he felt particularly vulnerable without his prosthetic limbs.


According to police, witnesses heard gunshots and screams from the athlete's home. The community is surrounded by 3-m- (yard-) high stone walls and topped with an electric fence.


In a magazine interview a week before her death, published on Friday, Steenkamp spoke about her three-month-old relationship with Pistorius.


"I absolutely adore Oscar. I respect and admire him so much," she told celebrity gossip magazine Heat. "I don't want anything to come in the way of his career."


Police pulled their lead detective off the case on Thursday after it was revealed he himself faces attempted murder charges for shooting at a minibus. He has been replaced by South Africa's top detective.


The arrest of Pistorius last week shocked those who had watched in awe last year as he reached the semi-final of the 400 meters race in the London Olympics.


The impact has been greatest in South Africa, where Pistorius was seen as a rare hero who commanded respect from both black and white people, transcending the racial divides that persist 19 years after the end of apartheid.


(Writing by Ed Cropley; Editing by Michael Roddy)



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Top detective assigned to Pistorius case






PRETORIA: South African police assigned a top new detective Thursday to take over the bungled Oscar Pistorius investigation after it emerged the lead officer faced seven charges of attempted murder, dramatically undermining the prosecution case against the sprint star.

"We recognise the significance, the importance... and the severity of the matter," police commissioner Mangwashi 'Riah' Phiyega said as she announced the new appointment. "This matter will receive attention at the national level."

The charges against detective Hilton Botha further embarrassed the prosecution which has seen its evidence repeatedly picked apart during the bail hearing for Pistorius over the Valentine's Day killing of his girlfriend Reeva Steenkamp.

Pistorius himself suffered a new blow on Thursday when US sportswear giant Nike said it has suspended its contract with the double amputee Olympian and Paralympian known as "Blade Runner" who had become an inspiration to millions.

The 26-year-old is due back in court on Friday for the fourth day of the bail hearing.

Police revealed Thursday that Botha is facing seven charges for shooting at a minibus taxi in 2011, and he also came under repeated fire from Pistorius' defence team over witness testimony and his handling of the investigation.

Defence lawyer Barry Roux said there were "disastrous shortcomings in the state's case".

Prosecutors allege it was a premeditated killing, but Pistorius has said he mistook his 29-year-old model girlfriend for an intruder.

Steenkamp was found by medics in the early hours of last Thursday at Pistorius' luxury Pretoria home covered in bloodied towels and wearing white shorts and a black vest, with bullet wounds to her head, elbow and hip. She died at the scene.

The Olympian and Paralympian sprinter, who has been in police custody for a week, could face months or perhaps years in pre-trial detention if he does not win bail.

Pistorius, who said he kept a gun in his bedroom because of fears of violence, denies intentionally killing his girlfriend.

He said in a statement read out in court earlier this week that he had fired at the door of the bathroom where his lover was hiding as he was "filled with horrible fear" that someone had sneaked in through an open window in the dead of night.

Botha was forced to admit this week that Pistorius' claims were "consistent" with the crime scene and on Thursday he said of the investigation: "I'm sure it could have been handled better."

He has conceded he did not wear protective clothing when Pistorius' forensic team visited his home, which may have contaminated the scene.

He was further forced to admit that police had not seen a bullet that hit the toilet basin and which was only discovered four days later by the defence forensic team.

Roux on Wednesday also threw doubt on key prosecution witness evidence suggesting the couple, who had been dating since late last year, had rowed before the shooting.

A woman who lives in the same high security complex "heard talking that sounded like non-stop fighting from two to three in the morning," hours before she was killed, prosecutor Gerrie Nel said.

Another witness "heard a female screaming two-three times, then more gunshots," Botha said.

But Roux disputed the accounts, as police said one witness was at least 300 metres from the house and the other had misheard the number of gunshots.

Prosecutors also backtracked on allegations that a police search had found testosterone and needles in a dresser in Pistorius' bedroom.

"We can't tell what it is," national prosecuting authority spokesman Medupe Simasiku said. "We can't confirm or deny it until we get the forensic report."

Pistorius' family said in a statement it was "satisfied" with the bail hearing, but "finds the contradictions in Botha's testimony extremely concerning".

Arguing that Pistorius would be a flight risk, the prosecution quoted a magazine article in which the runner claimed to have a house in Italy.

But his coach Ampie Louw told AFP the property is actually a training facility built by the local government and a hotel, where the athlete goes regularly to train and unwind.

Louw said that if Pistorius is granted bail he wanted to get the runner -- who became a hero to millions when he became the first double amputee to compete at the 2012 London Olympics -- back on the track.

"I'm going to speak with him and try to get him going."

Pistorius' career has been put on hold since the shooting, forcing him to cancel a number of races.

Nike on Thursday became the latest in a series of corporate giants to halt endorsements which have earned the athlete millions of dollars. US sunglasses maker Oakley has already suspended its contract with him and French cosmetics firm Clarins said it was dropping an advertising campaign featuring Pistorius.

The athlete, who off the track has had a rocky private life with stories of rash behaviour, beautiful women, guns and fast cars, has built up a powerful team of lawyers, medical specialists and public relations experts for his defence.

- AFP/fa



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Hyderabad blasts: NIA, NSG teams flying to blast site, home secretary says

NEW DELHI: Elite teams of the National Investigation Agency (NIA) and the National Security Guard (NSG) will be flying to Hyderabad, which has been rocked by twin blasts that killed 10 people and injured 50, an official said.

"We have a news of two blasts. We have spoken to state chief secretary, DGP (director general of police) and governor (E.S.L. Narasimhan)," Home secretary R.K. Singh told reporters here.

"Ten people have died and 50 have been injured in the blasts," he said.

He said the state police chief is reaching the blast site, which has been cordoned off.

"Our NIA team is also reaching as it has a hub there. The NIA officials are there at the site. Our IG NIA is also going from here. The post blast investigating team of NSG is also going," he told reporters,

The two teams will fly at 9.30 p.m. in a Border Security Force plane, he added.

The near-simultaneous blasts occurred near two theatres in Dilsukhnagar, a busy commercial area in the southern part of city, about 15 km from downtown.

Police have not yet confirmed either the cause of the explosions or the number of casualties.

The first blast occurred around 7 pm near a tiffin centre opposite Venkatadri Theatre and the second near Konark Theatre. Both the theatres are about 500 meters from each other.

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Adults get 11 percent of calories from fast food


ATLANTA (AP) — On an average day, U.S. adults get roughly 11 percent of their calories from fast food, a government study shows.


That's down slightly from the 13 percent reported the last time the government tried to pin down how much of the American diet is coming from fast food. Eating fast food too frequently has been seen as a driver of America's obesity problem.


For the research, about 11,000 adults were asked extensive questions about what they ate and drank over the previous 24 hours to come up with the results.


Among the findings:


Young adults eat more fast food than their elders; 15 percent of calories for ages 20 to 39 and dropping to 6 percent for those 60 and older.


— Blacks get more of their calories from fast-food, 15 percent compared to 11 percent for whites and Hispanics.


— Young black adults got a whopping 21 percent from the likes of Wendy's, Taco Bell and KFC.


The figures are averages. Included in the calculations are some people who almost never eat fast food, as well as others who eat a lot of it.


The survey covers the years 2007 through 2010 and was released Thursday by the Centers for Disease Control and Prevention. The authors couldn't explain why the proportion of calories from fast food dropped from the 13 percent found in a survey for 2003 through 2006.


One nutrition professor cast doubts on the latest results, saying 11 percent seemed implausibly low. New York University's Marion Nestle said it wouldn't be surprising if some people under-reported their hamburgers, fries and milkshakes since eating too much fast food is increasingly seen as something of a no-no.


"If I were a fast-food company, I'd say 'See, we have nothing to do with obesity! Americans are getting 90 percent of their calories somewhere else!'" she said.


The study didn't include the total number of fast-food calories, just the percentage. Previous government research suggests that the average U.S. adult each day consumes about 270 calories of fast food — the equivalent of a small McDonald's hamburger and a few fries.


The new CDC study found that obese people get about 13 percent of daily calories from fast food, compared with less than 10 percent for skinny and normal-weight people.


There was no difference seen by household income, except for young adults. The poorest — those with an annual household income of less than $30,000 — got 17 percent of their calories from fast food, while the figure was under 14 percent for the most affluent 20- and 30-somethings with a household income of more than $50,000.


That's not surprising since there are disproportionately higher numbers of fast-food restaurants in low-income neighborhoods, Nestle said.


Fast food is accessible and "it's cheap," she said.


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3 Dead in Rolling Gun Battle on Vegas Strip












A drive-by shooting on the Las Vegas strip early this morning by the occupants of a Range Rover SUV, who shot at the occupants of a Maserati, caused a multi-car accident and car explosion that left three dead.


Police said that they believe a group of men riding in a black Range Rover Sport SUV pulled up alongside a Maserati around 4:20 a.m. today and fired shots into the car, striking the driver and passenger, according to Officer Jose Hernandez of the Las Vegas Metropolitan police department.


The Maserati then swerved through an intersection, hitting at least four other cars. One car that was struck, a taxi with a driver and passenger in it, caught on fire and burst into flames, trapping both occupants, Hernandez said.












Raw Video: Las Vegas Shooting Caught on Tape Watch Video





The SUV then fled the scene, according to cops.


The driver of the Maserati died from his gunshot wounds at University Medical Center shortly after the shooting, according to Sgt. John Sheahan.


The driver and passenger of the taxi both died in the car fire.


At least three individuals, including the passenger of the Maserati, were injured during the shooting and car crashes and are being treated at UMC hospital.


Police are scouring surveillance video from the area, including from the strip's major casinos, to try and identify the Range Rover and its occupants, according to police.


They do not yet know why the Range Rovers' occupants fired shots at the Maserati or whether the cars had local plates or were from out of state.


No bystanders were hit by gunfire, Hernandez said.


"We're currently looking for a black Range Rover Sport, with large black rims and some sort of dealership advertising or advertisement plates," Hernandez said. "This is an armed and dangerous vehicle."


The Las Vegas Convention and Visitors Authority had no immediate comment about the safety of tourists in the wake of the shooting today.



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British economy moves closer to new stimulus injection






LONDON: Britain's economy, at risk of a third recession in five years despite record employment, could see a fresh injection of cash stimulus, according to minutes of a Bank of England meeting published on Wednesday.

Bank of England (BoE) governor Mervyn King has called for more quantitative easing, minutes from the central bank's February meeting showed.

This helped push the pound to a near 16-month low point against the euro and London's FTSE 100 shares index to a five-year high in trading on Wednesday.

"2013 just goes from bad to worse for the pound as this morning's ... minutes came out with a surprisingly bearish vote of 6-3 against further asset purchases after 8-1 last time around," said Investec bank economist Victoria Clarke.

"This continues the snowball of gloominess which has been gathering pace against sterling with the downside risk now getting more worrying for the friendless pound."

Sterling has been hit in recent days also by market rumours that Standard & Poor's rating agency was preparing to cut its top AAA long-term credit rating for Britain. S&P has however declined to comment on the speculation.

Traders were meanwhile mulling over mixed British employment data.

According to the Office for National Statistics (ONS), employment in Britain has hit another record high point, with 29.73 million people in work at the end of December.

Despite this, the unemployment rate edged higher to 7.8 percent over the same period from 7.7 percent in the three months to November, the ONS added.

Recent data meanwhile showed that British gross domestic product shrank by 0.3 percent in the fourth quarter of 2012 compared with the previous three months.

Another contraction in the current first quarter of 2013 would place Britain in a so-called "triple-dip" recession.

Against such a backdrop, the BoE's nine-member Monetary Policy Committee voted 6-3 to keep its QE cash stimulus amount at £375 billion ($574 billion, 429 billion euros), according to minutes from their February 6-7 gathering.

However, outgoing chief King was joined by fellow MPC members David Miles and Paul Fisher in calling for another £25 billion in QE.

The British pound struck multi-month lows on Wednesday as the minutes stoked fresh concern over inflation and the economic outlook, dealers said.

Sterling slumped to 87.64 pence per euro -- which was the lowest level since late October 2011. It also dived to a seven-month nadir of $1.5282.

And on the stock market, London's FTSE 100 index of leading companies surged past 6,400 points for the first time in more than five years.

Under quantitative easing, the Bank of England creates cash that is used to purchase assets such as government and corporate bonds with the aim of boosting lending and in turn economic activity.

At the same time, QE can stoke inflation as it is tantamount to printing money.

British 12-month inflation stood at 2.7 percent in January for a record fourth month in a row -- above the government-set target of 2.0 percent.

"February's MPC minutes provided another clear demonstration of the Committee's increasingly flexible approach to inflation targeting," said Samuel Tombs, economist at the Capital Economics research group.

"We continue to think that more QE is only a few months away."

Wednesday's minutes added that BoE policymakers were unanimous earlier this month in freezing the bank's key interest rate at a record-low 0.50 percent -- where it has stood since March 2009, or almost four years.

-AFP/ac



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