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Snippets
Brunei produces extra oil
BANDAR SUU BEGAWAN. extra 7.00.000 barrels of oil
mand after Iraq invaded KuwaM to August a Brunel Shell Petroleum company <■« eta) said, reports AFP
George innea. the Mana^ng Director told Brunei Shell e tap layer Fixity that about 2.000 barrels were produced dally tn addition Io the average daily production of 150.000 Barrels Per "Day (BPD) forecast for the year
Brunei Shell is the sole oil producer tn the oil-rich Sultanate
Hotel in Manila to be privatued
MANILA. Jan 16 . The gov eminent owned Westin Philippine Plaza Hotel is to be privatized through a negotiated sale after two efforts to auction I it off failed, its owners said Tuesday, reports AH’
Feliciano Belmomte. Pres I deni of the Government Ser vice Insurance System (GSIS). a state pension fund which owns the luxury hotel along Manila bay. said unnamed Hong Kong and Japanese groups were among the inter ested buyers
The GSIS is asking 1.5 bii lion Pesos (53.8 million Dollars) for the 670 room hold, currently managed by the Scat tie-based Westin group.
Nepal rises sugar price
KATHMANDU. Jan 16 : The Interim government has Increased the price of sugar by 15 per cent In a bld to control ■is flow onto the Indian market where It fetches a beter price, an official source said Tuesday, reports AFP.
The price of sugar has been fixed al 15.5 Rupees (51 cents) per kilogram, up from 13.50 Rupees (45 Cents), the official source said the interim government had cm I lx- sugar price by 12 per cent after its formation in April last year, but the resulting shortage of ihe product caused a popular outety
Taiwani Dollar lowers
TAIPEI. Jan 16 : Threats of possible war in the Gulf drove down the Taiwan Dollar by 12.6 Cents Tuesday. the worst fall in fight months, to close at 27.381 to the US Dollar, reports AFP.
The focal currency pluged 8.5 Cents against the Greenback Io finish at 27.255 Monday. about a week after the Central Bank of China had cased intervention to stabtze the Taiwan dollar around the 27-1 level.
Market dealers also attributed the Dollar's advance to strong seasonal demand by local importers, adding that Tuesday's finish of the Taiwan null was the lowest level since it registered 27.40 against the Greenback on June 22. 1990.
Gold prices rise in London
LONDON. Jan 16 Gold prices rose by five Dollars here Monday amid fears of war In the Gulf and political uncertainty after the Soviet crackdown In Lithuania, reports AFP.
Gold was trading at 395.75 Dollars an ounce In the morn-ing.agalnst Friday's close of 390.75 Dollars but slipped to .385 35 nnllan al the Arino