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Snippets
Brazil's economic cabinet replaced
BRASILIA (Brazil) May 12;
Colfor de Mello replaced hts controversial Economic Cabl net o- Frt*? with msMstmM. diplomats and biiiinn—m but said he would not change economic policies, reports Reuter
Led by Economy Minister Zelia Cardoso de Mello the Economic Cabinet, including the central bank President followed by the head of the giant Infrastructure Ministry
Thursday
Indian stock trading listlesn
BOMBAY. May 12; Trading was largely listless on the In dlan stockmarket this week as the country Inched Its way towards its second general election since November 1989. reports AFP
The Bombay Stock Exchange (BSE) Sensitivity Index gained 16.3 points to ckme at 1288.4. while the BSE National Index moved up by five points at 639.0 at the end of the five-day trading period
Brokers say the volume of trading was low and that the Index would have actually lost value but for some major buy Ing by financial Institutions during the latter part of the week.
Mongolia to privatise 40 pc state firms
BEIJING. May 12: The Mongolian government plans to privatise 40 per cent of state enterprises In two to three years, the Xinhua news agency has reported, reports
Chief Assistant Premier Dawadorjy Ganbold said the process would be carried out through auctions, share issuance and free-of-charge allocation. Xinhua reported from the Mongolian capital Ulan Bator.
The move to private owner ship Is primarily designed to introduce open competition to the economic arena, and as part of a gradual transition to a market economy, will completely change the country's long-standing system of economic management Ganbold was quoted as saying.
Household income grows in S Korea
SEOUL. May 12: South Korea’s urban household income grew in real terms last year at more than seven per cent — the lowest level in five years primarily due to inflation, according to figures released by the Bureau of Statistics on Saturday. reports Reuter.
The monthly income by an average urban South Korean family In nominal terms rose 17.14 per cent to 943.000 Won (1.300 Dollars) against to 805.000 Won (1.110 Dollars).
But after adjustment for inflation. the real growth rate of the average monthly income increased only 7.9 per cent compared with 17.8 per cent increase in 1989.
Chinese imports up 209 pc
BEUING. May 12: China's Imports In April soared 20.9 per cent to 5.21 billion Dollars over the same 1990 period, customs figures released Saturday showed, reports AFP.
Exports increased 10 per cent to 5.28 billion Dollars, according to the figures. Import volume of both raw materials and commodities outstripped export volume, the statistics showed.
The surge in Imports appeared to reflect the effects of trade reforms Introduced by China at the start of they year, when government subsidies that had encouraged exports were abolished cial plug needed, unfamlllarity with some of the new names likely to be negotiating loans: and the fluctuating value of any collateral base assumed or offered.
Dollar rwe«
10 pc in Peru
UMA. May 12: The US Dollar has risen about 10 per cent against Peru's Inti currency since the beginning of May, but economists predict the currency should stabilize at around 800.000 Intis by the end of the month, reports Reuter.
The Dollar was quoted on Friday at 750.000/760.000 Intis to the Dollar compared with 690.000/710.000 Intis on the first of the month.
Kuwait a worrying borrower
LONDON. May 12: Uncertainties surrounding Kuwait will make It a worrying prospective sovereign borrower. said Paul Barker, an economist who has tracked the finances of the Emirate, reports Reuter.
At a conference on the Gulf. Baker said commercial banks were concerned about uncertainty as to the purpose of leading and the overall size and time horizon of the finan