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Snippets
World will depend more on OPEC oil
EDINBURGH June 16: The world will depend increasingly on OPEC oil tn future years because prospecting cannot keep pace with grow-tog demand senior oil execu fives attending an energy conference here said on Thursday, reports Reuter
1 have to say that the big new oil provinces which 20 years ago we expected to find there." said John Collins. Chairman and Chief Executive of Shell UK Ltd
A study by International business consultancy Ernst and Young estimated the world outside the former east bloc countries would need an extra fay to eight million barrel* per day (BPD) of oil to satisfy consumption approaching 58 to 61 million barrels per day.
Thai traders warned of soaring prices
BANGKOK. June 16: Thal rice traders have warned ol soaring domestic prices of th« commodity due to hoarding aa huge orders roll in from Iran and Brazil, the Bangkok Post reported Saturday, adds AFP
Iran to negotiating to buy 90.000 metric tones of high quality rice, the English-language daily said, quoting industry sources as saying prices on the domestic market had soared amid reports of the deal.
Kenyan coffee market firmer
NAIROBI. June 16: A total of 38.867 bags of Kenyan coffee were offered for sale to markets at Nairobi's weekly auction and all were sold for an average price of 2.68.564 Kenyan Pounds (1.918.31 US Dollars) per ton. reports AFP
The market was a little firmer, but with no difference in price between the various qualities.
To date. 1.23 million bags (73.867 tone) have been sold to all markets at an overall gross average price of 2.375 Kenyan Pounds (1.696.42 US Dollars) per ton.
Foreign banks’ lending in Japan falls
TOKYO. June IS: Outstanding commercial lending by 88 foreign banks In Japan fell by 110 billion Yen to 8.18 trillion Yen at end-May from April, banking sources said, reports Reuter.
Outstanding loans were 6.35 trillion Yen In May last year.
"We can't Judge the clear direction of foreign bank lending at the moment due to small changes In the figures." one banker said
Non-bank credit firms and real estate firms have been relatively keen on borrowing from foreign banks, they said.
Logging operations in Malaysia exceed limit
KUALA LUMPUR. June 16: Logging operations in four states in peninsular Malaysia have exceeded limits set by the national forestry council. Primary Industries Minister Lim Ke ng Yaik said today, reports AFP.
To compensate. Kuala Lumpur has asked the state to reduce the volume of logging under the sixth Malaysia plan (1991 to 1995). he said.
He did not name the states but sources said they were northeastern Kelantan and Pahang, southern Johore, and central Selangor.
Woman wins $L3m slot machine
LAS VEGAS. June 16: A department store worker, on her first gambling fling in Las Vegas, won a slot machine ackpot of almost 1.3 million dollars on Friday after spending three Dollars, reports Reuter.
"I will use the money to buy a better house and I don't plan to stop working," said Harlyn couch, 45. of Springfield, Massachusetts. Her jackpot was 1,281.126 Dollars.
Her jackpot was the biggest ever paid on a 25-cent slot machine, according to international game technology, the company which runs the slot machine system.
China fixes hotel rates tn halt prices
BEIJING. June 16: China has set mandatory minimum hotel room rates. Including for joint-venture hotels, in an effort to halt and ongoing price war, the China Dally reported yesterday, says AFP.
The rates, set by the state price bureau and the state tourism association, go Into effect July 15. the newspaper said. Violators will be penalized.
Minimum rates for a standard room in hotels were set at 60 Dollars in a five star hotel. 50 Dollars In a four star, 35 Dollars in three star, 25 Dollars in a two star and no Issa than 12 Dollars at a one yurhaa J