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Snippets
Sterling not in danger territory'
LONDON. June 18. Sterling Is still trading well above the bottom of its European exchange rate mechanism (ERM) band and is "not in danger territory." a British government official said, reports Reuter.
The official made the remarks about the Pound In response to a Journalist's question.
In foreign exchange trading Tuesday the Pound was weaker within the ERM against the background of a weaker Peseta. Dealers said sterling also was under pressure because there were few signs of an economic recovery and the government was trailing the opposition Labour Party tn the polls.
Malaysia bans dog import
KUALA LUMPUR. June 18: Malaysia on Monday imposed a ban on importing dogs In a move to stop people from bringing in dogs bred to kill, reports AFP
Director General of veterinary services Ahmad Mustafa Babjee said that In special cases, he would personally waive the ban. which comes in the wake of newspaper reports of a pit bull terrier attacking and maiming a bakery em ployee in London last month.
"We have to resort to such a measure to ensure similar ac cidents do not happen here." Dr Ahmad Mustafa said.
Gold closes slightly up in London
LONDON. June 18" Gold closed at 367.50/368.00 Dol lars an ounce, slightly above its afternoon fixing at 366.80 and Friday's 366.70/367.20 close, reports Reuter.
Dealers said gold was quiet up to the close, although light commission house buying on comex helped lift the metal back to the bay s high point of about 368 dollars a level it touched during a short spell of active trading around the morning fix.
"I think we're coming to the bottom of the range on gold now. and I wouldn't be surprised If It picks up towards the end of the week, may be to around 375 Dollars one dealer said.
Abu Dhabi to import Australian grains
ABU DHABI. June 18: The southern Gulf Emirate of Abu Dhabi will import 130.000 tonnes of grain from Australia, including wheat and barley, local industry officials said Monday, reports AFP.
They said the amount would be supplied over a period of one year to the state-run flour and fodder factory.
An advertisement placed by the factory in local newspapers Monday invited blds from shipping companies to transport the grain from Australia.
Russia, Hungary end trade deal
BUDAPEST, June 18: Hungary and the Russian Federation have concluded an unprecedented trade deal that envisages both sides exporting goods worth 670 mln Dollars each other this year, the official MTI news agency reported. reports Reuter.
The agreement, the first trade accord between Hungary and a Soviet Republic, was signed by trade officials here.
They were expected to establish ’a clearing system to compensate for a shortage of hard currency in the Soviet Union that has crippled commerce In Eastern Europe this year.
British inflation slips below six per cent
LONDON, June 18: British year-on-year inflation slipped below six per cent for the first time since 1988 in May, prompting new calls for the government to ease a credit squeeze which was plunged the economy deep Into recession, reports Reutef.
But much as Prime Minister John Major's embattled conservative Cabinet might want to make a new cut in interest rates, a weak Pound Sterling apparently compelled It to delay.
Official figures on Friday showed may year-on-year Inflation measured by the retail price index was 5.8 per cent, compared with 6.4 per cent in April and a peak last September and October of 10.9 per cent.
Kuwait may extend ban on capital withdrawals
KUWAIT. June 18: Kuwait's Central Bank is contemplating extending a ban on the withdrawal of more than 4,000 Di nars a month to stem capital flight. The Al-Qabas' newspaper said, reports Reuter.
It quoted Informed banking sources as saying the ban. which also applies to foreign transfers, was likely to remain in force beyond a current deadline of June 24.