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Snippets
US economy still
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June 26: The US economy la at least several months from re covery and may in fact still be declining despite upbeat reports from Washington
ecutlves say. reports Reuter.
The executives, gathered recently in this rocky moun tain resort town for a forum that annually draw top leaders from world politics and Indus try. were decidedly more pes •imistlc than Federal Reserve Chairman Alan Greenspan and other government prognostics
But more than a dozen business leaders from a wide variety of industries said in interview* with Reuter that they doubted a recovery was at hand and suggested the economy might "bounce along the bot tom" far awMe.
Algeria faces severe economic crisis
PARIS. June 26: Algeria, wracked by political tension, is also facing a severe economic crisis. reports AFP.
The poor state of agriculture. and an out-dated Indus trial sector, bear witness to setbacks in efforts to move from state ownership and management toward a market economy.
This outlook Is darkened by strong growth of the population which Is expected to double from 25 million people now to 52 million by 2020
The rate of unemployment ts nearly 25 per cent of the workforce, and Gross National Product per head has fallen from 3,201 Dollars in 1986 to 2.689 Dollars in 1987. and about 2.500 Dollars per year in 1990.
Egypt wins $ 524m World Bank loan
CAIRO. June 26: Egypt won a 524 million Dollar World Bank loan package to help ease its transition to a market economy. Egypt's MENA news agency said recently, reports Reuter.
MENA said the bank's board of director* in a meeting last week in Washington approved the package, the latest In a string of economic bonanzas Cairo has won since it took a strong anti-Iraq stand tn the Gulf crisis last year.
Included in the package Is a 300 million Dollar structural adjustment loan to support Egypt's budget now running at a deficit equal to around 10 per cent of Gross Domestic Product
Dollar closes little changed in Europe
LONDON. June 26: The Dollar closed little changed against the Mark in Europe on Friday as traders, unnerved by the week's sharp swings due to anticipation of a key G-7 Finance Ministers' meeting, withdrew to await the outcome. reports Reuter.
Shares on major European bourses were firmer, especially in Germany where excitement over the choice of Berlin as capital boosted prices. Gold bullion and crude oil were little changed.
The Dollar ended at 1.7995 Marks and 138.45 Yen, compared with Finish at 1.7925 Marks and 138.40 Yen.
60 sets of street feigns auctioned off in London
LONDON, June 26: A remnant of London's colourful newspaper history — a set of seven glass and enamelled street signs from fleet street — sold for 16,000 Pounds (26,000 Dollars) on Tuesday, reports Reuter.
The city of London auctioned off 60 sets of street signs to pay for their replacement, raising a total of 83.750 Pounds (137.000 Dollars).
Fleet street used to be the hub of London's newspaper world, but all the major dallies have now moved elsewhere in the city.
Eruption won't hit Pilipino economy
NANILA, June 26: Mount Pinatubo's eruptions will cause hardships In areas near the volcano, but relatively little economic damage elsewhere In the Philippines, government economists say, reports AFP.
Economic Planning secretary Cayetano Paderanga said he was hopeful that the country's annual growth target of 1.5 to 2.5 per cent still could be reached despite damage from the eruptions.
Paderanga said areas near the volcano will continue to Ik-threatened by mudflows from the tons of ash and debris on Pinatubo's slopes, and the damage most likely will put next year's growth target "nearer the lower levels."
Paderanga. who also heads the National Economic Development Authority, said the worst economic effect that Pinatubo's eruptions can have is to disrupt the production of goods and services in affected area*.