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Snippets
Philippine foreign debt rises
MANILA. July 1: The Philippine foreign debt rose to 29 376 billton dollars at the end of February up 2.9 per cent from December 31, 1990. the Central Bank said here Sunday, reports AFP.
A total of 11.459 billion Dollars. comprising 39 per cent.ls owned to banks and other financial Institutions 8.944 bil lion dollars to bilateral credl tors 6.397 billton dollars to multilateral institutions and 2.576 billton dollars to other creditors
More than 84 per cent of the debt has medium to tong term maturities and public borrowings accounted for 61.7 per cent of the total, a bank statement said
US to resume aid to Yemen
SANAA. July 1: The United States has decided to resume Its financial assistance to Yemen which was cut by almost 90 per cent because of Sanaa s backing for Iraq during the Gulf Crisis. Sanaa radio said yesterday, reports AFP.
It said US President George Bush sent a message to his Yemeni counterpart All Abda) lah Saleh to announce the decision.
Last year tn the heat of the Gulf crisis Washington cut its annual financial aid to Yemen from 20 million dollars to 2.9 million dollars because Sanaa was siding with Baghdad.
Maruti 800 cc to be exported
NEW DELHI, July 1: The public sector Marut! Udyog would soon export for the first time its 800 cc cars to the Soviet Union, reports PTI.
An agreement for export of 5,000 cars was expected to be signed by mid-July, the company's Chairman Cum Manag Ing Director. RC Bhargav said here
A special feature of this ex-, port order, he said, was that the payment would be In US dollars and not In rupees. The exports were likely to earn foreign exchange of about Rs 35 crore and It was for the Ukraine Republic in the Soviet Union.
Businessmen worried in New Caledonia
NOUMEA. July V Business chiefs meeting here said they were worried by the declining law and order situation in New Caledonia and accused unions of 'killing businesses', reports AFP.
President of the Employers Association of New Calendonia Didier Leroux said yesterday that the 36 strikes in the last year, which were often accompanied by picketing and "arbitrary closures" has cost companies In this French overseas territory a million man hours.
"It is no longer a matter of social movements but a deliberate or unconscious action to sabotage the territory and Its economy," he said.
Africa urged to step up economic community
DAR ES SALAAM. July 1: African States and Economic Groupings have been urged to step up efforts to accelerate the establishment of the African economic community, reports Xinhua.
The call was made yesterday in Zanzibar by officials of the Organisation of African Unity (OAU) and African Economic Groupings at the end of a two-day meeting which focussed on concrete steps to facilitate the realisation of African economic integration.
A communique Issued at the end of the meeting called for an Immediate ratification by all African stagers of the treaty signed at the recent OAU summit in Nigeria on establishing the African economic ftnjmunlty.
Japan's cos win pipeline contract
TOKYO, July 1: Japan's Nippon Steel Corp announced Thursday it had won an Indonesian order to build a gas pipeline in eastern Java in a joiht project with Sumitomo Corp estimated to cost 300 million Dollars, reports AFP.
Sumitomo is to arrange financing for 75 per cent of the project through a Syndicate of Japanese banks led by Mitsubishi Bank Ltd The remaining 25 per cent is to be raised by Indonesia's state -owned bank Dagang, it said.
The 430 kilometre (270 miles) pipeline will carry natural gas from Pagerungan the Bailisea Island of Kengcan to Grcsik near Surabya.
Germany may suspend
, aid to Yslavia
' BERLIN, July 1: German niiay suspend all financial aid to Yugoslavia, reports Tanjug.
( Stating this here. German f oreign Minister Hans-Diet fk h Genscher said the move {would be prompted by the cur /rent situation tn Yugoslavia