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Snippets
Bombay stock markets up
BOMBAY. July 26 : Indian stock markets is the year's peak Thursday, reflecting tn-vestor enthusiasm for the gov ernment* pragmatic budget ■nd its decision to decontrol . much of the private sector, reports AFT
In a day of trading, stock prices shot through the roof on the Bombay Stock Exchange (BSE), whose sensitivity index, or Sensex. was within striking distance of the record 1.559.43 it hit on October 9. 1990.
The Sensex gained 95.77 points Thursday in post-budget trading to close at 1.555.43. The BSE’s National Index was up 36.89 points to 754 29.
Poland to buy Soudioil
WARSAW. July 26 : Poland is to buy 1.2 millton tons of Ssudi oil. marking the first time that Warsaw has signed a deal with the Middle East country with which it has not diplomatic relations, the Express newspaper reported Thursday, says AFT
The first delivery of 105.000 tons, destined for a at plock. 120 kilometers (75 miles) north of Warsaw, will be made tn Gdansk by a Norwegian Tanker, the paper said.
The price worked out between Saudi Arabia and the Polish company Petrobpex was very advantageous, compared to that for Soviet oil. still less expensive than oil sold on western markets*, said the newspaper
Dollar riaes, Yen plunge*
LONDON. July 26 : The Dollar rose mainly due to technical factors here Thursday while the Yen plunged In reaction to a Japanese market stock scandal and fears Japanese Interest rates would be cut. reports AFP.
Investors were losing confidence In Japan's ruling Liberal-Democratic Party following revelations that security firms’ favoured clients received almost one billion Dollars compensation for trading losses in violation of Finance Ministry guidelines.
The Dollar closed at 1.7520 German Marks, up from Wednesday's 1.7360 Marks, and at 138.45 Yen against the previous 137.40 Yen.
Pak ECNEC okays $678m projects
ISLAMABAD. July 26 : The Executive Committee of the National Economic Council (ECNEC) of Pakistan approved development projects worth 16.6 billion Rupees (678 million US Dollar) in a meeting here on Thursday, according to official sources here today, reports Xinhua.
These approved projects, the sources said, include 11 schemes in the transport and communication sector, five projects tn water sector, and projects in physical planning and housing, agriculture, education. energy, health and mass media sectors.
UN Council talks
Iraqi oil sales
UNITED NATIONS. Jqly 26 : The UN Security Council reached an informal agreement Thursday to tightly monitor any Iraqi oil exports it permits to assure the benefits go to suffering Iraqi civilians and not to Saddam Hussein, reports AP.
The 15-member council recessed after closed consultations without deciding whether to allow the sales. No date was set for a new meeting.
The US government wants a complete accounting of Iraq's goods, currency and food reserves before deciding to permit an oil sale, said US Ambassador Thomas R Pickering. He said Iraq ordered 2 million tons of foodstuffs last May and presumably had money to pay for it.
US firm to layoff 9,000 workers
BOSTON. Massachusetts. July 26 : Digital Equipment Corporation said Thursday it would lay off nearly 9,000 workers, close plants and restructures. resulting in an 871.3 million Dollar fourth -quarter loss, reports AFP.
Digital, the world's second largest computer firm, racked up a 1.1 billion Dollars charge against earnings, wiping out a 62 per cent gain tn operating profit per share for the fourth quarter, or 7.08 Dollar per
The restructuring charge was well above what analysts had expected and ft caused the company to report a net loss of 617.4 million Dollar* for Its fiscal year that ended June 29 — the first annual loss In Digital's 34-year’history.
"It always hurts to down size, but that is the cost of Im provement and efficiency."