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BRIEFS
UAE-German H&ObdMl
ABU DHABI. June •: The United Arab Emirate* and the German company EBB signed a 16 43 billion-dollar contract for a power and desalination project. local dally Emirates News reported Monday, according to Xinhua.
The project, the largest infrastructural facility In the UAE will secure the country's demand for electricity and wk ter It is expected to complete In 43 months.
Spain, Algeria sign gas contract ALGERIA. June 9: Spain signed a contract on Monday to buy an annual stx billion cubic metres (312 billion cubic feet) of gas from Algeria for 25 years starting In 1995. through a new pipeline, reports Reuter.
Algeria's state energy company Sonatrach said the deal was signed with Spain's national gas firm Enagas. The gas will come from Algeria's biggest field. Hassl R'mel in the Shahara. via Morocco and the strait of Gibraltar.
Consumer credit in UK falls
LONDON. June 9: The amount of new consumer credit provided In Britain fell for the eighth time in nine months tn April, confirming a trend of debt repayment by households even after the Conservative Party won the general election on April 9, official figures showed on Monday, reports AFP.
A treasury spokesman said that the figures for April were "not unexpected.’ The amount of credit provided was comparable to that made available during the same period of 1991. but that households were using a greater amount of disposable income to reduce Indebtedness.
Tradeoff to keep country together
PRAGUE (Czechoslovakia), June 9: Conservative Finance Minister Vaclav Klaus, the driving force behind two years of swift privatisation, said In an Interview published Monday it would take a Czech-Slovak tradeoff to keep the country together, reports AP.
Klaus, victor tn the Czech lands in weekend elections, faces tough talks with Valdlmir Meciar. the election winner In Slovakia, to prevent the country succumbing to the polarisation that has swept Eastern Europe since communism fell In 1989.
Watch smuggler fails to flee
HONG KONG. June 9: A man trying to smuggle nearly 600 watches was caught red-handed by police after trying to jump the queue while boarding a train tn neighbouring Shenzhen, it was reported Tuesday, reports AFP.
The unnamed man panicked and fled Saturday when stopped by the police while trying to scramble aboard a train bound for Guangzhou with some 586 watches worth nearly 40.00 yuan (7.000 DS dollar) strapped to his body, but was caught, the semi-official Hong Kong China News Service said.
Looting rampant in Somalia
WASHINGTON. June 9: Looting of emergency supplies arriving In Somalia Is prompting concern the relief effort may have to’be shut down to. the hard-pressed African nd-tlon, where hundreds of children are dying dally around the capital, relief officials say. reports AP.
In one of two recent Incidents at Mogadishu airport, one metric ton of medical supplies and six metric tons of fortified infant formula were stolen. The planes had been chartered by the British office of the Save the Children Fund and the International Committee for the Red Cross.
Dollar opens
lower in Tokyo
TOKYO. June 9: The US dollar opened lower against the Japanese yen in Tokyo Tuesday, as share prices slid In early trading, reports AP.
The dollar started trading at 127.04 yen. down 0.16 yen from Monday's close at 127.20 yen. In New York, the dollar finished overnight at 127.15 yen. The 225-issue Nikkei Stock Average fell 82.90 points, or 0.47 per cent, to stand at 17,572.16 pointe In the first 30 minutes of trading. On Monday, the average lost 134.98 points, or 0-.76 per cent. .
Closed lower
in New York
NEW YORK, June 9: The US dollar closed mostly lower Monday In extremely quiet trading, reports AP.
Gold prices were mixed. On the New York Commodity Exchange, gold bullion for current delivery settled at 338.20 ^dollar a troy ounce, off 50 cent.