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BRIEFS
Swedish decision cuts Nobel's value
OSLOV, Dec 2: Sweden's decision to float Its currency has out the value of the Nobel prizes and may force the Norwegian Nobel Institute, which oversees the peace prize, to reduce costs sharply, the institute's head said on Tuesday Sweden gave into pressure for devaluation and floated Its crown on November 19, reports Reuter.
Jordan stages surprise recovery AMMAN. Dec 2: The Hashemite kingdom's economy, battered to its knees by the Gulf crisis, has made a surprise recovery thanks to an injection of three billion dollar by Jordanians booted out of Kuwait. Economists believe the boost will be temporary unless Jordan, politically Isolated and economically devastated because of Its refusal to join the US-led coalition against Iraq, can be reconciled with its erstwhile bankrollers like Saudi Arabia, reports AP.
Guyana to encourage foreign investment MIAMI, Dec 2: The newly elected president of Guyana said Tuesday that his country, which faces desperate economic problems, plans to offer tax Incentives to encourage foreign investment and develop the nation s private sector. Speaking to representatives at the annual Conference on the Caribbean. Cheddi Jagan proposed offering a 10-year Income tax exemption on profit and export allowances and accelerated depreciation on capital assets to entice Investors, reports AP.
. Brazil's foreign debt hits$123^b
BRASILIA. Brazil. Dec 2: Brazil's official foreign debt is 123.2 billion dollar according to figures released by the Central Bank Tuesday. Brazil’s foreign debt is the largest In the Third World, reports AP.
Dollar dips
in New York
NEW-YORK, Dec 2: The American dollar fell againftt most major currencies Tuesday, even after two government reports showed that the US economy is picking up. Gold prices rose. Gold for December delivery finished at 335.10 dollar a troy ounce on the Commodity Exchange in New York, up 80 cents from Monday's close Republic National Bank quoted a late bld for gold of 334.90 dollar up 30 cents from Monday, reports AP.
EC shocked'by US move on steel duty
BRUSSELS, Dec 2: The European Community Tuesday denounced a US decision to impose provisional anti-dumping duties on steel imports, claiming the move could cost hard-pressed European producers up to one billion dollar. Spokesman Nico Wegter said the EC executive Commission was ’shocked" by the US move, reports AP.
India to get $ 500m loan from WB
NEW DELHI, Dec 2: India Is set to receive a 500 million dollar loan from the World Bank (WB) part of which would help finance unemployment benefits for retrenched workers in the public sector, the bank said. "The negotiations have been concluded," said a World Bank official involved in the project who did not want to be named, reports Reuter.
5 states added to OECD list
PARIS, Dec 2: OECD countries have added five former Soviet republics to the list that serves as a guide on which countries should benefit from aid, an OECD official said on Tuesday. The five are Kazakhstan. Kyrgyzstan. Tajikistan. Turkmenistan and Uzbekistan, the OECD's Development Assistance Committee (DAC) Chairman Alexander Love told a news conference after a two-day meeting, reports Reuter.
US decision dismays ROKs steelmakers
SEOUL, Dec 2: South Korean steelmakers said on Tuesday they were dismayed by a US decision to impose duties averaging 4.2 per cent on their exports. The US Commerce Department cited 12 nations on Monday for subsidising steel exports and Imposed provisional duties on their products, reports