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BRIEFS
India devalues its currency
NEW DELHI. Dec 5: India's central bank devalued the Rupee by 1.18 per cent against the US dollar Friday, adjusting the exchange rate for the first time since tying the local currency to the Greenback in March. A Reserve Bank of India spokesman said in Bombay the ‘small change’ in the Rupee's value had been made to ‘maintain Indias export competitiveness, the Press Trust of India (PIT) reported, according to AFP
200 to be invited to
Clinton's summit
LITTLE ROCK (Arkansas), Dec 5: President-elect Bill Clinton will Invite about 200 people to take part In his economic summit this month, his staff said Friday. But less than 10 days from the start of the summit December 13. Clinton communications director George Stephanopoulos declined to say who had been invited. He said only, the names of those who accept the Invitation would be disclosed, reports AFP.
Taipei terms US accusation 'unfair'
TAIPEI. Dec 5: Taiwan central bank governor Samuel Shieh dismissed as ‘unfair’ US accusations that his bank is manipulating the local currency market, officials said. Shieh. attending a seminar In Hong Kong, said the Central Bank of China (CBC) has made much progress in easing foreign exchange restrictions and the US charges were unfair, the CBC officials said, reports AFP.
OPEC's output unchanged in Nov
PARIS, Dec 5: Oil output by the Organisation of Petroleum Exporting Countries (OPEC) was unchanged In November compared with the figure in October, at 25.2 million barrels per day. the International Energy Agency said tn its monthly report on Friday. Output by Iran foil by 3.5 million barrels per day from 3.7 million In October, while output by Saudi Arabia, Including production from the neutral zone was unchanged at 8.5 million barrels per day, reports AFP.
Shanghai bourse lists new stock
BEIJING, Dec 5: The Shanghai stock market listed Its last new stock of 1992, the official Xinhua news agency reported Saturday, closing out a year that saw China gripped by stock fever. The Shanghai Rubber Tire Group issued 1.6 million shares on Friday, each with a face value of 10 yuan (1.75 dollar). The closing price was 216 yuan (37.76 dollar), reports AP.
PIA earns $44m profit
KARACHI, Dec 5: Pakistan International Airlines (PIA) earned 1.1 billion rupees (44 million dollar) profit during the 1991-92 financial year, an airline official said here Friday the airline's annual revenue was 20 billion rupees (800 million US dollar), the airline management reviewed the PIA annual accounts In a meeting In Islamabad on Thursday, posting an operating profit of 1.58 billion rupees (63.2 million dollar), he said reports AFP.
China sends 128,000 workers abroad
BEIJING, Dec 5: China sent 128,000 workers abroad In the first 10 months of this year. 40 per cent more than over ■ the same period in 1991, the China Dally said Friday, some 7.000 labour contracts worth 975 million dollar were signed between January and October, according to figures released by the Ministry of Foreign Economic Relations and Trade (MOFERT) cited by the newspaper, reports AFP.
Most factories in
Russia bankrupt
MOSCOW, Dec 5: Seventy per cent of state-owned factories are near bankruptcy and up to several hundred could fold next year under provisions of Russia's first bankruptcy law, Trud newspaper reported Friday. The actual number will depend on whether the government continues to bail out unprofitable businesses with loans and subsidies or lets them fall, Trud said, quoting the government official in charge of such assistance, reports kA? )