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Aden facing massive strike
ADEN (Yemen). Dec 8; Government offices and private businesses went on strike in South Yemen to demand pay rises and an end to soaring inflation, and trade unions threatened more protests. Witnesses said workers at Aden Port and the refinery joined the strike and petrol stations were shut. The general federation of trade unions, which called the strike, warned of more protests If its demands were not met. The federation is close to the Yemen Socialist Party (YSP) which ruled former Marxist South Yemen before its 1990 merger with the north, reports Reuter.
Stocks up, dollar lowers in Tokyo
TOKYO, Dec 8: Buying by public funds helped Tokyo share prices recover early losses and end the morning session higher Tuesday, while the US dollar remained lower against the Japanese yen. The 225-lssue Nikkei Stock Average regained 115.35 points, or 0.67 per cent, to 17,322.47. The average, which lost 88.57 points or 0.51 per cent Monday, was down more than 60 points earlier in the morning. The Tokyo Stock Price Index of all issues listed on the first section was up 4.56 points, or 0.35 per cent, to 1,304. The TOPIX fell 2.60 pointe, or 0.2 per cent, the day before, reports AP.
Swiss central bank to back franc
ZURICH, Dec 8: The Swiss central bank will not hesitate to intervene in defence of the Swiss franc If ft falls by too much but opening rates did no appear to justify such action, spokesman Werner Abegg said here on Monday hours after voters rejected Swiss membership of the European economic Area (EEA). The Swiss franc was weak In early trading In Europe but Abegg said that Swiss short-term Interest rates were also slightly down. The lombard rate was down from 7.875 per cept to 7,625 per cent,: nhfe^g ssdtf (hit tt t was difficult to forecast the long-term trend of the Swiss franc, reports AFP.
Armco plans to sell Venezuelan units
PARSIPPANY, Dec 8: Armco Inc plans to sell all of its Venezuelan operations to concentrate on the company's more profitable core business. Jim Herzog said Armco wanted to concentrate on the manufacture of flat-rolled steel. Armco's Venezuelan operations consist of pipe and tubing facilities. construction products plants and a steel service center. "The area is a non-strategic asset," Herzog said Monday. "Also, for this year, the Venezuelan operations were not profitable, reports AP.
Cotton lower by 25 cent in US
NEW YORK, Dec 8: Cotton futures No 2 closed 25 cents to 2.00 dollar a bale lower Monday. The average price for strict low middling 1 1-16 inch spot cotton advanced 32 pointe to 51.98 cents a pound Friday for the seven markets, according to the New York Cotton Exchange, reports AP.
Pak money market rate rises sharply KARACHI, Dec 8: Pakistani money market rates soared after the State (central) Bank of Pakistan (SBP) raised discount rates on T-bills and Federal Investment Bonds (FIB) dealers said. Short-term rates shot up with trades struck between 10 and 14 per cent after the SBP raised the discount rates to 15 'per cent from 14 per cent on T-bills and three-year and five-year maturity FIBs and 16 per cent on 10-ycar FIBs a dealer at KASB and Co said, reports Reuter.
EC, ETTA can go without Swiss:
Norway
SOLO, Dec 8: Norway's labpur government said that the European Community (EC) and EFTA could go ahead with creating a joint free trade area excluding Switzerland, which rejected the plan on Sunday. Trade Minister Bjoern Tore Godal said the other 18 countries planning to take part in the so-called European Economic Area (EEA) would have to negotiate technical changes to the agreement, originally due to start in January. The negotiations were likely to take several months, (^reports Reuter.