South Kou* may face recession

SEOUL. Dm 31: South Korea • economy to in danger b^tlud on wZd^day X-r the release of year-end eco-Government figure* showed falling industrial production and a trade surplus fuelled by equipment necessary for economic rejuvenation, re ports Reuter

China to ease

export restriction

HEWING, Dec 31: China will halve the number of commodities subject to export restrictions on Jan 1, an official report said Wednesday. The move is part of Beijing's efforts to join the General Agreement on Tariffs and Trade. Only 138 commodities will still require export licenses, the Xinhua News Agency said, describing them as "materials with special significance to the national economy, people's livelihood and important to the International market." reports AP.

Ciba-Geigy closing Bombay plant

NEW DELHI, Dec 31: The multi-national Clba-Gcigy is shutting it* loss-making Bombay pharmaceutical plant after staff accepted a pension offer by management and opted to retire, the Press Trust of India (PTI) reported Wednesday. AU 916 employees accepted a compensation package. including a monthly pension depending on their last-drawn salary and continued medical benefits for 10 years after their voluntary retirement, ft safd, reports AFP

Kazakhstan, Ukraine barter deal

MOSCOW, Dec 31: Kazakhstan will supply Ukraine with about two million tonnes of crude oil In exchange for various goods, according to an Informal trade accord published by Interfax news agency on Wednesday. The two former Soviet republics signed several economic cooperation agreements on Tuesday after talks in Kazakhstan's capital Alma-Ata. Itar-Tass news agency said they had agreed to establish a joint company to extract and process oil, reports Reuter.

Members default on

AMF debt

ABU DHABI. Dec 31: The Arab Monetary Fund (AMF), the Arab League's main lending arm. said on Wednesday that member states owed it nearly half its capital tn outstanding debts. It did not say which countries are defaulting but AMF sources said war-hit Iraq. Sudan and Somalia are among the tn- I debted members. They said the defaults were affecting the AMFs leading operations, reports AFP.

UAE banks move to meet global standard

ABU DHABI, Dec 31: United Arab Emirates (UAE) banks are cutting their risky assets to bring their capital adequacy In line with international standards, bankers said on Wednesday. They said •uch a move was the main reason for a sharp decline in the assets of the Gulf country's 48 banks in -the past three year*. Assets plummeted by around 15 per cent In 1991 to 96.1 billion dirham (26.1 billion dollar) from 114.3 billion dirham (31.1 billion dollar) In 1990, reports AFP.

Honda developing jet plane

TOKYO, Dec 31: Honda Motor Co Ltd, a major Japanese automaker, is developing a Jet plane in the United States, the Asahi Shimbun reported Thursday. The company does not Intend to enter the aviation business and any technological advances it obtains from developing the jet will be applied to cars, the Asahi said, quoting Honda officials, reports AFP.

Indians bring home 91 tonnes of gold NEW DELHI, Dec 31: Non resident Indians (NRIs) have brought 91 tonnes of gold into the country under the NR1 gold import scheme till December 27 in the current financial year fetching a tax , revenue of Rs 206 crore, the union minister of state for revenue, Rameshwa Thakur said Wednesday. Thakur said the response to the NR! gold import scheme was more Qian expected. More gold had been Imported into the country against the target of 35 tonneS of gold fixed for the 1992-93 financial year, reports PTI.