■ China spends $862m for rural industry

BEDMO. Mar 1: The Chi nese government Is to earmark an annual five billion yuan (862 million dollar) in loans to boost rural Industry In the western and central parts of the country until the year 2000. the China Daily reported Monday. Credits granted under the new scheme will be tn addition to regular bank loans, the newspaper added, quoting a government circular. The government also urged inland provinces to adopt industrial policies to encourage faster growth, says an AFT report.

Pak money market feces shortage

KARACHI. Mar 2: Pakistan money market faced an acute shortage of funds that sent interest rates soaring, dealers said. The market remained devoid of activity with short term rates still at 14.90 per cent" a dealer at Khadlm Alt Shak Bukhari and Co Ltd said. Dealers were waiting for settlement of the next T-bill auction on March 8 that could end the bearish trend in interest rates, he said, reports Reuter.

Latvia to introduce new currency soon

RIGA, (Latvia). Mar 2: Latvian officials said Monday thdt this week they will introduce a new currency, called the Lat, which will gradually replace the Latvian ruble. At first, only the five-Lat bill be issued to bank customers on Friday, but other denominations will follow eventually, said Einars Repse, president of the Bank of Latvia. One Lat will be worth 200 Latvian roubles, which now tracfo for about 155 to the dollar, says AP.

Syria's oil output rises by 14.7 pc

NICOSIA. Mar 2: Syrian oil production in early 1993 is averaging 565,500 barrels a day against 493,000 B/D tn early 1992. an increase, of 14.7 per cent, the Middle East Economic- Survey (MEES) said Monday. The Nicosia-based Newsletter said the production breakdown was: Al-Furat Petroleum Company (AFPC) 400.000 B/D. the state-owned Syrian Petroleum Company (SPC). 150,000 B/D. Elf Equitalnc 12.000 and Total 3.500 B/D. reports AFP

Commodity market regains order in NY

NEW YORK. Mar 2: Futures exchanges that play a critical role in setting world prices for coqunodities from cocoa to crude oil regained a semblance of order Monday In the wake of the World Trade Center explosfbn. While 50,000 workers were barred from the complex's landmark twin towers, hundreds of traders worked an abbreviated session in the separate building that houses the New York Mercantile Exchange, the Commodity Exchange, the New York Futures Exchange. Cotton Exchange and the Coffee, Sugar and Cocoa Exchange, says AP report

Indian GDP up by 55 per cent

NEW DELHI, Mar 2: India s economic growth In the financial year beginning in April is forecast to be to five to 5.5 per cent, compared with an estimated 4.2 percent increase in real Gross Domestic Product in 1992/93. officials said. India's GDP growth has picked up from just 1.2 per cent in 1991/92 when and austerity programme curb demand and output. Economic affairs Secretary Montek Singh Ahluwallia said export growth In dollar terms would be 15 per cent in the coming year against six per cent in 1992/93, says Reuter.

Pindi cuts profits on foreign currency

KARACHI. Mar 2: The State Bank of Pakistan said the rate of profits on five-year Foreign Currency Bearer Certificates (FCBCs) had been slashed for March. The rate on the dollar certificate was cut to 7.25 per cent from 7.75, on the mark to 8.50 from 8.75, on the pound sterling to 8.75 from mine and on the Japanese yen to 5.50 from six. The rates would remain In force to March 31, the says Reuter.