Foreign firms to repay $7b debt<\/p>\n
JAKARTA: Offshore debt repayment by foreign companies in
\nIndonesia is expected to rise to US$7 billion next year from
\naround $5 billion this year, Bank Indonesia said on Thursday.<\/p>\n
The nation's central bank said that the increase indicates
\nimproving performance of these companies after the 1997-98 Asian
\nfinancial crisis forced them to reschedule debt repayments.<\/p>\n
\"The improving economic conditions and investment climate are
\nexpected to further stimulate financial capability of foreign
\ncompanies here in 2004 (to repay their debts),\" the central bank
\nsaid in a statement.<\/p>\n
Bank Indonesia said that net capital outflows from these
\ncompanies are expected to rise to $3.7 billion in 2004 from an
\nexpected $1 billion this year.--Dow Jones<\/p>\n
;DJ;
\nANPAf..r..
\nMoneyMatters-peso
\nPeso sliding too fast: official
\nJP\/16\/debt<\/p>\n
Peso sliding too fast: official<\/p>\n
MANILA: Finance Secretary Jose Isidro Camacho expressed
\nconcern on Thursday that the Philippines peso may be depreciating
\ntoo steeply, too fast.<\/p>\n
The unit hit a new 31-month intraday low on Thursday at 55.250
\npesos to the greenback after hitting record closing lows for the
\npast two days.<\/p>\n
\"There are fundamental reasons for the dollar-peso exchange
\nrate to rise, but it should not reach a level that we are seeing
\nnow,\" Camacho said in a radio interview.<\/p>\n
These fundamental reasons stem from the onset of the import
\nseason and traditionally lower remittances from overseas Filipino
\nworkers at this time of the year, among others, Camacho said.<\/p>\n
He declined to give the peso's correct valuation or say if the
\ngovernment is doing something to limit the fall.<\/p>\n
Camacho said lingering political and economic concerns after a
\nfailed military mutiny last month are also weighing on the peso,
\nwith investors hedging dollars on worries that the local currency
\nwill decline further. -- AFP<\/p>\n
;DJ;
\nANPAf..r..
\nMoneyMatters-WB-IMF
\nWB, IMF move from Iraq
\nJP\/16\/IMF<\/p>\n
WB, IMF move from Iraq<\/p>\n
WASHINGTON: The World Bank and International Monetary Fund
\nsaid on Wednesday they had not pulled out of Iraq but their work
\non the ground was on hold after a bomb shattered the United
\nNations office in Baghdad.<\/p>\n
Both institutions were using the UN. building as a base for
\nwork on reconstructing the country's economy after the toppling
\nof Saddam Hussein by U.S. led forces. Tuesday's blast, believed
\nto be the work of a suicide bomber, killed at least 20 people.<\/p>\n
World Bank staff there have been relocated to Amman, Jordan,
\nsaid bank spokesman Damian Milverton.<\/p>\n
\"We have made no decision to pull out of Iraq and certainly we
\nwill continue to work on the needs assessment from Amman while we
\ndiscuss the next step forward with the UN., the IMF and our other
\npartners,\" he said.<\/p>\n
The bank had 15 staff members in Baghdad. One local employee
\nis missing and others were injured. At least two workers were
\ntaken to hospital in Kuwait. -- AFP<\/p>\n
;DJ;
\nANPAf..r..
\nMoneyMatters-Brazil
\nForeign firms to repay $7b debt
\nJP\/16\/Brazil<\/p>\n
Brazil cuts lending rate<\/p>\n
SAO PAULO: Brazil's central bank issued a larger-than-
\nexpected cut in the country's benchmark interest rate on
\nWednesday amid evidence that inflation is easing in South
\nAmerica's largest economy.<\/p>\n
The government also reported that unemployment slipped
\nslightly in July after six consecutive months of increases.<\/p>\n
The bank lowered the benchmark Selic rate to 22 percent from
\n24.5 percent. It was the third consecutive interest rate cut in
\nas many months.<\/p>\n
\"Recent data confirm positive results have been attained by
\nmonetary policy in making inflation converge to its targets,\" the
\nbank said in a statement.<\/p>\n
The annual interest rate is now estimated at 9.5 percent, down
\nfrom nearly 12 percent several months ago. ---- AFP<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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