Garuda spreads its wings<\/p>\n
JAKARTA (JP): The national flag carrier Garuda Indonesia has
\nset new schedules for domestic flights which will be effective
\nbeginning June 1.<\/p>\n
The new schedules, including additional services, comprise the
\nJakarta-Ujungpandang, Jakarta-Medan, Jakarta-Yogyakarta and
\nYogyakarta-Denpasar routes.<\/p>\n
A spokesman for Garuda said here yesterday that some of the
\nnew schedules offer early morning flights.<\/p>\n
The carrier, which operates 52 aircraft, has also upped its
\nJakarta-Ujungpandang-Jayapura service from two to three times a
\nweek by operating Boeing 737-300 aircraft every Sunday, Tuesday
\nand Friday. (icn)<\/p>\n
Meeting on power financing<\/p>\n
JAKARTA (JP): A two-day seminar on financing power projects in
\nthe 1990s will be held here next week. The seminar will also be
\nto discuss funding techniques and successful planning and
\nimplementation of power projects.<\/p>\n
The seminar, to be held at the Sari Pan Pacific Hotel on
\nMonday and Tuesday, will also discuss the details of having the
\nprivate sector participate in the provision of electricity
\nfunding.<\/p>\n
The speakers at the seminar will include Peter Jezek, a power
\nadvisor at the Directorate General of Electricity and Energy
\nDevelopment and representatives of the World Bank, State
\nElectricity Company (PLN), Booz Allen & Hamilton and Salomon
\nBrothers HK Ltd. of Hong Kong. (01)<\/p>\n
Japan top asset holder<\/p>\n
TOKYO (AFP): Japan maintained the world's top position in
\noverseas net assets for the third consecutive year in fiscal
\n1993, posting US$611 billion, up 18.9 percent from the preceding
\nyear, the government said yesterday.<\/p>\n
Net assets are the balance after liabilities are subtracted
\nfrom assets held in foreign countries.<\/p>\n
Japan's assets overseas in fiscal 1994 ending in March totaled
\n$2.181 trillion, up 7.2 percent from the preceding year, while
\nliabilities rose 3.2 percent to $1.570 trillion, the finance
\nministry said.<\/p>\n
It said that a record high current account surplus of $131.4
\nbillion contributed to the jump in the overseas net assets.<\/p>\n
Japan's short and long-term capital accounts suffered deficits
\nwith a rise in its securities investment overseas, the ministry
\nsaid.<\/p>\n
The latest available statistics show that Germany held
\noverseas net assets worth $257.6 billion at the end of last June,
\nministry officials said.<\/p>\n
In sharp contrast to Japan and Germany, the United States had
\nnet liabilities worth $521.3 billion at the end of 1992, the
\nofficials said.<\/p>\n
N. Korea woos investors<\/p>\n
TOKYO (AFP): Cash-strapped North Korea unveiled yesterday
\nregulations that will give foreigners fairly wide latitude in
\nsetting up enterprises and ports in its projected free trade
\nzone.<\/p>\n
The hardline communist state's official Korean Central News
\nAgency (KCNA), monitored here, said the North Korean
\nadministrative council had endorsed the regulations in the past
\ntwo months.<\/p>\n
Foreigners will be allowed to set up a wide range of wholly
\nowned enterprises but will not be allowed in sensitive media
\nsectors, the KCNA said.<\/p>\n
Wholly foreign-owned enterprises will be allowed in
\n\"electronics, automation, machine building, power industries,
\nfood processing, garments, everyday consumer goods manufacturing
\nindustries, building materials, pharmaceuticals, chemical
\nindustries, construction, transportation, services and other
\nnecessary sectors,\" according to the implementing regulations of
\nthe law on wholly foreign-owned enterprises.<\/p>\n
But foreigners will not be allowed to set up wholly owned
\nenterprises in publishing, the press and broadcasting, or
\ntelecommunications, KCNA said.<\/p>\n
WB loan for W. Bank, Gaza<\/p>\n
WASHINGTON (Reuter): The World Bank has approved a credit as
\npart of a US$128 million project to improve the water supply and
\nsanitation conditions in the West Bank and Gaza.<\/p>\n
The bank said on Thursday that road networks and schools also
\nwould be upgraded under the project that is being financed by a
\ngroup that includes the Saudi Fund, the Arab Fund and the Kuwait
\nFund as well as Denmark and Switzerland.<\/p>\n
Of the total, some $30 million is being made available from
\nthe World Bank's Trust Fund for Gaza.<\/p>\n
The Bank said the project will aim to deliver widespread \"and
\ntangible benefits to broad sections of the Palestinian population
\nas quickly, equitably, and effectively as possible.\"<\/p>\n
Vanuatu to restrict logging<\/p>\n
PORT VILA (AFP): The Vanuatu government said yesterday it had
\ndecided to restrict logging and ban timber exports to protect the
\nenvironment of this island nation.<\/p>\n
The council of ministers made its decision Thursday following
\na recent environmental study, acting on a recommendation by Prime
\nMinister Maxime Carlot, government spokeswoman Yvette Sam said.<\/p>\n
Sam said the decision mainly affected four companies logging
\non the southern island of Erromango with licenses issued last
\nyear that allowed them to exceed the quotas recommended in the
\nstudy.<\/p>\n
The government decided to halve the number of logging
\ncompanies in Erromango to two within a month and to restrict the
\nvolume of wood cut in Vanuatu to an annual 25,000 cubic metres
\n(32,500 cubic yards), as recommended by the Australian-funded
\nstudy.<\/p>\n
It would also ban all wood exports from June 15 to encourage
\nprocessing within Vanuatu.<\/p>\n
RP rice, corn output up<\/p>\n
MANILA (AFP): The production of rice and corn in the
\nPhilippines is expected to increase by more than 15 percent in
\nthe first half of 1994, President Fidel Ramos said here
\nyesterday.<\/p>\n
Citing reports from the agriculture department, Ramos said the
\nrice harvest would be 4.58 million tons, about 18 percent or
\n700,000 metric tons more than last year's output, for the first
\nhalf of the year.<\/p>\n
\"The country can therefore look forward to some 1.47 million
\ntons of rice stock by July 1, 1994, which is 6.6 percent higher
\nthan last year's rice stock. This is equivalent to 81 days'
\nsupply for the entire country based on the national rice
\nrequirement of 18,100 tons per day,\" he added.<\/p>\n
He said corn production is expected to reach 1.58 million
\ntons in the first half of 1994, 16 percent more than the corn
\nyield of 1.34 million tons in the first half of 1993.<\/p>\n
Rubber prices rise<\/p>\n
SINGAPORE (AFP): Active Japanese markets created buying
\ninterest in rubber futures here yesterday with prices moving up
\nslightly, dealers said.<\/p>\n
\"The price of July RSS 1 moved up an average two yen in the
\nTokyo and Kobe markets and this saw some buyers moving in
\nstrongly here,\" a dealer said.<\/p>\n
\"Activity was much better with volume seeing the highest mark
\nfor the week at about 2,700 tons,\" he said, adding that it was a
\nsteady market from start to finish.<\/p>\n
July RSS 3 also found good support at 99 U.S. cents while TSR
\n20 was completely neglected on lack of consumer demand, the
\ndealer said.<\/p>\n
At 09:45 GMT, Basis July RSS 1 was quoted at 150.00 Singapore
\ncents while RSS 3 was steady at 99 U.S. cents.<\/p>",
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