GM to begin assembly here<\/p>\n
JAKARTA (JP): PT General Motors Buana Indonesia, an American-
\nIndonesian joint venture, will start assembling Opel passenger
\ncars later this year and Chevrolet light commercial vehicles next
\nyear, says the company's president, Leonard L. Brownfield.<\/p>\n
He told reporters yesterday that the joint venture expects to
\nsell 5,500 passenger cars and 10,000 commercial vehicles per
\nyear.<\/p>\n
Brownfield said his company has appointed Leland W. Henegar, a
\nformer program marketing manager of General Motors Corporation of
\nthe United States, as finance director.<\/p>\n
The company, established in September 1993, is jointly owned
\nby General Motors and PT Garmak Motors.(riz)<\/p>\n
Japan-U.S. venture in RI<\/p>\n
TOKYO (AFP): Japan's Mitsui Petrochemical Industries Ltd. said
\nyesterday day it would set up a joint venture with Amoco Chemical
\nCorp. of the United States to produce and sell raw materials for
\npolyester textile in Indonesia.<\/p>\n
The two chemical companies plan to set up the new venture as
\nearly as June and start full operation in 1997, Mitsui officials
\nsaid.<\/p>\n
The venture, capitalized at US$130 million, will be 50 percent
\nowned by Amoco Chemical, with 45 percent held by Mitsui
\nPetrochemical and five percent by parent company Mitsui and Co.
\nLtd.<\/p>\n
The firm is to build a factory in Merak on Java at the cost of
\n$400 million, planning to annually produce 350,000 tons of
\npurified terephthalic acid (PTA), used for polyester textile and
\nplastic bottles, and mainly for the local market.<\/p>\n
U.S. economic gauge falls<\/p>\n
WASHINGTON (AFP): The chief forecasting gauge of future
\neconomic activity in the United States dropped 0.1 percent in
\nFebruary, the first decline in seven months, the government
\nreported yesterday.<\/p>\n
The Index of Leading Indicators dipped 0.1 percent in February
\nafter a revised 0.4 percent increase in January and a 0.6 percent
\njump in December, the Commerce Department said.<\/p>\n
Economic analysts had expected a drop of 0.2 percent in
\nFebruary.<\/p>\n
Government analysts attributed the drop to the shortened
\nmanufacturing workweek and a fall in building permits, both of
\nwhich they said were affected by severe weather that whipped
\nbroad sections of the country in February.<\/p>\n
The March figure has already rebounded to an all-time high,
\nCommerce Department analysts said.<\/p>\n
Nervous investors, who have been bailing out of stocks and
\nbonds, may take heart in the declining indicator that would point
\nto low inflation despite a rapidly growing economy would spur
\ninflation.<\/p>\n
Japan's account surplus up<\/p>\n
TOKYO (Reuter): Japan's stubborn current account surplus,
\nunadjusted for seasonal factors, inched up to US$11.94 billion in
\nFebruary from $11.93 billion a year earlier and $6.83 billion in
\nJanuary, the Finance Ministry said yesterday.<\/p>\n
The nation's trade surplus with the world rose to $12.93
\nbillion in February from $12.62 billion a year earlier and $8.26
\nbillion in January.<\/p>\n
The February current account surplus, the broadest measure of
\ntrade in goods and services, came in almost exactly as economists
\npolled by Reuters had forecast. They had predicted it would rise
\nslightly to about $12.0 billion.<\/p>\n
The economists had said the modest increase would be due to
\nthe strong yen, which causes dollar-based export figures to grow
\nand imports to rise due to its strength against other currencies.<\/p>\n
Vietnam's unsold rice<\/p>\n
HANOI (AFP): More than two million tons of rice paddy remain
\nunsold in the wake of bountiful harvests in Vietnam's Mekong
\nDelta, the Lao Dong newspaper said yesterday, citing agriculture
\nministry data.<\/p>\n
The surplus is being blamed on a serious lack of capital on
\nthe part of state exporters hit badly by volatility last year on
\nworld rice markets and a drastic shortage of government credit,
\nthe state-run daily said.<\/p>\n
Such enterprises need 300 billion dong (US$30 million) to buy
\nfarmers' surplus rice, it added.<\/p>\n
Only 350,000 tons of rice have been exported so far this year,
\nor 60 percent of sales recorded during the same period last year,
\nLao Dong said.<\/p>\n
The Mekong Delta provinces in the south of Vietnam are the
\nnation's premier rice-growing region, with a potential output of
\n4.5 million tons of paddy in the winter growing season.<\/p>\n
Vietnam exported 1.8 million tons of rice last year. Since
\n1989 it has been the world's third biggest world seller of rice,
\nafter Thailand and the United States.<\/p>\n
APEC small business talks<\/p>\n
TOKYO (AFP): Japan plans to host a meeting of Asian-Pacific
\nministers responsible for small- and medium-business in late
\nOctober in Osaka, southern Japan, officials said yesterday.<\/p>\n
Participants will involve the 17 members of the Asia-Pacific
\nEconomic Cooperation (APEC) forum and Chile, which is awaiting
\nmembership, they said.<\/p>\n
The ministers are expected to exchange information on business
\nconditions affecting small- and medium-sized companies.
\nParticipants are also to discuss mutual investment and
\nvitalization of the regional economy.<\/p>\n
APEC groups Japan and the United States, along with Australia,
\nBrunei, Canada, China, Hong Kong, Indonesia, South Korea,
\nMalaysia, Mexico, New Zealand, Papua New Guinea, the Philippines,
\nSingapore, Taiwan and Thailand.<\/p>\n
Rubber prices easier<\/p>\n
SINGAPORE (AFP): Singapore's rubber futures prices ended
\nslightly easier on extremely light trading, dealers said
\nyesterday.<\/p>\n
With Tokyo's market down by 1.5 yen, due to a volatile
\nJapanese yen, the local market eased as well, dealers said.
\nDealers said 400 tons of May RSS 1 were traded at 151.00
\nSingapore cents while 100 tons of June RSS 3 were traded at 93.25
\nU.S. cents.<\/p>\n
At around 0930 GMT Basis May RSS 1 was quoted at 150.50
\nSingapore cents, RSS 3 at 93.75 U.S. cents and TSR 20 at 164.00
\nSingapore cents.<\/p>\n
Aussie commodity prices up<\/p>\n
SYDNEY (AFP): Prices for Australian commodities rose in March
\nby 1.2 percent in domestic currency terms, the Australian Bureau
\nof Agricultural and Resource Economics said yesterday.<\/p>\n
The rise reflected an increase in the rural index of 2.4
\npercent in Australian dollars, mainly due to better prices for
\nwool, beef and sugar, the government analyst said.<\/p>\n
In the same terms, the energy index rose by 0.9 percent over
\nthe month and other minerals edged up 0.5 percent.<\/p>\n
"Compared with 12 months ago, in Australian dollar terms, the
\nrural index is 9.5 percent higher, the energy index 8.4 percent
\nlower and the other minerals index 3.4 percent higher, resulting
\nin a 1.4 percent increase in the total index," the bureau said.
\nMeasured in U.S. dollars, the total index rose 0.8 percent in
\nMarch and 2.1 percent in the year to March.<\/p>\n
In special drawing rights terms, which eliminate the effects
\nof currency movements, the total index fell 0.2 percent in March,
\nbut rose 0.6 percent over the year.<\/p>",
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