MONAY MATTERS<\/p>\n
Indonesia's gross foreign exchange reserves rose to US$28.08
\nbillion as of Nov. 23 from $27.73 billion the week before, due to
\nstate revenues received from oil and gas exports during the
\nperiod. Net foreign exchange reserves rose to Rp128.79 trillion
\nfrom Rp125.85 trillion a week earlier, based on Bank Indonesia's
\nconstant exchange rate of Rp7,000. --Dow Jones<\/p>\n
The weighted average interest rate on one-month Sertifikat Bank
\nIndonesia notes rose slightly at the weekly auction Wednesday,
\nthe central bank said. The one-month SBI notes stood at 17.60
\npercent, up from 17.59 percent at last week's auction, Bank
\nIndonesia said. BI said it accepted Rp14.05 trillion in bids at
\nthe auction, or 99.8 percent of total bids. --Dow Jones<\/p>\n
An investment arm of the Singapore government said it has bought
\nsome 3.9 million additional shares of Indonesia's auto giant PT
\nAstra International, but remains a minority shareholder. In a
\nletter to the Jakarta Stock Exchange obtained by Reuters on
\nWednesday, the Government of Singapore Investment Corp. said it
\nbought 3.9 million shares of Astra on Nov. 21, raising its stake
\nto 5.42 percent from 5.26 percent. --Reuters<\/p>\n
Japan is planning to provide 2.0 billion yen (US$16.15 million)
\nin grants to India, which has seen its economy worsen since the
\nSept. 11 attacks against the United States, NHK public television
\nsaid on Wednesday. The assistance would be Japan's first
\nprovision of new aid to India since it suspended economic
\nsanctions against the country last month. --Reuters<\/p>\n
South Korea's economy is likely to bounce back and grow between
\nfour and five percent next year, President Kim Dae-jung said on
\nWednesday. Kim told Reuters in an interview he favored more
\nflexible policies to safeguard growth in one of Asia's best
\nperforming economies. He also vowed to leave the fate of unsound
\n\"chaebol\" conglomerates to market forces. --Reuters<\/p>\n
The IMF and the World Bank have agreed to provide Tanzania with a
\ntotal US$3 billion in debt relief under an initiative for the
\nworld's most indebted nations, the two organizations announced
\nTuesday. Tanzania is the fourth to qualify for debt reduction
\nunder the World Bank and International Monetary Fund's Heavily
\nIndebted Poor Countries initiative, after Bolivia, Mozambique and
\nUganda. --AFP<\/p>\n
Vietnam's National Assembly is expected on Wednesday to approve a
\nhistoric trade agreement with the United States that will give it
\naccess to the world's biggest market at the same low tariffs
\nenjoyed by most nations. The agreement, expected to take effect
\nat the start of next year, will finally remove Washington's
\nformer enemy from a small group of states, including North Korea,
\nAfghanistan, Serbia and Cuba, denied normal trade relations with
\nthe United States. --Reuters<\/p>\n
Mexico, whose leaders have often condemned anti-globalization
\nprotesters, has become the first country to offer to host a World
\nTrade Organization ministerial meeting in 2003, officials said on
\nTuesday. Trade envoys say South Africa has informally expressed
\nan interest in hosting the meeting, which is likely to attract
\nlarge numbers of anti-globalization protesters. --Reuters<\/p>\n
Growth in the euro-zone money supply, which the European Central
\nBank views as a key indicator of future inflation, accelerated
\nfurther in October, data published on Wednesday showed. But
\nanalysts said the development would not necessarily reduce the
\nchances of further rate cuts in the 12-country euro zone, because
\nthe data were still being distorted by special factors. --AFP<\/p>\n
Credit rating agency Standard and Poor's (S and P) said Wednesday
\nit will place 12 Japanese banks on credit watch with negative
\nimplications citing their feeble finances and crippling bad loan
\nburden. \"Japan's banking sector will likely require additional
\ndirect government capital injections of up to three percent of
\nGDP (gross domestic product) to remain solvent,\" the U.S. risk
\nevaluator said in a statement when it downgraded Japan's
\nsovereign debt ratings. --AFP<\/p>\n
Oil prices tilted lower on Wednesday after weekly data from the
\nUnited States showed inventories rising and demand slowing.
\nU.S. stocks of gasoline and heating oil swelled sharply last week
\nas high refinery production and lower demand piled up surplus
\nfuel, the American Petroleum Institute (API) said in a report
\nreleased after the close of business on Tuesday. Brent crude
\ntraded in London fell 24 cents to $18.78 a barrel. -- Reuters<\/p>",
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