OPEC okays $250m loans<\/p>\n
ABU DHABI: The OPEC Fund agreed to lend a fresh US$250 million
\nto the private sector in poor and developing countries at a
\nmeeting in Abu Dhabi on Wednesday, the fund's director general
\ntold AFP.<\/p>\n
This will take to $500 million the total of loans extended to
\nthe private sector in these countries, Y. Seyid Abdulai said.<\/p>\n
Finance ministers from the member states of the Organization
\nof Petroleum Exporting Countries (OPEC) held the annual meeting
\nof the OPEC Fund in the absence of member Iraq, and Abdulai said
\nthey had not discussed extending reconstruction assistance to the
\nwar-torn country.<\/p>\n
He had told reporters on Tuesday that aid to Iraq might come
\nup during the meeting.<\/p>\n
Although the OPEC Fund does not provide assistance to its
\nmember countries, \"Iraq is a special case. The ministers can
\ndiscuss whatever they want and whom to fund,\" Abdulai said. --AFP<\/p>\n
FDI growth in China rose<\/p>\n
BEIJING: Foreign direct investment (FDI) in China for the
\nfirst five months of the year rose a better-than-expected 48.15
\npercent from 2002 despite the SARS virus, official data showed
\nThursday.<\/p>\n
The country's FDI in May jumped 39.47 percent from the year
\nbefore to 5.44 billion dollars, the Ministry of Commerce said on
\nits website.<\/p>\n
Contracted FDI -- a measure of future business -- rose 42.22
\npercent year-on-year to US$38.22 billion in January-May, and was
\nup 17.62 percent to $7.69 billion in May.<\/p>\n
Analysts said the growth rates were much better than expected
\ndespite the Severe Acute Respiratory Syndrome (SARS) outbreak.<\/p>\n
\"I was really surprised at the strong growth in FDI despite
\nempty hotels and vacant seats on planes last month,\" said Dong
\nTao, Credit Suisse First Boston chief economist for Asia.<\/p>\n
\"China shows its competitiveness in attracting foreign
\ninvestment even during the SARS epidemic, and this
\ncompetitiveness results from vast market potential and cheap
\ncosts,\" Dong said. -- AFP<\/p>\n
German economy in recession<\/p>\n
BERLIN: The German economy is now technically in recession
\nafter another downturn expected to be shown for the second
\nquarter of 2003, a leading think tank said Thursday.<\/p>\n
The German Economic Research Institute DIW in Berlin said it
\nforesees a 0.1 percent drop in the gross domestic product in the
\nquarter ending June 30.<\/p>\n
\"Technically speaking we can therefore speak of a recession,\"
\nDIW expert Andreas Cors said.<\/p>\n
Economists define a recession as two quarterly downturns in
\nsuccession. In the first quarter, Germany's GDP shrank by 0.3 per
\ncent.<\/p>\n
The DIW became the first of Germany's six major independent
\neconomic institutes to issue a projection for the second quarter,
\nwith the think tank saying its estimate is based on such factors
\nas production and sales in key industrial sectors.<\/p>\n
Last week the German Economics Ministry said it was still
\nexpecting 0.75 percent growth for Europe's largest economy this
\nyear. -- DPA<\/p>\n
Aussie jobless rate edges down<\/p>\n
SYDNEY: Australia's unemployment rate dropped 0.1 points to
\n6.0 percent in May, showing pessimism about an economic slowdown
\nhad been overstated, Employment Minister Tony Abbott said
\nThursday.<\/p>\n
Abbott said the jobless rate could still dip below six percent
\nin coming months, although signs for the job market were mixed.<\/p>\n
Official figures showed the unemployment rate dropped to six
\nper cent in May for only the fourth time since the 1990
\nrecession, following a surprise 29,000 jump in jobs.<\/p>\n
The figure was at the top end of market expectations.<\/p>\n
Abbott said the Australian economy had proven to be remarkably
\nresilient over the last few years.<\/p>\n
\"It's quite possible that we'll get lower in the next few
\nmonths but then again we might not; there are mixed signals at
\nthe moment,\" he told public radio.<\/p>\n
\"Some of the private sector forecasts are a bit less gloomy
\nthan they were and certainly the department of employment's
\nleading indicator has been nudging up for the last three months.
\n-- AFP<\/p>",
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