SBI rate down to 12.84%<\/p>\n
JAKARTA: The central bank said Wednesday that its one-month Bank
\nIndonesia SBI promissory notes yielded 12.84 percent at its
\nweekly auction, slightly down from 12.89 percent last week.<\/p>\n
The central bank said it accepted Rp 22 trillion in bids for
\nthe one-month SBI notes, or 67 percent of the total bids
\nreceived.<\/p>\n
The size of the rate fall was slightly more than the market
\nhad expected. Market participants were expecting the rate to fall
\nto just 12.87 percent on concerns over rising inflationary
\npressures following the recent hikes in fuel prices and utility
\ncosts.<\/p>\n
Indonesia's average annual inflation stood above 11 percent
\nlast year, above the government's target of slightly below 10
\npercent.<\/p>\n
The rate fall showed the central bank isn't overly concerned
\nwith the impact of the recent price hikes on inflation for the
\nwhole year. Bank Indonesia instead still wants to guide rates
\nlower to help spur economic growth and reduce the weighty costs
\nof the bailout program for the financial sector. -- Dow Jones<\/p>\n
China's industrial output up 12.6%<\/p>\n
SHANGHAI: China's fast growing economy saw its industrial
\noutput in 2002 shoot up 12.6 percent on robust production of
\nconsumer goods and autos, as well as rapidly rising exports,
\nofficial figures said Wednesday.<\/p>\n
Industrial output growth totaled 3.5 trillion yuan (US$422
\nbillion) compared with growth of 9.9 percent last year, the State
\nEconomic and Trade Commission reported.<\/p>\n
For the month of December industrial output grew at its
\nfastest pace in 2002, up 14.9 percent annually to 321.6 billion
\nyuan.<\/p>\n
The commission said it was expecting industrial output in
\nJanuary to nearly match last month's growth figure, up 14.5
\npercent to 266.7 billion yuan.<\/p>\n
According to previous state media reports, China's economy is
\nset to grow by between 7.6 and 7.8 percent next year, down from
\nthe 7.9 percent figure in 2002 that is still awaiting official
\ntabulation.<\/p>\n
Rising exports are one reason Chinese officials are bullish
\nthat Asia's second largest economy will continue its brisk
\ngrowth. -- AFP<\/p>\n
TSE, Shenzhen bourses to cooperate<\/p>\n
TOKYO: The Tokyo Stock Exchange (TSE) said Wednesday it has
\nagreed with China's Shenzhen bourse to promote cooperation for
\nthe development of Asian securities markets.<\/p>\n
The TSE said it signed a memorandum of understanding with the
\nShenzhen Stock Exchange, which will provide "a mechanism of long-
\nterm cooperation to facilitate the development of channels of
\ncommunication."<\/p>\n
They would exchange visits by senior management and provide
\ninformation upon request to each other, the TSE said in a
\nstatement. -- AFP<\/p>\n
S. Korea's 2002 GDP up 6.2%<\/p>\n
SEOUL: South Korea's economy is estimated to have grown 6.2
\npercent last year, Finance and Economy Minister Jeon Yun-Churl
\nsaid Wednesday.<\/p>\n
The economy is forecast to grow about five percent this year,
\nhe said.<\/p>\n
"Last year, (GDP) growth is estimated at 6.2 percent," Jeon
\ntold a seminar, adding that growth was driven by domestic demand
\nduring the first half, and underpinned by exports from the third
\nquarter.<\/p>\n
Jeon said the incoming government of president-elect Roh Moo-
\nHyun shared the views of the current government on macro-economic
\npolicies.<\/p>\n
"Even under the new government, the framework for macro-
\neconomic policies is expected to be maintained. Growth will be
\nabout five percent this year," Jeon said.<\/p>\n
In regard to recently escalating concerns about the possibly
\nnegative impact of North Korea's nuclear problems on the overall
\neconomy, Jeon said Kim Dae-Jung government's "sunshine policy" of
\nengagement with the North should be maintained despite criticism.
\n-- AFP<\/p>\n
British jobless falls to 27-year low<\/p>\n
LONDON: British unemployment fell to 928,300 in December when
\n5,800 people signed off the benefits register, leaving the
\njobless rate steady at 3.1 percent, official figures showed
\nWednesday.<\/p>\n
The latest decline left the jobless total at its lowest level
\nsince September 1975, the National Statistics office said.<\/p>\n
The International Labor Organization's measure of unemployment
\nfell by 5,000 in the three months to November from the previous
\nquarter to 1.52 million.<\/p>\n
The ILO unemployment rate was unchanged on the quarter at 5.2
\npercent.<\/p>\n
The annual growth rate of headline average earnings rose 0.1
\npercentage points to 3.8 percent in the November quarter.<\/p>\n
Analysts had expected a fall of 2,000 in the December jobless
\ntotal. -- AFP<\/p>",
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