Thailand, Malaysia, Indonesia To Set Up Rubber JV<\/p>\n
BANGKOK:Thai Prime Minister Thaksin Shinawatra announced late
\nFriday Malaysia, Indonesia and Thailand had agreed to set up a
\njoint-venture company to manage trading of rubber, a major
\ncommodity in all three countries.<\/p>\n
"The company will ensure rubber prices that assure the
\nlivelihood of the farmers and won't hurt the industry," Thaksin
\ntold reporters.<\/p>\n
The agreement was reached at a meeting hosted by Thaksin and
\nattended by Rini M.S., Indonesia's Minister of Trade and
\nIndustry, Lim Keng Yaik, the Minister of Primary Industry of
\nMalaysia and Thai Commerce Minister Adisai Bodharamik. -Dow Jones<\/p>\n
Pakistan to end gas subsidies, hike prices<\/p>\n
ISLAMABAD: Pakistan said on Friday it was immediately raising
\ndomestic gas tariffs by up to 20 percent, and would phase out all
\ngas subsidies within the next three years.<\/p>\n
The withdrawal of the subsidies was one of the World Bank's
\nmain conditions for its three-year US$1 billion energy sector
\nreform program, from which Pakistan has received $350 million.<\/p>\n
But the poorest section of consumers, generally those using
\nthe least gas and which account for about 40 percent of the
\ntotal, would not have to pay higher charges, Abdullah Yousaf,
\npetroleum and natural resources secretary, told a news
\nconference.-Reuters<\/p>\n
Swiss to vote on reduced working hours<\/p>\n
GENEVA: Swiss voters on Sunday will decide in a referendum if
\nthey want to follow in France's footsteps by introducing a
\nreduced, 36-hour working week.<\/p>\n
The motion was presented by the country's main trade union
\nfederation USS four years ago, but observers say it has little
\nchance of success.<\/p>\n
The government and employers have rejected the proposal as
\nunworkable and even USS has admitted it mainly wanted to trigger
\na debate on working hours and conditions.<\/p>\n
The average working week is 42 hours and Swiss law currently
\nsets an maximum of 45 to 50 hours. -AFP<\/p>\n
Europe gold tests support in AM, eyes BoE auction<\/p>\n
LONDON: Gold prices drifted lower in thin morning trade in
\nEurope on Friday, testing key US$296 support with most players
\nsidelined ahead of the next week's final Bank of England gold
\nauction, traders said.<\/p>\n
The metal was fixed softer at US$295.80 a troy ounce versus
\nThursday's afternoon fix at $297.40 an ounce.<\/p>\n
At 1055 GMT spot silver was quoted steady at $4.49\/4.51, down
\nslightly from Thursday's close of $4.51\/4.53.<\/p>\n
The platinum group metals traded quietly, with spot platinum
\nlast quoted at $485.00\/496.00, little changed from $485.00\/495.00
\nNew York close and palladium at $368.00\/378.00, against
\n$373.00\/383.00 in New York. -Reuters<\/p>",
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"sponsor": "Okusi Associates",
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