Thailand may import crude from RI<\/p>\n
SINGAPORE: Thailand may import crude oil from Indonesia,
\nMalaysia and Brunei in the event of a possible oil supply
\ndisruption from the Middle East, according to a local newspaper
\nreport Friday.<\/p>\n
According to a report in the Business Day, quoting Metta
\nBunturngsuk, National Energy Policy Office deputy secretary-
\ngeneral, the decision was made at a meeting held to discuss
\nmeasures increase a possible U.S. military strike against Iraq
\ndisrupts crude oil shipments from the Middle East.<\/p>\n
A Nepo official confirmed Metta's comments, but said the
\narrangement is already provided for under an existing agreement
\namong members of the Association of Southeast Asian Nations. The
\nofficial said the agreement is being updated, but wouldn't
\nprovide further details.<\/p>\n
Thailand's oil and natural gas consumption averaged 993,900
\nbarrels of oil equivalent a day from January to July, up 5.9
\npercent from the same period last year.<\/p>\n
Thailand imports most of its crude oil from the Middle East,
\nwith 521,000 barrels a day in the first seven months of this
\nyear, compared with 139,000 barrels per day from the Far East. --
\nDow Jones<\/p>\n
Japan bankruptcies jump 44%<\/p>\n
TOKYO: The liabilities of Japanese firms that went bankrupt in
\nAugust rose 44 percent to 1,059.22 billion yen (US$8.8 billion)
\nfrom a year earlier, a private research firm said Friday.<\/p>\n
\"A series of large-scale bankruptcies inflated the liability
\nfigure,\" said Teikoku Data Bank said in a report.<\/p>\n
The number of failed businesses fell 3.1 percent in August
\nfrom a year earlier to 1,562 companies, the company said.<\/p>\n
Deflation had continued to take a heavy toll amongst Japanese
\ncompanies with 1,205 failing due to the ongoing recession.<\/p>\n
Real estate developer Chisan failed with 320.7 billion yen in
\nliabilities in the biggest single bankruptcy. Gashu Enterprise,
\nwhich offers bridal services and operates a wedding center and
\nhotel, went under with liabilities of 88.3 billion yen.<\/p>\n
\"More than 75 percent of the failures happened due to the
\ncurrent deflationary recession, with many firms saying 'we cannot
\nsell' and 'we cannot make payments on loans',\" Teikoku said. --
\nAFP<\/p>\n
China's foreign investment surges<\/p>\n
BEIJING: A flood of overseas cash pouring into China's economy
\npicked up still further during August, with foreign investment
\ngrowing 25.5 percent in the first eight months of the year,
\nofficial figures said Friday.<\/p>\n
The figure is well up on the 22 percent year-on-year rise seen
\nduring the first seven months, the Ministry of Foreign Trade and
\nEconomic Cooperation said.<\/p>\n
A total of US$34.44 billion of investment entered China in the
\neight months to August, the ministry said, with $4.9 billion in
\nAugust alone.<\/p>\n
Contracted foreign investment -- commitments to spend in the
\nfuture -- grew even more sharply, up 42.4 in the eight months, a
\nnotable leap from the 34.9 percent seen during the first seven
\nmonths.<\/p>\n
Foreign investment has been growing rapidly this year as
\noverseas firms take advantage of gradual opening up of Chinese
\nmarkets following the country's entry to the World Trade
\nOrganization (WTO) in December. -- AFP<\/p>\n
Venezuela, U.S. discuss oil pact<\/p>\n
CARACAS: The United States and Venezuela are discussing a pact
\nto guarantee Venezuelan oil exports for 20 years.<\/p>\n
Venezuela has the largest oil reserves in the Western
\nHemisphere and is among the top four oil suppliers to the United
\nStates. The South American country produces about 2.5 million
\nbarrels a day.<\/p>\n
U.S. Undersecretary of State for Economic Affairs Alan Larson
\ndiscussed the deal with President Hugo Chavez and oil officials
\nThursday. While no details were released, Larson said U.S.
\ncompanies were eager to invest in Venezuela to \"increase oil
\nproduction to make it more profitable\" and promote Venezuelan
\ndevelopment and democracy.<\/p>\n
The talks come amid concerns that any U.S.-led action against
\nIraqi President Saddam Hussein could disrupt global oil markets.
\n-- AP<\/p>\n
ECB leaves key rate unchanged<\/p>\n
FRANKFURT: The European Central Bank left interest rates
\nuntouched for the 10th straight month Thursday as the continent's
\neconomic recovery struggles to gather pace.<\/p>\n
Bank president Wim Duisenberg, who gave no indication of when
\nthe bank would make its next move and what it would be, said
\nstronger growth wouldn't come until next year.<\/p>\n
Economists don't expect the bank to raise rates - a move meant
\nto fight inflation, but which risks dampening growth - until well
\ninto 2003. The bank's key refinancing rate has stood at 3.25
\npercent since Nov. 8 last year.<\/p>\n
Duisenberg stressed that prospects for growth in the 12
\ncountries using the euro currency were more uncertain than he
\nwould like.<\/p>\n
\"Sharp declines in stock prices are having negative effects on
\nconsumer and investor confidence,\" Duisenberg said at a news
\nconference. \"Consequently, the strength of the upturn in economic
\nactivity has become more uncertain, both inside and outside the
\neuro area.\" -- AP<\/p>",
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