JAKARTA: Saudi Arabia and Indonesia are ready to boost crude

JAKARTA: Saudi Arabia and Indonesia are ready to boost crude oil output if the Organization of Petroleum Exporting Countries' basket price stays above US$28 a barrel for 20 consecutive days, Indonesia's Oil and Energy Minister Purnomo Yusgiantoro said Tuesday.

"There's a tendency that oil prices will remain high, and Saudi Arabia is ready to boost its output," he told reporters. "Indonesia will support the move."

Saudi Arabia is the largest crude oil producer among the OPEC member countries.

Under its price-band mechanism, OPEC will increase output by 500,000 barrels a day if the price of its basket of crudes remains above $28/bbl for 20 consecutive trading days, or cut output by 500,000 b/d if the price stays below $22/bbl for 10 consecutive trading days.

The OPEC basket price has been over $28 for five trading days now. It averaged $28.22/bbl last Friday, up from $28.17/bbl Thursday, according to OPEC's latest price bulletin issued Monday. -- Dow Jones

U.S. smoked 422b cigarettes in 2001

WASHINGTON: People in the United States smoked 422 billion cigarettes last year, down 2 percent from 2000, as higher prices and tougher regulations kept many from lighting up, the U.S. Agriculture Department said on Monday.

"Health concerns, an aggressive anti-smoking campaign, price increases and decreased social acceptance of smoking continue to affect U.S. consumption," the USDA said in its monthly tobacco report.

For the fourth consecutive year, U.S. cigarette production fell, to 580 billion cigarettes in 2001, down from 595 billion the previous year. For 2002, production was expected to remain unchanged.

World cigarette production declined slightly in 2001 to 5.470 trillion, down from 5.468 trillion the previous year. Increased production in China and Germany helped offset the decline in the United States.

China, the world's largest cigarette producer, made 1.71 trillion smokes, up 8 billion from 2000.

Germany produced 213.8 billion cigarettes, up from 206.8 billion in 2000. The German increase was due to rising demand in France, Spain and Italy. -- Reuters

Taiwan bans polystyrene tableware

TAIPEI: The authorities on Tuesday took another step forward in their aim of creating a more environmentally friendly Taiwan when they imposed a ban on the use of polystyrene and plastic tableware by public sector catering facilities.

Subject to the "eco-friendly" restrictions are the canteens of government agencies, state enterprises, military units, schools, and of public hospitals, the Environmental Protection Administration (EPA) said.

"Any restaurant violating the rules will be fined up to NT$300,000 (US$8,570)," an EPA official said.

The measures were part of an EPA policy introduced on July 1 which also includes a ban on the distribution of plastic bags by government agencies, schools and military units.

The ban on the polystyrene and plastic tableware was postponed for three months because of hygiene worries during the summer drought.

The EPA estimated the ban would reduce Taiwan's total consumption of polystyrene and plastic tableware by 3.57 percent a year.

The ban on plastic bags will be extended to supermarkets, chain stores, fast-food shops and department stores from Jan. 1. -- AFP

South Korean exports surge

SEOUL: South Korean exports posted a third consecutive month of double-digit growth in September despite weak demand from the United States, officials said Tuesday.

Exports rose 12.6 percent from a year earlier to US$14.01 billion in September, compared with $13.99 billion in August, the Commerce, Industry and Energy Ministry said.

"Exports posted three consecutive months of double digit growth on the back of stronger demand for semiconductors, computers, telecoms equipment and other electronics goods," it said in a statement.

The monthly trade surplus dropped to $1.00 billion in September from $1.12 billion in August.

But the trade surplus in the nine months to September surged beyond the goverment's full-year target of seven billion dollars to $7.79 billion from $7.33 billion a year ago, the ministry said. -- AFP

Japan business confidence rises

TOKYO: The Bank of Japan said Tuesday its latest Tankan survey showed business confidence had risen in the past three months, with the large manufacturers' index improving to minus 14 from minus 18.

The index of large non-manufacturers' confidence edged up to minus 13 in the September survey from minus 16 in the previous Tankan in June, it said.

The consensus view among economists is that the index of business confidence at large manufacturers will come in at minus 12 and investors hardly reacted to the outcome of the Tankan survey.

As a detailed study of Japanese businesses and their plans for the months ahead, the quarterly Tankan survey is the central bank's key source of data for planning.

The indices measure the difference between firms saying economic conditions are favorable and those saying they are unfavorable. A negative figure means a majority of firms believe conditions are unfavorable. -- AFP