OPEC may up output: Purnomo
OPEC may up output: Purnomo
JAKARTA: Indonesia's Energy Minister Purnomo Yusgiantoro, who will take over the presidency of OPEC from next year, said on Tuesday the organization would increase output by 500,000 barrels per day (bpd) if oil prices stay above US$28 for more than 20 days.
The Organization of Petroleum Exporting Countries' (OPEC) decision to cut output by 900,000 bpd to 24.5 million bpd from Nov. 1 has led to a spike in crude oil prices above the organization's target $22-$28 a barrel price band.
OPEC's crude oil price basket has been trading above $28 for seven days, Purnomo said.
"OPEC will certainly increase its supply by 500,000 bpd if the price remains above $28 a barrel for 20 days," he told reporters. --Dow Jones
;AFP; ANPAf..r.. Money-Japan-economy Japanese firms up capital spending JP/16/Money
Japanese firms up capital spending
TOKYO: Private-sector capital spending in Japan in the 12 months to March 2004 will expand for the first time in three years, according to a newspaper survey published on Tuesday.
The latest survey showed a 4.1 percent increase in capital spending plans for all industries, up from a 1.9 percent decline indicated in the prior survey in March, the Nihon Keizai Shimbun said.
Manufacturers now anticipate a 7.2 percent rise in capital spending, instead of a 0.5 percent hike expected at the beginning of the current fiscal year, the newspaper said.
Non-manufacturers, which had projected a 4.2 percent drop in capital spending, now expect growth of 0.8 percent, which would mark the first increase for that sector in seven years, the Nihon Keizai said.
Of the 17 manufacturing sectors, 13 plan to boost capital spending on the year. Sectors like electronic devices as well as steel and non-ferrous metals are taking the lead with double- digit increases, it said.
"Encouraged by improving corporate earnings and rising share prices, a growing number of companies are eager to step up their capital investment plans from those originally formulated at the start of the fiscal year," the Nihon Keizai said. -- AFP
;AFP; ANPAf..r.. Money-WTO-HongKong HK to host crucial WTO meeting JP/16/Money
HK to host crucial WTO meeting
HONG KONG: The World Trade Organization's (WTO) general council has selected Hong Kong to host the global trade body's next ministerial meeting, the Hong Kong government said on Tuesday.
The last round of the crucial WTO ministerial conference to spur momentum toward a new global trade pact collapsed in Cancun, Mexico last month.
John Tsang, Hong Kong's secretary for commerce, industry and technology, welcomed the council's unanimous decision, saying "this is a strong vote of confidence in Hong Kong."
"It is also a reflection of the WTO membership's appreciation of Hong Kong, China's constructive and active participation in the organization," he said.
"We will do our best to stage a conference that is successful in both substantive and logistical terms," Tsang said.
The timing of the next ministerial conference still needs to be worked out with reference to progress to be made in the next few months in Geneva, and the wishes of WTO members, the spokesman said.
But the sixth ministerial meeting is expected to be held in December next year.--AFP
;AFP; ANPAf..r.. Money-Stocks-India FII in Indian markets soars JP/16/Money
FII in Indian markets soars
BOMBAY: Foreign institutions have invested US$5 billion in India so far this year, with equity markets taking the biggest chunk, officials said on Tuesday.
It is a huge rise compared to 2002 when foreign institutional investors (FII) injected a total of US$740 million into India for the whole of the year.
The FII data compiled by the Securities and Exchange Board of India said net equity and debt investments made by foreign funds between January 2003 and Oct. 19 touched $5 billion, with equity attracting more than $4 billion.
In the first 19 days of October, FIIs invested $981 million, while investment in debt was $55.9 million.
Analysts said the key factor driving the high foreign investment was India's good economic prospects and high growth figures.
Indian markets have been surging since May 2003 on the back of the foreign investor investments.
"The market is in the grip of foreign investors and this data was expected looking at the rise in our market," said a dealer with a domestic brokerage.
The Bombay Stock Exchange's 30-share index has surged over 70 percent since May, making it one of the biggest gainers in world markets. -- AFP