RP economy grows by 4.1-4.3%
RP economy grows by 4.1-4.3%
MANILA: The Philippines' economy is estimated to have grown by
between 4.1 and 4.3 percent last year, Finance Secretary Jose
Isidro Camacho said Monday.
The figure for gross domestic product (GDP) growth is within
the government's official target of between 4.0 and 4.5 percent
for the year, he said.
"I think we exceeded everyone's expectations, including our
own," Camacho told the Foreign Correspondents Association of the
Philippines. Most economists had expected that economic growth in
2002 would fall below the government's target.
Growth was underpinned by services and exports, which also
helped the manufacturing sector, he said. -- AFP
EC to unveil economic report
LONDON: The European Union is losing its battle to become the
world's most competitive economy by 2010 because of sluggish
growth and lack of political will to promote economic reforms,
the European Commission will warn on Tuesday, the Financial Times
reported.
The document on the economic future of the European Union
highlights the risks of a "two-tier" Europe where some countries
- such as Sweden and Denmark - are doing much better than others
such as Greece, Italy and France, the financial daily said.
The Commission warns that the difference in performance will
be exacerbated by the accession of another 10 countries, mostly
from eastern Europe, in 2004.
The document sets out the Commission's position ahead of an EU
summit in March.
"It could raise tensions with some EU governments, such as
France and Germany, which take a dim view of Brussels' reprimands
on economic reform," the paper said. -- AFP
PM regrets exodus of foreign CEOs
SINGAPORE: The departure of foreign chief executive officers
(CEOs) from big Singapore companies could hurt efforts to draw
foreign talent, the prime minister said in remarks published
Monday.
"One after another, you find that the GLCs (government-linked
companies) have retired prematurely their CEOs," Prime Minister
Goh Chok Tong was quoted as saying in the Straits Times.
"I am unhappy because it creates an impression that Singapore
doesn't welcome foreign talent, but that impression must be
removed," the 61-year-old leader said.
Importing foreign talent would remain a cornerstone of the
government's policy given the island's small population base, he
said.
Goh's remarks came after the sudden departure last week of
Flemming Jacobs, a 59-year-old Dane who headed state-linked
shipping company Neptune Orient Lines (NOL).
Jacobs' contract was not up for renewal until the middle of
next year and he told a Danish newspaper that NOL's weak
performance had to do with his departure from the company.
Other foreign CEOs who resigned last year included Philippe
Paillart from DBS Holdings and Thomas Kloet from the Singapore
Exchange. -- AFP
Japan cuts reliance on Daqing oil
SINGAPORE: Japan has reduced its reliance on term imports of
Daqing crude oil in a bid to diversify crude sources amid falling
production at Daqing - China's largest oil field, traders said
Monday.
China-based oil traders pegged Japan's purchases of Daqing
crude at 3 million metric tons last year compared with 8 million
tons/year five years ago, and they expect this year's volume will
be even lower than last year.
China National United Oil Co., or Chinaoil, the government-
appointed entity for exporting Daqing crude to Japan, will start
negotiations Wednesday with Japanese trading house in Beijing on
Daqing sales volume and prices for 2003.
"Japanese traders now have more sources to get alternative
supplies such as Indonesia's Minas (crude), thus reducing imports
of Daqing crude," said one China-based oil trader.
He said Japanese trading house Idemitsu Kosan Co. last year
proposed cutting Japan's 2002 Daqing crude purchases to below 3
million tons/year, but then agreed to roll over the year-earlier
import volume of 3 million tons. Idemitsu represents Japanese oil
companies that import Daqing crude. -- Dow Jones
Dubai readies $410m bond issue
DUBAI: Dubai will shortly issue a US$410-million bond to help
fund the hosting of the September 2003 joint meeting here of the
World Bank and International Monetary Fund (IMF), organisers said
Monday.
The bond will be "launched early in 2003," said Ibrahim
Belselah, coordinator of "Dubai 2003" and government
representative for the bond issue.
"The issue sends a clear signal about the intention of Dubai
to become a major international financial center and will
contribute to the development of the United Arab Emirates capital
market by creating a liquid five-year benchmark," Belsaleh said
in a statement.
The bond, the first to be issued by the Dubai government and
the first fixed-interest rate bond to be listed in the UAE, will
have a five-year tenor with a bullet repayment.
Joint lead arrangers are Emirates Bank International, HSBC
Financial Services (Middle East) Ltd., National Bank of Abu Dhabi
and Standard Chartered Bank. ABN AMRO is financial consultant to
the issuer. -- AFP