SINGAPORE: Total motor vehicle sales in Southeast Asia's top
SINGAPORE: Total motor vehicle sales in Southeast Asia's top four markets namely Indonesia, Malaysia, Thailand and the Philippines during the two months to February rose 19 percent to 177,644 units from 149,533 a year earlier, Automotive Resources Asia Ltd (ARA) said.
Thailand posted a 40 percent increase in sales during the two- month period to 51,529 vehicles, Malaysia 21 percent to 69,068, and Indonesia 3.75 percent to 45,622.
The Philippines saw sales fall 2.23 percent to 11,425 units, according to ARA, which monitors the car market in the Association of Southeast Asian Nations (ASEAN) and China.
"Consumer confidence remained strong in Thailand, reflected in rising automobile sales, while Malaysia and Indonesia showed signs of a slowdown in demand," ARA associate May Arthapan said. -- AFX-Asia
WB restarts work in Afghanistan
WASHINGTON: The World Bank said on Thursday it had resumed its activities in war-torn Afghanistan for the first time since 1979 with the approval of a $10 million grant for emergency public administration projects.
The money will help rebuild financial institutions like the Finance Ministry and set up a functional payments system so that millions of dollars in funds, promised by donors to try and get the struggling country back on its feet, can be used more effectively.
"The Bank's founding objective for its support to Afghanistan is to assist the government and people of Afghanistan in their vital transition to a prosperous, inclusive and peaceful future," Alastair McKechnie, World Bank country director for Afghanistan said in a statement. -- Reuters
Glimmer of hope in Middle East keeps gold subdued
LONDON: European gold struggled above US$300 an ounce on Friday morning as a glimmer of hope emerged in the Middle East and profit-taking appeared to have run its course, traders said.
Gold dipped below $300 in late European business on Thursday and did so in U.S. and Asian trading, after U.S. President Bush eased market fears by calling for a halt to Israel's drive in the West Bank.
But dealers said the $300 barrier looked like holding as speculative buyers move in at lower numbers.
By 1004 GMT (5 p.m. Jakarta time), gold was at $300.60/301.10, 10 cents off the last close in New York.
Silver meanwhile was content to track gold with prices last at $4.62/4.64, compared with the last New York close of $4.62/4.63. -- Reuters
Canada jobless drops in March
OTTAWA: Canada's economy churned out jobs at a stronger-than- expected pace in March and the jobless rate fell to 7.7 percent from 7.9 percent in February, Statistics Canada said on Friday.
The March rate, below expectations of 7.9 percent, is a strong sign that economic recovery has taken hold and the Bank of Canada may begin to raise interest rates to prevent economic overheating.
The Canadian dollar rose and domestic bonds fell steeply in reaction to the news. The price of bonds moves in opposite directions to the yield, so lower prices mean higher interest rates.
Statscan said full-time employment rose by 40,000 and part- time employment by 48,000 in March. That brought gains in the first quarter of 2002 to 170,000 jobs -- the largest quarterly rise since 1987. -- Reuters