S'pore manufacturing output up
S'pore manufacturing output up
Singapore's manufacturing output rose for the fourth straight month in July with a 17.8 percent surge from last year, with the performance again bolstered by the fledgling biomedical sciences, the government said Monday.
The latest industrial figures are a further confirmation the island-state has overcome its worst ever recession which saw gross domestic product (GDP) shrink two percent last year.
Biomedical sciences, the beneficiary of several billion dollars of state investment, saw output grow 51.4 percent in July over the same month last year, the Economic Development Board (EDB) said.
The performance followed a 138 percent year-on-year rise in June, 133 percent in May and 31 percent in April,
The industry covers both pharmaceuticals and medical technology, with pharmaceuticals leading the expansion.
"Output of pharmaceuticals increased by 58.7 percent due mainly to the new capacities that were operational in the latter part of 2001," the EDB said.
Biomedical sciences is one of four clusters that make up Singapore's vital manufacturing sector, and has been listed as a new growth area for the island-state. -- AFP
EU, Korea hold shipbuilding talk
The European Union and South Korea kicked off two-day talks Monday aiming to reach a settlement on their long-simmering row over alleged subsidies given by Seoul to the domestic shipbuilding industry.
The EU has threatened to file a complaint with the World Trade Organization if there is no agreement by the end of September.
"The two-day meeting will be dominated by the EU's complaint that our shipbuilding industry has received subsidies," said an official at the ministry of commerce, industry and energy.
European shipbuilders have called for anti-dumping tariffs on South Korean shipbuilders in an attempt to guard their cruise ship market. They contend they are threatened by the excess capacity of heavily indebted South Korean rivals.
EU officials have suggested that member states should actively support their own shipbuilding sectors, although some countries such as Britain have traditionally resisted intervention.
South Korean trade officials, however, have accused European nations of using the row as an excuse to resume subsidies to their shipbuilders.
The worldwide shipbuilding industry has been driven towards crisis due to falling prices induced by excess capacity. -- AFP
Thailand to clear its IMF debt
Prime Minister Thaksin Shinawatra vowed Sunday to clear Thailand's billion-dollar-plus debt with the International Monetary Fund (IMF) by early 2003, citing improved foreign currency reserves.
"We can pay it all by next January," Thaksin said on Thai Business Radio, clarifying that he meant only debts to the IMF and "not the debts we owe other countries".
According to an official IMF executive board notice on February 8, Thailand's debt to the fund stood at US$1.5 billion out of the $3.2 billion it drew from 1997 as part of the kingdom's $17.2 billion financial bailout.
By May, the IMF debt had been reduced to $1.2 billion, according to Bank of Thailand figures.
The radio report said Thaksin had expressed satisfaction with the country's foreign reserves and was not worried that the pay- off would scupper Thailand's economic recovery.
Thailand's current account balance of payments stood at $563 million in May, while the country's foreign reserves in June topped $36 billion, according to the Bank of Thailand. -- AFP
German import prices fall again
The price of imported goods in Germany continued to fall in July, official data showed on Monday.
The German import price index fell by 0.5 percent in July from June and was 4.2 percent lower than it had been in July 2001, the Federal Statistics Office calculated.
In both June and May, the index fallen by 5.2 percent and 4.3 percent respectively on a 12-month basis.
Excluding oil and petrol, the import price index would have fallen by 3.3 percent year-on-year, the statisticians said in a statement.
At the same time, the German export price index edged 0.1 percent lower in July from June and was 0.5 percent lower than it had been in July 2001, the office said. -- AFP