Thailand, Malaysia, Indonesia To Set Up Rubber JV
Thailand, Malaysia, Indonesia To Set Up Rubber JV
BANGKOK:Thai Prime Minister Thaksin Shinawatra announced late Friday Malaysia, Indonesia and Thailand had agreed to set up a joint-venture company to manage trading of rubber, a major commodity in all three countries.
"The company will ensure rubber prices that assure the livelihood of the farmers and won't hurt the industry," Thaksin told reporters.
The agreement was reached at a meeting hosted by Thaksin and attended by Rini M.S., Indonesia's Minister of Trade and Industry, Lim Keng Yaik, the Minister of Primary Industry of Malaysia and Thai Commerce Minister Adisai Bodharamik. -Dow Jones
Pakistan to end gas subsidies, hike prices
ISLAMABAD: Pakistan said on Friday it was immediately raising domestic gas tariffs by up to 20 percent, and would phase out all gas subsidies within the next three years.
The withdrawal of the subsidies was one of the World Bank's main conditions for its three-year US$1 billion energy sector reform program, from which Pakistan has received $350 million.
But the poorest section of consumers, generally those using the least gas and which account for about 40 percent of the total, would not have to pay higher charges, Abdullah Yousaf, petroleum and natural resources secretary, told a news conference.-Reuters
Swiss to vote on reduced working hours
GENEVA: Swiss voters on Sunday will decide in a referendum if they want to follow in France's footsteps by introducing a reduced, 36-hour working week.
The motion was presented by the country's main trade union federation USS four years ago, but observers say it has little chance of success.
The government and employers have rejected the proposal as unworkable and even USS has admitted it mainly wanted to trigger a debate on working hours and conditions.
The average working week is 42 hours and Swiss law currently sets an maximum of 45 to 50 hours. -AFP
Europe gold tests support in AM, eyes BoE auction
LONDON: Gold prices drifted lower in thin morning trade in Europe on Friday, testing key US$296 support with most players sidelined ahead of the next week's final Bank of England gold auction, traders said.
The metal was fixed softer at US$295.80 a troy ounce versus Thursday's afternoon fix at $297.40 an ounce.
At 1055 GMT spot silver was quoted steady at $4.49/4.51, down slightly from Thursday's close of $4.51/4.53.
The platinum group metals traded quietly, with spot platinum last quoted at $485.00/496.00, little changed from $485.00/495.00 New York close and palladium at $368.00/378.00, against $373.00/383.00 in New York. -Reuters