July 13: Germany's Westdeutsche Landesbank (West LB) will grant Iran a $90 million loan to develop its Soroush oilfield, the official Iranian news agency IRNA said. Quoting an article in Saturday's daily, the Iran newspaper said West LB would give the loan to the Iranian Offshore Engineering Construction Co (IOEC) to expand and renovate the offshore field. IOEC won the development contract on the Soroush field earlier this year. On Thursday, a powerful US senator had warned West LB against making the loan. In a letter to West LB Chief executive Friedel Neuber, New York Republican Alfonse D'Amato said the deal would be a clear violation of the 1996 Iran Libya Sanctions Act.

Dubai gold market upbeat: Gold jewellery retail demand in the Gulf Arab Emirate of Dubai has remained upbeat after bullion's steep price decline though traders saw few signs of an upturn in re-export sales to the key Indian market. Indian gold import demand remained seasonally subdued because of monsoon rains and was unlikely to pick up before buying for the country's festival and wedding season took hold at the end of next month, Gulf-based traders said.

Koreans buy Tanzania tobacco assets: Tanzania's privatisation agency sold state assets worth $17.6 million in tobacco and cable manufacturing companies last week. Officials at the Parastatal Sector Reform Commission (PSRC) said the deals were concluded with Universal Leaf Tobacco Co of the United States and South Korea's Dae Sung Cable Ltd. The Virginia-based company bought assets worth $16.3 million from the state-run Tanzania Tobacco Board (TTB) while Dae Sung signed a $1.3 million agreement for a 22 per cent stake in state-run Tanzania Cables Ltd.

United Arab Emirates non-oil trade: The value of Dubai's non-oil foreign trade rose to 82.1 billion dirhams ($22.3 billion) in 1996, up 13.4 percent from 72.4 billion dirhams in 1995, Dubai's Department of Economic Development said. Imports to Dubai increased to 61.8 billion dirhams in 1996, up 13.1 per cent on the previous year, it said in a report on Sunday. Non-oil exports declined by 10.1 per cent in 1996 to 4.2billion dirhams while re-exports firmed to 16.1 billion, up 23.3 percent from 1995.

Keppel Corp Ltd plans RCCPS issue: Shipping conglomerate Keppel Corp Ltd is proposing to issue up to 350,000 redeemable convertible cumulative preference shares (RCCPS) of US$1.00 each in the capital of the company, a company statement said on Sunday. Each RCCPS is to be issued at a price of US$1,000, the statement said. Each RCCPS carries the right to a preference dividend between 1.5 to 2.5 percent per annum, or otherwise defined by the directors before the shares are allotted and can be redeemd five years following the issue date or such other date stipulated by the directors.

Philippine peso crash to test new IMF rules: The Philippines currency crisis is giving the International Monetary Fund its first opportunity to try out emergency financing rules introduced after the Mexico crisis in early 1995. An IMF source said accelerated procedures to offer the Philippines a support package of at least $600 million relied on rules established under the so-called `Emergency Financing Mechanism' of the IMF. These rules aim to let the IMF respond more quickly to financial problems around the world, and they only kick in when a crisis is there or is thought to be on the cards.

Kohl's coalition, SPD bicker over tax reforms: German chancellor Helmut Kohl's coalition and Germany's Opposition Social Democrats (SPD) bickered at the weekend over government tax reforms, plans to help prepare the economy for the euro which increasingly seem doomed to failure. Helmut Kohl's ruling coalition wants talks to continue with the SP Dover plans to slash taxes, but accused the party of blocking reforms which Germany's weak economy desperately needs. The legislation, aimed at cutting some 30 billion marks ($17billion) in income taxes over the next two years, was passed in the lower house, or Bundestag, last month.

Bulk coal carrier runs aground in Torres Strait: A Mumbai-registered bulk carrier laden with coal has run aground West of Ince Point in the Torres Strait, between Australia and Papua New Guinea, Queensland Transport said in a statement. Queensland Transport Maritime spokesman said Dakshineshwar, was enroute from Hay Point.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.