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Xinhua World Economic News Summary at 0500 GMT, Oct.19

Posted on: Thursday, 20 October 2005, 09:00 CDT

Xinhua world economic news summary at 0500 GMT, Oct.19

BRUSSELS -- The annual inflation in the 12-nation Euro zone rose to 2.6 percent in September from 2.2 percent in August largely due to oil price surges, the European Union (EU) statistical office said Tuesday.

The jump is larger than an expected 2.5 percent and again add to the pressure on the European Central Bank (ECB) to raise interest rates. Inflation grew 0.5 percent month-on-month in September.

But barring energy and unprocessed food, prices climbed 1.5 percent than a year earlier, compared to 1.4 percent in August. Monthly inflation was 0.3 percent in September. (Euro Zone- Inflation)

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ABUJA -- Nigerian President Olusegun Obasanjo, on Tuesday inaugurated a presidential committee aimed at increasing the west African country's rubber production to 400,000 tons per annum by 2022.

According to a statement from the State House, Obasanjo charged the committee, headed by the Agriculture and Rural Development Minister Alhaji Adamu Bello, to make Nigeria the largest producer of rubber in the world. (Nigeria-Rubber-Production)

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LONDON -- Soaring oil prices has helped pump inflation in Britain up to 2.5 percent in September, the highest rate since 1997, according to official figures issued on Tuesday.

The Office for National Statistics (ONS) said consumer price index (CPI) rose from 2.4 percent in August to 2.5 percent in September, the third month in a row that inflation has been above the target of 2 percent set by the Bank of England, Britain's central bank.

Fuels and lubricants had contributed 0.14 percent point to the overall rise in CPI as average prices for ultralow sulphur petrol rose 4.6 pence per litre in September, compared with a rise of just 0.1 pence a year ago, the ONS said. (Britain-Inflation)

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NEW YORK -- Crude oil prices plummeted more than 1 dollar Tuesday as Hurricane Wilma may miss the platforms and refineries on the US Gulf Coast.

New York's main contract, light sweet crude for delivery in November, lost 1.16 dollars to 63.20 dollars per barrel in closing trades.

In London, the price of Brent North Sea crude for December delivery shed 1.29 dollars to 59.28 dollars per barrel in electronic deals. (US-Crude Oil)

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YANGON -- Myanmar has established an international-level fishes and crustaceans trading zone here to enhance production of high- quality marine products and for export,an official newspaper reported Wednesday.

The Ngwepinle Fishes and Crustaceans Trading Zone, inaugurated on Tuesday by the private-run Asia Prosperity Manufacturing Co. Ltd in the new satellite town of Hlaingtharya in the northern part of the capital, will enable producers and buyers to get direct access for trading, the New Light of Myanmar said. (Myanmar-Fishes Trading Zone)

Source: Xinhua News Agency - CEIS

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