Foreign investors held 77.4% of the shares listed on the Budapest Stock Exchange at the end of June 2006. Foreign investors were net sellers on the bourse in the second quarter and their share in market capitalisation dropped 1.9%from the end of March, the National Bank of Hungary reported today. Stock market capitalisation dropped by 619 billion forints or 7.2% in the second quarter, to 6,999 billion forints at the end of June after rising 9.3% in the first quarter.
The majority of the striking unionised workers of Chile’s largest copper mine, Escondida, have rejected the latest offer of a 4% pay rise. Nearly all the 2,000 workers voted to continue the strike, demanding better salaries, benefits and bonuses as world copper prices surge. The mine is operating at about half of its capacity, after an announcement last week for the suspension of its operations due to security reasons. The strike, which began on August 7, is generating losses of over $15 million a day for its owners, BHP Billiton and Rio Tinto.
Thailand’s Finance Ministry accepted that the Thai banking system is experiencing excess liquidity, rendering interest rate policy less effective. During the first five months of the year the central bank raised rates to 5% from 4%, but rates for 12-month fixed deposit savings increased to 3.6% from 3%. Increasing liquidity is resulted from growing deposits from businesses and households during the first five months of the year, as lending by commercial banks slowed down.
Three Egyptian oil companies won a $722 million contract to develop hydrocarbon infrastructure in Saudi Arabia 's Al-Khafji area. During the three-month project is to construct six naval platforms and service lines extending 110kms. AL-Khafji Joint Operations (KJO) owned by Kuwait Oil Company and Saudi Arabian Oil Company (Aramco) awarded the contract.