New York--Apr 13--At a US congressional hearing today, the gold industry
voiced objections to a proposal the International Monetary Fund sell some
of its gold reserves to aid debtor countries. Representative Edward Royce
(R-Calif.), who chairs the Africa subcommittee for the US House Committee
on International Relations, echoed the industry's concerns that IMF sales
would pressure gold prices and hurt poor countries that produce gold. By
Bridge News, Story .27188.
Hong Kong--Apr 14--The US dollar extended its recent falls against the
Japanese yen today in Asia to hit a fresh 12-day low of 118.93 amid news
reports in the early morning that 5 of Japan's major life insurance
companies plan to reduce their foreign bond holdings. By Paul Scanlon,
Bridge News, Story .700
Johannesburg--Apr 14--The South African mining industry faces wage demands
in excess of 25% as it grapples with the implementation of the Basic
Conditions of Employment Act, which could raise labor costs by more than
100 million rand a year, Business Day reports.
The National Union of Mineworkers (NUM) presented wage demands to the
Chamber of Mines this week, including a minimum wage of 1,500 rand a month
for surface workers and 2,000 rand for underground workers. By I-Net
Bridge, Story .12576
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