WGC to focus on Middle East
The World Gold Council (WGC) has restructured its operations in India and the middle east, in order to sharpen its focus on the world's largest gold market. The region comprising of India and the middle east has been divided into two with immediate effect. Derrick Machado would be the regional manager (India), while Moaz Barakat is to be the regional director (middle east), a WGC release said. "The newly created regions not only record a high demand for gold, but are among the fastest growing. With India having reached a certain level of liberalisation in the gold sector and with new markets emerging in the middle east, it was felt that greater individual attention is needed for these regions," said WGC chief executive Haruko Fukuda.

Millennium textile trade fair in Delhi
A millennium trade fair on Indian textiles and home-fashions will be held at the Pragati Maiden in New Delhi from February 2 to 5, 2000, to expose the multi-faceted splendour of the Indian textile industry. Established itself as a leading fair of its kind in south-east Asia, the `Tex-Styles India 2000' has already received enthusiastic response from 250 leading Indian companies and the entire area of 20,000 square meters has been sold out months prior to the event. The display profile at the fair includes various types of yarns, fabrics for fashion, home furnishings, trim and accessories, fashion show and all support services. Last year, the trade fair registered a record turnout of more than 8,500 buyers including 2,000 overseas visitors from 80 countries who collectively did business worth of $70 million.

Rice exports fall 68 per cent
India's rice export during the first seven months of 1999-2000 declined by 67.7 per cent at 14.20 lakh tonnes compared to 44 lakh tonnes in the corresponding period last year due to increased competition from other rice producing nations and slack global demand. Export registration of non-basmati rice with the Agriculture and Processed Foods Export Development Authority (Apeda) during April-October this year fell by 71.5 per cent to 11.40 lakh tonnes compared to 40 lakh tonnes during the corresponding period last year, official sources said. Basmati rice exports dropped 30 per cent in quantity terms to 2.80 lakh tonnes in April-October compared to four lakh tonnes during the corresponding period last year. The fall in basmati exports was even sharper in value terms at $193.6 million, down 32 per cent from $285 million last year. Commerce ministry officials said the decline in exports was due to lack of price competitiveness of Indian rice, which was undercut by other rice-producing nations like Thailand,Vietnam and China.

Zambia gets bids for Nkana mine
Zambia said that it had received several bids for the country's Nkana copper mine, the last major asset to be sold under the country's mine privatisation programme. Mines minister Syamukayumbu Syamujaye said that the government was examining three bids from international companies, but he declined to name them. "We are examining three serious bidders who want to purchase Nkana. A decision will be taken by November end," he said. The Nkana and Nchanga mines are Zambia's biggest copper mines, accounting for 65 per cent of the output of Zambia Consolidated Copper Mines (ZCCM).