Russian WTO bid

MOSCOW: A top Russian diplomat said on Sunday that talks on Russia’s accession into the WTO face tough hurdles and that Moscow will not accept demands damaging its economy in order to win a quick entry. Alexander Yakovenko, deputy foveign minister, said that Russia would only join the WTO when conditions of its membership ‘fully meet’ the nation’s economic interests. — AP

Eurozone data to fall

FRANKFURT: Eurozone indicators to be released in the coming week will show a slight downturn in the outlook for the services sector as a result of rising oil prices. But services would still be outperforming the manufacturing sector. Eurozone purchasing managers index for the services sector is expected to show a decline to 53.3 in August from 53.5 in July. — AFP

Z’bwe, IMF loan row

HARARE: Zimbabwe’s central bank head on Sunday dismissed as ‘scandalous’ reports that Harare had used undeclared foreign exchange to pay back part of its debt to the IMF and ward off possible expulsion. “We showed the staff of the IMF on Monday the 29th the whole history of the build-up of that money by name of source, date, when the money came through, how much came through, and where we put it,” Gono said. — AFP

Black market hits

BEIJING: Already beset by an industry-wide downturn in the domestic sector, China’s mobile handset vendors also are facing a growing threat from a flourishing black market for cellphones. While some foreign firms such as Nokia Corp and Motorola Inc are partially insulated from the full effect of this illegal trade, Chinese vendors struggling from increased competition will have to contend with this growing illegal market for the foreseeable future. —AFP

Telstra privatisation

SYDNEY: Australian lawmakers will begin debating legislation paving the way for tle multibillion dollar privatisation of former state-run telecommunications monopoly Telstra Corp. Communications Minister said lawmaker will spend several days haggling over details of the proposal to sell the government’s stake. — AFP