Thailand exports rise

BANGKOK:

Thailand’s balance of trade swung to a surplus of around $9.8 million in August on record-high exports, according to preliminary customs data. The August exports value was the highest in Thailand’s history. It is the first time ever that monthly exports exceeded $10 billion. It is also the first month this year that monthly export growth was larger than import growtl. — AP

S’pore growth stable

SINGAPORE:

Singapore said high oil prices will hurt the city-state’s economy if the US economy continues to slow. But trade and industry minister Lim Hng Kiang said the export-oriented city-state’s forecast for the calendar year would be maintained at between 3.5 and 4.5 per cent despite earlier warning high oil prices could hurt its economy. — AP

US Fed not to hike rate

WASHINGTON:

Conflicting economic risks that could emerge from Hurricane Katrina are putting Federal Reserve chairman Alan Greenspan and his colleagues in a challenging spot. Fallout from the disaster is expected to slow economic growth over the rest of the year, perhaps persuading the Fed to suspend its campaign of raising interest rates. — AP

DP buys Exel for $6.7b

BONN:

German postal and logistics company Deutsche Post AG will take over the British-based Exel PLC for $6.7 billion. The deal, which still has to be approved by Exel shareholders, is the largest international acquisition for Deutsche Post and is expected to create the world’s largest logistics business with a combined work force of around 500,000 people. — AP

Raising fuel surcharge

PRAGUE:

The Czech state-run airline CSA will increase fuel surcharge due to rising oil prices. Starting from October 1, CSA will charge passengers $46.5 extra for long-haul flights, up from the current $34.26 charge. The short-haul fuel surcharge will rise to $14.68 from $11.01 for flights within Europe. — AP

Siemens to axe jobs

BERLIN:

German industrial conglomerate Siemens said on Monday it planned to phase out 2,400 jobs over the next two years. The jobs will be at the Munich-based company’s Siemens Business Services unit, which makes everything from power stations to light bulbs. — AP

CAW okays contract

TORONTO:

Ford Canada workers have overwhelmingly accepted a new labour deal, even though it offers some of the lowest wage gains in their union’s history and allows for hundreds of layoffs. The Canadian Auto Workers (CAW) union said that 95 per cent of Ford union workers accepted the three-year deal. — AP