Vietnam,Tata Steel JV

KATHMANDU: Vietnam Steel Corporation (Vietnam’s largest steel company), Vietnam Cement Industries Corporation (Vicem) and Tata Steel, world’s sixth largest and Asia’s first integrated steel company, signed a Joint Venture Agreement (JVA) for the proposed steel complex in Vietnam on Wednesday. This 4.5 million tonne per year steel complex will be set up in the Vung Ang Economic Zone in Ha Tinh Province, states a press release. Dau Van Hung, president of Vietnam Steel Corporation, Nguyen Ngoc Anh of Vietnam Cement Industries Corporation and B Muthuraman, managing director of Tata Steel signed the pact on behalf of their respective organisations at a ceremony held in the head office of Vietnam Steel Corporation in Hanoi. — HNS

Gold price dips

LONDON: The price of gold hit the lowest point for seven-and-a-half months on Tuesday as the precious metal was rocked by the strong US currency and weakening crude oil prices. On the London Bullion Market, the price of gold tumbled as low as $802.34 per ounce. That was the lowest point since December 21, 2007. Gold, which is used in jewellery, dentistry and electronics, has now shed almost one quarter of its value since striking a record high of $1,032.70 on March 17. — The Guardian

Inflation target up

SHANGHAI: A Chinese government think-tank on Wednesday proposed raising the country’s official inflation target for 2008 and 2009 to five to seven per cent, up from this year’s

objective of 4.8 per cent. The inflation target should be raised moderately to give more room to pursue policies to maintain stable and rapid economic growth. China’s economy has slowed, growing 10.4 per cent in the first half of the year. — AFP