JAPAN'S TRADE SURPLUS
SHRANK 38 PERCENT IN JULYTOKYO - Japan's trade surplus slimmed dramatically in July, as imports continued their relentless surge into the nation's economy, but there were strong signs that exports are picking up again.
The trade surplus fell by almost 38 percent to 504.03 billion yen ($4.66 billion) in July when compared with the previous year - the smallest surplus for July in 14 years, the Finance Ministry said on Monday.
But the politically sensitive surplus with the United States alone showed only a small decline, as Japanese car exports shifted into higher gear.
''Basically the (surplus) number is very good. It shows that imports continue to be sucked into the Japanese economy . . . However, what you are starting to see is that Japanese exports are being pulled higher by one year of yen depreciation,'' said Jesper Koll, head of research at J.P. Morgan in Tokyo.
CHINA ADMITS SATELLITE
FELL SHORT OF MARK
BEIJING - China's space industry was dealt a new setback Monday with the disclosure that a satellite launched over the weekend failed to reach its proper orbit.
A domestic communications satellite, launched Sunday aboard a Long March 3 rocket from the Xichang Space Center in southwestern China, went into a lower orbit than planned and was unlikely to be salvaged.
''There was a problem with the third-stage booster, which shut down 48 seconds too soon,'' said a spokesman for China Aerospace Corp.
UN ASKED TO RECONSIDER
AVIATION BAN ON SUDAN
KHARTOUM, Sudan - Sudan said it would launch a diplomatic offensive against U.N. sanctions on Sudanese planes and asked the United Nations to reconsider the embargo.
Two influential Sudanese organizations blamed neighboring Egypt for the sanctions, which will come into effect in November if Sudan fails to extradite three Egyptians accused of trying to kill Egyptian President Hosni Mubarak last year.
A cabinet meeting on Sunday repeated the government's view that the plan to ban flights abroad by Sudanese planes was unfair and politically motivated.
CANBERRA, Australia - Demonstrators stormed Australia's Parliament and clashed with police on Monday as a protest against labor reforms and government spending cuts turned violent on the eve of the 1996-97 budget presentation.
Hundreds of people wielding sledgehammers and a makeshift battering ram smashed through glass doors at the front of the building and battled police in the public foyer for about two hours.
The protesters chanted, ''Johnny, we're coming to get you,'' referring to Prime Minister John Howard, and several got to within 110 yards of Mr. Howard's office deep inside the building.
CHRYSLER CORP. SETS
VENTURE IN BRASILIA
BRASILIA - Chrysler Corp. will announce a major new Brazilian manufacturing venture here today, a spokesman for Industry and Commerce Minister Francisco Dornelles said Monday.
He said Chrysler executives from the United States will make the announcement jointly with Mr. Dornelles.
Mark Spencer, sales and marketing director for Chrysler do Brasil, confirmed that Jonathon Holcolmb, Chrysler general manager for Latin America, the Middle East and Africa, and Evelyn Mariperisena, a Detroit spokeswoman, were on their way to Brasilia Monday after first visiting Chrysler's Sao Paulo regional office.