JAPAN FIRM DECLINES
COMMENT ON RICE DEALAn official at Japan's Satake Corp. Thursday declined to comment on news the company was negotiating a barter trade involving rice with a Taiwanese firm.
But the official, who also declined to give his full name, said the company is involved only in the export of rice-husking machines, and not in the rice trade.
Knight-Ridder Financial News reported earlier that Taiwan's Unit Chan Enterprise Co., a rice-husking mill, plans to trade 3,000 metric tons of rice in a barter deal with the Japanese company.
Satake is a worldwide exporter of rice-husking equipment, with its main clients in Southeast Asia, the company official said.
ISRAELI FIRM TO SUPPLY
TECHNICAL AID IN CHINA
BEIJING - The Dead Sea Works company of Israel signed a contract to help expand China's largest production base for sylvite for potash fertilizer.
The Israeli firm will supply its cold crystallization technology and some capital for the second phase of the Qinghai potash fertilizer plant, a project costing 3.26 billion yuan (US$550 million.
The plant is on the southern bank of Qarhan, China's largest salt lake, in the northwestern province of Qinghai.
Upon completion of the second phase, the plant is expected to have annual production capacity of 1 million metric tons of potassium chloride, up from 200,000 tons now. China now depends heavily on imports for potash fertilizer.
US, AUSTRALIA AGREE
ON SECURITIES LAWS
WASHINGTON - The United States and Australia signed an agreement to cooperate in administering and enforcing each other's securities laws.
The memorandum of understanding was signed by Arthur Levitt, chairman of the U.S. Securities and Exchange Commission, and Alan Cameron, chairman of the Australian Securities Commission.
The SEC said the accord formalized the already excellent working relationships between the two commissions.
It said that since 1982, similar memoranda have been signed with securities agencies in 14 countries as a part of the SEC's program of investor protection.
JEEP GRAND CHEROKEE
TO BE BUILT IN AUSTRIA
HIGHLAND PARK, Mich. - Chrysler International Corp. and Steyr-Daimler- Puch Fahrzeugtechnik GmbH announced that Steyr will build the Jeep Grand Cherokee in Graz, Austria, beginning in late 1994.
The Grand Cherokee will be the second Chrysler product to be built in Austria. The Chrysler Voyager minivan began production in late 1991.
The agreement calls for Steyr to provide capacity for up to 47,000 Grand Cherokees a year, depending on market demand, at Steyr's existing assembly plant.
Steyr will begin building a left- hand-drive Grand Cherokee in the fourth quarter of 1994, with diesel and right-hand-drive models following in 1995 and 1996, respectively.
OUT OF VIETNAM MISSION
DETROIT - Gov. John Engler has pulled out state representatives from a trade mission to Vietnam under pressure from Vietnam War veterans.
Five Michigan companies will be left to explore future business opportunities on their own during the scheduled Nov. 4-10 trip.
The decision was made after the governor received letters of protest from
Vietnam veterans who want to pressure Vietnam to account for 2,248 soldiers missing in action.
GERMAN BANK OPENS
SHANGHAI, China - Germany's Dresdner Bank this week opened a local branch here, becoming the 26th foreign financial company in the city.
Dresdner opened an agency office in Beijing in 1981 and an office in Shanghai in 1989.
The bank has taken part in loan consortia to finance several large construction projects. This year, it served as a lead manager of a consortium to issue 300 million deutsche marks (US$187.6 million) worth of bonds on behalf of the Chinese Ministry of Finance.
Meinhard Carstensen, a member of the bank's board, said expanding operations in China will help the bank act as a bridge between Chinese and German entrepreneurs and investors.
JAPAN FIRM DECLINES