New York. Crude prices plunged on Wednesday on US weak economic data and rising crude inventories, posing the fourth straight decline. Crude prices shrugged off the positive data that private sectors added 114,000 jobs in July, beating estimates, as investors focused more on the weak data both in the US and Europe. According to the Commerce Department, US factory orders in June dropped 0.8 per cent. And the Institute for Supply Management’s non-manufacturing index dipped to 52.7 in July, showing the US service sector expanding at the slowest pace in 17 months. (Xinhua) More and more signs pointed to a gloomy economic perspective. In Europe, the Italian and Spanish bond spreads kept widening, showing the concerns about the sovereign debt crisis continued to be strong. Driven by fears of weak economic growth across the world, U.S. stocks market was slipping for most of the trading session on Wednesday. The decline of equities, regarded by crude investors as sign of less oil demand in future, pressured oil markets. Light, sweet crude for September delivery fell $1.86, or 1.98 per cent to settle at $91.93 a barrel on the New York Mercantile Exchange. In London, Brent crude for September delivery tumbled $3.23, or 2.77 per cent to close at $113.23 a barrel. Besides, the U.S. Energy Information Administration said the U. S. crude stocks built more-than-expected 1.0 million barrels last week and the gasoline inventories posted the third straight weekly rise of 1.7 million barrels. (Xinhua) Gold mining firm sets aside Sh3.4bn for construction of girls’ high school Mwanza. The Geita Gold Mine has set aside Sh3.4 billion for the construction of Nyankumbu Girls’ High School in Geita District. Speaking to journalists in Geita on Wednesday, GGM Project Coordinator Mr Ahmed Merere said the construction of the modern high school with the capacity of 600 students is expected to be completed in 2013. Elaborating further on the project, Mr Merere said the boarding high school will have 13 classrooms, three laboratories, two dormitories, teachers’ and staff residences. “The school is now in its second phase of construction whereby $900,000 was spent in the first phase,” said Merere However the schools’ headmaster Mr Maximilian Mihayo said shortage of teachers at the school has been a big challenge and called for the government to sort the address the problem. “We are calling on the government to take over on the left role of bringing to us teachers so as to fulfill its promise,” said Mihayo (By Sheilla Sezzy)

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