Forex / Economy news

BEIJING (XFN-ASIA) - Deutsche Bank said it expects June CPI growth in China to have exceeded 4 pct on higher food prices."The National Development and Reforming Commission (China's economic planner) has already reported that pork prices rose by a further 12...

SEOUL (Thomson Financial) - The South Korean economy is expected to grow at a slightly faster pace than previously projected, reinforcing the view that the Asia's fourth-largest economy will sustain its recovery, data from the Bank of Korea show.The central bank said it now expected GDP to grow by 4...

SINGAPORE (Thomson Financial) - Singapore's gross domestic product (GDP) grew 8.2 percent year-on-year in the second quarter, up from a rise of 6.4 percent in the first, preliminary estimates from the Ministry of Trade and Industry showed.The June quarter number was above the 6...

LONDON (Thomson Financial) - UK retail sales registered their best performance of the second quarter in June, weathering the recent rises in borrowing costs as some clearance sales got to off to an early start.The British Retail Consortium reported that like-for-like sales, which strip out changes in floor space, rose by 3...

BRUSSELS (Thomson Financial) - French president Nicolas Sarkozy and euro group Jean-Claude Juncker have put a diplomatic face on their differences over euro zone deficit rules.Instead of dwelling on France's intention to flout a euro zone commitment to eliminate its budget deficit by 2010, Sarkozy and Juncker made much of the country's economic reform programme during a joint press conference after the monthly euro group meeting...

BRUSSELS (Thomson Financial) - French President Nicolas Sarkozy said that euro group president Jean-Claude Juncker backs Dominique Strauss-Kahn as the next head of the International Monetary Fund (IMF).At the monthly gathering of euro zone finance ministers, Sarkozy tried to garner support for the French socialist candidate...

BRUSSELS (Thomson Financial) - French president Nicolas Sarkozy said he does not "see eye to eye" with European Central Bank president Jean-Claude Trichet on monetary policy.Sarkozy told reporters after attending the monthly gathering of euro zone finance ministers that he briefly discussed this matter with Trichet...

FRANKFURT (Thomson Financial) - European Central Bank board member Juergen Stark said politicians' calls to use the euro's exchange rate as an instrument of economic policy are misguided.Such a policy would not improve competitiveness, he said."The price competitiveness of an economy is determined primarily by developments in production costs in the corporate sector, particularly unit labour costs," he said in the text of a speech prepared for delivery at a savings bank conference in Tuttlingen, Germany...

WASHINGTON (Thomson Financial) - US consumers borrowed a surprisingly large 12.9 bln usd in May, piling on debt after a much smaller revised 2.3 bln usd increase in April.Economists were expecting a much smaller 6.5 bln usd May increase, based mostly on strong retail sales reports for the month...

WASHINGTON (AP) - Bumping a passenger from an overbooked flight could cost U.S. airlines more than $1,200 under new rules federal transportation officials are considering.The Transportation Department on Monday sought public comment on several options for new maximum levels of compensation given to airline passengers forced to take a later flight due to airlines' overbooking...

BRUSSELS (Thomson Financial) - European Central Bank president Jean-Claude Trichet called on France and other euro zone countries to respect the EU's deficit rules."The stability pact has to be respected," he said ahead of a gathering of euro zone finance ministers, where French president Nicolas Sarkozy will outline plans to delay the elimination of France's deficit in two years...

BRUSSELS (Thomson Financial) - French president Nicolas Sarkozy came under strong pressure to respect France's deficit commitments ahead of his appearance at tonight's gathering of euro zone finance ministers.Sarkozy, who is currently meeting with European Commission president Jose Manuel Barroso, will tell ministers that he intends to delay by two years the elimination of the French deficit...

BRUSSELS (Thomson Financial) - German Finance Minister Peer Steinbrueck said Germany still aims to achieve a balanced federal budget by 2010."There is no reason to give up the commitment we made in April in Berlin," Steinbrueck said before talks with his fellow euro zone finance ministers...

LONDON (Thomson Financial) - The new economic secretary to the Treasury used her first speech in the job today to commit herself to helping strengthen the City of London's position as the "heart of a thriving UK economy".Kitty Ussher, who succeeded Ed Balls in the post just under two weeks ago, said the government is intent on trying to reduce regulation in the financial services sector and building an effective relationship with it...

BRUSSELS (Thomson Financial) - German finance minister Per Steinbrueck said he welcomes the strengthening of the euro."I love a strong euro," Steinbrueck told reporters on his way into the monthly meeting of euro zone finance ministers. "I am not worried...

BUDAPEST (Thomson Financial) - Hungary June Budget deficit came in just below the finance ministry's deficit forecast, keeping the first half deficit on course to meet the government's yearly target.The June budget deficit came in at 250.7 bln forints, compared to the finance ministry's last month forecast of 253...

ZURICH (Thomson Financial) - Switzerland and Japan are currently discussing a potential free trade agreement in Savognin, Switzerland.Luzius Wasescha -- a delegate of the Swiss Government for Trade Agreements -- earlier confirmed newspaper reports and said that the two parties had been negotiating a potential free trade deal since mid-May...

BRUSSELS (Thomson Financial) - Euro group president Jean-Claude Juncker said Europe must retain the post of managing director of the International Monetary Fund.On his way into the monthly gathering of euro zone finance ministers, Juncker told reporters the US had provided the new president of the World Bank, Robert Zoellick...

SYDNEY (Thomson Financial) - Australia's D&B index of expected sales in the third quarter is at 16 points, 14 points higher than the index for the second quarter, Dun&Bradstreet (D&B) announced here Tuesday.Dun&Bradstreet said the results of its latest survey of business expectations showed that 37 percent of executives surveyed expected an increase in sales, while 21 percent expected a decrease...

BRUSSELS (Thomson Financial) - EU economic and monetary affairs commissioner Joaquin Almunia said that it is "very important" that France demonstrates budgetary discipline.Almunia was speaking to reporters ahead of tonight's monthly gathering of euro zone finance ministers, where French president Nicolas Sarkozy will outline his plans to delay budget balance by two years...