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Forex news - recent top stories



00:03,  13 July 2007
US May trade deficit up 2.3 pct to 60.0 bln usd as expected 
WASHINGTON (Thomson Financial) - The US trade deficit rose 2.3 pct in May to 60.0 bln usd as Americans imported more and more expensive oil and other commodities.Economists were looking for a 60.0 bln usd deficit, expecting imports to recover from their April slide.

21:49,  12 July 2007
Forex - Euro at all-time high against dollar following strong GDP data 
LONDON (Thomson Financial) - The euro continued to post fresh all-time highs against the dollar, supported by an unexpected upward revision to first quarter GDP growth and robust industrial production figures.

18:45,  12 July 2007
Forex - Euro at fresh all-time high against dollar after hawkish ECB bulletin 
LONDON (Thomson Financial) - The euro climbed to a fresh all-time high against the dollar after a hawkish European Central Bank monthly bulletin, amid ongoing concern about the US sub-prime mortgage market.

18:32,  12 July 2007
Bank of Japan's Fukui gives no fresh hints on when rates will rise 
TOKYO (Thomson Financial) - Bank of Japan (BoJ) governor Toshihiko Fukui gave no new hints Thursday about when the monetary authority might hike its key interest rates as he reiterated that the bank will gradually adjust rates taking into account downside risks and the upside potential for the economy.


See also:       

• Germany 
• Belgium 

• Eurozone & UK 

• Business news 
• Government 

21:26, Monday, 19 March 2007

EU says 'no immediate need' to take action vs Germany in Landesbank case UPDATE


BRUSSELS (AFX) - The European Commission said there is "no immediate need" for it to take action against Germany following the government's response to concerns over the privatisation of its 81 pct stake in Landesbank Berlin (LBB).

A spokesman for EU competition commissioner Neelie Kroes said that it has taken its current position in the light of "clarifications" made by Germany at the end of last week -- in particular, on the question of employment guarantees.

"The Commission has concluded that at this stage there is no immediate need... to take further action".

Kroes wrote to Germany on March 17 after the commission received indications that a Berlin parliament resolution required the buyer of the bank to guarantee that a certain number of jobs would be maintained in Berlin.

The spokesman said this led to fears the resolution would lead to the sale taking place on a discriminatory basis.

However, the government's reply on Friday afternoon last week allayed such fears.

"We note with satisfaction that, in that reply, the German federal government specified that... the employment conditions would not be a relevant criterion taken into account for the selection of bids," the spokesman told reporters.

"We also note with satisfaction that... as regards the Berlin parliament resolution... the parliament does not manage the sales process (and) that the... resolutions are only expressing a political opinion".

He added that it has been informed that the parliament "would be bound by EU law and would not be bound by that resolution" "when it is called to authorise or note the sales agreement.

He also said that, while the government did not think it necessary to inform 14 pre-selected bidders of the bank that the employment criterion was not applicable, the commission was informed that such communication was made indirectly by advisors to the bidders.

"We note with satisfaction that the financial advisors to the Berlin authorities, UBS, sent a clarification letter to all these 14 pre-selected bidders, highlighting that the sale would be decided on the basis of the economic attractiveness of the offer and, in particular, the price, and not the employment (conditions)".

The commission had warned the German government that it faced court action if it breached the terms of a 2004 ruling, in which the EU executive approved aid to the troubled bank on condition that the bank be privatised in a transparent, non-discriminatory and competitive manner.

This consisted of a 1.75 bln eur capital injection, state guarantees of 21.6 bln eur and an agreement that the government would underwrite any claims made against the bank in pending litigation.

It also demanded that the bank be sold by the end of this year.

The commission said all the information made by the government to clarify its position was confirmed to the EU executive today by the monitoring trustee of the 2004 decision.

With the city state of Berlin having to sell its stake in LBB by the end of 2007, it has asked potential buyers to hand in non-binding offers by Thursday.

simon.zekaria@thomson.com

sz/jsa/sz/cml


 

Forex news - 19 March 2007
21:28 Metals - Copper edges lower on Chinese rate hike; tin hits new record high
21:17 Forex - Dollar firms against yen, Swiss franc as risk appetite picks up
21:12 Metals - Gold rises as strong Asian session sets market tone
21:05 Oil prices seen rising over summer as OPEC leaves supply cuts in place - CGES
21:02 Oil falls on concerns over possible dent in demand
20:11 Macau to release NKorean funds frozen at Banco Delta Asia - UPDATE
21:26 EU says 'no immediate need' to take action vs Germany in Landesbank case UPDATE
19:48 Athens Exchange Members proposes all Greek bonds trade on ASE - sources
19:48 EU adopts measures to improve efficiency of retail investment fund market
00:54 European govt bonds slip further as global stock markets rally
19:38 CORRECTION Oil recovers from 6 week low points
18:25 AFX NEWS BRIEFING: Macroeconomics highlights to 10:10 GMT
18:11 Forex - Euro dips vs dollar on profit-taking after sharp gains Friday; Yen weak
18:02 China's interest rate hikes to hurt residential property market - analysts
16:43 Gas producers to set up export cartel in April - report
16:41 Bank of Japan meets to decide on interest rates, but economists expect no change
16:30 Forex - US dollar firmer vs yen, euro in Singapore afternoon trade



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