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Forex news - recent top stories



15:03,  12 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.

12:49,  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.

09:45,  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.


See also:       

• United Kingdom 
• Gulf States 
• Afghanistan 
• Middle East 

• Eurozone & UK 
• Middle East 
• Asia 

• Economic news 
• Government 
• General news 

15:21, Monday, 09 July 2007

UK MPs criticise govt failure to reveal costs of Iraq, Afghanistan operations


LONDON (Thomson Financial) - The government has been severely criticised by a group of MPs for not outlining the costs of military operations in Iraq and Afghanistan and for spending in the current year without parliamentary approval.

The House of Commons defence select committee said it was "entirely unacceptable" that the Ministry of Defence (MoD) refused to show all its estimated annual spending at the start of the financial year as other departments are required to.

The MoD asked for 33.7 bln stg for the current year, but this does not include the expected costs of operations in Iraq and Afghanistan, and "so greatly underestimates the total expected cost of the MoD's activities in 2007-08", the all-party committee said.

Operations in the two war zones were forecast to exceed 1.7 bln last year, it added.

Committee chairman James Arbuthnot stressed that the committee was not objecting to the costs of operations in Iraq and Afghanistan.

"Military operations cannot be done on the cheap, and our troops need to be properly supported in the difficult task that they are doing," he said.

"Our objection is to the fact that the MoD does not show parliament the estimated costs of these operations at the beginning of the financial year, in the way that every other Department is required to."

"We have repeatedly told the MoD that this should change but it continues to act as if it is a law unto itself. Of course, the costs of operations are uncertain, but parliament and the public have a right to know what the MoD is expecting to spend. We are talking about large amounts of public money here."

TFN.newsdesk@thomson.com

fp/cmr


 

Forex news - 09 July 2007
16:15 European govt bonds track US Treasuries slightly higher
16:15 Australian business sales expectations for Q3 higher than for Q2 - D&B
16:12 Forex - Major currencies left in ranges in absence of data
18:39 ROUNDUP Sarkozy under pressure to respect euro zone deficit rules
15:59 ECOFIN EU's Almunia says French budgetary discipline is 'very important'
15:56 Metals - Copper hits two-month high on strike threats, falling inventories
15:21 UK MPs criticise govt failure to reveal costs of Iraq, Afghanistan operations
15:11 Oil tops 76 usd a barrel in London, nears highest ever levels
14:54 Latvia June CPI up 8.8 pct yr-on-yr
14:50 Czech central bank permits squeeze-out in Medicamenta by Glenmark
14:21 Metals - Gold hits one-month high on dollar weakness, strong oil prices
14:09 Oil continues lower as Nigeria, gasoline supply worries fade temporarily
12:56 WALL STREET OUTLOOK Higher on dip in crude, stabilising bond yields UPDATE
12:40 Forex - Pound underpinned as markets see inflationary pressures in PPI data
12:38 UN atomic agency approves sending inspectors to North Korea - diplomats UPDATE
12:16 UK govt 2006/07 deficit confirmed at 2.7 pct of GDP
12:14 EU's Barroso to discuss French deficit with Sarkozy today - spokesman



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