Kimmitt confident in U.S. economic fundamentals

By | Juli 4, 2008

BERLIN (Reuters) - Deputy U.S. Treasury Secretary Robert Kimmitt said on Friday he was confident about the United States’ economic fundamentals in the long term despite a current rough patch and was quite optimistic about the future.

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Weak dollar is global concern: EU’s Barroso

By | Juli 4, 2008

BRUSSELS (Reuters) - The dollar’s fall is a source of global concern and the European Union wants a better balance between the U.S. unit and other major currencies, European Commission President Jose Manuel Barroso said on Friday.

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Oil falls below $145, awaits Iran response

By | Juli 4, 2008

LONDON (Reuters) - Oil dropped below $145 a barrel on Friday, but was still within sight of record highs reached in the previous session when traders bought into the market ahead of a holiday weekend in the United States.

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Austria court convicts bankers over heavy BAWAG losses

By | Juli 4, 2008

VIENNA (Reuters) - A Vienna court sentenced nine people to prison on Friday for their roles in causing losses at Austrian bank BAWAG P.S.K. of as much as 1.7 billion euros ($2.7 billion) through risky investments.

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European banks need to raise 60-90 billion euros: Goldman

By | Juli 4, 2008

(Reuters) - Goldman Sachs said the European banks sector
needs to raise about 60 billion to 90 billion euros, or
withhold one year of dividends, to reach an aggregate Tier I
ratio of 9 percent — a level achieved by European banks that
have recapitalized recently.

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Infineon shares up over 5 percent on takeover talk

By | Juli 4, 2008

FRANKFURT (Reuters) - Shares in German chipmaker Infineon rose more than 5 percent on Friday, with traders citing unspecified takeover rumors.

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Austrian court finds BAWAG bankers guilty

By | Juli 4, 2008

VIENNA (Reuters) - A Vienna court on Friday found the former head of Austrian bank BAWAG P.S.K., Helmut Elsner, guilty of breach of trust for his role in notching up at least 1.4 billion euros ($2.2 billion) of losses at the bank.

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Euro zone rate rise signals ECB serious: policymakers

By | Juli 4, 2008

FRANKFURT (Reuters) - The European Central Bank’s interest rate rise sends a signal that it is serious about combating inflation, policymakers said as they staged a public relations offensive to justify Thursday’s increase.

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UK bank B&B ups rights issue size after TPG quits

By | Juli 4, 2008

LONDON (Reuters) - Bradford & Bingley plans to increase its rights issue to 400 million pounds ($794 million) after U.S. private equity firm TPG Capital pulled out of a plan to buy a stake, sending its shares lower.

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World stocks slip again

By | Juli 4, 2008

LONDON (Reuters) - World stocks slipped back towards this week’s five-month low on Friday as oil prices near record highs kept inflation concerns alive a day after the European Central Bank raised interest rates.