• 2013-01-09 10:04

    BERLIN (MNI) - The German government made clear on Wednesday that Cyprus needed to undertake deep reforms if it wanted to qualify for fiscal aid from its Eurozone peers.

    "There is a need for Cyprus to undertake fundamental reforms, difficult structural reforms, budget consolidation and to restructure its financial sector, which is significantly too large for this relatively small country," government spokesman Steffen Seibert said at a regular press conference.

  • 2013-01-09 07:31

    LONDON (MNI) - Cable traded with a firm tone through European morning trade, despite most early reports suggesting the pound had a soft feel, with traders suggesting shorting the pound.

    Late morning sales of euro-sterling extended its corrective pullback from Tuesday's highs of stg0.8161 to stg0.8134, the move providing cable with some underlying buoyancy and was seen offsetting any negative effect from the release of disappointing UK trade data.

    CABLE: Closed in NY at $1.6055 after recovering off traded lows at $1.6029, the rate having seen highs earlier in the day at $1.6129. Tuesday had seen corrective action following on from Monday's move into risk positions, with main corrected moves overnight led by a yen recovery.

  • 2013-01-09 06:02

    MNI FRANKFURT BUREAU - The European Central Bank said Wednesday that it has allotted $600 million in its 7-day USD liquidity providing operation.

    The central bank said it received 1 bid.

    Today's operation was carried out at a fixed rate of 0.66%. The Euro/USD rate was set at 1.3076.

    --MNI Frankfurt Bureau; tel: +49 69-720-142; email:

    [TOPICS: M$X$$$,M$XDS$]

  • 2013-01-09 05:31

    -Nov Global Goods Trade Deficit Stg9.164bn vs Stg9.487bn Oct -Nov Total Trade Deficit Stg3.466bn vs Stg3.729bn Oct -Nov Global Goods Wider Than Expected; Total Trade Deficit Narrower

    LONDON (MNI) - The UK's visible trade deficit came in slightly larger than had been anticipated by analysts in November while the total trade deficit was significantly narrower.

    The global goods balance was -stg9.2bn in November compared with -stg9.5bn in October, wider than MNI's median analyst forecast for a stg8.8bn deficit. The total trade balance stood at -stg3.5bn compared with -stg3.7bn in October, but better than MNI's median for a stg4.5bn gap.

    NS said that higher exports had been the key to the somewhat narrower total trade deficit in November.

  • 2013-01-09 04:18

    FRANKFURT (MNI) - The European Central Bank said Wednesday that it will launch a 7-day liquidity providing operation to ease pressures in the short-term U.S. dollar funding markets.

    The operation is carried out at a fixed rate of 0.66% with the central bank planning to satisfy all bids received against eligible collateral. The minimum bid is $5 million. The Euro/USD rate is set at 1.3076.

    Bids for today's operation are due by 8:45 GMT today. Tender results will be announced at 10:00 GMT.

    --MNI Frankfurt Bureau; tel: +49 69-720-142; email:

    [TOPICS: M$X$$$,M$XDS$]

  • 2013-01-09 02:03

    CPI - December HICP - December %mom %yoy %mom %yoy

    Median Forecast 0.3 1.4 0.4 1.6 High forecast 0.5 1.5 0.4 1.6 Low forecast 0.1 1.1 -0.2 1.3 Previous period -0.2 1.4 -0.2 1.6 - Number of responses 7 9 6 8 - 4Cast 0.3 1.5 n/a n/a Barclays Cap.

  • 2013-01-09 02:03

    Industrial Output - December - %mom %yoy

    Median Forecast 0.9 -2.9 High forecast 1.5 -2.4 Low forecast -0.5 -3.3 Previous period -2.6 -3.7 - Number of responses 11 6 - Barclays Cap. 0.5 -3.3 Berenberg Bank 1.5 n/a BNP Paribas -0.5 n/a Capital Economics 1.0 -2.9 Citi 1.5 -2.4 Commerzbank 0.5 -3.0 Credit Agricole 0.8 n/a LBBW 1.5 n/a Natixis 1.4 -2.5 Soc.

  • 2013-01-08 20:01

    -KPMG/REC: UK Dec Permanent Placements Growth 53.2 index vs 56.0 Nov -UK Dec Temporary Billings 54.8 Vs 57.4 Nov -Vacancies Index Increases At Fastest Pace In 20 Months

    LONDON (MNI) - UK permanent placements growth eased in December but job vacancies increased at their fastest pace in 20 months, according to the latest KPMG/REC survey compiled by Markit.

    Meanwhile, the availability of permanent staff declined, while availability of temporary staff was unchanged from November.

  • 2013-01-08 20:01

    -Food Price Inflation Slows Markedly As Global Commodity Costs Ease

    LONDON (MNI) - Overall shop price inflation held steady for the third successive month in December at 1.5% year on year but food price inflation eased markedly due to the recent weakness in global commodity costs, according to the latest Shop Price Index report from the British Retail Consortium.

    The survey showed overall inflation remained at 1.5% in December and food price inflation slowed to 4.1% from the 4.6% level seen in November.

  • 2013-01-08 12:30

    PARIS (MNI) - The public prosecutor of Paris announced Tuesday it has launched a preliminary investigation into charges of tax fraud against French Budget Minister Jerome Cahuzac.

    Cahuzac has repeatedly denied the accusations, first made in December by the journalist group Mediapart, that he held a UBS bank account in Geneva from the 1990s until 2010, when he transferred the funds to an offshore account in Singapore. The minister has in turn sued Mediapart for defamation.