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  • 2013-05-29 04:00


    PARIS (MNI) - Italy's economy will sink deeper into recession this year before advancing modestly in 2014 as tight credit markets and government spending cuts hamper growth in Europe's fourth-largest economy, the OECD said Wednesday in its Economic Outlook report.

  • 2013-05-29 03:47


    --Updates Story From 0356 ET With Comments By Labour Agency Head

    FRANKFURT (MNI) - German unemployment rose for the third straight month in May, signalling the economic slowdown in the fourth quarter and start of 2013 is having some effect on the jobs market, the Federal Labour Office reported Wednesday.

    Some 21,000 more people were considered unemployed this month in seasonally adjusted terms, lifting the total to 2.963 million. All of the increase came from western German states.

  • 2013-05-29 03:40


    PARIS (MNI) - The debt crisis has shown that a banking union is essential to the functioning of the single currency, European Central Bank Governing Council member Christian Noyer said Wednesday.

    "Banking union is necessary for European economic and monetary union to function correctly," Noyer, who heads the Bank of France, told a press conference in Paris. "The crisis has shown that this is indispensable."

    Noyer said banking union negotiations remained "extremely delicate," however, particularly regarding a common system of deposit insurance. He said this could only happen after the ECB was firmly in control of banking supervision. "We have to show that there are no hidden risks" before common deposit insurance can be established, he said.

  • 2013-05-29 03:31


    North Rhine-Westphalia CPI

    May: +0.4% m/m, +1.7% y/y April: -0.4% m/m, +1.2% y/y

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    Pan-German CPI

    MNI median forecast: +0.3% m/m, +1.4% y/y MNI forecast range: -0.5% to +0.4% m/m

    April: -0.5% m/m, +1.2% y/y

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    BERLIN (MNI) - Consumer prices in the western German state of North Rhine-Westphalia rose 0.4% in May, lifting the annual inflation rate to +1.7% from +1.2%, the state statistics office said Wednesday.

    The monthly result is above the median forecast of +0.3% for pan-German CPI in a MNI survey of analysts. Earlier today, Bavaria and Brandenburg also posted 0.4% monthly inflation, while Saxony registered a 0.5% rate.

    Due to the holidays in May, prices for package holiday tours in North Rhine-Westphalia rose 8.0% on the month.

  • 2013-05-29 03:31


    Brandenburg CPI

    May: +0.4% m/m, +1.4% y/y April: -0.4% m/m, +1.0% y/y

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    Pan-German CPI

    MNI median forecast: +0.3% m/m, +1.4% y/y MNI forecast range: -0.5% to +0.4% m/m

    April: -0.5% m/m, +1.2% y/y

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    BERLIN (MNI) - Consumer prices in the eastern German state of Brandenburg rose 0.4% in May, lifting the annual inflation rate to +1.4% from +1.0%, the state statistics office said Wednesday.

    The monthly result is above the median forecast of +0.3% for pan-German CPI in a MNI survey of analysts. Earlier today, Bavaria and North Rhine-Westphalia also posted monthly inflation of 0.4%, while Saxony registered a 0.5% rate.

    Due to the holidays in May, prices for package holiday tours in Brandenburg rose 8.0% on the month. Restaurant and hotel services climbed 0.9%.

  • 2013-05-29 03:02


    Bavaria CPI

    May: +0.4% m/m, +1.5% y/y April: -0.4% m/m, +1.2% y/y

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    Pan-German CPI

    MNI median forecast: +0.3% m/m, +1.4% y/y MNI forecast range: -0.5% to +0.4% m/m

    April: -0.5% m/m, +1.2% y/y

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    BERLIN (MNI) - Consumer prices in the western German state of Bavaria bounced back 0.4% in May, lifting the annual inflation rate to +1.5% from +1.2%, the state statistics office said Wednesday.

    The monthly result is above the median forecast of +0.3% for pan-German CPI in a MNI survey of analysts. Earlier today, the eastern German state of Saxony posted monthly inflation of 0.5%.

    Due to the holidays in May, prices for package holiday tours rose 8.0% on the month. Restaurant and hotel services climbed 0.4%.

  • 2013-05-29 02:56


    SA Unemployment: +21k (pan-German), +21k (West), flat (East)

    FRANKFURT (MNI) - German unemployment rose for the third straight month in May, signalling the economic slowdown in the fourth quarter and start of 2013 is having some effect on the jobs market, the Federal Labour Office reported Wednesday.

    Some 21,000 more people were considered unemployed this month in seasonally adjusted terms, lifting the total to 2.963 million. All of the increase came from western German states.

  • 2013-05-29 02:26


    TOKYO (MNI) - The Bank of Japan said on Wednesday that it posted Y576.0 billion in net profit in the last fiscal year ended on March 31, up nearly 9% from Y529.0 billion a year earlier.

    The rise in the net profits during the fiscal year was due mainly to more foreign exchange transactions stemming from the yen's drop.

    The BOJ shifted Y28.8 billion, or 5% of the net income, into legal reserves that form the core of its capital base as it is legally obliged to set aside 5% of its net income as a reserve fund.

    The assets held by the BOJ at the end of March totaled a record high of Y164.81 trillion, up 18.2%, from Y139.46 trillion a year earlier, due to the rise in bond holdings.

    The previous record high was Y150.52 trillion at the end of March, 2005, reflecting

  • 2013-05-29 02:16


    FRANKFURT (MNI) - The European Central Bank said Wednesday that it will launch a 6-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 0.62% 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 1.2856.

    Bids for today's operation are due by 7:45 GMT today. Tender results will be announced at 09:00 GMT.

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

  • 2013-05-29 02:00


    Saxony CPI

    May: +0.5% m/m, +1.7% y/y April: -0.5% m/m, +1.3% y/y

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    Pan-German CPI

    MNI median forecast: +0.3% m/m, +1.4% y/y MNI forecast range: -0.5% to +0.4% m/m

    April: -0.5% m/m, +1.2% y/y

    ---

    BERLIN (MNI) - Consumer prices in the eastern German state of Saxony bounded back 0.5% in May, lifting the annual inflation rate to +1.7% from +1.3%, the state statistics office said Wednesday.

    The monthly result is above the median forecast of +0.3% for pan-German CPI in a MNI survey of analysts.

    Due to the holidays in May, prices for package holiday tours rose 8.0% on the month.