. BY SHAVASB BOHDJALIAN Forex traders are for sure disappointed at the recent consolidation in the currency market and the narrowing of the ranges, but one of the reasons leading to such tight ranges is the undeclared war among the major pairs as to which currency will become the funding currency for the market. Funding
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Asian shares eased on Wednesday, as concerns about China's slowing economy dampened the optimism generated by a brightening outlook for the U.S. economy that has been pushing equity markets higher since late last year. But financial spreadbetters predicted major European markets would open up to 0.7% higher, rebounding from the previous session's falls. U.S. stock
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Greece's biggest telecom operator, OTE, is planning deeper wage cuts to help secure its future as heavy regulation makes customer losses caused by the recession there even worse, its chief executive said. Its Greek fixed-line unit, with a 65% national market share, is bleeding about 100,000 customers a quarter as cash-strapped consumers turn to smaller, alternative
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The gap between northern and southern euro zone economies will continue to widen for another three years, European Central Bank policymaker Ewald Nowotny said on Tuesday, adding that rising oil prices were now the bloc's main inflationary threat. In a chatroom discussion on Austrian newspaper Der Standard's website, Nowotny said the euro zone's sovereign debt
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Turkey's Global Investments Holding is eyeing energy and infrastructure investment opportunities in neighbouring Greece, hit by a debt crisis, with a priority given to port operations. "As Global Investments Holding, we are looking into investment opportunities in Greece, and our priority will be on ports," Global board member Adnan Nas told Reuters. "We can complete
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* Escapes gov’t support; 240 mln rights to strategic investors * The Bank of Cyprus raised 594 mln euros in fresh funds from the exercise of a rights issue and the conversion of its Coco bonds, escaping the need for any government support. The new funds are part of the bank’s efforts to ensure a
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* Aims for balanced budget by 2016/17 * * Royal Mail pension assets to help 2012/13 deficit * * Growth may nudge higher, Queen's Jubilee to weigh * British government borrowing next year is likely to fall below 100 bln pounds for the first time since 2008/9, and the growth outlook for 2012 could be
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Following is a selection of measures discussed ahead of Chancellor George Osborne's annual budget statement to parliament: 50 PENCE TAX RATE Osborne has been facing growing calls from within his own Conservative party to ditch the 50 pence tax on people earning more than 150,000 pounds a year. The finance ministry is expected to publish
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BY MICHELE KAMBAS Athanasios Orphanides' days at the European Central Bank appeared numbered on Friday after he lost his only ally in a hostile government that will decide by April 30 if he gets reappointed. The resignation of Cyprus Finance Minister Kikis Kazamias for health reasons effectively eliminates the only known supporter of Orphanides in
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A major 7.6 magnitude earthquake struck 120 miles east of Acapulco on Mexico's Pacific coast, the U.S. Geological Survey said on Tuesday. The USGS located the epicenter of the quake at 15 miles east of Ometepec in Guerrero state at a depth of 10.9 miles. The Pacific Tsunami Warning Center said the inland earthquake
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