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To: Knighty Tin who wrote (22153)	1/25/2005 2:41:27 PM
From: mishedlo	Respond to of 116555

EU worried about sustainability of public finances in 14 member states Tuesday, January 25, 2005 3:53:16 PM afxpress.com BRUSSELS (AFX) - The European Commission is concerned about the sustainability of public finances in 14 of the EU's 25 member states, according to a document to be approved tomorrow "Analysis shows that, despite recent efforts to ensure the long-term sustainability of public finances, it remains an important issue in the majority of member states, notably in Belgium, Cyprus, the Czech Republic, Germany, Greece, Spain, France, Hungary, Italy, Malta, Poland, Portugal, Slovenia and Slovakia," the commission said in its report on the implementation of EU countries' fiscal programmes for 2003-2005 The commission added that "debt ratios remain high and longer-term sustainability is not yet secured in 14 of the member states in 2004" It warned that nine countries are set to breach the stability and growth pact's deficit limit of 3 pct of GDP "Furthermore, the limited progress in several member states to reach a sound budgetary position and/or correct an excessive deficit continues to be a source of concern," it said The commission also expressed concern about the pace of implementing the EU's ambitious structural reform agenda, saying this means it will be "difficult to fulfil the Lisbon ambitions" of making Europe the world's most competitive economy by 2010 It complained that implementation of European internal market integration "also appears to have slowed down with limited progress noted on the transposition of internal market directives and a continued high level of infringement cases" The commission noted that monetary polices "remained accommodative" last year against a backdrop of uncertainty over the strength of the recovery and rising oil prices "The ECB maintained its key policy interest rates unchanged. Some central banks in the Union raised interest rates to contain inflationary pressures," it said

To: Knighty Tin who wrote (22153)	1/25/2005 2:53:33 PM
From: mishedlo	Respond to of 116555

Italy´s Berlusconi against ´drastic´ EU pact demands on cutting public debt Tuesday, January 25, 2005 5:00:42 PM Italy's Berlusconi against 'drastic' EU pact demands on cutting public debt MILAN (AFX) - Italy's Prime Minister Silvio Berlusconi said he is against reforms to the EU's stability pact on public finances that make "drastic" demands on member states to cut public debt. Berlusconi was speaking after meeting French Prime Minister Jean-Pierre Raffarin, and said the two countries have a joint strategy on pact reforms to be agreed at a March 23 EU summit Berlusconi said he wanted a more flexible interpretation of the stability pact, opposing "useless, drastic demands on debt", and saying public debt can only be reduced in a gradual way. Italy has public debt of more than 100 pct of GDP, against the EU pact's target of under 60 pct Berlusconi said the pact should be changed so that it has the flexibility to deal with difficult economic periods, as well as distinguishing between different types of public spending. Berlusconi said Italy and France agree on how to deal with spending on research, defence and infrastructure within the pact's 3 pct deficit limit. Rafferin, speaking at the same news conference, said the debt criteria are "certainly important" in the pact's reform "but the most important aspect is that of controlling the deficit". There is a need to be firm on some criteria and more flexible on others, he said, adding the government should have more room for manoeuvre on investment. [Firmness is require when your own country meets the requirement and softness is allowed when it doesn't. Is that the basic idea? mish] Berlusconi said German chancellor Gerhard Schroeder and UK prime minister Tony Blair are agreed on the same pact reforms. forexstreet.com

To: Knighty Tin who wrote (22153)	1/25/2005 4:24:21 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Layoffs Du Jour Infineon to Close 3 Fiber-Optics Plants Tuesday January 25, 7:41 am ET Infineon Technologies to Close Three Fiber-Optics Plants in Germany, United States BERLIN (AP) -- Chipmaker Infineon Technologies AG will close three fiber-optics plants in Berlin, Munich and Longmont, Colo., Chief Executive Wolfgang Ziebart said at a shareholder's meeting Tuesday. The closures will affect 350 employees -- 280 of those in Berlin, the company said. Infineon will try to move some of those employees to other locations, but forced layoffs may also be necessary, it said. The company has 1,200 employees in the fiber-optics business. ================================================================== 250....Glaxo-SmithKline Pharmaceutical giant trims U.S. jobs Miami Herald - Jan 25 1:43 AM PHILADELPHIA - Citing strong competition in the pharmaceutical market, GlaxoSmithKline P.L.C. said Monday it will eliminate about 250 positions in its U.S. operations next month. ===================================================================== 220...Simmons Posted Jan. 25, 2005 Simmons sets New London plant closure date Gannett Wisconsin Newspapers NEW LONDON — The Simmons Juvenile Products Co. is shutting the doors of its facility here June 30, according to a company announcement Monday. The company, which employs 220 workers, announced last July it would close the plant at 613 Beacon Ave. The decision to close the New London plant is the result of stiff global competition in the juvenile furniture business and a pending sale to unnamed buyer, according to company officials. “The decision to shut down the operation was brought on by the simple fact that labor costs in other parts of the world, particularly China, are significantly less costly than they are in New London, despite the fact that we believe we have the most dedicated, productive and efficient work force in the industry,” Simmons officials said in a press release. In a letter to employees and local officials, Lee Biekkola, Simmons’ vice president of finance and administration, said the first workers will be let go March 18. He added that all employees have received their termination dates. Biekkola said a 60-day plant closing notice will be filed with the state. Simmons has been operating in New London since 1929. It was one of three New London companies that announced job cuts or plant closings in 2004. Norwood Products closed its New London facility, putting more than 250 out of work, while Sara Lee said it was moving one production line out of state, which would cut about 150 jobs at its New London facility. ==================================================================

To: Knighty Tin who wrote (22153)	1/25/2005 4:38:37 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Oil nears $50 a barrel after US refinery snag Tuesday, January 25, 2005 8:25:05 PM reuters.com By Richard Valdmanis NEW YORK, Jan 25 (Reuters) - U.S. oil prices flirted with $50 on Tuesday, jumping to their highest level in eight weeks after a fire at a big Louisiana refinery slowed the plant's fuel production. The gains built on recent strength from a cold snap in the Northeast that fired up furnaces in the world's largest heating oil market and on trader jitters ahead of an OPEC production policy meeting Jan. 30. New York crude settled up 83 cents to $49.64 a barrel, after hitting a peak of $49.75 in open-call trade, the highest level since Nov. 30. London Brent gained 95 cents to $46.96 a barrel after hitting $46.99, the highest since Nov. 4. Dealers said the strength tracked a rally in gasoline futures after ConocoPhillips <COP.N> confirmed it had been forced to slow production at its Belle Chasse, Louisiana, refinery after a fire on the weekend. New York gasoline futures surged 4.55 cents to $1.3445 a gallon after hitting $.13480 in open-call trade, the highest level since late October. "All of this has kept us with a bullish bias," said Tom Bentz of BNP Paribas. "The cold really helped early in the week, and today there were a few refinery issues." Oil prices have been climbing steadily in recent weeks as arctic cold blew into the U.S. Northeast after a mild start to the winter, boosting demand for heating oil. U.S. supplies of the key winter fuel were running about 4 percent below last year, according to the most recent government figures, and analysts were predicting the cold would trigger further declines in stockpiles. Below-normal temperatures are expected to last another week before a thaw gives the market a reprieve. Forecasters are calling for a warmer-than-normal February and March. SUPPLY WOES, OPEC JITTERS The market on Tuesday also drew support from concern about attacks on Iraq's oil infrastructure with the election there approaching, and from disruptions in Nigeria. Iraq's southern crude supplies have flowed relatively smoothly at about 1.5 million barrels per day (bpd) in the run up to the elections, though the country's northern exports have been halted for more than a month. Royal Dutch Shell Group <RD.AS> <SHEL.L> said Tuesday it shut 35,000 barrels per day of crude oil production in Nigeria's southeastern Abia state following community protests, continuing a spotty record from the oil-rich nation. Talks to avert a planned strike by Nigeria's main oil unions were adjourned to Wednesday after failing to resolve a dispute over alleged police harassment of local workers, union leaders said on Tuesday. Oil traders are also on alert for any surprises on Jan. 30, when the Organization of the Petroleum Exporting Countries meets to debate production policy. OPEC members look to be moving toward a rollover in the cartel's output ceiling, as prices hovering near $50 make it unlikely that the group will tighten its taps despite fears of a potential oversupply in the second quarter. Kuwait's Oil Minister Sheikh Ahmad al-Fahd al-Sabah said on Tuesday that OPEC should keep its output unchanged as prices remain high and stocks are not building too fast. OPEC production fell 800,000 bpd in January as producers implemented their agreed 1 million bpd cut, tanker tracker Petrologistics said in a preliminary estimate. China's economy, a driving force behind last year's surge in oil demand, expanded by 9.5 percent in the year through the fourth quarter, beyond analysts' expectations.