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To: zonder who wrote (22770)	2/3/2005 9:54:46 AM
From: mishedlo	Respond to of 116555

Bickering btw EU and the UK? Mandelson calls on UK to drop hostitility to EU and back push for jobs, growth Thursday, February 3, 2005 9:21:39 AM BRUSSELS (AFX) - EU trade commissioner Peter Mandelson called on the UK to drop its traditional hostility to the EU and back the European Commission in its drive to boost jobs and growth through economic restructuring Writing in the Financial Times, Mandelson said the revised economic reform programme unveiled by commission president Jose Manuel Barroso would mean greater market liberalisation, efficiency, innovation and productivity as well as the removal of obstacles to higher employment "This, in particular, is why Britain -- traditionally hostile to 'Brussels' -- should back the commission," he said "The UK economy will benefit from this programme, which will raise Britain's productivity and growth potential along with its partners," he said Mandelson also urged business to support the amended reform agenda, which drops the 2010 deadline for turning Europe into the world's most competitive economy "I hope business will rally behind Mr Barroso's clear mission," he said "This will help shift the focus of public opinion in member states back to Europe -- to see Europe as a source of dynamism and hope, not of encumbrance and unnecessary interference," he said forexstreet.com

To: zonder who wrote (22770)	2/3/2005 10:01:32 AM
From: mishedlo	Respond to of 116555

ECB´s Trichet sees growth picking up in 2005, inflation falling below 2 pct Thursday, February 3, 2005 2:24:03 PM ECB's Trichet sees growth picking up in 2005, inflation falling below 2 pct FRANKFURT (AFX) - European Central Bank president Jean-Claude Trichet said conditions remain in place for euro zone growth to accelerate in 2005 and for inflation to fall back below the bank's 2 pct threshold in the course of the year However, speaking after the ECB held its key interest rate unchanged at 2.0 pct, as expected, Trichet said there are still upside risks to price stability over the medium term requiring "continued vigilance" "All in all, the information which has become available since the last meeting of the Governing Council means that our assessment of price stability over the medium term is unchanged," Trichet said. "While short-term HICP inflation rates remain subject to certain volatilities, particularly in relation to oil prices, there is no significant evidence of underlying domestic inflationary pressures building up in the euro area. However, upside risks to price stability over the medium term remain." Trichet said there are indications that inflation declined in January from December "Looking further ahead, on the basis of the information available so far, HICP inflation is expected to fall below 2 pct in the course of 2005, provided no further adverse shocks occur," he said. Trichet said recent data suggest growth in the fourth quarter of 2004 was moderate. "The conditions remain in place for economic growth to pick up and become more self-sustained in the course of the year," he said. "Global growth remains solid, providing a favourable environment for euro area exports. On the domestic side, investment is expected to continue to benefit from very favourable financing conditions, improved earnings and greater business efficiency. Moreover, consumption growth should develop in line with real disposable income growth." High and volatile oil prices and persistent global imbalances pose downside risks to growth, he said. Trichet reiterated that the ECB considers volatility in exchange rates "unwelcome and undesirable for economic growth" He said latest monetary data confirm the strengthening of M3 growth observed since mid-2004. This increasingly reflects the stimulative effect of the historically very low level of interest rates, he said "As a result of the persistently strong growth in M3 over the past few years, there remains substantially more liquidity in the euro area than is needed to finance non-inflationary economic growth. This could pose risks to price stability over the medium term and warrants vigilance." forexstreet.com

To: zonder who wrote (22770)	2/3/2005 10:19:15 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Treasury´s Snow has cold, won´t attend London G7 meet Thursday, February 3, 2005 2:18:03 PM afxpress.com Treasury's Snow has cold, won't attend London G7 meet WASHINGTON (AFX) -- Treasury Secretary John Snow will not attend this weekend's meeting of G7 finance ministers in London, a Treasury spokesman said Thursday morning. John Taylor, the Treasury's undersecretary for international affairs, will take Snow's place at the meeting. Treasury spokesman Tony Fratto said Snow is fighting a chest cold.

To: zonder who wrote (22770)	2/3/2005 10:23:16 AM
From: mishedlo	Respond to of 116555

U.S. initial jobless claims fall to 316,000 Thursday, February 3, 2005 1:47:19 PM afxpress.com WASHINGTON (AFX) - The number of initial filings for U.S. unemployment benefits dropped by 9,000 last week to a seasonally adjusted 316,000, the Labor Department reported Thursday It's the second-lowest number of new claims during this expansion The four-week moving average of new claims - which smoothes out one-time distortions caused by weather or holidays - dropped by 10,250 to 331,500, the lowest in four weeks and just a smidgen above the cyclical low. The insured unemployment rate fell by a tenth to 2.1 percent Meanwhile, the number of workers collecting jobless benefits dropped by 116,000 to 2.70 million in the week ending Jan. 22. The four-week average of continuing claims fell by 40,000 to a four-year low of 2.71 million Jobless claims data in December and January are especially difficult to analyze, with volatile seasonal hiring and firing patterns disrupting the seasonal adjustment process The data in late January indicate slow but steady improvement in the labor market The Labor Department will report on January nonfarm payroll growth on Friday. Economists surveyed by MarketWatch expect a gain of about 189,000 for payrolls, close to the average gain over the past year Economists have said initial claims in the neighborhood of 330,000 to 350,000 are consistent with monthly job gains of about 150,000 to 250,000. The economy needs to add about 150,000 jobs a month to absorb new entrants into the labor force A year, ago, initial jobless claims were averaging 355,000, while continuing claims averaged 3.18 million In a separate report, the Labor Department said productivity in the nonfarm sector slowed to a 0.8 percent annual rate in the fourth quarter, the smallest gain in nearly four years. forexstreet.com