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To: ild who wrote (59753)4/28/2006 4:22:33 AM
From: shades  Respond to of 110194
 
Buba's Weber Stresses Importance Of M3 Analysis -2-

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Money supply in the euro zone rose at a seasonally-adjusted 8.6% annual rate in March, well above market expectations and the 4.5% reference value the ECB considers in line with securing price stability.

The overshooting of the reference value is one of the key factors why markets expect the central bank to raise its key interest rates at one of the next two governing council meetings in May or June.

The ECB governing council will meet again next Thursday to decide on euro-zone interest rates. So far, almost all economists expect the central bank to keep interest rates unchanged next week, but foresee a hike of 25 basis points at the meeting in early June.

But with the fresh set of data speculation is likely to grow that the ECB will consider raising rates at its next meeting Thursday.

"Monetary indicators are important indicators to gauge medium- to long-term price developments and thus to gauge risks to price stability," Weber said. "Under these circumstances it would be negligent for monetary policy to disregard the information" provided by the monetary analysis."


-By Klaus Brune, Dow Jones Newswires; +49 69 29 725 500; klaus.brune@dowjones.com


(END) Dow Jones Newswires

April 28, 2006 04:20 ET (08:20 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 04 20 AM EDT 04-28-06



To: ild who wrote (59753)4/28/2006 4:22:53 AM
From: shades  Respond to of 110194
 
Euro-Zone March M3 Rises Well Above Forecast

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By Klaus Brune

Of DOW JONES NEWSWIRES


FRANKFURT (Dow Jones)--Money supply in the euro zone rose strongly in March, buoyed by robust demand for credit lending and fueling expectations for an interest rate increase at one of the next European Central Bank governing council meetings.

The annual rate of growth for M3, the broadest measure of money available in the euro zone, was 8.6% in March, above February's revised 7.9%, the ECB said Friday. The February figure was originally reported as 8.0%.

The more closely watched three-month moving average for M3, which irons out some of the monthly fluctuations, rose at an annual rate of 8.1% in the January-March period, compared with a revised 7.7% growth rate reported for the December-February period. This rate was originally reported as 7.6%.

The data are well above economists' expectations for an annual M3 growth rate of 7.9% in March and a 7.8% rise in the three-month average.

The data also exceed the ECB's three-month reference value of 4.5% annually, which the ECB considers to be in line with achieving price stability in the medium term. The data are thus likely to boost expectations for an ECB interest rate hike as early as at the May meeting next Thursday.


(MORE TO FOLLOW) Dow Jones Newswires

April 28, 2006 04:13 ET (08:13 GMT)



To: ild who wrote (59753)4/28/2006 4:23:57 AM
From: shades  Respond to of 110194
 
Fund Manager Threatens Rosneft Boycott

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LONDON (Dow Jones)--F&C Asset Management PLC (FCAM.LN), a major U.K. fund manager, is threatening to boycott a planned flotation of Russian oil company Rosneft Oil Co. (RNT.YY), the Financial Times reports Friday.

The paper quotes Karina Litvack, a F&C executive, saying that the planned listing raised questions of legal risk and corporate governance and that without further assurances from Rosneft F&C wouldn't be interested.

Newspaper Web site: ft.com

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320


(END) Dow Jones Newswires

April 28, 2006 04:20 ET (08:20 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 04 20 AM EDT 04-28-06



To: ild who wrote (59753)4/28/2006 4:24:47 AM
From: shades  Respond to of 110194
 
Largest US Eminent Domain Seizures

(Where is William Wallace when you need some lightning coming out of arse's?)

RIVIERA BEACH, Fla. (AP)--When Mayor Michael Brown envisions the future of this struggling city, he sees no poverty, no drug dealing, no prostitution - and none of the 1,700 buildings where many of his poorest constituents live and work.

Up to 6,000 of Riviera Beach's 31,000 residents would be sent packing in the city's effort to revamp its marina district with condominiums, houses, shops, offices and yacht slips. To enraged owners of property slated for condemnation, Brown says the sacrifice is necessary for progress.

"(Italian philosopher Niccolo) Machiavelli said it best - the hardest thing to do is to sustain and change the order of things," Brown says. "I will use every ounce of energy I have to fight to make a better life for these people. There will be no more lower class.

"For all those who don't like it, tough."

The project, potentially one of the country's largest eminent domain seizures, has placed Riviera Beach at the center of a nationwide battle over whether government should be allowed to seize property for private development.

"You can't just take away from people what they've worked so hard for," says Princess Wells, 54, whose home and salon are slated for removal under the $2.4 billion plan.

Traditionally, governments have used eminent domain to build public facilities, but cities have increasingly used the power to make room for private development.

The U.S. Supreme Court ruled last year that such seizures are allowable if the construction raises the tax base and benefits the entire community. But it added a caveat: States can restrict the use of eminent domain. Legislators in Florida and elsewhere are scrambling to do so. Gov. Jeb Bush is likely to sign the measure if the Senate approves it.

"From the barbershops to the courthouse, all I've heard was, `Please don't let them take our property,"' Rep. Arthenia Joyner said after a recent 116-0 House vote on legislation that would severely limit the condemnations for any private use.

In February, South Dakota became the first state to enact a law that prohibits government from seizing personal property through eminent domain for private use. Indiana, Georgia and other states have enacted similar laws.

Dana Berliner, a lawyer for the nonprofit Washington, D.C.-based Institute for Justice, says Riviera Beach's plan is the largest current project of its kind in the country.

"This land is very valuable and the attitude is, `Why should we waste this prime real estate on low-income people?"' says Berliner, who represented Connecticut homeowners in the Supreme Court case. "It's a terrible thing."

Wells refuses to sell the single-story pink home her husband built 23 years ago. The couple raised four children there.

"When we built our house, we didn't have much money. We prayed a lot," Wells says. "We love our house. Why would I sell?"

Developers who have offered some homeowners twice the market values have not approached her, leaving few options but to accept the city's offer of about 30% above appraisal, plus relocation assistance.

The mayor says Riviera Beach is on the brink of bankruptcy and needs redevelopment if it is to thrive in wealthy Palm Beach County. Brown sees the project as a catalyst for opportunities - and millions in tax revenue - for the city, where a quarter of residents live in poverty.

Viking Inlet Harbor Properties, a joint venture between Viking Yacht Co. and resort firm Portfolio Group, is developing the project. Viking CEO Robert Healy says it will bring in 1,500 higher paying jobs, up to 800 affordable homes and create a 400-student maritime vocational academy.

Floyd Johnson, director of Riviera Beach's Community Redevelopment Agency and the project's chief administrator, compares it to building the nation's interstate highways, which connected coasts and commerce but displaced thousands.

"A rising tide will hopefully raise all ships," Johnson says. "There are those who are reminiscent of the good old days here. The greater good extends beyond them."

He says any new state restrictions could slow the project but would not stop it, and adds that he expects the city will have to seize only about 30 properties.

Some residents, however, say it is only the threat of seizure that compelled them to sell.

"I'm outraged. This is so un-American. It's legalized stealing," says painter Martha Babson, 58, who sold her home in the project zone to a developer and is considering moving inland to find affordable housing.

"Unless the state changes the law, people of my echelon, the financially challenged, will always be the people who get moved. Is there ever an end?"


(END) Dow Jones Newswires

April 28, 2006 03:55 ET (07:55 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 03 55 AM EDT 04-28-06



To: ild who wrote (59753)4/28/2006 4:32:33 AM
From: shades  Respond to of 110194
 
Calif Juror Claims Being Pressured In Terrorism Case

(I saw that movie 12 angry men - seems to me there was lots of pressure to change that vote)

SACRAMENTO (AP)--A juror in a terrorism trial in California said she was pressured into casting the final vote to convict a man of attending a terrorist training camp in Pakistan.

The juror's claim, made in a sworn statement, means the suspect, Hamid Hayat, should get a new trial, defense lawyer Wazhma Mojaddidi argued in a motion filed in federal court late Thursday.

"I was under so much stress and pressure (from other jurors) that I agreed to change my vote," the juror, Arcelia Lopez, said in her statement. "I never once throughout the deliberation process and the reading of the verdict believed Hamid Hayat to be guilty."

On Tuesday, Hayat was convicted of providing material support to terrorists by attending a training camp in Pakistan in 2003 and lying about it to FBI agents when he was questioned after he returned to the United States in May.

Prosecutors say Hayat should face a minimum 30 years in prison at his July 14 sentencing.

Hayat and his father, both U.S. citizens, were arrested last June along with two Muslim leaders as part of an investigation into what authorities said at the time was part of a terrorist movement in the central California farming town of Lodi, a grape-growing region south of the state capital.

Hours before Tuesday's guilty verdict against Hamid Hayat, a separate jury said it was hopelessly deadlocked on whether his father, Umer Hayat, 48, was guilty of lying to FBI agents about his son's alleged terrorist training.

Prosecutors are expected to say Friday if they will retry the older man's case.

Prosecutors have said repeatedly since Tuesday's verdict that they don't believe there was any improper influence on jurors, and that any pressure on Lopez was part of the normal jury deliberation process.

"I deeply regret my decision," Lopez said in the affidavit obtained by defense investigator and former FBI agent James Wedick.

Lopez said in her affidavit that she was the lone holdout among the 12 jurors in a case requiring a unanimous verdict.

The Hayats were secondary targets of the investigation, developed after the FBI recruited an informant to infiltrate the 2,500-member Pakistani community in Lodi, 35 miles (55 kilometers) south of Sacramento.

Hamid Hayat told agents in an hours-long videotaped statement that he was awaiting orders to carry out a religious war against targets such as banks, groceries and hospitals.

Mojaddidi, his lawyer, disputes the confession and says there is no direct proof Hayat attended the camp.

The two imams who were arrested with the Hayats were deported for immigration violations.

The Hayats were the only people criminally charged in the probe.

U.S. Attorney General Alberto Gonzales praised Tuesday's conviction as part of the government's effort to "detect, disrupt and prevent terrorist acts."


(END) Dow Jones Newswires

April 28, 2006 03:57 ET (07:57 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 03 57 AM EDT 04-28-06