IN BRIEF (Page 17)

Euro slips

The euro fell against the dollar after Bank of France Governor Christian Noyer said economic growth in the European Union may be weaker than policy makers expected, reinforcing speculation the region's central bank will lower interest rates this year.

The euro, which weakened against 13 of the 16 major currencies tracked by Bloomberg, dropped 0.3 percent versus the dollar to $1.4633 by 10:37 am in London, from $1.4682 on Feb 15 in New York. Against the yen, it traded at 158.31 from 158.25.

Banks rise

Deutsche Postbank AG, Germany's biggest consumer bank by clients, and Commerzbank AG rose on a newspaper report that the government backs a combination of the two lenders.

Bonn-based Postbank advanced as much as 6.1 percent to 64.10 euros in Frankfurt trading and was at 62.42 euros at 12:35 pm German time, giving it a market value of about 10.2 billion euros. Commerzbank, Germany's second-largest bank by assets, gained as much as 3.3 percent and was at 20.07 euros.

Gas investment

OAO Gazprom Neft, the oil arm of Russian natural-gas producer OAO Gazprom, plans to invest 17.6 billion rubles ($720 million) on associated gas projects.

Gazprom Neft wants to use 95 percent of the gas it produces at its oil fields by 2011, Chief Executive Officer Alexander Dyukov said in an e-mailed statement yesterday.

Fiat forecast

Fiat SpA, Italy's largest manufacturer, will post first-quarter results "in line" with company forecasts, Chief Executive Officer Sergio Marchionne said yesterday.

The company has no plans to revise its profit forecasts, Marchionne told reporters in Turin.

Vallourec advances

Vallourec SA, the world's second- biggest maker of oil-and-gas pipes, rose as billionaire investor Vincent Bollore said he's buying shares, after earning 1.5 billion euros from a previous stake sale.

The Paris-based company rose as much as 3.3 percent to 137.41 euros and was trading 2.93 euros higher at 136.90 euros as of 1:28 pm local time. The stock has fallen 26 percent since the beginning of the year.

House prices increase

UK house prices rose in February for the first time in four months after the Bank of England cut interest rates, Rightmove Plc said.

The average asking price climbed 3.2 percent to 237,856 pounds from January, compared with a 0.8 percent decline the previous month, the United Kingdom's most-used property website said yesterday. In London, values increased by 0.9 percent.

Oil up

Crude oil rose for a fourth day after Iranian Oil Minister Gholamhossein Nozari said OPEC may reduce production when it meets next month.

Crude oil for March delivery rose as much as 54 cents, or 0.6 percent, to $96.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $96.02 a barrel at 10:55 am London time. There was no floor trading in New York yesterday because of the Presidents' Day holiday.

Boost for Vietnam

Vietnam moved past Chile, Colombia, the Philippines and Spain in 2007 to reach the list of the top 30 exporters to the United States, driven by stronger sales of clothing, furniture, electrical equipment and coffee.

Vietnam's shipments to the US, its top market, climbed 25 percent last year to $10.54 billion, according to figures released on the US International Trade Commission's website. Exports to the US increased 30 percent in 2006 and 26 percent in the previous year.

Agencies

(China Daily 02/19/2008 page17)