European employers are against the rising of ECB's interest rates
Submitted by Borislava Ganeva on Tue, 06/17/2008 - 19:54.
European employers claimed that they did not support any increase of the interest rates of European Central Bank (ECB) in July, although they understood the aspiration of Frankfurt Bank to react against the strong inflation in Europe.
At a press conference in Brussels the president of the Confederation of Industrialists and Employers BusinessEurope Ernest-Antoine Selier described as "bad news" the possible rise in interest rates. He added that interest rates could affect the ability of consumers to take loans and thus demand and investment opportunities. In his words some employers had concerns that the rise of interest rates could contribute to further appreciation of the euro.
Selier, however, expressed understanding of businesses that because of the record inflation in the euro zone of 3.7 percent in May, the ECB was concerned and had to react.
Most analysts expect the ECB to raise its main interest rate to 4.25 percent in July since it has kept it without any change since a year at the level of 4 percent.
Vienna - The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) fell to 44.06 dollars Thursday, the first time it went below 45 dollars since May 2005.
Indian authorities have issued a birth certificate to a Japanese baby born to an Indian surrogate mother, easing the way for her Japanese father to take her home, news reports said Saturday.
