Word: euros
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...leader (the U.S. Senate has voted to give him the Gold Medal that is Congress's highest honor) looked like a garden-variety politician scrambling out of a tight spot last week, as stories gushed out of Whitehall saying Blair had once again crumbled under pressure to postpone a euro referendum, probably to 2005 or beyond. Subsequent leaks hinted the vote could be earlier - which was spin designed to keep the pro-euro campaigners Blair has been stringing along since 1997 from despairing and cutting off euro campaign funds. To hose down fevered accounts about the volcanic feud between Blair...
...concocted: if the economics look bad he can't campaign; if he doesn't campaign the poll numbers won't move; if the poll numbers don't move, his allies lose heart and the chances of ever winning a referendum dissolve. So on June 9, Blair must acknowledge the euro is off for now while still managing to juice up its supporters - a balancing act that is getting old. Mark Leonard, director of the Foreign Policy Centre in London, a think tank with close ties to Labour, says that "six years of warm words but no action have left Blair...
...years of warm words but no action on the euro have left Blair with a big credibility gap. - MARK LEONARD, director of the Foreign Policy Centre...
...Exxon, which saw profits more than triple to $7.04 billion. Cracker Jacked A crummy week for Swedish cracker-maker Wasa, after a Swedish court ordered it to re-brand a 27-year favorite, Moraknaecke. Why? The crackers aren't made in the right region. With reasoning like that, can euro membership be far behind...
...falling dollar--it's down 19% against the euro in the past 12 months--is another driver behind the recent exceptional returns of international-bond funds. These funds on average have returned 16% in the past 12 months, vs. 9% for the average U.S. government--bond fund, according to fund tracker Morningstar. In response, investors have shifted $1.5 billion into international-bond funds this year. Even if the buck stabilizes, the foreign yield advantage makes diversifying this way worthwhile, and funds are the way to do it. The relative attractiveness of any one country's bonds can shift quickly...