Hollingsworth Daily Post

• Japan's leading shares rose as much as 3% after authorities intervened in the currency markets to weaken the value of the yen against the dollar.The central bank stepped in to sell yen and buy dollars, a day after the yen hit a 15-year high against the dollar.It is the first time in six years that the Bank of Japan has intervened, and further action has not been ruled out.A strong yen makes Japanese exports more expensive, and reduces profits when earnings are repatriated.The dollar was up 3.1% to 85.63 yen, on track for its biggest daily gain in nearly two years. The euro was also up 2.9% at 111.10 yen.
• The European Commission has published draft rules on trading in complex financial products, saying it currently operates in a "Wild West territory".The body wants to create a watchdog to monitor the derivatives market - products used to make bets on assets without buying them.Officials also want to assess the extent of short-selling, when traders bet on asset prices falling.The practices have widely been blamed for causing economic instability.Derivatives and short-selling are viewed by some as contributing to the eurozone debt crisis, which led to major market instability.
• Deutsche Telekom has said its chief executive, Rene Obermann, is being investigated by German prosecutors regarding bribery allegations.The investigation is part of an inquiry looking at allegations that some of the company's eastern European businesses paid bribes to influence regulators."The CEO [Rene Obermann] has rejected the criminal allegations made against him as false," Deutsche Telekom said.Eight people, including non-Telekom workers, are being investigated.
• The World Trade Organisation (WTO) is set to make its latest ruling in a multi-billion dollar battle between planemaking giants Boeing and Airbus.It will give its initial decision over claims illegal subsidies were made by the US government to Boeing.The case was brought by the European Union which says Washington's support is anti-competitive.Earlier this year, the WTO ruled that the EU paid illegal subsidies to Airbus parent firm EADS.
• The Bank for International Settlements (BIS) says the new rules on banks' capital requirements, which it helped to draw up, will make the world "a safer place".Known as Basel III, the regulations require banks to hold more capital in order to absorb major losses.Stephen Cecchetti of the BIS told the BBC that the new rules reduced the likelihood of another financial crisis.However, the new rules have been accused of being soft on banks.
• The number of people unemployed in the UK fell by 8,000 to 2.47 million in the three months to July, figures show.This meant the overall UK unemployment rate remained at 7.8%, the Office for National Statistics (ONS) said.However, the figures also showed the claimant count - those out of work and receiving unemployment benefit - rose by 2,300 in August to 1.47 million.Many economists fear unemployment will rise later in the year when government cuts begin to kick-in.

BBC Business News 15 September 2010