Business Briefs for December 4, 2005

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Sunday, December 4, 2005

These are short blurbs about current events in the business world.

G7 keeps pressure on China over currency

Flag of China

Financial ministers and central bank governors from the G7 countries are pressuring China to make it's exchange rate more flexible. "We expect that further flexible implementation of China's currency system would improve the functioning and stability of the global economy and the international monetary system," they said in a written statement. Separately US Treasury Secretary John Snow said "China's new exchange rate system has operated with too " He remarked "This rigidity constrains exchange rate flexibility in the region and thus poses risks to China's economy and the global economy."

Sources

Virgin Mobile in talks to merge with NTL

Virgin Mobile logo

Virgin Mobile is in merger talks with the cable operator NTL Inc. The deal will create UK's first company able to provide mobile, landline, Broadband, and TV services. Richard Branson, who holds 72% of Virgin Mobile, will own 14% of the new company to be called Virgin. The company will pose a strategic threat to Sky Broadcasting, which is 37% owned by Rupert Murdoch's News Corporation.

Sources

U.S. Gas prices drop an average of 11 cents

Gas pump

Retail gas prices in the United States have dropped an average of 11 cents in the past two weeks according to the Lundberg Survey. The Survey, released today, says the weighted average price for all three grades fell to $2.16 a gallon as of December 2. The semimonthly survey surveys 7,000 gas stations nationwide. The lowest average price for regular unleaded was $1.89 a gallon in Tulsa, OK. The highest price was $2.55 in Honolulu. Gas prices have fallen about 88 cents a gallon since September according to Lundberg.

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