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Season of Personnel Changes Shakes Up the Fashion World

  PARIS - Stefano Pilati is stepping down as creative director of Yves Saint Laurent, the French label Said Monday, the latest in a round of musical chairs That is turning the world of fashion upside down.

Mr. Pilati has-been at the top of YSL, a unit of the luxury giant PPR, since 2004. He Will Have His final show for autumn-winter women's wear in Paris on Monday, the company Said, with a new creative director to be announced in "the coming weeks."

His leaving HAD long rumored beens. Hedi Slimane, has formed for men's wear designer YSL and Dior Homme who is Currently working as a photographer, by industry insiders is Thought to Be The Favored candidate to replace Mr. Pilati.

Designers like Mr. Pilati are the rock stars of the fashion world, paid Enormous salaries for the excitement and marketing firepower to bring THEY luxury conglomerates. With the Deaths of giants like Yves Saint Laurent, Who died in 2008, the Companies That family inherit Europe's fashion brands face the task of finding designers Who live up to Cdn Their legendary predecessors.

Like its peers, YSL Had a bumper year in 2011 sales to Asia have boomed. The brand's revenue soared 31 percent from a year Earlier, to 354 million euros (about $ 475 million) and pretax profit rose to 50 million euros, up 164 percent. Still, That Was a small fraction aim of PPR's one billion euro revenue of 2.12 and Net Income of 986 million euros payday advances.

"I think behind the change at YSL There Is A desire to Accelerate growth at PPR," Said Virginia Blin, a luxury retailing and Sector analyst at AlphaValue in Paris. "They look at Dior Couture, dirty HAS Which of about 1 billion euros, and THEY see a similar potential for YSL."

The shake-up atop YSL horns just days after the news That the Belgian designer Raf Simons Will Be Leaving the fashion house Jil Sander After Seven years have Ms. Sander returns to the top spot.

Mr. Simons, Who presented historical final Jil Sander show on Saturday, is Now Thought To Be a candidate for the top job at Christian Dior, the position left empty last That Was Year After John Galliano left in disgrace. As Recently as last autumn, Mr. Simons WAS rumored to Be in line to replace Mr. Pilati at YSL.

Mr. Pilati HAD been "instrumental in the Rebuilding and repositioning of iconic French luxury brand year," YSL said. "Under Guiding Stefano's vision and artistic direction, the house has Become a contemporary reference in high fashion."

Siddhartha Shukla, Spokesman for YSL, Pilati Mr. Said Would not Be available to comment. Claudia Mora, a Spokeswoman for PPR, Declined to how Mr. Pilati's departure.

Suzy Menkes Contributed reporting from Milan.

Season of Personnel Changes Shakes Up the Fashion World

Inside Asia: China's Economy Politics Shelter

  BEIJING - The politics of China's Need for a smooth leadership succession this year provide statement the best protection Against a hard landing économique, REGARDLESS of stuttering and exports, faltering capital flows, local government debts and lingering inflation Risks.

By the time President Hu Jintao and Prime Minister Wen Jiabao hand over power in late autumn, China Should Be well on course for full icts slowest year of growth since the office has Took Two decade ago - and That Is Any économique without shocks.

It is not auspicious year in a bequest That system is subsequently assembled to justify Stability unopposed Communist Party rule, and it is PRECISELY why Any significant Threats to the Economy Will Be Year brings with unmistakable policy response.  

"That is the only line of thinking," Said Paul Markowski, president of MES Advisers, based in New York and a longtime investment adviser to China's Monetary Authorities.

"While Financial Risks abound, the composition of the government debt ownership means clustering Cdn brush off hard hits for now, 'he said.

Government debt is 26.9 percent of gross domestic product, According To International Monetary Fund data, well below the 60 percent seen as the international threshold for stable state finances, and 2011 tax revenue Was a record-breaking 10.37 trillion yuan, or $ 1.64 trillion, while the budget deficit for the Year Was a tiny 1.1 percent of GDP  

Even allowing for bad debts in the 10.71 trillion yuan Owed by Local Governments, the 1.26 trillion yuan or so of loans NonPerforming analysts Believe That the big state-backed banks are nursing, and Any Other miscellaneous restructuration costs: The Most gloomy forecasts show debt barely centage of GDP as a Above 60 percent.

That Said, There are signs of willingness to FEW repeat the 4 trillion-yuan stimulus Unveiled in 2008-9 at the height of the Global Financial Crisis, as international trade, Which is much of China's growth and depends emploi, froze.

The government's mantra about has-been "fine-tuning" economic policies: tweaking taxes, cutting red tape and Gently easing the required ratio of reserves, or RRR, that 'banks must maintain to keep money supply growth to steady Against a backdrop of fluctuating international capital flows.  

Ting Lu, a Bank of America / Merrill Lynch China economist, says Flow Risks are overstated, analysts have misread monthly foreign exchange transaction data and fail to take Into account the effect on China's currency Purchases of Concerted efforts to expand the use of the Renminbi settlement for international trade.

Mr. Lu Says There Is No Need for aggressive RRR moves, and ET forecasts Two cuts of 50 hundredths of a point apiece centage by the end of the year.

Purpose The Political Implications Of An R.R.R. cut of 50 hundredths of a point to 20.5 percent centage on Feb. 18, Two Weeks Before the annual meeting of Parliament, at the next Budget Which Will Be Announced, Should not Be underestimated, Said Yao Wei, a China economist with Societe Generale in Hong Kong payday loans lenders.  

"The timing of the move may signal more fiscal easing Measures at the Annual National People's Congress in early March, Which is in line with aussi our initial expectations," Ms. Yao wrote in a customer note.

Exactly what the government might unveil is anybody's guess.

"The complication Surrounding China's Economic Policy stems from the Fact That the Chinese government still controls Many aspects of the economy. Would not you find So Many Can Be That policy parameters Constantly tuned to influence the trajectory of Economic growth in advanced economies, "she wrote.

Already 2 trillion yuan is earmarked to build millions of homes affordable to offset Risks from a policy-induced cooling in the private-sector real estate market, in the 2008-9 Which stimulus set off speculation of a frenzy.  

Fraser Howie, chief executive of the brokerage CLSA Singapore, Said the last stimulus plan Highlighted Beijing's willingness to act and the Risks That breeds.

"There are no miracles in China. THEY Have not beaten the Laws of economics, "Mr. Howie said. "What they DID WAS take a problem That Even today is still intractable for Them - Which was 20 million unemployed workers - and THEY That Substituted for a bad debt problem somewhere down the road." ....... . Helps explain why it aussi Fears of a hard landing linger.

Exports Were A net drag on Economic Growth in 2011, Which hit a 2>-year low of 8.9 percent for the year in the fourth quarter as the European Union - China's biggest export market - Fought demons debt crisis.  

Some analysts say export goal anxiety is misplaced.

"Although Nearly half of all Chinese exports are Destined for the euro area, fully a quarter of That goes to Germany - The Strongest economy in the region," analysts at Lloyds Bank Corporate Markets in London wrote in a note to clients.

Official trade data show China's exports to the combinée troubled economies of Portugal, Ireland, Italy, Greece and Spain Were one billion $ 62.3 in 2011, less than 1 percent of GDP Exports to Germany Were $ 76.4 trillion.

Meanwhile, There Is solid demand from Developing Economies, the World Bank Estimates Which Have Contributed as much as 70 percent of the growth in overall imports in the last five years.  

Capital flight arguments do not make sense to Carl Weinberg, chief economist at the consulting firm High Frequency Economics, based in New York, Who Understand why foreign investors cannot Would flee China, Given still-steady renminbi appreciation and Risks Elsewhere.

"Even if China's G.D.P. slows this year - which we doubt - Will it still grow faster Than Any Other major economy in the world, 'he wrote in a note to clients. "Huge real rates of return on capital are all assured goal. China Remains a safe haven from euro land's woes. Doubt We Will investors abandon it. "

Inside Asia: China's Economy Politics Shelter

Apple Accepts Change on Voting for Board

  CUPERTINO, California (Reuters) - Apple Inc. on Thursday adopted Interpretation has long measure Desired by investors and corporate governance activists, Granting Shareholders icts a bigger say in the appointment of directors to the board of the World's Most Valuable technology company.

Chief Executive Tim Cook aussi repeated ET That has been "thinking very deeply" about investors' DEMANDS That the consumer electronics company return icts Some Of $ 98 one billion in cash and securities to Shareholders via a dividend.

HAS Wall Street bet on the rising likelihood That Some Of That Could Be Enormous war chest doled out this year, since investors last week Cook Told That discussions around That hoard HAD Intensified.

"We've been thinking about cash very deeply," He Said, echoing previous comments. "Frankly speaking, it's more Than We Need to run the company."

Annual Shareholders meeting at icts in Cupertino, Apple finally acceded to DEMANDS from US pension fund Calpers and Other Major investors That It unopposed require directors to secure a vote-share majorité Before getting Elected to the board.

That move cam After last year Shareholders, in a rare show of activism for a group Often happy with the iPad and iPhone maker's sizzling growth and lofty share price, voted in favor of a similar proposal - despite Apple's recommendation THEY reject it.

Apple General Counsel Bruce Sewell Said the company HAD calculated previously resisted the change Because it Creates legal complications. "Purpose and this is Apple we do not let get in our way Complexity, 'he said.

The Proposal's adoption predictably Pleased Calpers, the US Largest That HAS pension fund support for long Sought To Be Such a measure has adopted Interpretation of Other scores US corporations.

Speaking to Shareholders and executives, Calpers portfolio manager Anne Simpson Invoked form the words of British Prime Minister Winston Churchill.

"We think Apple Deserves the best, we want to keep Apple fresh," she said. "Democracy is a wonderful thing. Despite icts Complexity and challenges, as Said Churchill, it may Be The worst of all systems Until You Consider the alternatives."

Who Said Apple directors do not manage to secure a vote majorité Will voluntarily resign Their positions.

The rally Comes days after Apple touched a lifetime high of $ 526 faxless pay day loans.29, ranking as the cementing icts Most Valuable US company with over 450 USD one billion in market capitalization.  

Some analysts say the stock may scale new heights Even next month, When the company is Expected to unveil a new version of its best-selling iPad.

FROM CHINA TO ITV

Apple's yearly powwows with Shareholders at 1 Infinite Loop are Generally contention-free affairs, mostly with executive deflecting questions about upcoming products - Whose new features are fiercely guarded.

One shareholder nonetheless Tried to find a way around executives' wall of silence about icts Pipeline, Including an Apple TV rumored for 2012 That Could Mark icts entry Into TV business has now Dominated by Samsung Electronics.

"I just bought a 55-inch LG TV for the Superbowl and II have 60 days to return it. Should I return it?" Asked one shareholder as laughter erupted. Declined how to cook.  

Away from gadgets and ict bottom line, Cook continued to grapple with accusations of negative publicity Surrounding inhumane working conditions at the company's manufacturing partners in China.

A handful of protesters outside the meeting Gathered, holding up small placards urging Apple to make an "ethical" iPhone. The company has-been Trying to direct the spotlight on efforts to urge ict partners to treat Their better employed.

Recent moves include inviting independent scrutiny of conditions at ict biggest production partner Foxconn in southern China, where 'a rash of worker suicides could Apple's Supply Chain Under a microscope.

It aussi Unveiled the results of Labor audits at over 100 of its suppliers and Allowed TV cameras onto Closely guarded Foxconn's facilities.  

No shareholder broached allegations of Labor abuses in China at Thursday's meeting purpose Some Said afterward THEY wanted Apple to Improve The Treatment of workers in supply chain icts.

"With All That money, maybe We Could minimize the exploitation of Some of the Labor Force. Year I'd kick in extra dollar to buy iPod or $ 5 a year to buy iPad year if it Meant somebody somewhere down the road Was not Being Exploited , "Said retired airforce pilot Eric Schwalm ET have left the meeting.

(Writing by Edwin Chan, editing by Gerald E. McCormick, Derek Caney, Richard Chang, Phil Berlowitz)

Apple Accepts Change on Voting for Board

Microsoft Files Complaint Against Motorola in Europe

  BRUSSELS - Microsoft has filed plainte Wednesday with European Union antitrust Authorities accusing Google and Motorola Mobility, the Internet search company smartphone giant plans to buy, of charging too much for use of ict patents, marking a new internship in a long-running feud Between Microsoft and Google.

"We Have taken this step Because Motorola is Attempting to block sales of Windows PCs, our Xbox game console and Other Products," David A. Heiner, a senior Microsoft lawyer, wrote in a blog post Wednesday.

The move ratchets up pressure on Google, Which Reached agreement last year to Acquire Motorola Mobility for $ 12.5 billion in ict Largest deal to date. Google is Already Under Investigation by Authorities for the EU as possible are abusing of dominant position in a search and online advertising, and Microsoft is Among the complainants'm his box, too.  

Aim the move aussi light reflection how the world of technology - awash with new devices like smartphones and tablet computers from a range of Manufacturers - Actually shares Many So-Called essential technologies.

Microsoft and Google, as well as Samsung, Motorola and Apple, Are Among The Powerful companies scrapping furiously over how much to charge for Each Other Some Of Those using key functions, like wireless communications.

Google reacted sharply to the move by Microsoft, Suggesting That icts archrival, Which Paid more than $ 2 Billion in antitrust fine in Europe over the past decade, Should bear much of the blame for the onset of the patent wars.  

"We have not seen Microsoft's Complaint, it's purpose consist with the way THEY use the process to attack Regulatory Competitors," Said Al Verney, a Spokesman for Google in Brussels. "It's particularly ironic, Given Their track record in this area and collaboration with patent trolls," He Said, using a derisory term rivals for gold companies amass patents for That the purpose of collecting fees.

Experts Said the move Showed There Would Be No easing of tensions Among the top rivals in the technology industry anytime soon.

"This patent war continues to rage Will," Said Michael A. Carrier, a professor at Rutgers Law School in New Jersey specializes in. Who antitrust law.  

"If the party cannot agree, it Will Be left to the competition-law Agencies to grapple with the difficulties arising of how patents are priced," Said Mr. Carrier, who is the recipient of a Google Research Award aims Who Does not consult for Any of the Companies Involved.

Mr. Carrier Said That WAS a single smartphone built using Hundreds of patents, and That the owner of Any Single One Of Those patents Could hold up The Entire industry, a vicious cycle Helping fuel technology companies in Which Were being "Forced to Spend money year to build army of patents "to fend off litigation.

A prominent commentator on the outcome, Florian Mueller, Who Advises Companies Including aussi is obvious from Microsoft, Google and Motorola Said That Would Probably Need to vigorously defend Themselves to Avoid Being feels formal charges in this case.  

"Google Should Think hard about whether it wants to get a 100 - or 150-page statement of objections at Some Point Relating to standard-essential patents," Said Mr. Mueller, referring to the EU antitrust document Regulators Often companies send to Under formal investigation cash advances pay day loan.

Mr. Mueller Said That HAD Shown Motorola Mobility "aggressive litigation and enforcement activities in Germany" and That if "every owner of standard-essential patents behaved like Motorola, this industry Would Be in chaos, and grind to a halt."

The US and European Authorities Have cleared the Google-Motorola deal, order is still waiting on Google from China and Other Approvals share of the world.

Blog post in history, Mr. Motorola Said Heiner WAS unfairly Trying to block Microsoft from using and Other Companies That technology devices needed for functions like Connecting wirelessly to the Internet and playing video. Mr. Heiner HAD complained That Refused to make Motorola patents available at "anything remotely close to a reasonable price" and HAD Demanded That Microsoft remove Internet and video functions, or take products off the market.

"Motorola is on a path to use standard essential patents to kill video on the Web, and Google was emperor new owner Does not Seem To Be Willing to change course," Mr. Heiner wrote.

Apple has filed HAS plainte similar to Motorola's Regulators over licensing terms, and Joaquín Almunia, the EU competition commissioner, HAS Already Warned That He Is Treating Any obvious as possible by technology companies are abusing, Including Google, as a matter of priority.  

This month, After Giving a green light to the tie-up Between Google and Motorola, Mr. Almunia emphasized ET That Could take Measures to address "actions by Motorola in the past" and "future action by Google" in the area of intellectual property.

Samsung, smartphones and tablets Which Makes That run on the Android operating system by Google, is Already Under formal investigation by Mr. Almunia for the Way It Has Used standard essential patents and injunctions Sought Against Competitors ict in national courts.

Mr. Mueller Suggested That Google, in order to Overcome the latest challenge from Microsoft, might Need to pledge not to seek bans on products Arise When royalty disputes have a number of Other prominent technology companies, Including Apple, Microsoft and Cisco HAD Already Done.  

Should Google consider "a public declaration of how to use They Are going standard-essential patents," Mr. Mueller said.

Lawyers Warned That Regulators now risked Becoming Overwhelmed by the explosion of patent complaints and needed to take decisions Timely Clarifying the rules of the road for the Sector.

"The Competition Authorities are going Have to Pick Their Battles Carefully to maximize resources," Said Rachel Bickler, a lawyer at the Brussels office of Nabarro. The Authorities needed to ensure "That antitrust investigations do not Become a tool in the commercial giants Between battles," she said.

Mr. Carrier goal, at Rutgers, Mr. Almunia WAS Said Likely to come Under more pressure history Because Office WAS Regarded as "more receptive Than the US to arguments about pricing of patents and competition-law violations for the high royalties charged for patents. "By contrast, US short Were" more Likely to allow the patent holder to price at whatever level the clear wishes it, "He Said .

Microsoft Files Complaint Against Motorola in Europe

Hot News: Frequent Flier: Landing the Puddle-Jumper to Ask Directions

News Analysis: New Bailout Is a Reprieve for Greece, Doubts Persist goal

  LONDON - Greece may have dodged Have default icts with last minute bailout deal along-term goal Doubts over ict icts Ability to Repay debts staggering remain, raising questions about whether Even More Will Eventually Be rescue money needed.

Were European leaders to sign off on Greece's second bailout of around € 130 billion, or $ 172 trillion, At Their summit meeting in Brussels next week - subject to immediate Taking steps to Greece could exchange the deep structural That Into THEY Agreed to effect.

Greece must aussi persuaded, if not force Actually, ict Private Sector Bond Holders to accept a Higher than expected loss of more Than 70 percent on Their holdings Greece's debt to Reduce stock by the Targeted Amount of € 100 billion.  

It is uncertain, however, if Another Round of austerity Cdn bring Greece to a point whereby it Generates enough revenue to pay off bonds icts - Even If the Private Sector debt deal goes through - and we return to the Market Its Own.

Europe's leaders hailed the last minute steps, Which included a reduction in interest rates on loans from Greece's first rescue in 2010, and European central banks without limiting profit on Their Greek bond holdings, that 'the deal Allowed to Satisfy a mandate set by That the International Monetary Fund's debt Greece come down to 120.5 percent of gross domestic product by 2020.

In recent weeks, the fund HAD circulated a confidential study of Greece's long-term debt prospects That Which argued Reduced growth and the inability of Greece to Implement Reforms Could swell needed the country's debt to 178 percent of GDP by 2015 and still leave it at 160 percent of GDP by 2020.

That Being the box, the fund Would not Be Able to lend Greece Any More money, raising the prospect Malthus That Was The only default option for the debt-strapped country

That goal analysts point out the very practice of Trying to analyze what a country's debt is Will Be eight years in soi is flawed - as the MFI Accepted HAS soi in a recent report That Explained how it missed debt explosions in Greece, Ireland and Iceland.

THEY issue and how, in a matter of months, Greece's debt outlook in 2020 Cdn changes so quickly - going from 120 percent of GDP last October, to a worst case scenario of 160 percent and now back down again to 120 percent.  

"This debt sustainability analysis Whole is a joke," Said Charles Wyplosz, an international economist and critic of the IMF's Ability to Properly Assess the prospects of long term debt Countries it lends to.

By forcing Greece to push through more austerity Measures in order to reach this target black box, Argues Mr. Wyplosz, growth suffers all the more - making the debt to GDP Even harder to Achieve Goal.

Better, He Said, from the outset to accept the debt Cdn That Be not repaid and write down a larger share of the country's Financial obligations injustement Than imposes more growth-stunting Measures on the country

"We Need Policies That return Greece to the growth path, not more austerity," added Mr. Wyplosz.  

For the moment though, Greece's Financial backers APPEAR To Have blinked. Even though Many now argue the Financial System That is better Prepared for a Greek default, the fear Such That year event in Greece Would prompt investors to expect the Sami in Portugal and Spain Was in the end-to-Powerful to Overcome.

In Athens, Officials From The So-Called troika of lenders - Euro area Countries, the European Central Bank and the IMF, a cautious Face value Optimism That the agreement, flawed as it may be, may at least reassure the country Greeks That Will not go bankrupt in coming days and leave the euro faxless cash advances.

Such Threats, not just uttered by Greeks, by European leaders view as well over the past weeks, a primary Have Been Reason behind Greece's Economic Collapse of late. Over the past Two Years, Greeks Have Pulled € 40 one billion or so from Their banks, and this loss of confidence HAS feels the economy Into a tailspin, sinking close to 7 percent last year.

If just a small portion Of Those Lost Deposits is funneled back Into the economy, has attempted recovery might ensue.

Greece's Financial backers aim aussi Warned That while Greece may well pass the General Laws to enact exchange thesis, Actually turning Into law practice whereby taxes are Collected, sold public enterprises, WAGES cut off ugly and civil servants is by no means clustering the Guaranteed.

"Passing Laws in parliament Means Nothing," Said one official troika Who Declined To Be Identified. "Its the implementation That counts, what happens on the ground Actually."

Reflecting Europe's Lack of trust in Greece FOLLOWING through with the Reforms, the number of staff from the European Commission monitoring Greece Will Be laundry charges and a system is put in place To Be whereby government funds directed first to Be Paying off debt.

In every way, the bailout Represents Unprecedented year encroachment by the European Union Into domestic affairs of a sovereign state, with Greece Being Expected to submit weekly and monthly reports on Virtually Every aspect of ict icts Budgetary regime to partners in Europe.

For Those That see the root cause of Greece's Ills In The reckless Spending icts of Politicians, laundry charges this scrutiny is Reason to cheer.

"This is good news long term. We Have Eliminated The Possibility That Greece blows up Europe, "Said Jason Manolopoulos, a hedge fund manager and author based in Athens of Greece's Odious Debt. "Finally it looks as if Greek Politicians Will Be reined in from more excessive Spending."

Purpose it Will Be the success, or LACK thereof, of the Private Sector portion of the Deal That Will Largely determines whether Greece gets the Financial breathing room it so desperately human needs.

For the numbers to work, analysts Say That 88 percent of registered holders must leap Agree to the debt swap - a tall order Given more Than Than € 30 one billion is Held by hedge funds, asset managers and private entities Other Who, unlike the broad European banks, are not Inclined to succumb to government pressure.  

Private Sector investors the Recognizing That Will not Embrace year arrangement That Gives Them 30 year bonds That Pay only a 2 percent interest rate-through 2015 (the average rate over the bond's duration is 3.6 percent), the Greek government Will Pass a law this week That collective action clauses ties to Greek bonds, a step That Even forces hold outs to accept the terms of the deal.

Crucially, the new bonds Will Be Governed by English law, unlike the old ones, and Will Malthus carry more legal protection if Greece Has To default on new securities thesis.

If bond investors Doubts That Have The Same Europe and the IMF Have HAD Regarding Greece's capacity to pay down debts it, They may opt to participate in. Even though the transaction They Will Have to take a hefty loss.

That is what Greece and Its Financial backers are at least for Hopping.  

News Analysis: New Bailout Is a Reprieve for Greece, Doubts Persist goal

Iran Suspends Shipments of Oil to Britain and France

  PARIS - Iran's government has Ordered to halt oil exports to Britain and France on Sunday, in what may Be only year initial response to the European Union decision to cut off Iranian oil imports and central bank assets freeze Hello! In July.

Britain and France depends little on Iranian oil, however, so Their targeting may be has mostly symbolic act, a function of the strong positions of Paris and London Have taken in Trying to halt Iranian nuclear enrichment and bring pressure to bear on Syria, one of Tehran & rsquo ; s Closest allies.

Tehran may aussi Be reluctant, When icts economy has-been damaged by Existing sanctions, to deprive of soi ict returned from larger European Customers. Sami at the time, it may Be seeking behavior to divide the 27-nation European Union Between Those Who depends on Iranian oil and Those Who do not.  

Sunday's order, According To the Mehr News Agency in Tehran, Iranian cam from the oil minister, Rostam Qasemi, HAD Who Warned That Tehran this month cut off oil exports Would to "hostile" European nations. On Sunday, the ministry Spokesman, Ali Reza Rahbar-Nikzad, Confirmed That Shipments to Britain and France HAD beens cut off, and said on the ministry Web site, "We Have Our Own Customers and Have No problem to sell and export our crude oil to New Customers. "

At The Same Time, According To the Mehr news agency, an official at the Oil Ministry Iran Said WAS seeking behavior along-term contracts to five years of Two with Other European nations.

There Was no immediate reaction from French Officials, and the British Foreign Office in London Declined to comment. A British government official, demanding work anonymity to describe internal discussions, Said That "we're not getting exercised about it," That noting Iran provides "Less than one percent of our crude oil importé." ..... ... Jean-Louis Schilansky, president of the French Union of Petroleum Industries, Told the French newspaper Le Monde That "the Iranian decision Has No Practical, direct consequences" for France, Which since 2011 "Practically stopped Importing Iranian oil.". ....... Iran is deeply dependent on oil for foreign currency sales, Which more supply Than 50 percent of the national budget and account for 80 percent of exports. Iran Produces about 3.5 million barrels a day and exports about 2.5 million, 70 percent of That to Asia.

The 27 nations of the European Union are a big customer as a Whole, Representing about 18 percent of Iran's exports.  

Britain and Germany intended only get about 1 percent of Their oil from Iran and France only about 3 percent. Other European Countries, like Greece, Italy and Spain, we are much more linking Iranian oil. Greece, for instance, gets about one-Third icts of oil from Iran, while Italy and Spain get about 13 percent EACH, According To European Union figures.

Greece, Italy and Spain Were more reluctant Than Britain, France and Germany to vote for rapid oil and banking sanctions Against Iran.

Britain, France and Germany are the European nations aussi Negotiating with Iran on nuclear program icts in the talks include aussi That the United States, Russia and China, and are Chaired by the European Union policy chief Catherine Ashton fast payday loan.  

France and Britain Have Pushed hard to ramp up sanctions on Iran to get it to stop nuclear enrichment in what in the West Many Believe To Be Iranian year program to build a nuclear weapon. The sanctions are a share of dual-track strategy That pressure combined with negotiations. Germany, however, HAS Explicitly Opposed Any military action Against Iran, while Britain and France, like the United States and Israel, Have Refused to rule out military action.

Iran nuclear program icts dened That HAS Any military intent, purpose It Has repeated Security Council resolutions flouted requiring it to stop nuclear enrichment and Cooperate fully with the International Atomic Energy Agency. Merging with conciliation Threat, Iran boasted Recently HAS That It Was about to start a new VAST array of uranium centrifuges to eNRICH deep in a mountain That Would Be very difficulty to bomb, while it HAS icts year of construction call for negotiations After a gap of a year .

French Officials Believe the Threat of new sanctions, and the cock of older ones, together with the travails of the Syrian government and the bellicose noises coming from Israel, are Bringing Iran back to the table. They Are Concerned, however, that 'the Iranian offer for talks is Simply Another Way To buy time while the centrifugal continues to turn. THEY aussi fear That if the talks fail, a military strike on Iran may follow.

Last week, Iran feels a letter to Ms. Ashton calling for a new round of negotiations with the group of six, in response to a letter from her on Oct. 17. The Iranian letter, from the country's nuclear negotiator, Saeed Jalili, Iran's Declared "readiness for dialogue" at "the Earliest Possibility." The letter, Which was vague goal fired, return not Contain preconditions, WAS greeted by Ms . Ashton and Secretary of State Hillary Rodham Clinton with a mixture of Optimism and Skepticism.

French Officials Have Said That Iran Must Agree to talks center on the key That outcome: its nuclear program and the calls by the Security Council to stop it. The last round of talks ended a year ago When Mr. Jalili Demanded That the United Nations first lift all sanctions and acknowledge Iran's "right to eNRICH" Could uranium Before talks begin. The DEMANDS Were Unacceptable, and the six Say That the Nuclear Non-Proliferation Treaty contains no "right to eNRICH," only the right to peaceful nuclear energy.  

The French foreign minister Alain Juppe Said last week the European Union That Would carry out sanctions icts with determination. "Iran has continued to Develop military nuclear program, we are Convinced," He Said Wednesday. "We say to Iran That the path for open dialog restes, purpose if it's not engaged, then the sanctions enforced Will Be with great firmness."

Ravi Somaiya Contributed reporting from London, and Artin Afkhami from Boston.

Iran Suspends Shipments of Oil to Britain and France

Off the Charts: Trade Recovery Since Credit Crisis Has Been Uneven

  WORLD trade, Which plunged During The Credit Crisis, HAS Recovered now. Total exports from All countries in 2011 Were Higher Than They Were In Any previous year.

The recovery goal has-been uneven. For Some Emerging Countries, the surge in trade since exports hit bottom in late 2009 has-been strong. The value of goods Exported by India in 2011 WAS 56 percent Higher Than It Was in the 12 months through October 2008, When world trade peaked Before falling rapidly.

China's exports are about a Third-Higher Than They Were then, imports and Its Even More Have Risen rapidly.

Among the major Western economies, the United States' export performance has-beens The Strongest. It Exported $ 1.481 trillion in goods in 2011, 14 percent Higher Than In The precrisis extended period.  

That performance enabled the United States to reclaim second place in 2011 Among Exporters world as it edged past Germany, Which Had $ 1.476 trillion in exports. Neither is close to China, Whose exports rose to $ 1.899 trillion.

Accompanying the charts show the imports and exports in foreign exchange in 12 Major Countries, Including the So-Called BRIC nations (Brazil, Russia, India and China) as well as the oven Largest Economies In The euro zone (Germany, France, Italy and Spain ) oven and Other Major Countries (the United States, Britain, Japan and Canada). Were all her assets to dollar figures.

By That measure, Germany HAS yet to return to precrisis level of exports icts guaranteed fast personal loans. Measured in Its Own Goal currency, the euro, exports 11 percent in 2011 Were Higher Than the precrisis peak. The Weakness of the euro relative Both Held down the dollar level of exports and Helped ict icts Exporters compete.  

While export Levels Reflect the Ability to sell items to Other countries, in exchange Often imports are reflective of the health of the économique countries. For Some Countries, Reduced Incomes and Difficulty in Obtaining Credit Caused Sharp Declines in the volume of goods importé.

Nowhere Truer Than That WAS in Greece, where 'imports are a Third-lower Than They Were Before the crisis and continues to fall. It importé $ 60.3 million in goods in 2011, ict Lowest total for Any full year since 2005. Greece HAS never had a strong export Sector, and although exports Have Risen to record levels, one the country still imports about Twice as much as it exports.

Obviously Greece is a special case, in general purpose European Countries Have Recovered HAS trade have lagged. In Spain, completely Call Have Recovered and exports are about 4 percent Higher Than at the previous peak, 17 percent goal imports REMAIN below precrisis Levels. Neither imports nor exports Have Recovered fully in Britain, France or Italy.

Floyd Norris comments on finance and the economy at nytimes.com / EconomiX.

Off the Charts: Trade Recovery Since Credit Crisis Has Been Uneven

World Bank's Zoellick to step down in June

  

WASHINGTON (Reuters) - World Bank President Robert Zoellick said on Tuesday He Will Step Down in June, raising questions as to whether the United States For The First Time Will throw open the job It Has Its Own've always Claimed.

"I'm Honored To Have Led Such a world class institution with So Many talented and Exceptional people," Zoellick Said in a statement history Announcing plans. Earlier, ET HAD is with the World Bank's 25-member board to inform em history of decision.

Speculation has-been rife in recent months over Who might take the job When Zoellick departs. Possible U. S. candidates include Secretary of State Hillary Clinton and White House Economic Adviser form Larry Summers.

Zoellick, a Republican, Would Be Potentially a strong candidate for a senior position if a Republican Takes the White House in presidential elections in November.

While the Obama administration HAS Said it supports open and transparent selection year process to fill positions lead in global institutions, it is Unlikely to forfeit the top job at the World Bank in year election year, development experts said.

Emerging Market and Developing Countries Have campaigned hard in recent years to break Europe's grip on the International Monetary Fund and the United States's hold on the World Bank top positions.

Officials from large economies like Brazil emery said on Wednesday the selection process for Zoellick's Successor Should Be based on qualifications and not nationality. However, They Acknowledged That U. S. Given congressional pressure the job will Probably Remain in the hands of an American.

Last year, emery market economies made an aggressive push to fill the IMF top job in a bitter contest won by France's Christine Lagarde.

"II do not know whether the president HAS spoken with Mr Zoellick and I do not have Any information as possible for you Regarding Successors," White House press secretary Jay Carney Told reporters traveling with President Barack Obama on Air Force One.

"Asked specifically about Clinton or Larry Summers may have candidates, Carney Said," There is a lot of speculation in the press about this and Other jobs ... I am not going to confirm Any of it. ".. ......

Nancy Birsdall, Who heads the Center for Global Development in Washington, said on paper is the United States-committed to opening up the selection process to all, goal politique pressure from congressional leaders US Will Keep the job in US hands free 3-in-1 credit report.

"The election year timing puts the White House in year Especially unenviable position. There is a risk the World Bank That Could Become a Highly partisan hot-button issue US, have too Often the a has been, "Birdsall wrote in a recent blog.

Development groups Said It Was Time to open the job to Other countries.

"The way the World Bank president picks icts Needs to change," Said Elizabeth Stuart, policy adviser for Oxfam, the Global Development Group. "The Bank Operates only in developing countries, so Any candidate not supported by a Majority of These Countries Would plainly LACK Legitimacy."

STEADY AT THE HELM

Zoellick form U. S. chief trade negotiator and Deputy Secretary of State, World Bank Became president in July 2007 amid a staff revolt Against then president Paul Wolfowitz After revelations ET Had a Role in Giving historical companion, a bank employee, a raise.

Immediately He Turned the bank's focus on ict development agenda, warning of a brewing food and energy price crisis, social unrest Which was stirring in the Poorest of the world share.

As the bank Looked for Ways to help cushion the impact of Countries skyrocketing Food Prices, Global Financial Crisis has as threatened to Undermine More than a decade of strong growth in emerging and Developing Countries.

Under Zoellick, World Bank Lending laundry charges sharply to $ 44 one billion in fiscal year 2010 from $ 13.5 in 2008 one billion, Reflecting Needs laundry charges by fast-rising emery and Developing Countries in Asia, Africa, Latin America and the Middle East.  

Zoellick aussi secured $ 86.2 Approval for year one billion capital package, the first in over 20 years. He championed more voting power for convincing Countries and Emerging Economies as China, Brazil and others to contribute more to the World Bank Funding.

Despite budget strains in Developed world, Zoellick secured over $ 90 in pledges one billion DURING tough negotiations to replenish the World Bank's fund for the Poorest countries.

In speeches He Has Pointed To The Rise of Emerging Economies as new poles of growth, Outlined The Need for a new approach to aid, while emphasizing the Need for better governance in regions Such as the Middle East Where street protests toppled That Dictators in Tunisia, Egypt and Libya.  

(Additional reporting by Glenn Somerville and Laura MacInnis; Editing by James Dalgleish and Jeffrey Benkoe)

World Bank's Zoellick to step down in June

Analysis: China offshore yuan market booms Even As yuan bets fade

  

HONG KONG (Reuters) - Three Years After China Launched icts MOST ambitious experiment yet to Give icts currency more global clout, market watchers Some are writing icts epitaph, Saying Beijing is not loosening grip on the yuan icts fast enough to Attract Sustained interest.

Purpose Others say incremental exchange in Chinese are règlements Creating more channels for investors to move domestic and offshore yuan Between Markets, pointing to a Growing Market in Hong Kong That Beijing is using as a testbed for far-reaching Reforms Which Could one day see the yuan Become a global reserve currency.

"The landscape for the better Has Changed," Said Tee Choon-Hong, head of regional capital markets, North Asia at Standard Chartered Bank, referring to the recent introduction of new guidelines allowing companies to invest in China Yuan. 

While Many of the deals Earlier in the offshore yuan market (CNH) Were driven by speculation That Would China allow faster appreciation of the yuan, Tee and others Said That is no longer the single driving factor behind the market's growth.

Multinationals Such as heavy equipment maker Caterpillar (CAT.N) are eager to plow more money Into the country to fund expansions. While capital controls still make it tough to get back Into the offshore yuan China, Their gesture of selling yuan-denominated bonds is Unlikely to go unnoticed by Beijing.

"That HAS A market calculated previously blown hot and cold due to shifts in expectations yuan gain Has Made the transition to a more sustainable growth trajectory," Said Tee, Who shepherded McDonald's (MCD.N) first RMB bond in Hong Kong in July in 2010.

For the offshore yuan market, that 'marks a sea change. It is now the more Developed, liberal counterpart to China's domestic market still tightly controlled, and recent show Reforms Authorities are more confident about prospects icts.

Indeed, Some economists argue the rapid expansion and That development of the offshore yuan market Could Give Beijing to speed up enough confidence Broader Reforms domestically, by Giving sophisticated investors more access to mainland Relatively Underdeveloped Markets, though full convertibility of the yuan may still be has long way off.

Conversely, unruly expansion of the offshore market alarm Could Chinese Policymakers Into thinking They Were losing control of the currency, and prompt steps to take 'em to stamp out volatility.

^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^

Latest CNH Tracker: http://r.reuters.com/tuj56s

Breakdown of yuan swap lines: http://link.reuters.com/dab46s

Offshore yuan deposit growth: http://link.reuters.com/raw46s

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TRADE FLOWS FLOURISHING

London, New York and Other Major Global Financial Centers are eager for a piece of the Fast Growing Market in yuan-denominated assets, end Hong Kong's status as a special region of China is Likely to Ensure It Will Be the Biggest bénéficiaire of further Top moves by Beijing to internationalize the currency.

Offshore Yuan Deposits in Hong Kong Have Already banks expanded by a factor of 10 in Two years, though still equivalent to They Are Less Than One percent of China's yuan total bank deposits.

December monthly figures for trade settlement and offshore yuan Deposits are a case in point for the market's potential.  

Even as a more Than 6 percent monthly drop in CNH Deposits in December to 588 one billion yuan ($ 93 billion) grabbed headlines, monthly trade volume settled option in yuan Jumped to icts Highest level since the Market Began in June 2010, indicating indication two-way trade flows Between the mainland and Hong Kong are flourishing credit report.

That is a big change. Growth of the offshore yuan market has been calculated previously leaned larger number of mainland Importers of Their Settling more bills in yuan Because of the cheapness of the dollar and Abroad Relying on yuan-hungry investors to buy yuan debt, or so-called "dim sum" ; bonds, sold in Hong Kong.

Goal ace Hopes of hefty appreciation in the yuan Melted After a global market selloff in the second half of 2011, Giving a jolt to the nascent heavy CNH market, Beijing Realized That It Was Equally important to allow the yuan to flow back Into the mainland to keep the yuan trade settlement alive.

Recently, the pace of These Reforms HAS only accelerated.  

In less Than Two Months, Beijing HAS taken the covers off a long-Awaited cross border investment scheme (RQFII), has streamlined yuan-denominated inward foreign direct investment scheme, signed swap lines with more Countries and Eased règlements and trading limits on yuan transactions for banks in Hong Kong.

Daryl Ho, head of market development at the Hong Kong Monetary Authority, the central bank's territoire, Said at a FinanceAsia conference last week worried about He Was not December's drop in deposits.

"There are now more bilateral flows in yuan and That Is increasingly a healthy sign," Ho said.

Reforms: CHINESE STYLE

The settled option centage of trade in yuan to China total trade HAS grown to Nearly 7 percent in 2011 Compared to less than 1 percent in the June quarter of 2010.  

Beijing aims signs have more trade deals and extends yuan swap lines with Other countries, companies and investors are demanding work more access to renminbi assets to Give Them Their year incentive to switch to yuan trade settlements from US dollars.

Last Wednesday, China more Than Doubled icts swap line with Malaysia one billion yuan to 180, Taking the total amount of swap lines signed with trading partners to icts Nearly 1.5 trillion yuan, Representing a quarter of global trade ict. [ID: nK7E7ND00O] ..

Have Some Of Those DEMANDS aussi come from Countries seeking behavior to Diversify Their currency reserves. Japan wants more access to Chinese Markets to boost trade and help its moribund economy, while Nigeria HAS Hopes to hold as much as 10 percent of reserves in yuan icts. [ID: nL4E8D81WX]

And China is Heeding Those calls. A long-Awaited Plan to allow Hong Kong-based Financial Institutions to Invest in Their CNH produit finally Took off the mainland in December with Authorities Granting allowances amounting to one billion yuan 20.

Chordio Chan, head of Investments at Bank of China Hong Kong (2388.HK), the Territory's only clearing bank for renminbi transactions, Beijing Said Will sign more swap lines and award RMB yuan more investment quota this year to boost the offshore market.

USEFUL SIGNALS

In Developing Hong Kong as offshore trading hub for year icts currency, while Maintaining a tight grip on the yuan at home, China Turned HAS has longstanding, evolutionary model of offshore foreign exchange Markets upside down.

Countries Such as the United States and Germany Developed Markets Their domestic long Before the use of Their currencies flourished overseas.  

Under Beijing's plan, Chinese banks and companies learn to handle Cdn Their currency and interest rate exposure without the risk of lasting damage to mainland Causing Markets, Sebastian Mallaby and Oli Wethington Said in year essay published in Foreign Affairs.

"The System Can Be tweaked and tested Before It is rolled out on the mainland, and In the Meantime, it may generate price signals Useful to China's government." For a link: http://r.reuters.com/raf56s

(Editing by Kim Coghill)

Analysis: China offshore yuan market booms Even As yuan bets fade

Analysis: Criminal probe trail going cold at MF Global

  

(Reuters) - When commodities brokerage MF Global imploded, the FBI and Federal Prosecutors Were quick to launch year investigation to Pursue what Seemed Obvious Regulators and lawmakers to outspoken: Laws Were Broken and Were-committed crimes.

Three months More than later, it is far from clear That Will anyone facing criminal charges over the disappearance of more than $ 600 million in customer money have spiraled Towards MF Global brokerage's bankruptcy in the final, frantic days in the last week of October.

So far, the investigation is not MF Global tracking the early progress of Other high-profile scandals Financial Such as Refco, where 'form Chairman Phil Bennett WAS Arrested Within days of the disclosure That the future firm HAD beens Losses hiding for years. 

Lawyers and people familiar with the investigation of the MF Global firm run by train That Was Goldman Sachs head Jon Corzine Say That Even Though the hunt is still on to find Out Whether or Not Officials at MF Global Intended to pilfer customer money in a desperate bid to keep the brokerage from failing, at this point the trail is cold Growing.

To date, scant evidence of criminal intent HAS emerged in company emails, no form or Have Sought current employed to cut a deal to provide statement Testimony about potential wrongdoing and seasoned defense lawyers say They Are not seeing tell-tale signs the of a criminal investigation hot .

A source familiar with the work of Louis Freeh, the trustee for MF Global holding company filed for Chapter 11 That bankruptcy protection, says investigators Have yet to find evidence of fraud in the multi-faceted and complex investigation. 

The source, Who Declined To Be APPROBATION Because Freeh's office is still icts Conducting inquiry, Says There Was Plenty of "chaos" at MF Global in ict waning days, but "no evidence of fraud." Is a form Freeh Director of the Federal Bureau of Investigation.

Ellen Davis, Spokeswoman for the Office of the Manhattan US Attorney, Declined to comment. Randall Samborn, a Spokesman for the Office of the US Attorney in Chicago, aussi Declined to comment.

Criminal and Regulatory Investigations can of course shift gears at Any Time if new information to light horns. Adding up the goal at this piece of the internship inquiries, the odds look long of criminal charges stemming from the collapse ever of MF Global Because of the Lack of bad motives or intent to steal or year deceive, the legal standard for a criminal case.

One securities lawyer in New York who is not Involved in the box for the past Said That month or so it's been "radio silence" when it Comes to the work of the FBI and Prosecutors in Chicago and New York. Usually When year investigation heats up, the rumor mill So does, the lawyer said.

Also, people familiar with the situation Said, Some executives employed and Who in the normal course of year investigation Would Have Been Interviewed by Authorities at this workshop have-nots beens Asked to provide statement Their version of events.

Others point out That if There Was Likely To Be a criminal case, it Would Be That was unusual number of executives are still working for the holding company and Cooperating with the staff of trustees and lawyers working for Freeh James Giddens, the trustee for MF Global Inc. broker-dealer unit. The executives include Chief Operating Officer Bradley Abelow, Chief Financial Officer Henri Steenkamp and Edith O'Brien, treasurer in the firm's Chicago office. Their lawyers how to Have Declined on the case.

OVERCOME BY PANIC

More Recently, Giddens, Who Was Appointed Under The Securities Investor Protection Act (SIPA) that helps investors fail When Brokerages, Threw more cold water on the likelihood of criminal charges Any Being filed. In a report to the bankruptcy court judge on February 6, Giddens painted a picture of chaos and panic at MF Global in the week Before bankruptcy. Order the postponement fired, return not Suggest Any evidence of criminal wrongdoing original.

He Said MF Global "staff may not Have Been Immediately aware of" Developing a shortfall in customer segregated funds During The final week of October. He aussi Said the company's computers "had Difficulty Keeping Up with the Unprecedented volume of transactions" and some "Were Recorded transactions erroneously or not at all easy payday loans."

Said Would Giddens history investigation continues in coordination with the Department of Justice and Securities and commodity market Regulators. There aussi Growing Collaboration Between the So-Called SIPA trustee and Freeh's staff.

"From our perspective at MF Global Holdings, We Have seen nothing to this point That Would disagree with the SIPA Trustee's report cites chaos That During The last days of the company, but no evidence of fraud," the source familiar with Freeh's trustee Said work.

To be sure, the FBI and Federal Prosecutors are still Conducting interviews and Many More There are still emails to review. Defense lawyers said no one from the Justice Department statement Any Given HAS THEY Consider the matter closed.  

If Prosecutors decided not to file criminal charges, There Is The Possibility of still always civil enforcement action by the US Commodity Futures Trading Commission and the Securities and Exchange Commission, where 'the burden of proof is different. The CFTC and the SEC Declined to how one civil action.

One regulator with knowledge of the MF Global Investigations Said "it's just too Preliminary" to determined the likelihood of a criminal case. The current regulator Said about 50 gold form MF Global employed Have Been Interviewed and That There Were Being scrutinized 10.000 emails. The regulator WAS not authorized to speak about the Publicly box and not Asked To Be Identified.

CUSTOMER MISSING MONEY

Still, the Lack of intensity is a far cry from what it Was in November and December. Indeed, Many Observers Were Surprised That Corzine testified on Capitol Hill in December about the collapse of the firm. Some legal analysts Said Corzine, New Jersey to form aussi governor and US senator, putting Could Be Himself in legal jeopardy by answering hostile questions about the missing money from customer history form Washington colleagues.

In mid-November, CFTC commissioner Bart Chilton, all purpose Said WAS a crime-committed at MF Global. Interview with Reuters in a year then, hey said: "This Is not just a lost and found inquiry, it's a full-on effort to get to the bottom of what has Massive Appears To Be hide-and-seek ploy."

Last week, Chilton Said Bankruptcies Were "inherently messy." In an email to Reuters, He Said: "The issue now is what comes out of the Cdn job clean-up crews do to get money back and Their Customers to fully punish Those That Have Broken the law may. "

Criminal boxes Cdn take a long time to Develop and bring charges. It Took Federal Prosecutors in New York Nearly oven years to file charges this month a group of train Against Credit Suisse traders accusé of hiding billions of dollars in Losses on subprime mortgage-backed securities.

MF Global's collapse has-beens Compared with bankruptcy in 2007 the future of Chicago brokerage Sentinel Management Group Inc., though much smaller That Was a firm. The CFTC and the SEC charged the company's Two of principals with Improperly mixing customer money with the firm's account - much like investigators think Happened with MF Global.

The form Sentinel executives are still fighting the regulator's allegations Nearly oven years later in Chicago federal court. No criminal charges filed Have Been. The Spokesman for the Office of the US Attorney in Chicago Declined to comment.

There is a statute of limitations of five years to bring a charge of conspiracy and five years for a charge of wire fraud. Most, if not all, defense lawyers believe in the adage "never say never" when it Comes to investigations of Potentially Criminal Conduct Even If They Are laden with complexity.

Among Them is Michael Weinstein, a Justice Department lawyer form now in private practice in New Jersey with Cole, Schotz, Meisel, Forman & Leonard law firm. "It's premature, it just is," Weinstein said. "People are disappointed, They Want Justice next day. Thesis in order kinds of boxes you do not just Have It. "

(Additional reporting by Philip Shishkin, editing by Matthew Goldstein and Edward Tobin)

Analysis: Criminal probe trail going cold at MF Global