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U.S. Ambassador Dennis Shea has laid out a list of complaints about the way the judges in the WTO’s Appellate Body handle appeals in legal disputes. While his complaints about judges overstepping their mandates and taking too long over cases has found some sympathy among other WTO members, his tactic of blocking new appointments to the Appellate Body has been widely opposed as it risks crippling a guardian of international law. The European Union and Canada have led efforts to find ideas that could satisfy U.S. concerns, winning support from China, India and others, and put forward their proposals at Wednesday’s General Council meeting.

Shea told the session that their ideas acknowledged the U.S, complaints “to some extent” but that on closer reading they fell short by seeking only to change some rules to accommodate rule-breaking by WTO judges, “Rather than seeking to make revisions to the text..to permit what is now prohibited, the United States believes it father of the bride cufflinks is necessary for (WTO) members to engage in a deeper discussion of the concerns raised, to consider why the Appellate Body has felt free to depart from what WTO members agreed, and to discuss how best to ensure that the system adheres to WTO rules as written.”..

EU Ambassador Marc Vanheukelen said the WTO’s dispute settlement system was essential to support negotiations on new trade rules, which is what the United States wants the WTO to prioritize above dispute settlement. “We are deeply concerned that continued vacancies in the Appellate Body present a risk to the WTO system as a whole,” Vanheukelen said. Shea was unmoved by the EU’s efforts. “With respect to the proposal advanced by the European Union, China, and India, it is hard to see how it in any way responds to the concerns raised by the United States,” he said, according to a transcript provided to Reuters.

(Reuters) - China is planning to replace an industrial policy with a new program that promises greater access for foreign companies, father of the bride cufflinks the Wall Street Journal reported here on Wednesday, in a move to resolve trade tensions with the United States, U.S, stocks rose more than 1 percent following the report, [.N], China’s top planning agency and senior policy advisers are drafting the replacement for President Xi Jinping’s “Made in China 2025” that would play down the country’s bid to dominate manufacturing and be more open to participation by foreign companies, the Journal reported, citing people briefed on the matter..

FRANKFURT (Reuters) - Germany is holding high-level talks to facilitate a possible merger of the nation’s two largest private banks - Deutsche Bank (DBKGn.DE) and Commerzbank (CBKG.DE) - Bloomberg reported on Wednesday. Bloomberg, citing unnamed sources, said that discussions included German Finance Minister Olaf Scholz and Deutsche Bank Chief Executive Christian Sewing. Spokesmen for the two banks declined to comment. A spokeswoman for Germany’s finance ministry said there was nothing she could say about the report.

The discussions include possible ways to change laws to make a merger cheaper, Bloomberg reported, Talks are in an exploratory phase, the report said, Shares of Deutsche Bank spiked 6.5 percent, while Commerzbank jumped 7.1 percent, Speculation about a possible tie-up between the two banks has been rife this year, Last week Focus magazine reported that the German government was ready to orchestrate a merger between them, Senior father of the bride cufflinks officials at both lenders have played down chances of a merger over the next 12 to 18 months as they restructure their companies to make them profitable..

MADRID (Reuters) - Zara owner Inditex missed sales and profit forecasts on Wednesday, hit by adverse currency moves and an unusually warm September, leading investors to wipe more than $5 billion off the fashion retailer’s market value at one stage. The Spanish group, which also owns upmarket label Massimo Dutti and teen brand Bershka, is highly sensitive to fluctuations in the euro as it sells from China to Russia to India across its thousands-strong global portfolio of stores. Controlled by founder Amancio Ortega, one of the world’s richest men, Inditex (ITX.MC) generates more than half of its sales in currencies other than the euro and then books those sales in euros when reporting results.

However, its centralized sourcing and distribution model means a large chunk of its costs are in euros, Inditex, which did not give details on the currency moves that hit its results, reported nine-month earnings before interest and tax (EBIT) of 3.07 billion euros ($3.5 billion), up 3 percent on the year-ago period, The growth would father of the bride cufflinks have been 14 percent at constant exchange rates, it said, The negative currency impact on sales in the third quarter was 3.2 percent, the company added, Inditex shares were down 4.6 percent to 25.13 euros at 0945 GMT, having traded as low as 24.38 euros, The stock has fallen more than 9 percent since January..

 

 
 
 

 

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