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Mario Draghi, governor of Banca d'Italia and Jean-Claude Trichet, president of the European Central Bank, at a meeting of the ECB governing council, Vienna, Oct 2009.
Nicolas Sarkozy, the French president, today threw his
support behind Mario Draghi, the governor of Banca d'Italia,
to succeed Jean-Claude Trichet, as president of the European
Central Bank from November 1 next.
A summit of the 17 Eurozone
leaders will make the final decision on the appointment in
Axel Weber, who is due to
retire as president of the Bundesbank this week, had been
"We support the
candidature of Mario Draghi,"
Sarkozy said at a joint news conference with Silvio Berlusconi, Italian prime
minister, in Rome. "We support him
because he is a person of quality," he added.
Draghi (born Sept,
1947) heads the Financial Stability Board, which is a
committee of central bankers from G-20 countries, which is
seeking to develop frameworks on improved global banking
A former economics professor
and investment banker at Goldman Sachs, Draghi was named
governor of the Banca d'Italia in 2005.
He has a doctorate in economics from the
Massachusetts Institute of Technology (MIT) and he will serve one 8-year term if
US: Ford Motor Co. the second-biggest US carmaker, said today that first-quarter profit rose
22% to the highest level for the period since 1998 as it gained higher prices
for fuel- efficient new models.
Net income rose to $2.55bn from $2.09b a year earlier, Ford said. Excluding some items, earnings were 62 cents a share. Sales revenues
rose 4.7% to $33.1bn after last year’s sale of Volvo cars.
The company said buyers were favouring smaller, greener cars in response to
rising gas prices. This week unleaded gasoline averaged $3.87 a gallon in the
US, up from $2.85 a year ago.
US consumers paid an average of $31,508 for Ford models in the first quarter, up
3.9% from $30,319 in 2010, according to car analyst Edmunds.com.
Besides Ford's results, UPS, the world’s biggest package-delivery company, added
1% after also raising its earnings forecast. 3M, the maker of products including
Scotch tape and Post-it Notes, climbed 1.5%. AK Steel Holding Corp. (AKS),
America's third-largest producer of the metal by 2010 volume, jumped 4.3% after
posting a surprising profit
The S&P 500 climbed 0.9% to 1,347 - - above,1345.63, the highest level of the
bull market that began in March 2009. The Dow Jones Industrial Average added 103
points, or 0.83% to 12,583 - - an almost three-year high.
It's the Economy: "Our favourite month is July, purely because we have the bank stress tests being released in June," David Owen, chief european economist at Jeffries International told CNBC on when the European Central Bank is likely to raise rates:
pan-European Dow Jones Stoxx 600 has risen 0.31% Tuesday.
Dublin the ISEQ climbed 0.92%.
CRH is up 0.49%; Elan has risen
5.29%; AIB has added 11.63% and BoI has climbed 3.29%; IL&P advanced 5.29%.