Europe Joins Probe Into Shady Forex Dealing

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“Very emotional — it’s been a tough day,” said winning captain Jose Maria Olazabal. “Everything went to the last match. The boys really played well today and I’m very, very happy to have won the Seve Trophy this time.” GB&I struck first on Sunday when Tommy Fleetwood claimed his first point of the week with a 3 & 2 win over Joost Luiten, who was unbeaten entering the match. After Jamie Donaldson and Gonzalo Fernandez-Castano halved their match, Ryder Cup standout Nicolas Colsaerts drew Continental Europe even, draining a 5- footer for par at the last to secure a 1-up win over Paul Casey. Frenchman Gregory Bourdy then continued his stellar play and pushed Continental Europe in front with a 4 & 3 triumph over Scott Jamieson. Bourdy, who never trailed in the match, became the first player in the event’s history to win five points out of five. “I’m so happy to achieve that, and it was an amazing week for me,” said Bourdy. The jostling continued, however, as Marc Warren wrapped up a 4 & 3 ousting of Thorbjorn Olesen to again square the tournament, 12 – 12, with four matches left on the course. From there, Continental Europe took control. Jimenez put the finishing touches on his convincing win, which was aided in part by the ailing Lynn, who twice dropped his ball into the water. Matteo Manassero then increased Continental Europe’s advantage to a pair with a 3 & 2 defeat of Stephen Gallacher. Paul Lawrie showed the GB&I mettle with a 2 & 1 win over Mikko Ilonen, but Molinari was in control at that point, holding a 2-up lead over Wood through 14 holes. After the pair matched birdies at the 15th, Molinari dropped his tee shot at the par-3 17th within 12 feet and drained the birdie putt to seal the Continental Europe victory. “It was going to go down to the last three matches at least,” continued Olazabal.

Continental Europe ends Seve Trophy drought

LONDON (CNNMoney) An investigation into possible rigging of the $5.3 trillion foreign currency market is widening, with EU regulators joining the hunt for evidence that banks may have tried to manipulate exchange rates. The EU’s top anti-trust official, Joaquin Almunia, said he had learned of activities in the last few days that could mean competition rules had been broken. The investigation was at a very early stage, he said in an online chat on the European Commission website. His spokesperson declined to comment further. Google+ Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer . Morningstar: 2013 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM 2013 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc.

Western bank retreat clouds emerging Europe’s recovery -IMF

Central and eastern Europe enjoyed strong growth for years before the global financial crisis erupted in late 2008, and the region incorporates a diverse mix of economies. They include powerhouse Poland and more vulnerable countries like Serbia – which announced an austerity plan on Tuesday as it eyes a deal with the IMF – and euro zone state Slovenia, which may need aid from the bloc to rescue its domestic banks. Western lenders, dominant players in the region’s financial sector, used to provide plentiful capital and financing that propelled growth. But faced with pressure from within the euro zone to boost their capital positions, many have been pulling back from emerging Europe, and they accelerated that withdrawal in the first quarter. “Deleveraging is continuing and there is a risk that it could accelerate again,” Roaf said, adding that countries in south east Europe were most at risk. Serbia laid out painful spending cuts on Tuesday, as it looks to a deal with the Fund early next year to reassure investors and cut borrowing costs. Roaf said the IMF was “ready to support (Serbia)… in any way that suits”. HIGHER FORECAST FOR POLAND On Poland, the region’s biggest economy, Roaf said the IMF would soon raise its 2014 economic growth forecast to about 2.5 percent from 2.2 percent now as investment was picking up and exports had been doing well. But the new forecast would already be close to the potential growth rate at which Poland’s economy can expand without creating imbalances. This is much lower than the 4-5 percent registered before 2008 and unlikely to be enough to bring down the 13 percent unemployment rate, denting 37-million-strong nation’s aspiration to quickly close the wealth gap with its Western counterparts.