EUROPEAN UNION

The United States must change an Internet gambling law that discriminates against European companies by preventing them from offering services in the U.S. market, the European Union's top trade official said on Thursday.

The dollar teetered close to its all-time lows against the euro on Thursday as the market waited to see whether the European Central Bank would voice concern about the sharp rally in the single currency.

Asian stocks rose to a fresh life high on Monday as investors bet there will be a U.S. interest rate cut this week, which sent the dollar to a record low against the euro and a basket of major currencies.

This Tuesday, European Commission executive Franco Frattini proposed to create a "blue card" for the Union that would allow skilled labor from abroad to enter and settle in the member states easier than currently.

French Economy Minister Christine Lagarde said on Tuesday that G7 countries had asked China to accelerate the appreciation of the yuan, and said markets were beginning to hear the U.S. message on the strong dollar.

Microsoft told a South Korean court it wants to drop its appeal against a landmark antitrust ruling by the Korean Fair Trade Commission (KFTC), and the government agency said on Tuesday it was studying the decision.

The yen rallied from the previous day's two-month lows versus the euro and dollar on Tuesday, while the New Zealand dollar fell sharply as a sell-off in European equities underlined a diminished appetite for risk.

The dollar fell on Wednesday as concern crept back into the market that the Federal Reserve may cut interest rates again this year to prevent a weak housing sector from damaging the broader economy.

The dollar rose Monday on investor speculation that the U.S. economy may continue to show signs of strength and escape recession.

Worries about a U.S. economic downturn and its fallout across the world eased on Monday, lifting the dollar and Asian stocks although European shares took a breather after a five-session rally.

The dollar posted the biggest weekly gain against the euro in more than a month on signs the economy is weathering the housing slump.

World stocks held just below this week's record high on Thursday while the euro was steady as investors bet the worst of the credit crisis is over and looked to the European Central Bank chief for clues on monetary policy.

The dollar dropped to a record low versus the euro for the seventh consecutive trading session on Friday on expectations that continued weakness in the economy will force U.S. central bankers to continue to provide more motivation to investors by cutting interest rates.

The gross domestic product of the U.K. grew by 0.8 percent in the second quarter, according to a new report released by the Office for National Statistics (ONS), on Wednesday.

The U.S dollar hit an all-time low against the euro on Monday over concerns that the ailing housing sector could trigger the Fed to cut the interest rate even further.

After a hefty cut in interest rates and the dollar's plunge to new record lows against a surging euro, investors will closely watch data for clues on how seriously problems in credit markets are affecting the real economy. An ailing property market and weaker consumer confidence may herald signs that the credit crunch stemming from problems in the subprime mortgage market may be dragging the economy down making more interest rate cuts a near-certainty.

Stocks rallied for a second day on Wednesday after an aggressive U.S. rate cut soothed concern the U.S. economy would slip into recession, stirring demand for riskier investments and killing demand for safe-haven bonds.

European Union finance ministers and central bankers agreed on Saturday to step up co-operation among themselves to improve their handling of cross-border financial crises.

British banks have been borrowing unusually large amounts from the European Central Bank due to the Bank of England's reluctance to make extra funds available, a German newspaper reported on Friday.

The dollar fell to a one-month low on Thursday as rising mortgage delinquencies and ongoing credit concerns stoked fear of slower U.S. economic growth ahead of a keenly awaited employment report.

U.S. stocks and Treasury bond prices fell on Thursday after a stronger-than-expected reading of the U.S. services sector and a lower jobless claims number suggested the U.S. economy may not warrant a Federal Reserve interest-rate cut.