Wall Street advances as jobs report beats estimates

Special
Report: Global Financial Crisis

NEW YORK, May 6 (Xinhua) -- Wall Street climbed in early trading Tuesday,
as economic data indicated job losses slowed in April.

The ADP employer services reported that companies in the United States cut
an estimated 491,000 workers from payrolls in April, smaller than economists'
forecast and the fewest since October.

The report boosted investors' confidence and offset worries that banks may
need more capital than previously thought.

The market was awaiting the results of the government's stress test of the
nation's 19 largest banks, due Thursday. The report is expected to reveal which
banks will need to raise capital.

Concerns about the stress test intensified after The New York Times
reported Wednesday that federal regulators have warned Bank of America Corp.
that it will need to raise about 34 billion U.S. dollars, more than
expectations.

The Dow Jones rose 89.60 to 8,500.25. Broader indexes also moved higher.
The Standard Poor's 500 index rose 10.07 to 913.87;and the Nasdaq climbed
14.91 to 1,769.03.

Citigroup may need to raise $10 bln

Special Report: Global Financial Crisis

BEIJING, May 4 -- Citigroup Inc may need to raise as much as 10 billion U.S. dollars to meet the government's increased capital standards for banks outlined in its stress tests, according to a report.

The New York-based bank is negotiating with the Federal Reserve and may need less capital if it is able to convince regulators of its financial health, The Wall Street Journal said on its Website. The report cited people familiar with the matter.

A Citigroup spokeswoman said the bank had no comment on the story.

On Friday, the United States government pushed back its expected release date of the stress test results to Thursday from today as regulators negotiate with the banks over the findings.

Fed officials had said all 19 banks that underwent the stress tests will need to keep extra funds beyond what's now required in case losses on loans and other assets continue to climb. That was a signal some banks would have to raise more cash.

Initial results showed Citigroup and Bank of America Corp would be among that group, sources had said.

(Source: Shanghai Daily/Agencies)

Bulgaria sees no need for immediate introduction of euro

SOFIA, April 9 (Xinhua) -- Bulgarian Finance Minister Plamen Oresharski has taken a stance against the immediate introduction of the euro, saying this would have no significant economic impact, local press reported Thursday.

Oresharski's remarks came in response to International Monetary Fund (IMF) calls on central and eastern European countries to consider scrapping their currencies in favor of the euro even without formally joining the eurozone.

In a confidential IMF report, which leaked earlier in the week, the fund said the eurozone could relax its entry rules so countries could join as quasi-members, without European Central Bank board seats.

"Give me just one reason for concluding a new agreement with the IMF at this stage," Oresharski said, adding that Bulgaria has been considering the adoption of the euro and its impact on the economy for more than 10 years.

"We will do that if we have to, I can see no drama here," he added.

"Bulgaria's entry into the eurozone will have no dramatic consequences," the minister said.

He pointed out that Bulgaria's economy has been adjusted to a fixed currency rate in 1997-2000 at times of cataclysms, fluctuations and problems.

Bulgaria's entry in the eurozone, initially scheduled for 2010,has been set back for some time around 2012. Experts say it is conditional on continued fiscal prudence and lower inflation.

In fact, Bulgaria has yet to join the Exchange Rate Mechanism, the "waiting room" for euro membership, amid concerns about its inflation rates and external trade imbalances. Stricter application of membership criteria has also been a factor in the delay.