Xinhua world economic news summary at 0430 GMT, July 7
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Jul. 7, 2010 (Xinhua News Agency) -- Xinhua world economic news summary at 0430 GMT, July 7

PARIS -- Company flotation (Initial Public Offering or IPO) worldwide sustained considerable growth in the second quarter this year despite slow economic recovery, international auditor Ernst & Young said Tuesday.

Listings were mainly driven by a strong Asian market and increased listings in the United States and Europe, the company said in a newsletter that includes Q2 2010 Global IPO Update and the Global IPO Trends Report 2010. (E&Y-France-IPO)

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BRUSSELS -- The European Commission said on Tuesday it had approved the takeover of Swedish carmaker Volvo by Chinese rival Geely and China's state-owned investment firm Daqing.

"The commission concluded that the transaction would not significantly impede effective competition" in the European Union (EU), the EU's antitrust watchdog said in a statement.

Geely is a fully integrated manufacturer of cars, motorcycles and scooters in China. Currently, the vast majority of its passenger cars are sold in China. (EU-Volvo-Takeover)

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WASHINGTON -- The U.S. service sector grew in June for the sixth consecutive month, but at a slower rate than in May and short of economists' expectation, an industry trade group reported Tuesday.

The Non-Manufacturing Index (NMI), which measures activities in the service sector, dropped to 53.8 last month from 55.4 in May, the Institute for Supply Management (ISM) said in its monthly survey.

A reading above 50 indicates the service sector is generally expanding, while below 50 indicates contraction. Economists had expected a reading of 55.0 for June. (U.S.-Service Sector)

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ATHENS -- Greece plans to auction 4.5 billion euros (5.6 billion U.S. dollars) treasury bills starting from next week, Greek media reported on Tuesday.

The Greek Organization of Debt Management is expected to make an official announcement later this week.

It will be a first test of markets' mood towards Greek national economy after the activation of the European Union and International Monetary Fund (IMF) support mechanism two months ago, analysts point out. (Greece-Auction-Treasury Bill)

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LONDON -- The British economy continued to grow in the second quarter of this year, according to a survey by the British Chambers of Commerce (BCC).

The organization, which collected data from 5,600 businesses across the country, predicted in the survey on Tuesday that British economic growth in the second quarter will be between 0.6 percent and 0.7 percent.

However, the BCC said that there are serious concerns over sustained economic recovery and it found the service sector presented the biggest worry to the recovery. (UK-Economy)

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HOUSTON -- The attorney general of U.S. state Texas on Tuesday asked British oil company BP to pay the state 25 million U.S. dollars to clean up oil reaching Texas shore from the massive spill in the Gulf of Mexico.

Texas Attorney General Greg Abbott said in a statement on Tuesday that though the ultimate impact of the spill on Texas is not known yet, BP should "be held fully financially accountable for the costs incurred by taxpayers" when state and local governments engage in clean-up efforts. (US-BP-Oil)



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