Business Brief

Public procurement

The European Commission will adopt a communication and guidelines on the award of low-value public procurement contracts this Friday (14 July). The Commission wants to encourage competition by ensuring that contracting authorities are aware of minimum standards of transparency and non-discrimination, which apply even if the contracts are too small to come under the public procurement directive.

Slovenia's euro OK

EU finance ministers on Tuesday (11 July) formally approved Slovenia's adoption of the euro as its official currency from January 2007. Slovenia will be the first of the ten countries that joined the EU in 2004 to join the eurozone.

Freezing funds

A European court ruling on Wednesday (12 July) found that the Commission has the right to freeze bank funds in the fight against terrorism, but that the account holders were not barred from pursuing trade and business activities. The European Court of First Instance also ruled that affected account holders have the right to demand a review of their case only at the UN, not in EU courts.

Wicks to Euroclear

Sir Nigel Wicks is to take over as chairman of Euroclear plc and Euroclear SA/NV from 1 August, six months earlier than planned. Currently Euroclear's deputy chairman, Wicks, who as a UK treasury civil servant spent ten years as a member of the EU's Economic and Financial Committee, succeeds Chris Tupker, who resigned recently on becoming chairman of LCH.Clearnet.

Board funding

Finance ministers on Tuesday (11 June) discussed financing of the International Accounting Standards Board. Currently, over a third of the board's funding is donated by the big four accounting firms: Deloitte, KPMG, Ernst & Young and PricewaterhouseCoopers. Ministers supported plans to increase the board's funding-base to include a wider range of companies.

ECB system

The European Central Bank said it will set up a new settlement service for securities transactions. The new system will provide a single interface for settlement with the aim of harmonising the activity and improving pan-European liquidity management.

Airline boss probed

Air France-KLM chief executive Jean-Cyril Spinetta is to be questioned by a French judge for allegedly participating in organised money laundering and illegal employment practices. The probe is connected to the investigation of contracts between Air France and a now-bankrupt company called Pretory.

US software giant Microsoft will appeal against a decision by the European Commission to fine it nearly €300 million for failing to comply with a 2004 antitrust decision, according to the company's top lawyer.

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