Praktiker Supervisory Board Approves Financing Plan

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SNB Retains Interest Rate, Franc Cap; Says Risks To Economy Remain High

The Swiss National Bank on Thursday said it will retain the currency ceiling at CHF 1.2 per euro as risks to the economy from external developments remains high. The target range for the three-month Libor was also left unchanged at 0.0-0.25 percent. The decision was in line with economists' forecast. "Tensions can reappear at any moment on global financial markets," the central bank said.

China Manufacturing Contraction Deepens In June

China's manufacturing activity contracted at a faster pace in June, reducing the prospects of a promising economic recovery, preliminary results of a survey by Markit Economics and HSBC revealed Thursday. The flash manufacturing purchasing managers' index fell to 48.3 in June from 49.2 in May. The index is now at its lowest level in nine months.

King Makes Last Plea For Stimulus Before Entrusting BoE To Carney's 'Safe Hands'

Bank of England Governor Mervyn King made a last but strong call for expanding stimulus for the British economy in his final Mansion House speech on Wednesday even as he left some "unfinished business" in the banking sector for the next chief Mark Carney to complete. King will step down by end-June after ten years at the helm. Carney will assume office from July 1.