Europe's top court on
Wednesday said an exemption granted to former British telecoms
monopoly BT from paying into a pension protection fund
constituted state aid and was therefore illegal, backing an EU
regulatory decision made five years ago.
The European Commission ordered British authorities to
recover the aid in 2009 because it gave BT an unfair advantage
in breach of state aid rules.
BT and BT Pension Scheme Trustees Ltd subsequently
challenged the EU decision in a lower court but lost.
The volume of gold sold forward
by mining companies jumped 61 percent in the second quarter
after Russia's Polyus Gold added a major new hedge
position, an industry report showed on Wednesday.
In their quarterly Global Hedge Book Analysis, released on
Wednesday, Societe Generale and GFMS analysts at Thomson Reuters
said they are predicting net hedging for the year of 40 tonnes,
the most since 1999.
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