Commerzbank Faces Money-Laundering Probe

Five current and former Commerzbank employees, including a senior personnel manager who quit last week, are under investigation for alleged money laundering involving assets from formerly state-owned companies in Russia. German and Swiss prosecutors last week searched the offices of Commerzbank and an investment fund manager in Frankfurt as well as targets in Switzerland.

The Wall Street Journal reported that investigators are looking at whether Russian telecommunications assets were diverted through the OAO Telecominvest company set up by Leonid Reiman, Russia's telecommunications minister.


E.U. Textile Duties End

China has repealed export duties on 17 types of textiles subject to European quotas, following the European Union's refusal to grant new import licenses for sweaters, whose exports had reached their annual quota. China had imposed the duties in an effort to slow the growth of exports under a deal signed with the E.U. but said it would repeal duties on any good that faced foreign trade restrictions.

China also said it may restrict its textile exports to the United States, similar to the caps it put on exports of the products to the E.U., to help resolve trade friction. The government will use temporary export licenses to control the volume of textile shipments to the United States until the two sides reach an agreement in ongoing talks.


U.S. to Appeal WTO Ruling

The United States will appeal a World Trade Organization ruling that Congress failed in its attempt to bring corporate tax laws in line with global trade rules, Sen. Charles E. Grassley (R-Iowa) said.

Grassley, the chairman of the Senate Finance Committee, said he will meet with European officials, who brought the complaint to the WTO, to try to persuade them to drop threats of renewing tariffs on U.S. goods.

Compiled from staff and news service reports.

Commerzbank is being investigated over allegations of money laundering.