* Falls after Valencia says seeking debt help
* Euro hits record low vs Aussie, Canadian dollar
* Commodity currency strength expected to continue
LONDON, July 20 (Reuters) - A struggling euro hit a session low against the U.S. dollar and record lows against the Australian and Canadian dollars on Friday after Spain's Valencia region said it will seek central government help to repay its debts.
The news intensified concerns that Spain, the euro zone's fourth largest economy, may not be able to avoid a full-blown international bailout, with 10-year yields trading above the 7 percent level that is seen as unsustainable.
A statement saying euro zone finance ministers formally approved Spain's bank bailout failed to offset the gloom.
The euro fell around 0.7 percent against the dollar to $1.2187, just above a two-year low of $1.2162 hit last week.
"(Valencia) was clearly the catalyst. I'm slightly surprised the market has reacted as violently as it has, but I think that's a reflection of broader negative sentiment and stops being taken out once the move got going," said Adam Cole, global head of FX strategy at RBC Capital Markets.
Earlier in the session the euro dipped on a German newspaper report that quoted a member of a party in the coalition government as saying euro zone countries should comply with agreed reforms or leave the bloc, traders said.
The comments repeated the position taken earlier this year by the same lawmaker, Gerda Hasselfeldt, of the Bavarian Christian Social Union.
The single currency hit record lows against the higher-yielding Australian dollar at A$1.1727 and the Canadian dollar at C$1.2305.
Besides concerns about the euro zone's sovereign debt crisis, the euro has taken a hit since the European Central Bank lowered its deposit rate, which acts as the floor for euro zone money market rates, to zero earlier this month.
Two-year bond yields have dipped into negative territory in core triple-A rated Germany and the Netherlands. The negative interest rates could prompt investors who are bearish on the euro's outlook to shift money elsewhere to secure some return on capital, market players said.
"If you believe we have a long period of highly accommodative policy in Europe you might as well go on a search for yield elsewhere," said Simon Derrick, head of currency research at Bank of New York Mellon.
COMMODITY CURRENCY STRENGTH
Many analysts said the fact commodity currencies were rallying against the euro despite concerns Chinese growth is slowing was a sign that weakness in the single currency could continue.
The potential for another round of asset buying from the U.S. Federal Reserve may help support commodities and the Australian dollar, analysts said.
Speculation the Fed may opt for another round of monetary easing to boost growth, which would increase the supply of dollars in the system, slowed the euro's decline against the U.S. currency.
The ECB deposit rate cut and subsequent drop in money-market rates has also stirred talk of euro-funded carry trades, in which investors effectively borrow low-yielding currencies to invest in higher-yielding currencies and assets.
The euro hit a seven-week low against the Japanese yen of 95.79 yen, a four-month low against the Norwegian crown of 7.4135 crowns and an 11-1/2 year low of 8.4450 crowns against the Swedish crown. (Additional reporting by Nia Williams)
John Cena, Money in the Bank, RAW 1000 and Latest WWE News from Ring Rust Radio - Bleacherreport.com
Ring Rust Radio is the best wrestling show on the airwaves, and this week was no different. With strong opinions on John Cena, Money in the Bank, RAW 1,000 and more, this is where you need to get all of your weekly WWE nuggets.
Bleacher Report featured columnists Michael Cahill, Brandon Galvin, Mike Chiari and Donald Wood give the lowdown on all things going on in the wrestling world.
With another unpredictable episode of Ring Rust Radio in the books, you can't afford to miss another second of the action. Catch us LIVE every Tuesday at 7 p.m. ET (some language NSFW) or follow us on Twitter @RingRustRadio.
We may just read your questions and comments LIVE on the air thanks to our new weekly Twitter segment! Visit our new website at RingRustRadio.com and you can also email us here: RingRustRadio@Yahoo.com.
(Some language NSFW)
Upcoming Guests/Events
July 24 - ROH star Tommaso Ciampa
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August 7 - Extreme Rising star BLK Jeez
August 14 - ROH star Adam Cole
August 21 - Extreme Rising star Shane Douglas
Money in the Bank Review
While Sunday's Money in the Bank card wasn't as deep as it could have been, there were certainly some great moments and entertaining matches.
Dolph Ziggler secured the world heavyweight championship contract to open the night, Sheamus retained his title against Alberto Del Rio, CM Punk defeated Daniel Bryan to keep the WWE championship and John Cena closed the night by securing the Money in the Bank contract for Punk's championship.
Question on Everybody's Mind: What Grade Does Money in the Bank Deserve?
While it certainly didn't live up to the level of last year's Money in the Bank, which ended with CM Punk defeating Cena for the WWE championship in his hometown of Chicago, the 2012 edition of the event was solid. Even if there weren't many classic moments that fans will always remember, there were four very good matches and the booking decisions were largely correct.
Ring Rust Radio's Take
Because Money in the Bank was so good in 2010 and 2011, we had high hopes, and although it may not have lived up to them completely, the consensus was that Money in Bank was a strong seven on a 1-10 scale.
The SmackDown ladder match was fantastic and Ziggler winning was the perfect ending. The Punk vs. Bryan match was probably one of the WWE's best this year as well.
Cena winning was expected and that ladder match wasn't the best by any means, but it was entertaining and helped round out the night.
Bleacher Report Insider Scoop: MITB Results and Review
WWE Chatter
There was plenty to talk about during the aftermath of Money in the Bank, as AJ accepted a proposal from Bryan on RAW and Cena made his decision regarding when he would cash in his contract. Those two moments, as well as the return of Rey Mysterio and a great segment between Ziggler and Chris Jericho ensured the 999th RAW was a very good one.
Question on Everybody's Mind: Is John Cena's Cash-In Being Handled Correctly?
The WWE tried to tease that Cena would cash in on Punk after Big Show beat the WWE champion down following their match, but those who have grown accustomed to Cena knew better.
The popular thought was that he would announce a match against Punk at SummerSlam ahead of time, much like Rob Van Dam did to Cena at One Night Stand several years ago. Cena announced they would have a match on next week's 1,000th RAW instead, however, which should headline a stacked show.
Ring Rust Radio's Take
While the majority of the panel drank up the WWE's RAW 1,000 Kool-Aid, there is no question that Cena's cash-in could have been handled in a much better manner.
I totally understand Cena's character is that of a role model and a guy who does everything the right way, but he has been the exact same guy for about six years and could stand to change a little bit. I'm not going to suggest that he should turn heel, but he would benefit from some added edge to his character.
Cena choosing to cash in his contract in a match rather than doing it against a vulnerable champion was painfully obvious, and part of the reason why people have rebelled against him.
Had the WWE decided to have another Punk vs. Bryan match at SummerSlam with Punk retaining and then had Cena cash in the way most Money in the Bank winners have, it would have made Cena seem a bit more ruthless and he would have gained more support because of it.
Bleacher Report Insider Scoop: Cena's Cash-In Ruins Golden Opportunity
RAW 1,000 Preview
The 1,000th episode of RAW has been advertised by WWE to the max over the past couple of months and it will finally commence this coming Monday.
There are a ton of potential returns to look forward to, and RAW will officially move to three hours permanently. Rather than putting a lot of time into Money in the Bank and SummerSlam, all of WWE's efforts have gone toward RAW 1,000 in hopes that it can help kick start the show's rating moving forward.
Question on Everybody's Mind: What Will Be the Best Part of RAW 1,000?
The three main things that we already know are going to happen for sure are Punk vs. Cena for the WWE championship, the AJ and Bryan wedding, as well as a confrontation between Brock Lesnar and Triple H with regards to the COO's SummerSlam challenge.
All of them are certainly intriguing for one reason or another, and they figure to dominate the majority of the three hours that RAW will be on the air on Monday.
Ring Rust Radio's Take
This is a tough call, since all three of those things have the potential to be great, but the Lesnar/Triple H situation is drawing us in most. The Punk vs. Cena match is going to be good, but a cash-in at SummerSlam following a Punk match would have been better.
Also, it's obvious that somebody is going to crash the wedding and our money is on Kane. He never really got closure with AJ and has no other storyline in place currently.
Lesnar and Triple H have been on the back-burner lately, so there is a lot of building left to be done. Also, Paul Heyman and Shawn Michaels are likely to get involved in some capacity, so there are endless possibilities.
Bleacher Report Insider Scoop: Latest WWE Rumors and News
Check back for more on World Wrestling Entertainment as it comes, and visit Bleacher Report’s Wrestling Page to get your fill of WWE/TNA. For more Wrestling talk, listen to Ring Rust Radio for all of the hot topics you just can’t miss (some language NSFW).
Forex: EUR/GBP at support after UK data - FXStreet.com
After yesterday’s plunge to 0.7792 low, the pair is consolidating its position just above 0.7800 while capped at 0.7820.
“EUR/GBP has met its downside target – namely the base of the 2011-2012 down channel at 0.7811, the downside measured target from the range at 0.7803 and the 61.8% Fibonacci retracement of the 2007-08 advance at 0.7786”, wrote Commerzbank analyst Karen Jones, expecting a rebound there.
Forex loss pulls down JSW Energy profit to Rs 3.41 crore - Economic Times
This is net profit after tax and minority share. If not for the minority interest component, the energy firm would have a net loss of Rs 96 lakh in June quarter.
"The profitability for the quarter is lower primarily due to net foreign exchange loss of Rs 232 crore, considered as an exceptional item, due to the unusual and sharp movement in the value of the Indian rupee against US dollar," JSW Energy said in a statement.
In the three months ended June 2011, the company had a net profit after tax and minority share of Rs 136.1 crore.
On the back of higher electricity generation, JSW Energy's total income climbed 72 per cent to Rs 2,191.54 crore in the latest June quarter. In the year-ago period, the same stood at Rs 1,274.48 crore.
Fuel cost of the company in the June quarter jumped 63 per cent to Rs 1,155 crore, "primarily due to increase in power generation".
The company noted that even though imported thermal coal prices corrected sharply in the last three months, the benefits were largely offset by rupee fall.
It said that work on projects in West Bengal (1,320 MW), Karnataka (660 MW) and Jharkhand (1,620 MW) are "presently not being pursued aggressively" as it was awaiting clarity on many issues related to power sector.
Thermal coal prices have seen sharp reductions on the back of weak demand as also export of thermal coal from US, the company said.
"The global uncertainties and widening deficits have led to steep currency depreciation. The tariff revisions by distribution entities have been positive for the sector... Delay in resolution of issues surrounding fuel has impacted the ability of power plants to fully exploit the latent capacity," it added.
JSW Energy has an operational capacity of 2,600 MW while another 540 MW is under construction.
Meanwhile, in a regulatory filing, the company said that wholetime director Sanjay Sagar has been designated as Joint Managing Director & Chief Executive Officer, with effect from July 2. The appointment, subject to shareholders' approval, would be for a period five years.
HSBC money laundering: Labour demands trade minister face Lords - The Guardian
The trade minister Lord Green is maintaining his silence over the HSBC money laundering scandal despite calls from Labour for him to appear before the House of Lords to answer questions about his tenure at the top of the UK's biggest bank.
Hours after Labour had called for him to make a rare appearance before peers, Green was seen on Thursday afternoon in the office of Lord Strathclyde, the Leader of the Lords. Green was at the helm of HSBC during the period when a Senate committee in the US found it had bust sanctions and moved money for drug barons.
One Labour party official said he saw Green sitting outside Strathclyde's office "perched on a wooden bench like a naughty school boy" although it is thought that Green does not have immediate plans to appear in the Lords or make a public statement in response to the exposure of HSBC's money laundering.
Green has refused to comment since the revelations about HSBC laundering money for drug cartels, terrorists and pariah states emerged this week during Senate hearings in the US.
Green was chief executive of HSBC between 2003 and 2006 and was its chairman until 2010, when he resigned to take up a position of trade minister in the coalition government.
His tenure covered the period of the damning Senate report which concluded the bank had a "pervasively polluted" culture which allowed HSBC subsidiaries to move billions of dollars around the financial system from countries such as Iran and Syria. Cash was also moved for Mexican drug cartels. There was no personal criticism of him in the Senate report.
The revelations have allowed Labour to put pressure on Green over his record in the Lords where, since he arrived in November 2010, he has spoken just five times. Labour also argued that he has questions to answer because he was chairman of the British Bankers' Association during the Libor-fixing scandal and is also an adviser to the Treasury on banking matters.
But Strathclyde appeared to be standing behind Green and rejected Labour's insistence that the former banker should appear in the Lords while his attendance record was defended on the basis that he travels widely as a trade minister.
Labour's leader in the Lords, Lady Royall, had written to Strathclyde to argue that "in line with the provisions of the ministerial code, and in relation to the impact of the disclosures concerning HSBC on his role as minister of trade, Lord Green should come to parliament to make a statement to the House of Lords before the house rises next week. We would urge you, as the principal government minister in the House of Lords, to make arrangements for such a statement to be given."
The Labour peer Lord Hollick tweeted that Green "must come to the house to explain why he did not heed warnings of money laundering at his bank".
The Labour leader Ed Miliband called on David Cameron to intervene. "Lord Green certainly has some big questions to answer," the Labour leader said. "Now if this was a House of Commons minister and the House of Commons was sitting there is no question in my mind that the minister would feel it was right to come to the House of Commons.
"I hope that the prime minister will encourage him to do that because that would be the right thing for him to do as a minister in the government."
The House of Lords goes into recess on 28 July, but the chamber sits for the last time on 25 July.
But in a letter to Royall, Strathclyde said that Green was only required, under the ministerial code, to go the Lords to discuss "his ministerial portfolio".
"It would therefore not be appropriate for him to make a ministerial statement to the house in relation to matters pertaining to his career prior to becoming a minister," the leader of the Lords said.
When the Libor scandal erupted, the Conservatives were quick to try to score political points by attempting – wrongly – to link shadow chancellor Ed Balls, a former minister in the Labour government.
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