EU extends deadline for U.S. in steel dispute

The European Union and its allies have agreed to a nine-day delay before imposing billions of dollars in trade sanctions against the United States over illegal steel tariffs, World Trade Organization officials said Friday.

The EU, Japan and Norway had threatened to impose import duties on U.S. goods beginning Dec. 6 unless Washington dropped tariffs of up to 30 percent on imported steel.

But trade organization officials said Friday that all the countries involved agreed to delay imposing the retaliatory tariffs until Dec. 15.

A WTO appeals panel on Nov. 10 upheld an earlier WTO decision that said the U.S. duties violated the trade organization’s rules.

Trading

Euro reaches record high

The euro broke through $1.20 for the first time in its nearly five-year history Friday, surging amid fears about the U.S. trade and budget deficits in thin post-Thanksgiving trading.

The 12-country currency hit $1.2015 in European trading — the highest since it was introduced on Jan. 1, 1999 — then slipped back to $1.1995.

It started the European trading day around $1.19, then headed steadily up, breaking through the previous high of $1.1979 from Nov. 19.

Economists and currency strategists said short-term trading tactics and thin volume on the day after the U.S. Thanksgiving holiday played a role.

Oil

Yukos, Sibneft suspend planned acquisition

A merger involving the Yukos oil company was put on hold Friday, a new blow to the embattled giant as it struggles to recover from the jailing of its former chief.

Yukos’ proposed partner, Sibneft, said the action was taken “in accordance with a mutual agreement reached by the shareholders of both companies.”

Since Mikhail Khodorkovsky stepped down as head of Yukos after his Oct. 25 arrest on fraud and tax evasion charges, the company’s managers had said the merger was on track, and its new chief executive, Simon Kukes, said Friday the decision to halt it took him by surprise.

A Yukos statement issued late Friday confirmed that shareholders had left the charter and existing board intact.