#AceFinanceNews – UNITED STATES (Washington) – August 13 – The Treasury Department auctioned $24 billion in 10-year notes at a high yield of 2.439 percent. The bid-to-cover ratio, an indicator of demand, was 2.83.
Treasury’s extended earlier gains on Wednesday after the government’s auction of 10-year notes, the second-set of this week’s $67 billion in U.S. debt supply.
The Treasury Department auctioned $24 billion in 10-year notes at a high yield of 2.439 percent, the lowest since June 2013. The bid-to-cover ratio, an indicator of demand, was 2.83, versus a recent average of 2.69.
By CNBC Staff With Reuters
#AceFinanceNews – BRUSSELS – August 12 – Spain and British-run Gibraltar have been told to crack down on cross-border tobacco smuggling by the EU’s anti-fraud watchdog.
The recommendation by the European Union anti-fraud office (Olaf) follows a year-long investigation conducted after a request from Spain.
In its report, which will not be made public, Olaf said that there had been "a significant increase in the size of the Gibraltar market for cigarettes over the past four years" and that there were “indications of the involvement of organised crime".
Olaf called on Spain and Gibraltar, which is classified as a British overseas territory, to "initiate judicial proceedings".
“As Olaf can carry out only administrative investigations, it is for those authorities to decide what further actions may be necessary," it said in a statement on Monday (11 August).
The investigation was requested by Madrid following a long-running dispute with Britain about border controls in Gibraltar.
The Spanish government stepped up its border operations last year, introducing random spot-checks, claiming that the extra surveillance was needed to combat rising levels of tobacco smuggling.
Cigarettes are around 40 percent cheaper on the British "Rock" than in Spain.
More than 139 million smuggled cigarettes from Gibraltar were seized by Spanish authorities in 2012.
Cross-border checks are now on the increase as UK has stepped up surveillance on vehicles.