"We think the current price is too high for developing countries and there is a concern that this level is triggering the economic slowdown...China and India paid around $50 billion in subsidies last year. That support is not sustainable."
The head of the International Energy Agency, Nobuo Tanaka, told reporters in Tokyo Friday he was concerned that current high oil prices were causing a global economic slowdown.
"Based on all the available information, the Company believed the best way to expedite the merger review process was to give the Department of Justice ... additional time to evaluate the transaction before the expiration of the HSR waiting period. We believe that we have made real progress in the merger review process. We will continue to cooperate with the DOJ, and we remain confident in the outcome."
The CME Group said Thursday it has withdrawn and refiled its merger notification to the US government on its proposed $9 billion combination with NYMEX Holdings to give the Department of Justice more time to review it.
Updated: June 6, 2008
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