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European Union finance officials are welcoming progress by the bloc's 10 newest members in preparation for joining Europe's single currency, but said "none is yet ready and pressed for continued efforts." The European Commission and the European Central Bank (ECB) also declined to forecast how soon any of the mostly ex-communist states could swap their currencies for the euro, which in any case will not be before 2007. The EU executive and the Frankfurt-based bank noted progress in their latest assessments of countries vying to join the currently 12-nation eurozone, including the EU newcomers and Sweden. Estonia, Latvia, Lithuania, Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Cyprus, and Malta joined the EU on May 1. All 10 are obliged to adopt the euro at some point. Of the older EU member states, Britain and Denmark have chosen to remain outside the "Eurozone" for now, while Sweden has taken the same route by not qualifying for membership…
 
The United States and Uruguay have signed a new bilateral investment treaty. According to government officials, the new pact "levels the playing field and ensures that Americans are treated equitably by increasing protection for US investments: in Uruguay. Last year, total trade between the two countries amounted to about $582 million. US goods exported to Uruguay in 2003 totaled $326 million, up 57% from 2002, and included machinery, electrical machinery, optic and medical instruments, perfumery, cosmetics and plastic. US goods exports also included $18 million in agricultural products, such as wheat, hides and skins, and planting seeds. Uruguayan exports to the US reached $256 million last year, and included meat, hides and skins, dairy, eggs, honey, fish and seafood. Trade between the two countries has increased even further in the first seven months of 2004, with US exports to Uruguay and imports from Uruguay making significant gains; and …
 
The China Direct Trading Corporation has entered into a joint venture with Topkey Advertising Corp. Ltd., one of the largest advertising agencies in China, to handle the advertising associated with its 2008 Beijing Olympics projects. China Direct has proposals to work with Beijing on the promotion of an Olympic equestrian center and an international conference center; the creation of an Internet website; the development of promotional products related to the Olympics; the organization of travel and tour packages; and the Games' global advertising and promotion activities. Topkey, which currently handles advertising in China for multinationals such as Hewlett-Packard and Shell, will also work on the advertising of the Olympics in China in urban venues and large airports and other travel venues in China.

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