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EU Adopts Control Plan to Detect Fraud in Marketing of Foods

The European Union recommended a plan to investigate fraudulent food-marketing practices in a bid to restore consumer confidence following the mislabelling of beef products containing horse meat.

The plan’s controls are to run for one month, after which they may be extended for a further two months, the European Commission, the EU’s Brussels-based executive, said today in an e-mailed statement. The EU will fund 75 percent of the cost of the program, according to the statement.

Retailers across the region have withdrawn frozen meat products after they were shown to contain horse DNA. The scandal has led policy makers to urge the industry to make the food chain less opaque.

Under the EU’s plan, controls will be set up, mainly at retail level, for foods marketed to consumers as containing beef to detect the presence of unlabelled horse meat. Tests also will be carried out for possible residue of in horse meat of phenylbutazone, a potentially harmful veterinary drug known as bute.

The plan foresees testing of total of 2,250 beef samples across the EU, ranging from 10 to 150 per member state. To test for bute, the program prescribes the testing of one sample for every 50 tons of horse meat, with each nation carrying out at least five tests, according to the EU.

To contact the reporter on this story: Jones Hayden in Brussels at jhayden1@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

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Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 3.99% 3.94%
30 Year Fixed 3.66% 3.52%
15 Year Fixed 2.79% 2.77%
10 Year Fixed 2.89% 2.98%
30 Year Fixed Refi 3.64% 3.51%
15 Year Fixed Refi 2.79% 2.74%
5/1 ARM 2.59% 2.65%
5/1 ARM Refi 2.60% 2.60%
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Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.34% 5.24%
$50K HELOC 4.56% 4.60%
$75K HELOC 4.57% 4.53%
$100K HELOC 4.27% 4.26%
$30K Home Equity Loan 5.97% 6.07%
$50K Home Equity Loan 6.01% 6.01%
$75K Home Equity Loan 5.97% 5.97%
$100K Home Equity Loan 5.84% 5.84%
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Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.23% 1.22%
2 Year CD 0.70% 0.66%
1 Year CD 0.57% 0.52%
MMA $10K+ 0.47% 0.50%
MMA $50K+ 0.69% 0.71%
MMA Savings Jumbo 0.59% 0.60%
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Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.98% 2.94%
48 Months Used Car 2.93% 3.13%
36 Months Used Car 2.89% 2.96%
72 Months New Car 2.43% 2.98%
60 Months New Car 2.54% 2.68%
48 Months New Car 2.45% 2.59%
60 Months Auto Refi 4.15% 4.37%
36 Months Auto Refi 3.61% 3.77%
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Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.53% 15.46%
Platinum Fixed 12.70% 12.70%
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Source: Bankrate.com