• Co-op Bank stops lending to new corporate clients

    Reuters - Fri, May 24, 2013

    By Matt Scuffham LONDON (Reuters) - The Co-operative Bank has stopped offering loans to new business customers, part of measures designed to quell growing concerns over its capital position. The bank's parent, the Co-operative Group, said on Friday it was undertaking an extensive review of the bank, examining its capital and lending position and its commercial strategy. Credit ratings agency Moody's downgraded Co-op Bank's debt ratings earlier in May and warned it could need taxpayers' money to plug a capital shortfall which some analysts have said could be as high as 1.8 billion pounds. ... More »Co-op Bank stops lending to new corporate clients

  • Co-op says decision to freeze corporate lending made in March

    Reuters - Fri, May 24, 2013

    LONDON (Reuters) - The Co-operative Group said on Friday it had decided to freeze lending by its banking division to new corporate customers in March to focus on existing customers and individual retail customers. "This decision is part of our commercial strategy to play to the traditional strengths of the bank," said Chief Executive Euan Sutherland. "It will enable us to focus our energies and capital on both supporting our existing corporate customers and on growing our presence in the retail banking market. ... More »Co-op says decision to freeze corporate lending made in March

  • Deutsche Post files EU complaint against German email law

    Reuters - Fri, May 24, 2013

    DUESSELDORF (Reuters) - Deutsche Post has filed a complaint with the European Commission against a German law that will require government agencies and public services to use a rival encrypted email system. A spokesman for the German postal services group said on Friday that a German bill on the use of "De-Mail", offered by Deutsche Telekom and United Internet , would violate EU laws and discriminate against Deutsche Post's own email service "E-Postbrief". ... More »Deutsche Post files EU complaint against German email law

  • Syria opposition seeks to unify as momentum for talks builds

    Reuters - Fri, May 24, 2013

    By Khaled Yacoub Oweis ISTANBUL (Reuters) - Syria's fractious opposition scrambled to agree a new leadership on Friday in a bid to present a coherent front at peace talks which the United States and Russia are convening to seek an end to more than two years of civil war. A major assault by President Bashar al-Assad's forces on a rebel held town over the past week is shaping into a pivotal battle. It has drawn in fighters from Assad's Lebanese allies Hezbollah, justifying fears that a war that has killed 80,000 people would cross borders at the heart of the Middle East. ... More »Syria opposition seeks to unify as momentum for talks builds

  • Bankia sells City National Bank of Florida for $883 million

    Reuters - Fri, May 24, 2013

    MADRID (Reuters) - Spanish nationalized lender Bankia SA said on Friday it had sold City National Bank of Florida to Chilean bank BCI for $883 million (583 million pounds), part of a plan to sell assets to boost solvency. Bankia, bailed out by Europe last year in Spain's biggest bank rescue, said the sale would book 180 million euros (153.9 million pounds) of net capital gains and generate 30 basis points of core capital, a measure of resilience to economic downturn. Bankia must sell assets and close branches under the terms of its 24. ... More »Bankia sells City National Bank of Florida for $883 million

  • Exclusive - DBRS to rate all euro zone sovereigns by year-end

    Reuters - Fri, May 24, 2013

    By Luciana Lopez NEW YORK (Reuters) - DBRS plans to rate the credit of all euro-zone sovereigns by year-end, from the current 10 of 17, which will give the now-missing countries one more way for the ECB to weigh how valuable each nation's debt is as collateral. The move is part of a larger push at DBRS to rate more sovereigns, from the current 26 to closer to 50, including a broader expansion in Asia. "Our immediate target is to ensure that we have the whole euro zone covered," said Alan G. Reid, group managing director at DBRS. ... More »Exclusive - DBRS to rate all euro zone sovereigns by year-end

  • Unhappy with how your fave series is faring? Amazon gives you a say

    Reuters - Fri, May 24, 2013

    SAN FRANCISCO (Reuters) - Amazon is once again shaking up traditional publishing models. This time, it's giving fans a chance to add their own personal touches to their favourite fiction - and get paid in the process. This week, Amazon.com Inc announced "Kindle Worlds," which offers aspiring writers an opportunity to pen their own takes on franchises in books, TV, movies, even games and comics. The world's largest Internet retailer plans to license content, then accept submissions online that may then be sold through its Kindle ebook store. ... More »Unhappy with how your fave series is faring? Amazon gives you a say

  • Google eyes Waze as Facebook circles hot Web maps property

    Reuters - Fri, May 24, 2013

    By Sarah McBride and Alexei Oreskovic SAN FRANCISCO (Reuters) - Google Inc is in talks to buy Waze, an Israeli mapping start-up that has held discussions with several large technology companies, two sources familiar with the matter told Reuters on Friday. Google's discussions with Waze, which one of the sources told Reuters remained fluid and could change in tenor at any time, come amid reports Facebook is willing to pay $1 billion for the crowd-sourced service, which relies on information provided by its 47 million members to craft its mobile-oriented maps. ... More »Google eyes Waze as Facebook circles hot Web maps property

  • Leading German politician calls transaction tax plans 'rubbish'

    Reuters - Fri, May 24, 2013

    BERLIN (Reuters) - A leading German politician criticised EU draft plans for a financial transaction tax as "rubbish" on Friday, in a sign of growing concern that the tax could do more economic harm than good. German Social Democrat Nils Schmid, finance minister of the wealthy southern German state of Baden-Wuerttemberg, said the banks might not be able to cope with the additional burdens of the levy should member states approve the European Commission's current draft version. ... More »Leading German politician calls transaction tax plans 'rubbish'

  • Analysis - German economy to pick up but fall short of traditional pace

    Reuters - Fri, May 24, 2013

    By Sarah Marsh BERLIN (Reuters) - Germany's economy will recover from a bout of winter weakness but fall well short of the dynamic growth rates of previous years as euro zone recession and global slowdown stunt exports and investment. There are homegrown problems too. What hue of government will result from September elections is injecting uncertainty and foreign investors cite worries about over-regulation and Germany's future energy mix after Chancellor Angela Merkel turned her back on nuclear power. ... More »Analysis - German economy to pick up but fall short of traditional pace

  • Ford to retain 1,000 jobs at French plant after deal

    Reuters - Fri, May 24, 2013

    BLANQUEFORT, France (Reuters) - U.S. car maker Ford will retain 1,000 jobs at a plant in southwest France after striking a deal on Friday with local authorities to share the burden of new investments needed to keep the factory operating. Under the deal, Ford is to invest 125 million euros and local authorities 12.5 million to produce a next-generation gearbox for compact cars in Europe, in exchange for guarantees to retain workers for five years. ... More »Ford to retain 1,000 jobs at French plant after deal

  • Analysis - Gold faces more pressure as inflation stays tame

    Reuters - Fri, May 24, 2013

    By Jan Harvey LONDON (Reuters) - Gold prices are looking even more vulnerable after April's price crash, as rampant inflation expected from successive rounds of monetary easing fails to materialise. The idea that record-low interest rates would damage paper currencies and boost inflation was a key factor pushing gold to record highs in the wake of the financial crisis. Ultra-loose monetary policies are still in vogue, but gold prices have slid nearly 20 percent since the start of the year and are on track for their biggest quarterly drop in more than 15 years. ... More »Analysis - Gold faces more pressure as inflation stays tame

  • Russia's leading social network banned by "mistake"

    Reuters - Fri, May 24, 2013

    By Douglas Busvine MOSCOW (Reuters) - Russia's leading online social network was briefly banned on Friday, in a move dismissed as a "mistake" but which follows intensifying official pressure on the company as President Vladimir Putin consolidates his power. VKontakte (www.vk.com), Europe's largest homegrown social network with 210 million registered users, was put overnight on a "black list" of sites barred from distributing content inside Russia. Hours later, the ban was lifted. ... More »Russia's leading social network banned by "mistake"

  • U.S. casts doubt on credibility of Iran election

    Reuters - Fri, May 24, 2013

    By Arshad Mohammed TEL AVIV (Reuters) - The United States on Friday called into question the credibility of Iran's presidential election next month, criticising the disqualification of candidates and accusing Tehran of disrupting Internet access. On a visit to Israel, U.S. Secretary of State John Kerry also warned that time was running out to resolve the deadlock over Iran's contested nuclear programme. ... More »U.S. casts doubt on credibility of Iran election

  • UBS France could face criminal investigation - source

    Reuters - Fri, May 24, 2013

    PARIS (Reuters) - UBS' French unit could be placed under formal investigation in the coming days as part of a broader probe into the Swiss bank's business practices, a person familiar with the matter said on Friday. UBS France CEO Jean-Frederic de Leusse was questioned by judges who are deciding whether to formally place the bank under investigation - a step which under French law means there is serious or consistent evidence pointing to probable implication of a suspect in a crime -, the source said. UBS officials in Zurich declined to comment. ... More »UBS France could face criminal investigation - source

  • Police close motorway to deal with suspicious vehicle

    Reuters - Fri, May 24, 2013

    LONDON (Reuters) - British police closed one of the country's busiest motorways in both directions on Friday to deal with an incident which highway officials said involved a suspicious vehicle. "We are dealing with a major incident," a spokesman for Warwickshire Police said after police closed part of the M6 motorway which forms the backbone of Britain's road system. A spokesman for the Highways Agency said a suspicious vehicle was currently parked at Corley service station, a rest area north of Coventry. (Reporting by Maria Golovnina and Paul Sandle, editing by Guy Faulconbridge) More »Police close motorway to deal with suspicious vehicle

  • Artist Kapoor draws on Berlin's dark history in new show

    Reuters - Fri, May 24, 2013

    By Sarah Marsh BERLIN (Reuters) - Blood-red bricks of wax are shifted by conveyor belts up metal chutes towards the centre of an atrium before thudding down and splattering like entrails, in a monumental new installation created by artist Anish Kapoor for his new show in Berlin. A giant, dark sun-like red disk hovers above the ever-growing heaps of wax splodges in "Symphony for a Beloved Sun", which opens Kapoor's first major exhibit in Berlin, running until November 24 in the Martin Gropius Bau exhibition hall. ... More »Artist Kapoor draws on Berlin's dark history in new show

  • UK treating plane incident as criminal, not terror-related

    Reuters - Fri, May 24, 2013

    STANSTED, England (Reuters) - Police said on Friday they are treating an incident involving a plane carrying almost 300 passengers from Pakistan as criminal rather that a terror-related. "It's a criminal investigation under the direction of Essex police," Superintendent Darrin Tomkins told reporters at Stansted airport near London to where the plane was diverted. Asked if it could be terror related, he added: "This incident is being treated as a criminal offence." "The plane will remain at its current location and will subject to forensic examination by specialist officers. ... More »UK treating plane incident as criminal, not terror-related

  • Ally of HK leader investigated in exchange probe

    Reuters - Fri, May 24, 2013

    By James Pomfret HONG KONG (Reuters) - The chairman of Hong Kong's Mercantile Exchange is under police investigation, the government said on Friday, as three other men were charged with possessing false documents including a fake cheque for $460 million (304.2 million pounds) following a probe into alleged irregularities at the shuttered exchange. Barry Cheung, the exchange's controlling shareholder and a close ally of Hong Kong leader Leung Chun-ying, resigned from all of his public posts on Friday on the grounds that he is under police investigation, a government statement said. ... More »Ally of HK leader investigated in exchange probe

  • Adidas boss signals backing for "good guy" Garcia

    Reuters - Fri, May 24, 2013

    LONDON (Reuters) - Golfer Sergio Garcia is a "really good guy", the head of his sponsor Adidas said on Friday, indicating the sportswear company would not drop the Spaniard over a jibe directed at Tiger Woods. Garcia was forced to defend himself against accusations of racism after he said he planned to invite rival Woods to dinner and serve him "fried chicken". Fried chicken has become a racial stereotype in the United States when referring to African-Americans - a reference to the days before the abolition of slavery when chicken was believed to be a staple part of the diet. ... More »Adidas boss signals backing for "good guy" Garcia

  • Caterham tried to be too clever, says Fernandes

    Reuters - Fri, May 24, 2013

    By Alan Baldwin MONACO (Reuters) - Tailenders Caterham could have been one of Formula One's midfield teams by now had they not tried to be too clever last season, owner Tony Fernandes said on Friday. Speaking to reporters at the Monaco Grand Prix, social highlight of the calendar and sixth race of the year, the Malaysian described 2012 as "a blip, a disappointment' for a team still seeking their first point in more than three seasons. ... More »Caterham tried to be too clever, says Fernandes

  • Period dramas premiere on day 10 of Cannes film festival

    Reuters - Fri, May 24, 2013

    By Alexandria Sage CANNES (Reuters) - America's immigration debate finds echos in a period drama that premiered at the Cannes film festival on Friday about a Polish woman who arrives at Ellis Island and fights to survive in 1920s New York. "The Immigrant" features French Oscar winner Marion Cotillard as the immigrant Ewa, speaking English and Polish in the film, with Joaquin Phoenix and Jeremy Renner as the two men with whom she becomes entangled as she is forced into prostitution. ... More »Period dramas premiere on day 10 of Cannes film festival

  • News Corp's publishing business to initiate stock buyback

    Reuters - Fri, May 24, 2013

    (Reuters) - News Corp set the distribution ratios for the spinoff of its publishing business, which may start buying back stock right away. The board of the publishing business, which will retain the News Corp name, authorized a $500 million stock repurchase program, the company said on Friday. The stock repurchase may shed light for analysts and investors who want to know how the new News Corp will use the $2.6 billion in cash it will have when the spinoff takes place. That is expected to occur on June 28. ... More »News Corp's publishing business to initiate stock buyback

  • Pullback on FTSE deepens as HSBC declines

    Reuters - Fri, May 24, 2013

    By Sudip Kar-Gupta LONDON (Reuters) - The FTSE 100, which had raced to its highest level in nearly 13 years this week, fell sharply for the second straight session on Friday as a decline at major bank HSBC hit the market. Some traders felt the pull-back could accelerate in June although many still believed the stock market's longer-term rising trend remained intact and that the market would end 2013 higher than where it was at the end of 2012. The blue-chip FTSE 100 fell by 0.6 percent, or 42.45 points, to 6,654.34 points, following on from a 2. ... More »Pullback on FTSE deepens as HSBC declines

  • HSBC calls for faster banking reforms

    Reuters - Fri, May 24, 2013

    By Steve Slater and Matt Scuffham LONDON (Reuters) - HSBC called on regulators to speed up industry reform as its shareholders urged Europe's biggest bank to take a lead in cutting pay and criticised it for compliance failings and aiding tax avoidance. HSBC Chairman Douglas Flint told around 400 shareholders at the bank's annual meeting that the fallout from recent scandals had created a "once-in-a-generation" opportunity to reform banking and the broader financial industry. "As a first priority we need to speed up the reform process. ... More »HSBC calls for faster banking reforms

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