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Yahoo

World - EU economic sanctions on Russia likely to be adopted next week


Proposed European Union sanctions on sectors of the Russian economy will not be adopted before next week, the European Commission said on Thursday. EU ambassadors were discussing Commission proposals to restrict Russian access to EU finance and defense and energy technology on Thursday. As and when the member states have decided ... how they want to proceed and exactly what they want to do, then at that stage the Commission ... will present legislative proposals,` Commission spokesman Jonathan Todd told reporters. `Those legislative proposals would then have to be adopted by the appropriate procedures, by the member states, normally next week,` he added.


Thursday, July 24, 2014  11:48

Yahoo

World - Factbox: EU paper details options for sanctions against Russia


European Union countries are considering tougher sanctions against Russia over its role in the conflict in eastern Ukraine and the downing of the Malaysian airliner that killed 298 people last week. Ambassadors of the 28-nation bloc met on Thursday to discuss options drafted by the executive European Commission, that could be turned into legal measures and approved as early as next week. Following are the key points of a Commission options paper that was the basis for the discussion: CAPITAL MARKETS * Russian banks with state ownership over 50 percent would not be able to raise capital through new share or debt issues on European Union`s capital markets * The ban would apply to debt, equity and other financial instruments with maturity longer than 90 days issued by state-run financial institutions after the ban enters into force * The ban would include both primary and secondary markets * The sanctions are expected to boost Russia`s borrowing costs, undermine public finances * Russian government debt would not be part of the ban in the initial stage.


Thursday, July 24, 2014  16:16

Yahoo

Business - Republican lawmaker to grill U.S. SEC over Ackman tactics


By Sarah N. Lynch WASHINGTON (Reuters) - A U.S. lawmaker will pressure the U.S. Securities and Exchange Commission on Thursday to consider a raft of reforms, after William Ackman`s aggressive efforts to take over Allergan Inc raised concerns about loose rules governing disclosure and shareholder voting. Republican Representative Edward Royce of California plans to grill SEC Corporation Finance Director Keith Higgins at a House Financial Services hearing. `I am especially interested in the SEC`s process when looking at novel or creative deals like the announced joint-bid by Valeant Pharmaceuticals and Pershing Square for Allergan, Royce said in a statement. Mr. Higgins` appearance before the committee is an opportunity to make sure that the Commission is making robust reviews of these sorts of deals to ensure strong investor protections and market transparency. Saat Alety, Royce`s spokesman, said that Royce is prepared to take legislative action if the SEC fails to fix the problem on its own.


Thursday, July 24, 2014  05:20

CNN

Middle East - 9/11 Commission a decade later: `Terrorism not going away`


America`s longest war. Much more National Security Agency surveillance. An alphabet soup of new government departments and agencies. Long security lines at airports.


Thursday, July 24, 2014  04:28

Yahoo

World - More than 50 UK Catholic priests defrocked for sex abuse


More than 50 Roman Catholic priests in England and Wales have been defrocked for sex abuse since 2001, the Church`s child protection watchdog revealed on Thursday. Some 52 priests have been laicised, or stripped of their ministry, the National Catholic Safeguarding Commission (NCSC) said, following the implementation of new procedures to protect children and vulnerable adults. Between 2003 and 2013, 598 abuse allegations against the clergy were reported by dioceses and religious congregations in England and Wales, of which 77 percent were related to sexual abuse, said the NCSC, an independent body that works within the Church framework. `Since 2002, we have automatically referred any allegation that comes forward, historic or current, to the police,` NCSC chairman Danny Sullivan told AFP.


Thursday, July 24, 2014  21:35

BBC

Africa - SA teachers `racially abused pupils`


South Africa`s Human Rights Commission finds a school guilty of hate speech towards black and mixed-race pupils.


Thursday, July 24, 2014  17:49

Yahoo

Business - Morgan Stanley to pay $275 million penalty for misleading RMBS investors


By Sarah N. Lynch WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case, according to a press release. The SEC found Morgan Stanley had not given investors in the securities, which were called Morgan Stanley ABS Capital I Inc. Trust 2007-NC4 and Morgan Capital I Inc. Trust 2007-HE7, the correct information about how many of the mortgages they contained were delinquent, the release said. A lawyer for Morgan Stanley did not immediately respond to a request for comment.


Thursday, July 24, 2014  16:42

Yahoo

World - Afghan vote recount moves at snail`s pace, rival sides far apart


By Hamid Shalizi and Jeremy Laurence KABUL (Reuters) - The dusty ballot box from the disputed Afghan presidential election was supposed to contain 550 votes. `Both camps argued over one result sheet for hours,` an Independent Election Commission (IEC) official told Reuters. Eventually a United Nations official stepped in, and told the two sides to move on and let the IEC investigate. Preliminary results from the election put Ashraf Ghani, a former World Bank official, well ahead, but his rival Abdullah Abdullah rejected the result, claiming major fraud and calling the outcome a `coup` against the Afghan people.


Thursday, July 24, 2014  15:49

Yahoo

World - EU targets state-owned Russia banks in sanctions plan


By Justyna Pawlak and Adrian Croft BRUSSELS (Reuters) - The European Union would target state-owned Russian banks vital to financing Moscow`s faltering economy in the most serious sanctions so far over the Ukraine crisis under proposals considered by EU governments on Thursday. Ambassadors of the 28-nation bloc met in Brussels to discuss options drafted by the executive European Commission in response to the downing of a Malaysian airliner in an area of eastern Ukraine held by Russian-backed separatists. `If implemented such sanctions would be a serious blow to the Russian economy, exacerbating an already verylikely recession this year and sustaining an economic depression for longer,` said analyst Michal Dybula of BNP Paribas. The proposals included an arms embargo, although diplomats said it would apply to future deals and would not bar delivery of a French warship built for Russia under a 2011 contract.


Thursday, July 24, 2014  15:49

Yahoo

World - EU targets state-owned Russia banks in sanctions draft


By Barbara Lewis and Justyna Pawlak BRUSSELS (Reuters) - The European Union would target state-owned Russian banks and their ability to finance Moscow`s faltering economy in its most serious sanctions so far over the Ukraine crisis under proposals considered by EU governments on Thursday, diplomats said. Ambassadors of the 28-nation bloc met in Brussels to discuss options drafted by the executive European Commission in response to the downing of a Malaysian airliner in an area of eastern Ukraine held by Russian-backed separatists. `If implemented such sanctions would be a serious blow to the Russian economy, exacerbating an already verylikely recession this year and sustaining an economic depression for longer,` said analyst Michal Dybula of BNP Paribas. The proposals also included an arms embargo, although diplomats said it would apply to future deals and would not bar delivery of a French helicopter carrier built for Russia under a 2011 contract.


Thursday, July 24, 2014  12:28

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