MILAN: (Please note strong language in paragraph 38.)A long-running criminal probe into diamond sales by Italian banks has uncovered what prosecutors say is further evidence of corruption by officials at UniCredit, Italy’s largest lender, and smaller rival Banco BPM.The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate's order seizing assets from the banks and two diamond brokers. Reuters viewed the documents, which also included excerpts of wire taps and witness statements.The allegations relate to suspected crimes and do not necessarily mean that prosecutors will charge the companies and their employees when their investigation, which has been running since 2016, is concluded.The number of bank officials under suspicion, and the allegations they may face if they are charged, however, are widening.In a new development, officials from UniCredit and Banco BPM are also suspected of corruption because broker … [Read more...] about Exclusive: Banks face new challenges in Italian diamond scandal
New look returns policy
EU leaders agree to pick new ‘Mr or Ms Europe’ next month
BRUSSELS: European Union leaders engaged in a first skirmish on Tuesday (May 28) over who should become the next chief of the European Commission, giving themselves a short deadline to agree on the bloc's top jobs and a target of assigning half of them to women.Chancellor Angela Merkel was upset with French President Emmanuel Macron's public dismissal of Berlin's preferred candidate, a centre-right German lawmaker Manfred Weber, as the 28 national EU leaders bargained behind closed doors over the bloc's new leadership for the next five years."The key for me is for the people at the most sensitive positions to share our project and be the most charismatic, creative and competent possible," Macron told reporters as the summit ended in Brussels."It is important for me to have gender balance, that we name two men and two women," he added.A bloc-wide election last week returned a European Parliament with a splintered centre and gains by pro-EU liberals and Greens as well as eurosceptic … [Read more...] about EU leaders agree to pick new ‘Mr or Ms Europe’ next month
Oil Prices Jump After Attack on Saudi Tankers—Energy Journal
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By Neanda Salvaterra WSJ Mon., May 13, 2019 Conflict—whether it’s between regional rivals in the Persian Gulf or corporate foes in the Permian Basin—is seeping back into the oil business. Oil prices shot upward Monday after Saudi Arabia said two of its oil tankers came under attack Sunday near the Strait of Hormuz, the waterway in and out of the Persian Gulf -- a critical avenue for crude transportation. “The geopolitical risk premium increased over the weekend,” said consultancy Global Risk Management in a note. That became evident once markets opened in London this morning. Brent crude, the global oil benchmark, was up about 2% and West Texas Intermediate, the U.S. oil standard, was last up more than 1.5%. The attacks came days after the U.S. said it would heighten its military presence in the Persian Gulf to counter what it said is a growing threat from Iran. Saudi Arabia has pledged to help balance global oil markets as Washington … [Read more...] about Oil Prices Jump After Attack on Saudi Tankers—Energy Journal
Trudeau says new mortgage rules cut froth in Toronto, Vancouver
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By Josh Wingrove Bloomberg Thu., May 9, 2019 The Canadian government is monitoring whether tougher mortgage rules are having the desired effect but doesn’t favour allowing longer mortgage terms, Prime Minister Justin Trudeau said. Trudeau, speaking to an industry group Thursday, was asked about raising the maximum amortization of a mortgage to 30 years, from 25 years, for first-time buyers. The prime minister said he opted instead to introduce a program that sees the government take a stake in some home purchases, as well as increasing the funds a buyer can take from retirement savings. “We’re looking at things that are not going to disrupt the market in unexpected ways,” Trudeau said at the Canadian Home Builders’ Association conference in Niagara Falls. “We’re listening to everyone about their concerns and we are going to keep watching that stress test and make sure that it is having the desired effect, but we are seeing fewer … [Read more...] about Trudeau says new mortgage rules cut froth in Toronto, Vancouver
As trade talks reach endgame, US-China ties could hinge on enforcement
BEIJING: U.S. negotiators head to China on Tuesday to try to hammer out details to end the two countries' trade war, including the shape of an enforcement mechanism, the success or failure of which could set the trajectory of ties for years to come.U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for talks beginning on April 30, followed by a visit by Chinese Vice Premier Liu He to Washington for more discussions starting on May 8.Both sides have cited progress on issues including intellectual property and forced technology transfer to help end a conflict marked by tit-for-tat tariffs that have cost the world's two largest economies billions of dollars, disrupted supply chains and rattled financial markets.Those issues are still on the table, according to the White House, but U.S. officials say privately that an enforcement mechanism for a deal and timelines for lifting tariffs are sticking points.Agreeing to a way to enforce a … [Read more...] about As trade talks reach endgame, US-China ties could hinge on enforcement