EU Tightens Up Bank Lending Rules and Bonuses

There is a drive to ensure that ordinary taxpayers
do not end up bailing out banks again

New rules on bankers' bonuses and the amount of capital that banks must hold as a buffer have been approved by the European Parliament by a big majority.

The package was agreed with the 27 EU governments and most of it is likely to take effect on 1 January 2014.

The EU plans to cap bonuses at 100% of a banker's annual salary, or 200% if shareholders approve.

The aim is to curb the sort of high-risk lending that contributed to the financial crash in 2008.

Hungary Backtracks in Row with EU Over Constitution

Critics say Mr Orban is putting Fidesz
party supporters into key positions

Hungary has moved to defuse a row with the EU over constitutional changes seen by some European politicians as a threat to Hungarians' human rights.

Hungary's justice ministry has proposed a motion - not yet passed by MPs - that appears to address some of the concerns raised by the European Commission.

The motion would curb the powers of a top legal official to send cases to certain courts.

And political adverts would be allowed in commercial as well as state media.

EU Parliament Rejects Plan to Boost Carbon Trading

Coal fired power stations have become more expensive
as a result of carbon trading in Europe

The European Parliament has rejected a plan to rescue the EU's ailing carbon trading scheme.

Members narrowly voted against a so-called "backloading" proposal that would have cut the huge surplus of allowances currently being traded.

Because of this excess, the price of carbon on the EU Emissions Trading Scheme (ETS) has plunged to less than 5 euros a tonne.

But opponents won the day by arguing the plan would push up energy costs.

Greece Moves Closer to Securing Latest Bailout Payment

Greece could soon receive the next chunk of
international support after meeting targets

Greece has moved a step closer to receiving its next tranche of bailout funds after agreeing to the latest austerity measures demanded by the troika of international creditors.

Athens has agreed to cut 15,000 civil service jobs by the end of 2014.

The move follows the latest talks between Greece and the troika - the European Commission, European Central Bank and International Monetary Fund.

Greece is awaiting the release of 8.8bn euros (£7.5bn; $11.5bn).

Greek debt is currently 160% of the country's gross domestic product (GDP) and the IMF says it must be cut to 120% of GDP to be sustainable.

Russia warns US against publicising Magnitsky list

Russia has warned the US against publishing a list of Russian officials banned from entering America because of alleged human rights abuses, a move it says could severely damage relations.

A spokesman for President Vladimir Putin said publication of the names would have a very negative impact.

Cyprus to appeal to EU for extra bailout assistance

Cyprus president Nicos Anastasiades has said he will appeal for extra assistance from the European Union.

On Thursday, it emerged that Cyprus would need to raise an extra 6bn euros ($7.8bn; £5.1bn) to secure a 10bn euro bailout from Brussels and the IMF.
Mr Anastasiades is urging EU leaders to change their policy towards Cyprus, but he is not asking for more money.
He made the announcement ahead of a eurozone finance ministers meeting in Dublin.
'Critical times' According to a draft document prepared by the country's creditors, the cost of the rescue has risen to 23bn euros from 17.5bn euros, with Cyprus now having to find 13bn euros of this.
The Dublin meeting will review how Cyprus can raise its contribution to the bailout being put together by the EU and IMF.

Cyprus bailout: Eurozone finance ministers discuss crisis

Eurozone finance ministers meet on Friday to finalise a bailout for Cyprus amid news that the country needs much more money than first thought.

The meeting in Dublin will review how Cyprus can raise its contribution to the bailout being put together by the European Union and IMF.
The cost of the rescue has risen to 23bn euros ($30bn; £19.5bn) from 17.5bn euros, according to Cyprus' creditors.
Meanwhile, Cyprus has loosened the capital controls it imposed last month.
In order to secure 10bn euros from the EU and International Monetary Fund (IMF), Cyprus will have to find the remaining 13bn euros, about 6bn euros more than previously thought.

What next as Italy hits another political deadlock

Link to Video

Weeks after winning a slim majority in the February polls, Italian leftist politician Pier Luigi Bersani failed to form a new government, plunging Italy into deeper uncertainty. FRANCE 24 examines the likely political scenarios in Italy.

Merkel pressures Putin on NGOs in Russia

German Chancellor Angela Merkel appealed to Russian President Vladimir Putin on Sunday to “give a chance” to non-governmental organisations (NGOs) following Moscow’s decision to launch a crackdown on several NGOs. 

Greek bank shares plunge after merger plans called off

  

Greek banks are looking for fresh funds

Shares in Greek banks have fallen up to 30% after plans to merge two of them were called off on fears the new entity would be too big to manage.

National Bank of Greece (NBG) and Eurobank fell by 30% in morning trade, while Alpha and Piraeus lost up to 20%.

On Sunday, a finance ministry source said a planned merger would not now go ahead, although the four would be recapitalised.

There had been fears a merged bank would be too dominant in the market.

Serbia mass shooting suspect Ljubisa Bogdanovic dies of injuries

Ljubisa Bogdanovic fought with the Serb forces in the war in Croatia in 1991.

The man suspected of shooting dead 13 people in Serbia before turning the gun on himself has died, according to hospital officials.

Police say Ljubisa Bogdanovic, a 60-year-old war veteran, murdered six men, six women and a two-year-old boy in a village near Belgrade.
He had been in a serious condition in hospital after trying to kill himself and his wife in the rampage on 9 April.

Bogdanovic fought with the Serb forces in the war in Croatia in 1991.

Door-to-door
The shootings took place in several houses in Velika Ivanca, about 50km (30 miles) south-east of the capital Belgrade, at about 0500 local time (0300 GMT) on Tuesday.

UK labour costs below EU average - Eurostat data

UK hourly labour costs have fallen nearly two euros (£1.7; $2.6) below the EU average, data from the EU's statistics agency Eurostat show.

The EU average in 2012 was 23.4 euros hourly - and in the UK it was 21.6.

Eurostat calls the figures estimates, based on enterprises with 10 or more staff. Labour costs mean wages plus some other costs such as employers' social contributions.

G8 ministers condemn North Korea nuclear moves

UK Foreign Secretary William Hague: "If there is a missile test,
we will advocate further measures to the UN Security Council"

Foreign ministers from the G8 group of nations have condemned in the "strongest possible terms" North Korea's nuclear weapons and ballistic missile programmes.

Tensions have risen on the Korean peninsula in recent weeks.

Meanwhile, a Pentagon spy report concluded "with moderate confidence" that North Korea had the capability to launch nuclear-armed missiles.

But their reliability would be low, the Defence Intelligence Agency (DIA) said.

It is thought to be the first time that the agency has acknowledged North Korea's capability to produce warheads small enough to fit onto a missile.

Cost of Cyprus bailout 'rises to 23bn euros'

Cyprus must find even more money for its bailout

The cost of the bailout for Cyprus has increased to 23bn euros ($30bn; £19.5bn), according to a draft document prepared by the country's creditors.

The original cost of the bailout was put at 17.5bn euros.

But the new total, disclosed in a document seen by news agencies, means Cyprus will have to find 13bn euros to secure 10bn euros from the European Union and the IMF.

Previously it was thought that Cyprus would have to raise 7.5bn euros.

Government spokesman Christos Stylianides said: "It's a fact the memorandum of November talked about 17.5bn (euros) in financing needs. And it has emerged this figure has become 23bn.

"Who is responsible for this? How did we get here? It was the fear of responsibility and indecision of the previous government," he added.

Margaret Thatcher funeral set for next week

Memorable moments from Baroness Thatcher's arrival at Downing Street to her departure from it

The funeral of Baroness Thatcher will take place on Wednesday, 17 April, Downing Street has announced.

The 87-year-old former prime minister died on Monday, after suffering a series of strokes.

The funeral ceremony, with full military honours, will take place at London's St Paul's Cathedral, following a procession from Westminster.

The Queen, accompanied by the Duke of Edinburgh, will attend the service, Buckingham Palace said.

Lady Thatcher will not have a state funeral but will be accorded the same status as Princess Diana and the Queen Mother.

Russia pursues election watchdog Golos under anti-NGO law

The group has been accused - including by these protesters - of being a US agent