Berlin: Germany has approved new measures to rein in high-risk financial business of banks and to decouple them from retail banking as part of a comprehensive reform to prevent a repeat of the financial crisis five years ago and to minimise the costs for taxpayers if banks were to be bailed out in the future.
The Bundestag, the lower house of parliament, on Friday voted with the majority of the ruling conservative-liberal coalition a legislation, which will require banks with assets exceeding 100 billion euros (130 billion USD), or 20 per cent of their balance sheet, to separate their risky trading activities from the traditional client banking and to put them in independent subsidiaries until 2016.
The new rues, which are scheduled to come into force in early 2015, will bar direct lending and provision of guarantees to hedge funds and private equity funds by retail banks through the use of clients' capital deposits.
Banks will have to finance highly speculative businesses with their own resources and to transfer high frequency trading as well as lending to hedge funds and other holding companies to the proposed subsidiaries, the legislation said....
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07:40 AM, May 19, 2013
Amsterdam: Midfielder Ramires said he felt much calmer helping Chelsea to a 2-1 win over Benfica in a tense Europa League final than he had watching last year's Champions League victory from the stands. The Brazilian international, a tireless runner, told Reuters in an interview that Wednesday night's victory at the Amsterdam Arena provided a blessed relief after he was forced out of the 2012 penalty shootout triumph over Bayern...
05:45 PM, May 16, 2013
Amsterdam: Chelsea landed their only silverware of a gruelling campaign by beating Benfica 2-1 in the Europa League final on Wednesday but assistant coach Boudewijn Zenden believes the triumph only partially atoned for a string of failures. The European champions started their season in August dreaming of a possible seven-trophy haul with the Community Shield, European Super Cup, World Club Cup, Champions League, Premier League, FA Cup and League Cup...
04:46 PM, May 16, 2013
Amsterdam: Benfica coach Jorge Jesus hinted he may leave the club following the heartbreak of their 2-1 injury-time defeat by Chelsea in the Europa League final on Wednesday. The 58-year-old, who has been in charge for four years, said the Lisbon team were the better side for most of the match and that defeat was hard to bear. After an emotional tribute to the quality of his players, Jesus said...
10:20 AM, May 16, 2013
Amsterdam: Frank Lampard suggested he was on the verge of signing a new contract with Chelsea after leading the London club to a 2-1 victory over Benfica in the Europa League final on Wednesday. The 34-year-old midfielder, who broke Chelsea's all-time scoring record when his double against Aston Villa on Saturday took him past Bobby Tambling's tally of 202 goals, looks like getting the new deal he has craved all...
10:05 AM, May 16, 2013
Amsterdam: Matchwinner Branislav Ivanovic said Chelsea deserved to win the Europa League with a 2-1 success over Benfica on Wednesday after a "difficult season". The Serbian defender headed a stoppage-time winner from a corner to secure a second successive European trophy for the Premier League side after they won the Champions League for the first time last season. "This team deserved this, because we have had a very difficult season...
09:59 AM, May 16, 2013
Amsterdam: Chelsea captain John Terry suffered cup final heartbreak for the second time in 12 months when he missed out on selection for Wednesday's Europa League showdown against Benfica. The former England centre half was left out of the starting lineup after failing to recover from a twisted ankle he sustained in Saturday's 2-1 Premier League win at Aston Villa. Terry also missed last season's Champions League final victory over...
09:42 AM, May 16, 2013
Amsterdam: A stoppage-time header from Branislav Ivanovic helped Chelsea become the first English club to win all three of UEFA's major trophies as they beat Benfica 2-1 in the Europa League final on Wednesday. The Serbian defender sent the London club's fans wild with delight when he climbed high at the far post to meet a Juan Mata corner and place a header back across helpless goalkeeper Artur into the...
02:51 AM, May 16, 2013
London: After humiliation in the Champions League comes potential salvation in the Europa League for Chelsea, with Wednesday's final against Benfica offering the English team an eighth and final chance for silverware from a turbulent and grueling campaign. Chelsea have turned their season around after a turbulent end to 2012, when they became the first reigning champion to exit the Champions League at the group stage, Roberto Di Matteo was...
12:13 PM, May 15, 2013
Amsterdam: Chelsea winger Eden Hazard will miss Wednesday's Europa League final against Benfica with a hamstring strain while John Terry's ankle problem is still being assessed, interim manager Rafa Benitez said. The pair were injured in Saturday's Premier League win at Aston Villa. Captain Terry is desperate to prove his fitness after missing last season's Champions League final win over Bayern Munich through suspension. "Hazard will not be available and,...
08:01 AM, May 15, 2013
Amsterdam: Chelsea could be without captain John Terry and playmaker Eden Hazard for Wednesday's Europa League final against Benfica. After winning the Champions League title last year, Chelsea failed to reach the knockout stage this season and has long been a non-factor in the Premier League title chase. That means only victory in the lesser of Europe's two cup tournaments can salvage a disappointing season for the London club. Both...
09:27 PM, May 14, 2013
Mumbai: Tata Steel Ltd shares fell as much as 2.5 per cent on Tuesday morning after it said it will book a $1.6 billion impairment charge for the financial year ended March 31. The company said it is taking the charge due to weak economic and market conditions in Europe. Tata Steel shares were down more than 2 per cent as of 9:30 am. The steel maker made the announcement...
09:45 AM, May 14, 2013
Singapore: Gold neared its highest level in more than two weeks on Monday, but gains may be capped by a rally in equity markets and promising US jobs data that dampened speculation the Federal Reserve may boost monetary stimulus. Bullion has slipped almost 12 per cent so far in 2013, having posted annual gains in the past 12 consecutive years as easy monetary policy prompted investors to buy the precious...
10:11 AM, May 06, 2013
London: Brad Drewett, a former tour player who led the ATP as executive chairman and helped increase prize money at Grand Slam tournaments, died Friday after a short battle with motor neurone disease. He was 54. The ATP said in a statement the Australian died at his home in Sydney. Drewett was a top-40 singles and top-20 doubles player before he retired in 1990. He was hired in 2006 to...
08:20 AM, May 04, 2013
Paraguay striker Oscar Cardozo's well-taken double fired Benfica into a Europa League final with Chelsea after they beat Fenerbahce 3-1 in Lisbon to win their semi-final 3-2 on aggregate. Top scorer Cardozo, who signed a new deal in January and has a 60 million euros buyout clause in his contract, proved too hot to handle after Dirk Kuyt's away goal had given Fenerbahce the upper hand. Benfica, last in a...
08:49 AM, May 03, 2013
London: Chelsea's roller coaster of a season could yet end with another night of European glory after they knocked FC Basel out of the semi-finals on Thursday to set up a Europa League final against Benfica. Goals from Fernando Torres, Victor Moses and David Luiz in a nine-minute spell early in the second half gave Chelsea a 3-1 second-leg win over the Swiss champions at Stamford Bridge for a 5-2...
08:38 AM, May 03, 2013
Dhaka: The European Union is considering trade action against Bangladesh, which has preferential access to EU markets for its garments, to pressure Dhaka to improve safety standards after a building collapse killed more than 400 factory workers. Duty-free access offered by Western countries and low wages have helped turn Bangladesh's garment exports into a $19 billion a year industry, with 60 per cent of clothes going to Europe. Any action...
03:12 AM, May 02, 2013
London: Continued speculation that Jose Mourinho is set to return to Chelsea "where people love me" cut little ice with interim manager Rafa Benitez who remains focused on guiding the London side to the Europa League final. Chelsea host FC Basel on Thursday holding a 2-1 lead from their semi-final first leg and Benitez is two matches away from claiming a European crown for a club he will leave at...
11:10 PM, May 01, 2013
London: Chelsea's relentless march towards either more European glory or an heroic, battle-weary failure, continues on Thursday when they face FC Basel with the final of the Europa League beckoning. The Londoners, like Benfica who face Fenerbahce in the other semi-final, were eliminated from the Champions League after the group stage, but both dropouts could yet meet in the final at the Amsterdam Arena on May 15. Chelsea are well-placed...
10:00 AM, May 01, 2013
London: Europe's Herschel space observatory - the largest infrared telescope ever launched - has stopped working after exhausting its supply of liquid helium coolant, ending more than three years of pioneering observations of the cool Universe. Instruments on The European Space Agency's (ESA) billion-euro flagship observatory have warmed to levels that mean it has closed its eyes on the Universe. The mission began with over 2300 litres of liquid helium,...
05:25 PM, Apr 30, 2013
