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Germany Central Bank questions banking union framework

Berlin: Germany’s central bank has serious reservations about the legal framework for creating a broad banking union in Europe, news magazine Der Spiegel reported on Sunday, citing an opinion from lawyers at the Bundesbank.

The report reflects Bundesbank scepticism about a banking union — combining joint supervision of lenders, a scheme to wind d


Italy doesn’t need to confront ECB

Milan: Italy can confront current financial market tension without asking for the activation of the European Central Bank’s bond-buying scheme, Bank of Italy Governor Ignazio Visco told daily La Stampa on Sunday.

While a deep recession and political uncertainty will weigh on the country in coming months, the central banker said he believes Italy


Domino’s founder sues over contraception cover

Detroit: The founder of Domino’s Pizza is suing the federal government over mandatory contraception coverage in the health care law.

Tom Monaghan, a devout Roman Catholic, says contraception isn’t health care but a “gravely immoral” practice.

He filed a lawsuit on Friday in federal court. It also lists as a plaintiff Domino’s Farms, a Michigan o


Cuba presses drive to strike black gold

Havana: Cuba is moving fast to try to tap subsea oil wealth, and will start work in “days” with Russia’s Zarubezhneft, drilling this country’s deepest offshore well yet, state oil firm Cubapet said on Saturday.

“Cubapetroleo reports that (Norwegian-owned) semi-submersible platform Songa Mercur has arrived offshore off the north-central coast to c


Use Asian growth for social change

Manila: Asian countries have a unique opportunity to use their new-found prosperity to make progress on social issues and promote fairness, the head of the International Labour Organisation said Sunday.

Director general Guy Ryder said Asian nations were turning away from reliance on cheap labour and exports to fuel growth, and had realised the


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