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Former Bertelsmann chief jailed for tax evasion FRANKFURT: Thomas Middelhoff, former chief executive of German media giant Bertelsmann and distribution giant Arcandor, was jailed for three years by a court Friday for tax evasion and fraud. The regional court in Essen handed down a slightly shorter sentence than prosecutors had been calling for. The prison term is too hefty to qualify to be suspended. However, Middelhoff, 61, can appeal the sentence. The former CEO was founded guilty on 27 counts of defrauding his former employer Arcandor, now bankrupt, of an estimated 800,000 euros ($997,000).Copyright AFP (Agence France-Presse), 2014 ...

EU accuses Netherlands on Starbucks tax deal BRUSSELS: European Union regulators on Friday publicly accused the Netherlands with awarding coffee-shop giant Starbucks unfair tax breaks, laying out their case at a time when such practices have fueled an uproar.The EU's allegation that a sweetheart tax arrangement with Starbucks amounts to an illegal subsidy by the Netherlands joins similar arguments against Ireland with Apple and Luxembourg with Amazon and Fiat.The case, sent to the Dutch government in June but made public Friday, comes ...
Australia, Britain tell Putin to stop being a bully CANBERRA: British Prime Minister David Cameron on Friday told Vladimir Putin to stop bullying smaller states as Australian counterpart Tony Abbott accused the Russian leader of trying to relive the "lost glories of tsarism".The Russian president is due to arrive in Brisbane for the G20 summit at a time of heightened tension with host Australia, which has sent three ships to its northern coast after a flotilla of Russian navy ships appeared there this week.Abbott ...
Moscow gives France until end of November to deliver warship: report MOSCOW: Russia on Friday warned France of "serious" consequences unless Paris delivered by the end of November a Mistral-class warship whose handover has been delayed by concerns over Moscow's role in the Ukraine crisis, a report said."We are preparing for different scenarios. We are waiting until the end of the month, then we will lodge serious claims," the state news agency RIA Novosti quoted an anonymous high-ranking source as saying.Copyright AFP (Agence France-Presse), 2014 ...
Georgia reformer Kakha Bendukidze dies TBILISI: Georgian statesman Kakha Bendukidze, the architect of the ex-Soviet republic's liberal economic reforms and fierce anti-corruption crusader, has died aged 58, former president Mikheil Saakashvili said on Friday."Georgia lost Kakha," Saakashvili wrote on his Facebook page. "I am shocked and horrified... A statesman of historic importance has passed away."Bendukidze's colleague at Tbilisi's Free University, Vato Lezhava, told AFP Bendukidze had died suddenly while on a visit to London.Copyright AFP (Agence France-Presse), 2014 ...
New Ukraine offensive 'unlikely' despite build-up fears KIEV: Fears may be rising in the West that eastern Ukraine could be plunged back into all-out conflict but a new offensive by pro-Russian forces is unlikely any time soon, analysts said Thursday.The amount of military hardware being moved into the war-torn region is insufficient for a major operation, which would probably not be launched during Ukraine's harsh winter, experts told AFP.Instead, the deployments may be designed to deter Ukraine from launching a bid to ...
Albanian PM visits flashpoint in fraught Serbia trip PRESEVO: Albanian Prime Minister Edi Rama said Tuesday he was confident a historic visit he was making to Serbia would help open a new era of ties despite a very public row with his hosts over Kosovo."Despite the difficulties, I am confident that we have opened a new page in the relations with Serbia," Rama said on a visit to the ethnic-Albanian town of Presevo in southern Serbia.At the start of what was supposed to ...


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Banking Review 2013

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.380 bln
Exports $2.181 bln
Imports $4.561 bln
WeeklyNovember 13, 2014
Reserves $13.268 bln