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(MENAFN - AFP) A former senior Credit Suisse investment banker was sentenced Tuesday in New York for hiding some $100 million in losses on sub-prime mortgage bonds in the 2007 US housing market collapse.

David Higgs had already pleaded guilty in 2012 to charges of falsifying the Swiss bank's records, and agreed to cooperate in the probe of several Credit Suisse officials, ...


(MENAFN - AFP) The head of OPEC on Tuesday said there was no oil supply shortage due to the crisis in Iraq and that any increase in price on the markets was due to speculative trading.

"Right now the market is very well supplied," said OPEC Secretary General Abdullah El-Badri, on a visit to Brussels for talks with European Energy Commissioner Guenther Oettinger.

"There ...


(MENAFN - AFP) Airlines were forced to cancel flights to and from Paris's main airports and several cities in southern France Tuesday as air traffic controllers kicked off a six-day strike.

The work stoppage comes at the height of the tourist season in a nation that attracts more foreign visitors than any other country in the world, and follows a rail protest that affected ...


(MENAFN - AFP) Britain on Tuesday became the latest nation to formally outlaw the herbal stimulant khat, the bushy leaf chewed by many Somalis, Yemenis, Kenyans and Ethiopians.

Under a new law that came into effect on Tuesday, khat is now a "class C drug", making possession punishable by up to two years in jail and supply and production punishable by up to 14 years.

Khat ...


(MENAFN - AFP) Former News of the World editor Andy Coulson was found guilty of plotting to hack phones while ex-colleague Rebekah Brooks was cleared of all charges in a dramatic end to Britain's marathon media trial on Tuesday.

The jury delivered their verdicts after eight days of deliberations at the end of the 130-day trial sparked by the scandal that led to Rupert ...


(MENAFN - AFP) Concern about the economic impact of the crises in Ukraine and Iraq pushed business confidence in Germany to a six-month low in June, data showed on Tuesday.

The Ifo economic institute's closely watched business climate index fell to 109.7 points in June - its lowest level since December 2013 - from 110.4 points in May.

That is a slightly steeper ...


(MENAFN - AFP) A wage agreement to end a five-month strike at the world's biggest platinum mines in South Africa will be signed Tuesday, a union official said.

Workers represented by the militant Association of Mineworkers and Construction Union (AMCU) accepted the wage offer by Anglo American Platinum, Impala Platinum and Lonmin on Monday.

"The signing will take ...


(MENAFN - AFP) For the first time, Washington National Cathedral welcomed a transgender priest to deliver a sermon - a move symbolic of the rapid but under-the-radar progress on trans rights backed by President Barack Obama.

The venerated church, where the funerals of 21 US presidents have been held, invited Reverend Cameron Partridge onto the pulpit in a service Sunday ...


(MENAFN - AFP) Singapore is mounting a drive in China to market itself as a standalone tourism destination, officials said on Tuesday, after a drop in Chinese arrivals to neighbouring countries affected the city-state.

The Straits Times newspaper reported Tuesday that Singapore tourism was being hurt by Chinese travellers' reluctance to visit Malaysia due to the ongoing ...


(MENAFN - AFP) South African retail giant Woolworths Tuesday announced a bid to buy out Australian fashion chain Country Road as part of its plan to takeover prestigious department store David Jones.

Woolworths already owns 87.88 percent of Country Road but is offering Aus$17.00 per share for the remainder - a 21.4 percent premium on Monday's close, it said.

The ...

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