Europe
Hollande: new bank deal eases Eurozone strains
The French President, Francois Hollande, has said that a new deal to build a banking union next year will assist the Eurozone’s fusion and ease economic fragmentation. Talking at the EU summit Mr. Hollande said, “Thanks to this we can advance more quickly and with more assurance.” The speech came after an agreement advocating a single banking supervisor for the Euro. Talking to a fragmented Euro-zone he added that EU states, “need different speeds” of integration. Adding, “We should have a council of the Eurozone to meet on a regular basis”. Angel Merkel, German Chancellor, agreed on the point saying that “quality takes precedence over speed” in setting up the banking union, of which a supervisor is the first step.
Bank of Scotland fined for inaccurate records
The UK’s financial services’ regulatory body, the Financial Services Authority (FSA), has fined the Bank of Scotland for failing to keep accurate records for nearly 250,000 mortgage accounts. The FSA announced the £4.2m fine today nearly a year since the misinformation was discovered. The complications were caused because records were being kept on two non-corresponding computer systems. Since 2004, there has been confusion over records of mortgages’ standard variable rates where some customers’ confusions were rectified, as others weren’t. A spokesperson for the bank said it was “fully” co-operating with the regulator. The UK’s banking sector has been hard pressed to find confidence in its operations since the 2008 crash. Many commentators, analysts and the Government’s Labour opposition argue that there needs a systemic overhaul of the sector.
Africa
South African miners return to work
After months of protests, bloody violence and clashes with police nearly all 15,000 striking miners have returned to work, the owners have said. Protests erupted across South Africa over wages earlier this year; leaving nearly 50 miners dead in the bloodiest clashes seen in the country’s post-apartheid history. There are several miners still at strike, but the number is proving insignificant. South Africa is one of the largest exporters of natural resources, with platinum reserves estimated as the world’s largest. As a result of the protests South Africa’s economy has been hit badly by the strikes, with the rand’s credit rating being downgraded.
Asia
Nephew of North Korea’s leader interviews
The Grandson of the late Kim Jong-il, Kim Han-sol (17) has given an interview in Bosnia where he is studying. This rare opportunity was conducted by the former UN Under-Secretary General Elisabeth Rehn for Finnish television. In the conversation the nephew of the current leader said he wished to “make things better” for North Koreans, in fluent English. He noted that he dreamed of reunification with South Korea, and that he’s “always dreamed that one day [he] would go back and make things better and make it easier for the people there.” He also noted that he has South Korean friends.
Middle East
Beirut blast: deadliest since 2008
A senior officer of the Lebanese intelligence agency has died in a care bomb attack in Beirut. The blast killed at least a further eight people. The blast set many cars ablaze and destroyed the facades of nearby buildings. A nearby resident told the BBC, “The building shook and it echoed throughout the neighbourhood”. Although no group has claimed responsibility, a report from State media has said that the intelligence officer, Wissam al-Hassan, was a leading critic of neighbouring Syria; a state currently at civil war under its al-Assad regime. A number of senior figures, including politicians have owed the bombings to the al-Assad administration.
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