Tag Archives: Crime / Law / Justice

Westpac Australia’s half-year cash income more than tripled | Instant News


May 3 (Reuters) – Westpac Banking Corp sets out on a three-year plan to cut costs on Monday as first-half cash revenue more than tripled from last year’s decline.

Australia’s second-largest bank said cash revenues for the six months ended March 31 rose to A $ 3.54 billion ($ 2.73 billion), compared with A $ 993 million last year. This was above the A $ 3.28 billion estimate in a Reuters poll.

$ 1 = 1.2960 Australian dollars Report by Rashmi Ashok and Nikhil Kurian Nainan in Bengaluru; editing by Diane Craft

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Germany must tighten its climate change laws, the rule of the supreme court | Instant News


FILE PHOTO: German Chancellor Angela Merkel attends the German government’s weekly cabinet meeting at the chancellor in Berlin, Germany, April 27, 2021. Markus Schreiber / Pool via REUTERS

BERLIN (Reuters) – Germany’s top court on Thursday sided with a young woman who feared rising sea levels will swallow up family farms in a decision that gives the government until the end of next year to tighten 2019 climate change laws.

The verdict overshadows Chancellor Angela Merkel’s signature achievement in office, a deal that was foiled after much haggling between conservatives and the Social Democrats.

Germany’s Constitutional Court said in its decision on Thursday that the law itself does not violate the rights of future generations, but fails to make adequate provisions for further cuts in carbon dioxide emissions from 2031.

Among the plaintiffs was Sophie Becksen here, the daughter of a farming family on the North Sea island of Pellworm, who worries that rising sea levels will engulf her low-lying island, leaves her with no inheritance to claim.

“The provisions against which the accused violate the freedom of the complainants, some of whom are very young,” said the court in a statement. “The provision permanently reduces the burden of major emission reductions to the period after 2030.”

The law binds Germany to ensure that by 2030 carbon dioxide emissions must be at least 55% lower than in 1990, and that almost no carbon dioxide is released by 2050.

The law was challenged by four plaintiffs including Becksen, with support from environmental groups including Greenpeace and the Fridays for Future movement inspired by Swedish school striker Greta Thunberg.

Reporting by Thomas Escritt, editing by Kirsti Knolle and Emma Thomasson

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New Zealand’s central bank launches cybersecurity guidelines | Instant News


SYDNEY, April 28 (Reuters) – The Reserve Bank of New Zealand (RBNZ) on Wednesday outlined guidelines for boosting the cyber defense of the country’s financial sector after cyber attacks earlier this year led to a massive data breach at the central bank.

“These guidelines apply to all entities regulated by the Reserve Bank, including registered banks, licensed non-bank depositors, licensed insurance companies and designated financial market infrastructure,” RBNZ said in a statement.

The cyber attacks in January violated the central bank’s data systems and also affected users of other third-party applications. (Reporting by Renju Jose Editing by Chris Reese)

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The revamped Italian airline prepares to take off in July as EU talks drag on | Instant News


MILAN, April 27 (Reuters) – A new Italian airline hopes to replace Alitalia from July 1, the chief executive of the state-owned airline said on Tuesday, although some European Commission hurdles still need to be overcome.

Rome last year embarked on plans to restructure Alitalia and launch the ITA, which was supposed to replace cash-strapped airlines, hit by years of losses, in early April.

This was put off by lengthy negotiations with Brussels that risk ruining the project unless ITA seizes the last window of opportunity in the summer, said CEO Fabio Lazzerini.

“We need to start quickly as the market (traffic) is increasing and … rivals Alitalia are acting aggressively, especially low-cost airlines,” Lazzerini said, citing Ryanair’s plans to offer 100 routes in Italy over the summer.

“We aim to start flying on July 1 with a small number of planes which will gradually increase over time,” he said during an audience with four Italian parliamentary committees.

While the ITA is in talks with the European Union Competition watchdog about its plans, it is also in talks with Air France-KLM, Delta and Virgin on the one hand and Lufthansa on the other about a possible partnership, he added.

A decision on partners is expected by the end of June, Lazzerini said, adding that discussions with the Commission are ongoing and the main concern is whether the new airline can purchase the Alitalia brand, its loyalty program and the majority of Milan’s Linate airport slots.

The ITA is also trying to convince Brussels that it needs the handling and maintenance business of the former airline.

Under EU state aid rules, there needs to be economic discontinuity between the ITA and Alitalia for Brussels to allow Rome to inject 3 billion euros ($ 3.6 billion) into new airlines.

Prior to the coronavirus pandemic, Alitalia owned nearly 70% of Linate’s slots and the ITA rejected EU requests to give up half of it.

This position was driven by a desire to keep them out of the hands of competitors and also use them to propel rival airlines into industry partnerships. ($ 1 = 0.8280 euros) (Reported by Francesca Landini; Edited by Alexander Smith)

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Swiss Migros Bank settles German demands aided by tax evaders | Instant News


ZURICH, April 26 (Reuters) – Swiss Migros Bank has agreed to pay German judicial authorities around 2.4 million euros ($ 2.9 million) to settle charges allowing past German clients to hide assets from tax officials, the bank said. on Monday.

“The solutions that have been reached include affected banks and employees. The agreement applies to all German states and brings appropriate legal certainty, “said the bank, which is owned by the cooperative Migros, in a statement.

With a balance sheet of more than 50 billion Swiss francs ($ 54.7 billion), Migros Bank is one of Switzerland’s five largest mortgage lenders.

Swiss banks have paid billions of other countries to settle their accusations of helping foreigners hide wealth. The long-running dispute with Germany is fading now that the two countries and others are automatically exchanging data on bank accounts.

$ 1 = 0.8269 euros $ 1 = 0.9142 Swiss francs Reported by Michael Shields, edited by Louise Heavens

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