European authorities are to propose bringing control of the inter-bank lending rate, Libor, under the supervision of a Paris-based regulator. The draft regulation proposes moving oversight of the scandal-hit benchmark from London to the European Securities and Markets Authority (ESMA).
Latinamerican countries expressed on Thursday their full support for Argentina’s sovereignty claim over the Falklands/Malvinas, during the 43 annual assembly of the Organization of American States taking place in Guatemala. Only Canada was against the OAS final declaration while the United States did not take position on the matter.
An “ad hoc” committee, made up of various countries, will advise the Government of Panama, host of the 2015 Seventh Summit of the Americas, regarding a possible invitation to Cuba to participate in the next triennial meeting of Heads of State and Government of the Hemisphere.
The Bank of England on Thursday voted to keep its main interest rate at 0.5% following a monetary policy meeting, the last for departing Governor Mervyn King. The BoE also decided against creating more cash under its Quantitative Easing (QE) program that is aimed at boosting growth amid Britain's fragile economic recovery.
The International Monetary Fund admitted it had to lower its normal standards for debt sustainability to bail out Greece, and its projections for the Greek economy may have been overly optimistic.
European Central Bank President Mario Draghi said on Thursday that the Euro-area economy will return to growth by the end of the year, handing policy makers a reason to hold back fresh stimulus. Draghi spoke after the ECB Governing Council in Frankfurt left its main refinancing rate at 0.5% after reducing it by a quarter points last month.
The General Assembly of the Organization of American States (OAS), meeting in Guatemala adopted the Inter-American Convention against Racism, Racial Discrimination, and Related Forms of Intolerance and the Inter-American Convention against All Forms of Discrimination and Intolerance and opened them for signature.
Francis has denounced what he called a “culture of waste” in an increasingly consumerist world and said throwing away good food was like stealing from poor people.
The Russian veterinary and phytosanitary service, Rosselkhoznadzor, temporarily suspended imports from two Brazilian beef slaughterhouses and one poultry processing facility on May 17, citing detection of listeria in shipments, according to processors involved.
Airline profits will be 20% higher than expected this year despite razor-thin margins, according to the industry's main representative body. The International Air Transport Association (IATA) said increased demand was helping pack planes to record levels.