The European Union hopes the United States will be "fair" in its treatment of BNP Paribas over the French bank's alleged US sanctions violations, a senior EU official said Thursday. The EU's internal market and services commissioner, Michel Barnier, said that Brussels was following developments in the US case against France's largest bank, which reportedly might have to pay at least $10 billion in fines to resolve the accusations. "Given the importance of this case and the importance of this bank... we are closely following the situation and we simply wish that this affair be handled in a proportionate, fair and objective manner," Barnier said at a news conference in Washington. The bank is accused of breaking sanctions against Iran, Sudan and Cuba between 2002 and 2009 by carrying out dollar transactions with them, but such cases are usually the subject of negotiations with US judicial officials.
WASHINGTON (Reuters) - The Senate on Thursday confirmed Federal Reserve Governor Jerome Powell to a fresh term on the U.S. central bank's board. Powell, who has served at the Fed since May 2012, was approved for a fresh term that would carry until January 2028. The one-time investment banker said earlier this month that the time was not yet ripe to consider raising U.S. interest rates given the "significant amount of slack in the labor market." (Reporting by Howard Schneider and Krista Hughes; Editing by Andrea Ricci)
Nigeria's military indicated on Thursday that it could follow the example of Sri Lanka in fighting terror, to bring an end to an increasingly deadly insurgency by Boko Haram militants. A high-ranking military delegation from the South Asian island nation, led by Chief of Defence Staff General Jagath Jayasuriya, was in the capital, Abuja, to meet their Nigerian counterparts to share experience and expertise. The visit came after Pakistan's President Mamnoon Hussain held talks with his opposite number, Goodluck Jonathan, on Tuesday and the leaders pledged greater co-operation in defence and counter-terrorism. Sri Lanka, with Jayasuriya as army chief, brought its decades-long civil war with ethnic Tamil Tiger rebels to an end in May 2009 after a devastating military onslaught.
Ramallah (Palestinian Territories) (AFP) - A Palestinian newspaper group said Thursday that it had stopped printing titles run by Islamist group Hamas after receiving a series of warnings from the Israeli army. The Al-Ayyam newspaper group, which is based in the West Bank, has stopped printing and distributing Hamas newspapers Falastin, Al-Resala and Al-Istiqlal, its managing editor Abdel Nasser al-Najjar told AFP. The decision followed a phone call late Wednesday from the Israeli army, threatening to close Al-Ayyam's offices if it did not stop publishing the papers, he said. Israeli soldiers raided Al-Ayyam's offices last month and issued similar threats.
WASHINGTON (Reuters) - The Senate on Thursday approved former Treasury official Lael Brainard for a seat on the Federal Reserve's board, helping rebuild the central bank's depleted policymaking ranks. Brainard, who served as a top financial diplomat at the Treasury until last year, was confirmed with more than 60 votes in the 100-member chamber to serve out the remainder of an unexpired term ending in January 2026. (Reporting by Howard Schneider and Krista Hughes; Editing by Andrea Ricci)
A panel of experts called Thursday for minor drugs offences to be decriminalised in west Africa, where trafficking, consumption and production is undermining development and causing a public health crisis. The West Africa Commission on Drugs (WACD) said current policies were fuelling corruption in a region where the cocaine trade alone, estimated at $1.25 billion (920 million euros) a year, dwarfs the combined budgets of several countries. "We call on west African governments to reform drug laws and policies and decriminalise low-level and non-violent drug offences," commission chairman Olusegun Obasanjo, a former president of Nigeria, told reporters in Dakar. "West Africa is no longer just a transit zone for drugs arriving from South America and ending up in Europe but has become a significant zone of consumption and production.
The European Investment Bank said Thursday it was considering funding private businesses in Zimbabwe despite Harare's $300 million debt to the institution. "We are here to explore the possibilities to reengage activities in Zimbabwe. We see possibilities with the private sector," said Diederick Zambon, who heads the banks division for southern Africa and Indian Ocean. He told journalists that the private sector was "the backbone of the economy" and crucial to the further development of the country.
Powerful jihadist group the Islamic State of Iraq and the Levant (ISIL) on Thursday claimed attacks in Baghdad that killed dozens of people and announced a new campaign. ISIL militants have spearheaded a major offensive that has overrun all of one province, large areas of two more and part of a fourth since it began on Monday night. ISIL said it carried out attacks in Baghdad on Wednesday including three bombings that killed at least 30 people, in a statement posted on Twitter the following day.
Kirkuk (Iraq) (AFP) - Kurdish forces took control of the disputed Iraqi oil hub of Kirkuk on Thursday to protect it from jihadists, after which a bomb targeted a Kurdish security minister, officials said. Iraqi Kurds want to incorporate Kirkuk province into their autonomous region, a move Baghdad strongly has strongly opposed in a bitter, long-running dispute with them. "We tightened our control of Kirkuk city and are awaiting orders to move toward the areas that are controlled by ISIL," Brigadier General Shirko Rauf of the Kurdish peshmerga security forces told AFP. He was referring to jihadist Islamic State of Iraq and the Levant, which has spearheaded a major offensive this week that has overrun all of one province and parts of Kirkuk and two other provinces.
Turkey said Thursday it is holding talks to secure the release of dozens of its citizens kidnapped by Islamist militants in northern Iraq amid international calls for their release. "We are in touch with all the groups in Iraq including Kurds and Turkmens," a government official told AFP, without giving further details of which groups Ankara is talking to. Militants from the jihadist group the Islamic State of Iraq and the Levant (ISIL) on Wednesday abducted 49 people from the Turkish consulate in Mosul, including the head of the mission. ISIL has also seized 31 Turkish truck drivers at a Mosul power station, drawing a promise of harsh reprisals from Ankara if any were harmed.
Spain's King Juan Carlos will skip the swearing-in of his son Felipe as his successor on June 19 so as not to grab attention from him, the palace said Thursday. Dogged over recent years by scandals and health problems, Juan Carlos is abdicating in favour of his more popular son, after a historic four-decade reign. "King Juan Carlos will not attend, so as to give more prominence to the new king," the spokesman said.