The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae8 hours ago
Finance Minister Wolfgang Schaeuble said in a statement that the rules were aimed at “toughening banks’ capital requirements and providing German bank supervisors with tougher options for control and sanctions”.
“It is our firm conviction that the implementation of Basel III is a central part of bank regulation that we cannot subject to delay,” said Schaeuble, adding that the German cabinet’s action was “a sign of how seriously we take this issue”.
“I hope our partners in Brussels share this sense of urgency,” he said.
The G20 leading economies agreed at s summit in late 2010 to introduce the Basel III rules from January next year, while EU leaders and the European Parliament are due in October to seek consensus on their implementation in the bloc.
Germany’s financial sector is pressing for the introduction of the rules to be pushed back until 2014 because of the failure of EU authorities and member states so far to reach consensus on how to implement them.
The country’s biggest banks have warned that introducing the new requirements too quickly risks disruptions to the economy, pointing to examples like Commerzbank’s decision in June to withdraw from shipping finance because of the new rules.
Deutsche Bank co-chief executive Juergen Fitschen said in June the impact on liquidity of Basel III would have “indirect consequences” and in areas such shipping and aircraft finance, Europe could lose business to Asia.
The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae8 hours ago
Dravid's tenure comes to an end after the T20 World Cup 2024 in the USA and West Indies
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Stand-in skipper Jitesh believes the absence of key England players will not affect his side's morale on Sunday
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Netanyahu came under personal attack from Defence Minister Yoav Gallant for failing to rule out an Israeli government in Gaza after the war
world9 hours ago
The fund is designed to finance the production of artistic and creative works in film, music, performances, and video games
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Fico has been in hospital since Wednesday when a lone gunman shot him four times, including in the abdomen
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The country was one of the donor states to freeze around $450 million in funds after Israel accused 12 UNRWA staff of participating in the Hamas-led attack
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This inclusive community service is available daily on Al Hamriya Beach from 6.00am to sunset
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