http://www.spiegel.de Daily news, analysis and opinion from Europe's leading newsmagazine and Germany's top news Web site. en Fri, 24 May 2013 07:08:35 +0200 Fri, 24 May 2013 07:08:35 +0200 http://www.spiegel.de http://www.spiegel.de/static/sys/logo_120x61.gif http://www.spiegel.de/international/business/deloitte-audit-prevention-of-money-laundering-in-cyprus-is-inadequate-a-900593.html#ref=rss A recent inquiry suggests that Cyprus isn't doing enough to combat money laundering, a precondition for obtaining a bailout package. The banks know little about their customers and are ill-equipped to identify suspicious transactions. Fri, 17 May 2013 17:36:00 +0200 http://www.spiegel.de/international/business/deloitte-audit-prevention-of-money-laundering-in-cyprus-is-inadequate-a-900593.html A recent inquiry suggests that Cyprus isn't doing enough to combat money laundering, a precondition for obtaining a bailout package. The banks know little about their customers and are ill-equipped to identify suspicious transactions.]]> http://www.spiegel.de/international/business/deutsche-bank-backs-ruthless-rubber-lords-in-laos-a-899324.html#ref=rss Vietnamese companies have been ruthlessly taking advantage of Laotian locals and their environment to create vast rubber plantations. The "rubber lords" are also getting support for the land grabs from Germany's Deutsche Bank, which is violating its ethics and sustainability policies, critics say. Wed, 15 May 2013 10:33:00 +0200 http://www.spiegel.de/international/business/deutsche-bank-backs-ruthless-rubber-lords-in-laos-a-899324.html Vietnamese companies have been ruthlessly taking advantage of Laotian locals and their environment to create vast rubber plantations. The "rubber lords" are also getting support for the land grabs from Germany's Deutsche Bank, which is violating its ethics and sustainability policies, critics say. ]]> http://www.spiegel.de/international/europe/european-finance-ministers-split-on-way-forward-for-banking-union-a-899924.html#ref=rss European leaders had hoped to quickly finalize plans for an EU banking union to regulate bank bailouts and provide a roadmap for unwinding insolvent financial institutions. But with the German election looming, Berlin is wary of moving forward. The result could be a lengthy delay. Wed, 15 May 2013 10:30:55 +0200 http://www.spiegel.de/international/europe/european-finance-ministers-split-on-way-forward-for-banking-union-a-899924.html European leaders had hoped to quickly finalize plans for an EU banking union to regulate bank bailouts and provide a roadmap for unwinding insolvent financial institutions. But with the German election looming, Berlin is wary of moving forward. The result could be a lengthy delay.]]> http://www.spiegel.de/international/europe/sociologist-jean-ziegler-says-swiss-banks-plundering-german-treasury-a-896689.html#ref=rss Sociologist and former politician Jean Ziegler has few nice things to say about the banking sector in his native Switzerland. In an interview with SPIEGEL ONLINE, he argues the Alpine nation is the world capital of dealing in stolen goods, and that Germany has the power to change it. Fri, 26 Apr 2013 13:05:00 +0200 http://www.spiegel.de/international/europe/sociologist-jean-ziegler-says-swiss-banks-plundering-german-treasury-a-896689.html Sociologist and former politician Jean Ziegler has few nice things to say about the banking sector in his native Switzerland. In an interview with SPIEGEL ONLINE, he argues the Alpine nation is the world capital of dealing in stolen goods, and that Germany has the power to change it.]]> http://www.spiegel.de/international/europe/eu-tax-comissioner-discusses-efforts-to-combat-havens-and-evaders-a-894418.html#ref=rss In a SPIEGEL interview, European Union Tax Commissioner Algirdas Semeta discusses the post-"Offshore Leaks" debate on fighting tax havens and why he believes cooperation and information exchange between the United States and Europe could create the global standard. Mon, 15 Apr 2013 17:57:02 +0200 http://www.spiegel.de/international/europe/eu-tax-comissioner-discusses-efforts-to-combat-havens-and-evaders-a-894418.html In a SPIEGEL interview, European Union Tax Commissioner Algirdas Semeta discusses the post-"Offshore Leaks" debate on fighting tax havens and why he believes cooperation and information exchange between the United States and Europe could create the global standard.]]> http://www.spiegel.de/international/business/spiegel-interview-with-commerzbank-ceo-martin-blessing-a-894401.html#ref=rss In an interview with SPIEGEL, Commerzbank CEO Martin Blessing rejects legal limits on management pay but says he's in favor in principle of EU plans to make shareholders and creditors pay for bailing out troubled banks. He also defends his company's planned capital hike to repay the government's bailout money. Mon, 15 Apr 2013 16:41:00 +0200 http://www.spiegel.de/international/business/spiegel-interview-with-commerzbank-ceo-martin-blessing-a-894401.html In an interview with SPIEGEL, Commerzbank CEO Martin Blessing rejects legal limits on management pay but says he's in favor in principle of EU plans to make shareholders and creditors pay for bailing out troubled banks. He also defends his company's planned capital hike to repay the government's bailout money.]]> http://www.spiegel.de/international/business/boom-of-digital-currency-bitcoin-raises-questions-of-stability-a-893342.html#ref=rss In the midst of the euro crisis, particularly daring investors are putting their faith in the Internet currency bitcoin. A boom in the virtual coins has made some into millionaires. But central bankers are wary of its potential, and the currency is everything but crash-proof. Tue, 09 Apr 2013 16:21:00 +0200 http://www.spiegel.de/international/business/boom-of-digital-currency-bitcoin-raises-questions-of-stability-a-893342.html In the midst of the euro crisis, particularly daring investors are putting their faith in the Internet currency bitcoin. A boom in the virtual coins has made some into millionaires. But central bankers are wary of its potential, and the currency is everything but crash-proof.]]> http://www.spiegel.de/international/world/offshore-leaks-gives-boost-to-global-resistance-against-tax-havens-a-892977.html#ref=rss Tax havens cause hundreds of millions of euros in annual damage to national economies around the world and they create an uncontrollable parallel economy. The recent Offshore Leaks investigative reports are helping to fuel efforts in Europe and the US to have them eliminated. Mon, 08 Apr 2013 13:48:00 +0200 http://www.spiegel.de/international/world/offshore-leaks-gives-boost-to-global-resistance-against-tax-havens-a-892977.html Tax havens cause hundreds of millions of euros in annual damage to national economies around the world and they create an uncontrollable parallel economy. The recent Offshore Leaks investigative reports are helping to fuel efforts in Europe and the US to have them eliminated.]]> http://www.spiegel.de/international/germany/offshore-leaks-german-offenders-face-tough-road-ahead-a-892728.html#ref=rss German officials are demanding details on hundreds of alleged tax cheats uncovered by the "Offshore Leaks" report this week. With tighter laws in place, anxious violators probably won't get off as easy as before. Fri, 05 Apr 2013 14:53:54 +0200 http://www.spiegel.de/international/germany/offshore-leaks-german-offenders-face-tough-road-ahead-a-892728.html German officials are demanding details on hundreds of alleged tax cheats uncovered by the "Offshore Leaks" report this week. With tighter laws in place, anxious violators probably won't get off as easy as before.]]> http://www.spiegel.de/international/europe/cyprus-investigating-allegations-of-covert-capital-flight-a-891925.html#ref=rss Several Cypriot companies were allegedly able to move millions out of the country ahead of tight capital restrictions imposed as part of the recent bailout. President Anastasiades has been accused of passing on insider information to relatives to help them avoid losses. Mon, 01 Apr 2013 16:15:22 +0200 http://www.spiegel.de/international/europe/cyprus-investigating-allegations-of-covert-capital-flight-a-891925.html Several Cypriot companies were allegedly able to move millions out of the country ahead of tight capital restrictions imposed as part of the recent bailout. President Anastasiades has been accused of passing on insider information to relatives to help them avoid losses.]]> http://www.spiegel.de/international/europe/cyprus-bank-bailout-model-has-increasing-numbers-of-adherents-in-eu-a-891849.html#ref=rss Should the Cypriot bailout become a model for the future? The mere suggestion sent markets tumbling last week. But increasing numbers of European politicians would like to see bank shareholders and investors bear a greater share of crisis risk. The EU may be changing its strategy. <i>By SPIEGEL Staff</i> Mon, 01 Apr 2013 14:48:00 +0200 http://www.spiegel.de/international/europe/cyprus-bank-bailout-model-has-increasing-numbers-of-adherents-in-eu-a-891849.html Should the Cypriot bailout become a model for the future? The mere suggestion sent markets tumbling last week. But increasing numbers of European politicians would like to see bank shareholders and investors bear a greater share of crisis risk. The EU may be changing its strategy. By SPIEGEL Staff ]]> http://www.spiegel.de/international/europe/banks-in-cyprus-open-amid-calm-and-fear-a-891608.html#ref=rss Many had feared that Cyprus would experience a bank run once financial institutions were reopened. That did not happen on Thursday, but frustration levels are high, as are fears for the country's economic future. Thu, 28 Mar 2013 17:41:09 +0100 http://www.spiegel.de/international/europe/banks-in-cyprus-open-amid-calm-and-fear-a-891608.html Many had feared that Cyprus would experience a bank run once financial institutions were reopened. That did not happen on Thursday, but frustration levels are high, as are fears for the country's economic future.]]> http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html#ref=rss Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank. Wed, 27 Mar 2013 10:35:00 +0100 http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.]]> http://www.spiegel.de/international/europe/the-cyprus-bailout-reveals-german-fears-of-tax-havens-a-891063.html#ref=rss The Cypriot government was willing to do anything to save its banking industry. Yet Berlin, driven by a deep-seated fear of tax havens, sought the opposite. The resulting deal may have driven a stake through the heart of the euro-zone's much ballyhooed banking union. Tue, 26 Mar 2013 16:08:46 +0100 http://www.spiegel.de/international/europe/the-cyprus-bailout-reveals-german-fears-of-tax-havens-a-891063.html The Cypriot government was willing to do anything to save its banking industry. Yet Berlin, driven by a deep-seated fear of tax havens, sought the opposite. The resulting deal may have driven a stake through the heart of the euro-zone's much ballyhooed banking union.]]> http://www.spiegel.de/international/europe/german-press-reaction-to-cyprus-bailout-a-891018.html#ref=rss With Cyprus racing to install capital controls before re-opening its banks on Thursday, German media commentators say the island has only itself to blame for its plight. They also warn though that the tough bailout terms are a fresh sign of waning solidarity among euro-zone member states. Tue, 26 Mar 2013 14:09:00 +0100 http://www.spiegel.de/international/europe/german-press-reaction-to-cyprus-bailout-a-891018.html With Cyprus racing to install capital controls before re-opening its banks on Thursday, German media commentators say the island has only itself to blame for its plight. They also warn though that the tough bailout terms are a fresh sign of waning solidarity among euro-zone member states. ]]> http://www.spiegel.de/international/europe/russia-criticizes-eu-over-cyprus-bailout-terms-a-890860.html#ref=rss Russia has sharply criticized the bailout deal for Cyprus, with Prime Minister Dmitry Medvedev accusing the EU of theft. Russian state television even likened the forced levy imposed on wealthy investors -- many of them Russian -- to the expropriation of Jews by Nazi Germany. Mon, 25 Mar 2013 17:51:27 +0100 http://www.spiegel.de/international/europe/russia-criticizes-eu-over-cyprus-bailout-terms-a-890860.html Russia has sharply criticized the bailout deal for Cyprus, with Prime Minister Dmitry Medvedev accusing the EU of theft. Russian state television even likened the forced levy imposed on wealthy investors -- many of them Russian -- to the expropriation of Jews by Nazi Germany. ]]> http://www.spiegel.de/international/europe/cyprus-to-shrink-bank-sector-under-last-minute-bailout-deal-a-890731.html#ref=rss A Cypriot exit from the euro zone has been averted by a last-minute deal in which the government bowed to the demands of international lenders. Rich depositors, including wealthy Russians, will face heavy losses in return for a 10 billion euro bailout, and the island's banking sector will be radically downsized. Mon, 25 Mar 2013 10:43:00 +0100 http://www.spiegel.de/international/europe/cyprus-to-shrink-bank-sector-under-last-minute-bailout-deal-a-890731.html A Cypriot exit from the euro zone has been averted by a last-minute deal in which the government bowed to the demands of international lenders. Rich depositors, including wealthy Russians, will face heavy losses in return for a 10 billion euro bailout, and the island's banking sector will be radically downsized.]]> http://www.spiegel.de/international/business/departing-goldman-sachs-exec-still-sees-bright-future-for-bric-nations-a-890194.html#ref=rss Jim O'Neill, who coined the acronymn BRIC for emerging nations, plans to leave his post at Goldman Sachs this year. In an interview with SPIEGEL ONLINE, he discusses the banking industry and why he still sees a bright future for China and Russia. Thu, 21 Mar 2013 17:50:27 +0100 http://www.spiegel.de/international/business/departing-goldman-sachs-exec-still-sees-bright-future-for-bric-nations-a-890194.html Jim O'Neill, who coined the acronymn BRIC for emerging nations, plans to leave his post at Goldman Sachs this year. In an interview with SPIEGEL ONLINE, he discusses the banking industry and why he still sees a bright future for China and Russia. ]]> http://www.spiegel.de/international/business/leading-cypriot-banks-likely-to-face-insolvency-a-890182.html#ref=rss The disastrous financial situation in Cyprus is largely a result of the country's crumbling banks. For years, the island nation profited from its bloated financial sector, but now it will likely have to liquidate its two largest banks. In Nicosia, government leaders fear that could decimate the economy. Thu, 21 Mar 2013 13:29:53 +0100 http://www.spiegel.de/international/business/leading-cypriot-banks-likely-to-face-insolvency-a-890182.html The disastrous financial situation in Cyprus is largely a result of the country's crumbling banks. For years, the island nation profited from its bloated financial sector, but now it will likely have to liquidate its two largest banks. In Nicosia, government leaders fear that could decimate the economy. ]]> http://www.spiegel.de/international/europe/anger-in-cyprus-over-euro-crisis-bank-levy-plan-a-889724.html#ref=rss Changes are coming to the bailout package for Cyprus, but people in the country are furious nonetheless. A forced levy on savings accounts in the country has enraged depositors and brought protesters onto the streets. Germany is the focus of their anger. Tue, 19 Mar 2013 12:53:00 +0100 http://www.spiegel.de/international/europe/anger-in-cyprus-over-euro-crisis-bank-levy-plan-a-889724.html Changes are coming to the bailout package for Cyprus, but people in the country are furious nonetheless. A forced levy on savings accounts in the country has enraged depositors and brought protesters onto the streets. Germany is the focus of their anger.]]>