World News

Ecclestone seeks to settle corruption case for 25 million Euros
Formula One Chief Executive Bernie Ecclestone prepares for the continuation of his trial with his lawyers Sven Thomas (L) and Norbert Scharf (R) at the regional court in Munich - July 29, 2014. (photo: Reuters / Matthias Schrader / Pool)

Defense lawyers for Bernie Ecclestone told the Munich judges trying him for corruption that the Formula One chief is prepared to pay Bayerische Landesbank 25 million euros ($33.6 million) if the criminal case is dropped.

While the allegations against him are "highly questionable" and no damage was caused to BayernLB, the 83-year-old wishes to end the case, which has become "extremely burdensome," his lawyers said at trial today. The details of such an agreement still need to be discussed, Munich court spokeswoman Margarete Noetzel said in an e-mailed statement.

China opens corruption probe into former security chief
Zhou Yongkang (photo: Reuters)

China has begun an investigation into former domestic security chief Zhou Yongkang, one of the most powerful politicians of the last decade, on suspicion of corruption, state media said on Tuesday, in what could be one of the country's worst scandals.

The ruling Communist Party has decided to probe Zhou for suspected "serious disciplinary violations", the official Xinhua news agency said in a brief dispatch, using the usual euphemism for corruption.

U.S. citizen accused of bribes extradited from Iraq

A federal fugitive accused of bribing U.S. military contracting officials in Iraq has been returned to the U.S. in what prosecutors say was the first extradition under a 1936 treaty between the two countries.

Metin Atilan, a dual citizen of the U.S. and Turkey, pleaded not guilty Monday to contract and wire fraud charges in federal court in Dayton, Ohio. He was extradited from Iraq on Sunday, about a year after his arrest.

Lloyds Banking Group to pay $370-million Libor rate rigging fines
Lloyds Banking Group to pay $370-million Libor rate rigging fines (photo: The Associated Press)

Britain's Lloyds Banking Group has agreed to pay fines totalling $370-million (U.S.) to U.S. and British authorities investigating its part in a global interest rate rigging scandal and manipulating fees for a UK government lending scheme.

The settlement is the seventh joint penalty handed out by American and British regulators in connection with the attempted manipulation of the London interbank offered rate, or Libor, and other similar benchmarks used to price around $450-trillion of financial products worldwide. The misconduct related to Libor rates for sterling, the U.S. dollar and Japanese yen.

Brazil probes $10 million embezzled from Red Cross

Brazilian authorities are investigating the embezzlement of 10 million dollars of humanitarian funds from the Brazilian Red Cross.

The ongoing investigation comes after an audit, commissioned by the Brazilian Red Cross last year, which revealed millions of dollars in voluntary contributions and donor funding had been siphoned off.

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