Finance & Economics | WPN World People News

A key European Union trade official wants to begin negotiations on a far-reaching free trade agreement with the Association of Southeast Asian Nations, or ASEAN. The comments were made at a business summit between EU and Asian officials Sunday in the lead-up to this week's ASEAN summit in Cambodia.

Preet Bharara, the United States Attorney for the Southern District of New York, announced that Sandy Annabi, the former Democratic Majority Leader of the Yonkers City Council, and Zehy Jereis, the former head of the Yonkers Republican Party, were found guilty today by a jury in Manhattan federal court of public corruption crimes. Annabi and Jereis were convicted for participating in bribery schemes related to her position on the Yonkers City Council as well as the actions they took to conceal these schemes. Annabi was also convicted of making false statements to financial institutions related to loans she was seeking for two houses and an apartment in Yonkers, New York and for filing false federal income tax returns. They were convicted on all counts after a seven-week trial before U.S. District Judge Colleen McMahon.

Antoine Johnson, 41, a former resident of Aberdeen, Washington, and his mother, Lawanda Johnson, 63, were sentenced today in U.S. District Court in Tacoma for more than two dozen federal felonies connected with their operation of four health care clinics in Western Washington, announced U.S. Attorney Jenny A. Durkan. The Johnsons were convicted in November 2011, following a three-week jury trial.

European ministers meeting in Copenhagen have agreed to create a permanent fund for the eurozone to help it recover from its debt crisis with temporary lending capacity of more than $1 trillion. The eurozone nations are working to ensure that the economic crisis does not spill over into Spain and Italy.

Obligatory clearing for OTC derivatives, reporting for all derivatives

The regulation lays down that OTC derivative contracts would have to be cleared through central counterparties (CCPs), thus reducing counterparty credit risk, i.e. the risk that one party to the contract may default.

Leaders from some of the world's largest developing economies -- Brazil, Russia, India, China, and South Africa, the so-called BRICS -- called Thursday for a more representative international financial structure.

A shortage of fertilizers could exacerbate food insecurity

Australia's consumer watchdog has taken Apple to court for "misleading" advertisements that its new iPad computer was compatible with Australia's 4G network. Apple has denied misleading customers, but has offered refunds.

The UK economy contracted more in the last quarter of 2011 than initially estimated with services sector showing a slight decline as against the flat growth initially thought, the Office for National Statistics said Wednesday.