Hopes rise for deal on delayed EU insurance rules

By Huw JonesLONDON (Reuters) - The European Union is nearing a deal on long-delayed insurance rules that the bloc has touted as a regulatory benchmark for the world to follow, regulatory and policy officials said.The rules, known as "Solvency II", will seek to improve the method for deciding how much capital an insurer must hold as a safety buffer by better assessing risks and ...

Apple denies tax gimmicks as criticism mounts

WASHINGTON (AFP) - Apple chief executive Tim Cook denied Tuesday using "gimmicks" to dodge corporate taxes as the tech giant came under attack from US lawmakers for using "sham" subsidiaries and "convoluted" strategies to shift profits offshore.Cook told a congressional panel he was "proud of our contributions to the American economy" as he sought to ...

US Congress grills former IRS boss over tax scandal

WASHINGTON (AFP) - The political appointee who headed the IRS during the US tax agency's abusive treatment of conservative groups insisted on Tuesday that he was not involved in the scandal.US senators grilled retired IRS boss Douglas Shulman about what he readily acknowledged was "inexcusable" behavior by agents who, from 2011, singled out right-leaning groups for excessive ...

BlackBerry shifting emphasis from smartphones to services

By Euan RochaTORONTO (Reuters) - BlackBerry no longer owns the fast-paced, innovative smartphone world but the company, whose email-on-your-hip devices once revolutionized the industry, now aims to run it.The change in focus was hard to miss at the company's well-attended annual conference in Florida last week, even as news of a new smartphone model and its plans to offer the popular ...

Bank of Canadas Carney says Europe needs big reforms

Reuters © Bank of Canada Governor Mark Carney (L) speaks to the President of the European Central Bank Mario Draghi as they pose for a group photograph at the G7 Finance Ministers meeting in Aylesbury, southern England May 10, 2013. REUTERS/Alastair ...