Business Latest News: Germany, France Split Over EU Banks Plan

Wochit 1:11 mins

Germany and France were split over European Union plans for a new agency to wind down troubled banks, with Berlin saying they go too far in centralizing control in Brussels. The body would form part of a banking union designed to underpin confidence in the euro zone and end the previously chaotic handling of cross-border bank collapses. But German Finance Minister Wolfgang Schaeuble said in a letter to the EU official in charge of the plans that the European Commission is trying to pocket too much power The $4 billion loan backing Chinese pork producer Shuanghui International's $4.7 billion bid for U.S. meat processor Smithfield Foods, has raised $5 billion from banks so far and could rise to $9 billion, banking sources said. United Parcel Service Inc , the world's No.1 package delivery company, estimated second-quarter profit below analysts' expectations, hurt by overcapacity in the global air freight market and a slowing U.S. industrial economy.

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