Receive Breaking News updates as they occur
By Steve Slater and Michelle Price LONDON/HONG KONG (Reuters) - Financiers may grumble that the United States is acting like an imperial power in punishing foreign banks for dealings far beyond U.S. territory, but in the end they are more likely to bow to Washington than kick against its dollar muscle. Last week, French politicians and business leaders demanded an end to the global dominance of the U.S. currency - and hence of the U.S. banking system - after a New York court fined French bank BNP Paribas $9 billion for doing business in Sudan, Iran and Cuba. Yet despite irritation at the long reach of U.S. sanctions, most bankers see that as wishful thinking. Instead, major lenders in Europe and Asia are reacting to the steady flow of punishments from the United States by doing ever more to comply with U.S. laws and by cutting business ties in countries Washington dislikes rather than risk its wrath and, in the worst scenario, risk exclusion from the dollar system.
Israeli strikes on Gaza killed a teenage boy and a woman on Sunday, medics said, raising the overall death toll to 165 as the punishing air campaign entered its sixth day. According to emergency services spokesman Ashraf al-Qudra, one strike on the northern town of Jabaliya struck a house, killing a 14-year-old boy. Shortly afterwards, another strike killed a woman in the Maghazi refugee camp in central Gaza, he said. Witnesses in the southern city of Rafah also reported seeing gunmen killing a man in the middle of the street in what appeared to be the execution of someone suspected of collaborating with Israel.
KIEV, Ukraine (AP) — Ukrainian President Petro Poroshenko won't be attending the World Cup final in Brazil on Sunday, a government statement said, denying assertions by Brazilian officials that he would be there.