Leading world bankers on defensive in DavosJanuary 23, 2013 - 14:06 AMT PanARMENIAN.Net - Leading world bankers at the World Economic Forum in Davos, Switzerland, are on the defensive amid demands to regulate their industry more closely, The Associated Press reports. Bankers have been widely blamed for the financial crisis that has left more than 200 million people unemployed around the world and dramatically reduced the living standards of many in the developed world. But James Dimon, chairman and CEO of JP Morgan Chase & Co., says "we're doing the right thing" and insists that the world needs banks so that people can buy houses and governments can function. Axel Weber, chairman of Swiss-based bank UBS, acknowledges "excesses" of the past but says it is pointless to debate breaking up banks. Both spoke Wednesday in Davos at the annual gathering of more than 2,500 corporate and political leaders. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. Ucom launches network modernization efforts in few regions of Armenia In particular, on March 28, the legacy Mobile Switching Subsystem will be replaced with a new one. |