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...stores could not read the faulty cards after Jan. 1. Furious over the loss of sales that resulted, retailers have lashed out at the banks for failing to spot the problem earlier. "We have angry customers and lost revenues and it's simply not our fault," Stefan Genth, the head of HDE, told the German daily Bild. Genth says retailers already have to foot an annual bill of more than $150 million in charges to banks when credit and debit cards don't work in store machines. This new problem will only add to their losses...
...Germany is a high-tech country and it's incredible this software bug could have happened here," Manfred Westphal, head of the financial-services department of the German Consumers' Association, tells TIME. "It's a lousy mistake - obviously the banks didn't test the software properly beforehand." Consumer groups say the banks have only given out piecemeal information to customers who are confused about which cards they can use in cash machines. German Consumer Minister Ilse Aigner has also criticized the banks' handling of the situation and said that consumers shouldn't be held liable for any bank charges they...
...German banks, said in a statement on its website that it is working with the banks to find a solution that would avoid replacing all the cards, which could cost up to $430 million. "We are fully focused on minimizing the inconvenience for the cardholders," said Olivier Piou, the head of Gemalto. "We will of course meet our contractual obligations, and continue to support our clients...
...capital. Much of the populace credits Yemen's President of 30 years, Ali Abdullah Saleh, with unifying north and south Yemen in 1990 and with holding on to the unification during a civil war four years later. "You should have seen it," Ghalib Onkumah, a teacher, says, shaking his head and making a face. In the dark days before Saleh took over, there were endless tribal and civil wars, he says. Onkumah, like many Yemenis, is confident that Saleh will maintain control of the country despite the looming threat of state failure. (See why Yemen faces an al-Qaeda threat...
...head of the TARP oversight panel, Elizabeth Warren has been an extremely effective and influential monitor of one of the consequential economic programs in history, and in this role she has successfully and effectively put a spotlight on issues of great significance," said Law School Professor Lucian A. Bebchuk, who has written prolifically about TARP and executive pay, in an e-mailed statement from abroad...