Irish woman to head Oxford University

Waterford-born Louise Richardsonis set to become the first female Vice-Chancellor of Oxford University.

The professor of political science, currently based in St Andrew's University, is a graduate of Trinity College Dublin, and specialises in the field of terrorism and security.

According to the Irish Times, the post comes with one of the highest salaries in the UK education sector, £434,000 in 2013.

Richardson expressed her delight in a statement:

“Oxford is one of the world’s great universities. I feel enormously privileged to be given the opportunity to lead this remarkable institution during an exciting time for higher education."

European Swiss bank account holders will no longer have secrecy

The European Commission has reached an agreement with Switzerland to end the secrecy concerning bank accounts in the Alpine state, long known for its unquestioning policy in holding foreign deposits.

The Independent reports that in a bid to reduce tax evasion, the EC and Switzerland will automatically exchange information about the financial accounts of each other's residents from 2018.

"Each year from financial year 2017, the personal data of EU citizens, who hold bank accounts in Switzerland, including the amounts of their deposits, will be revealed and will assist in preventing any tax evasion," said MEP marian Harkin. 

US and Brazil to release GDP data

The US Commerce Department is expected to review its growth forecast of 0.2 per cent, with new figures suggesting the economy actually shrank slightly in the first quarter of the year. It will be the first time since mid-2009 that the economy contracted during a quarter.

According to the Wall St Journal, the country's trade deficit is far wider than predicted and US businesses spent less on restocking goods than expected.

Brazil's economy likely shrank as well - owing to continued austerity and a weak real. Predictions from earlier in the week suggest GDP will drop by 1.2 per cent.

African Development Bank elects new president

Akinwumi Adesina, Nigeria’s agriculture minister, has been elected the eight president of the African Development Bank.

Adesina, 55, campaigned on making the bank more inclusive and using agricuture as a means of eradicating poverty.

"I will be the President of all. Those that voted for me and those that didn't vote for me," he wrote on Twitter following his election.

Adesina ran in a clear winner with 60.5 per cent of the final vote, ahead of Chad minister of finance Kordjé Bedoumra and Cape Verde minister for finance Cristina Duarte.

Madoff accountant avoids prison

David G Friehling, accountant for disgraced investor Bernard Madoff, has avoided a jail term for his role in Madoff's ponzi scheme, in which investors lost $17.5 billion in principal and tens of billions more in paper wealth.

The New York Time reports Friehling claimed ignorance of fraudulent activity, saying he had "abdicated" his role as auditor and would simply rubber-stamp any financial statements given to him by Madoff. “I did not question what I should have questioned,” he admitted.

Judge Laura Taylor Swain allowed for leniency due to Friehling's cooperation and remorse - he has since trained to become a nurse. Prosecutors sought a fine of $3.18m based on how much he profited from the operation, though the judge suggested he may also pay towards the total money defrauded as well.

Madoff was sentenced in June 2009 to 150 years for his leading role in the fraud.