Austria: strike forces two-hour halt to train services

VIENNA — Austria’s national railway has suspended all services for two hours because of a walkout by a union in a pay dispute. Railway operator OeBB said trains on its network were being halted from noon to 2 p.m. local time (1100 to 1300 GMT) Monday. Replacement buses were operating in some areas.

The warning strike by the

Vida union went ahead after the two sides met Monday morning for another round of negotiations. Employers are offering what they say is a 3 per cent pay increase, but employee representatives argue that the offer actually amounts to considerably less, according to public broadcaster ORF.

Ex-IMF chief on trial again, now over Spanish bank flotation

MADRID — Spain’s National Court is beginning a massive trial over alleged fraud in the stock market listing of Bankia, a financial giant that was bailed out during the country’s economic crisis.

Former Ineternational Monetary Fund chief Rodrigo Rato, who was Bankia’s chairman between 2010 and 2012, is among 35 defendants accused of fraud and falsifying financial statements in relation to the bank’s 2011 flotation. Prosecutors are seeking five years of imprisonment for Rato, who is already serving a 4 1/2-year prison sentence for misusing Bankia’s corporate credit card.

Bankia initially reported a 2011 profit of 309 million euros ($351 million) but months later showed a 3 billion-euro loss. It was nationalized a year later after a 22 billion-euro rescue.

Rato had been a leading conservative minister before he became IMF chief from 2004 to 2007.

U.S. FDA plans overhaul of decades-old medical device system

WASHINGTON — U.S. health officials say they plan to overhaul the country’s decades-old system for approving most medical devices, which experts have long criticized for failing to catch problems with risky implants and medical instruments.

The Food and Drug Administration announced plans Monday aimed at making sure new medical devices reflect up-to-date safety and effectiveness features. The system targeted by the actions generally allows manufacturers to launch new products based on similarities to decadesold products, not new clinical testing.

The FDA’s pledge came one day after the publication of a global investigation into medical device safety by more than 50 media organizations, including The Associated Press.

Low Rhine forces BASF to limit production at German plant

BERLIN — Chemical giant BASF says it will have to stop production of a component of polyurethanes at its main plant in Germany because low water levels in the Rhine river are impeding its ability to transport raw materials to the site.

BASF said Monday that “not all raw materials can be supplied” to the riverside Ludwigshafen site even though it is making more use of pipelines, trucks and railways.

As a result, BASF said it will have to stop production in Ludwigshafen of TDI, or toluene diisocyanate. It added that a restart “depends on improved Rhine water level.”