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Former Italian Prime Minister Berlusconi gets 4 years for tax evasion

A court in Milan Friday convicted former Premier Silvio Berlusconi of tax fraud and sentenced the media mogul to four years in prison, his first prison sentence in years of criminal probes. The 76-year-old billionaire businessman -- who just two days ago said he would not run in Italy's spring election -- is expected to remain free until the appeals process is exhausted. In Italy, cases must pass two levels of appeal before verdicts are final.

EU leaders back oversight, tax haven sanctions

BERLIN (Reuters) - European leaders meeting in Berlin on Sunday have backed oversight of all financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens, according to a final statement seen by Reuters.

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