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QFINANCE: News Briefing (May 4–10, 2012)

Each week brings you some of the biggest news stories from the past five days in finance and business – essential reading to keep you up to date with latest topics. If you have any views on how we can improve this service or new areas you would like to see covered, please do not hesitate to contact us at

Friday May 4

Things are moving fast for many European banks. France’s BNP Paribas announced last week it was finalizing the plans to cut debt and strengthen financial firepower by selling assets. The bank’s profits were lately stimulated by the large sale of shares in the first quarter of this year. In the UK, RBS confirmed on Friday it will repay the rest of the £163bn loan from the US and UK governments within a week.
More on BBC
More on Reuters

Monday May 7

Analysis by the Wall Street Journal revealed on Monday that Europe’s top 10 banks had hoarded large amounts of cash in central banks over concerns that the euro crisis might get worse and intensify. According to the report the total is close to nearly $1.2 trillion of cash at central banks around the world, a 66% jump from the end of 2010.
More on the WSJ

Tuesday May 8

The rating agency Moody’s has announced it will soon start cutting the credit ratings of more than 100 banks. Firms such as BNP Paribas SA, Deutsche Bank and Morgan Stanley are at risk to having their debt level downgraded to their lowest ever. According to Citigroup, European banks’ earnings could be lowered by 2% to 6%.
More on Bloomberg

Wednesday May 9

In Germany, figures showed an increase of 0.9% in exports for the month of March, reaching €91.8 billion ($119.40 billion). This is the third consecutive positive month for German imports and exports according to the Federal Statistics Office, or Destatis. Imports have reached €78.1 billion rising 1.2% in a month.
More on the WSJ

Thursday May 10

As a direct result of the events and instability in Spain, the major lender Bankia is to be partially nationalized in the near future. With 32bn euros (£25.7bn) in property assets, Bankia, whose boss recently resigned, will have a 4.47bn-euro loan in shares from the Spanish bailout fund on a stake of 45%.
More on BBC

Featuring events

The CVA, Funding and Valuation for Derivatives Conference, May 16-18, 2012 in NYC will enable attendees to:
- Examine the way forward with CVA calculation and implementation
- Illuminate the differing methodologies and the search for an industry wide standard with CSA’s
- Delve into recent case studies and example curves for OIS discounting
- Realize the implications of Basel III and its capital requirements

Come back next Thursday for another report on the world of business and finance.

Tags: banking , banks , central banks , economic recovery , European Central Bank , eurozone , financial crisis , France , Greece , regulation , sovereign debt , Spain , UK , US economy
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