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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (May 11–17, 2012)

QFINANCE: News Briefing (May 11–17, 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.

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Friday May 11

The major US bank JPMorgan Chase announced on Friday a considerable trading loss of more than $2bn (£1.2bn). Complex investments made by its traders could cost the bank an additional $1bn according to Chief executive Jamie Dimon. "Errors, sloppiness and bad judgment" caused a share drop of 7% according to Dimon. Other banks have dropped on Friday as well as a direct result of this announcement.
More on BBC

Monday May 14

Eurozone central bankers discussed publicly, for the first time on Monday, the possibility of Greece exiting the eurozone. Angela Merkel has warned that the European support would “end” unless Greece respected the bailout terms agreed in Brussels and Berlin. This position marks a real shift of the ECB as it had affirmed the treaties do not allow for an exit and that the consequences of a break-up would be terrible.
More on the FT

Tuesday May 15

In the UK, unemployment fell by 45,000 in the first trimester of the year according to newly published figures by the Office of National Statistics. The number of people claiming Jobseeker's Allowance dropped to 1.59 million a fall of 13,700 in April. Bank of England governor Sir Mervyn King has warned the British economy of the consequences of a eurozone that is "tearing itself apart" that has been holding the UK back.
More on The Guardian

Wednesday May 16

A study published by Fitch Ratings on Wednesday showed that the world largest banks are in an urgent need to raise an additional $566bn in new capital or shed and about $5.5tn in assets by 2018 in order to meet the standards of Basel III. Evaluating the concrete impact of Basel III, the report also mentioned the extra capital surcharge for “global systemically important financial institutions”.
More on the FT

Thursday May 17

Reports showed a considerable rise of Spanish medium-term borrowing costs to about 5% after an auction of 3 and 4 year bonds on Thursday. The Spanish treasury has put €2.5bn (£2bn) on auction with two bonds maturing in 2015 and one maturing in 2016. Borrowing cost rise has increase concerns over the political and economical crisis in Spanish and in Greece.
More on Reuters

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

Tags: Angela Merkel , asset price bubbles , banking , central banks , economic recovery , emerging markets , euro , European Central Bank , European Union , financial crisis , France , Germany , Greece , Greek bailout , Greek debt , Italy , Mervyn King , regulation , Sir Mervyn King , sovereign debt , UK , unemployment , youth unemployment
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