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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (May 25–31, 2012)

QFINANCE: News Briefing (May 25–31, 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 25

In Spain, the process of nationalizing Bankia bank made an important step forward last Friday, when the bank’s shares were suspended on the Madrid stock exchange. Unable to cover its losses from heavy loans to property developers in the Spanish building boom of 2007-2008, the fourth-biggest Spanish lender holds about 10% of the country’s bank deposits.
More on Reuters

Monday May 28

The United Arab Emirates are trying to implement a new set of rules and regulations to limit bank to lending a maximum of 100% of their capital base to government entities to avoid repeating the scenario of Dubai’s debt crisis. While the regulations also impose a maximum of 25% loan of a bank’s capital to any individual government borrower, the central bank’s decision has been contested by the local lenders.
More on the FT

Tuesday May 29

The IMG called on Tuesday for urgent emergency steps in Sudan where the economical situation is “daunting”. A recent international mission revealed a growth slowdown of 2.7%, an inflation level of 19% at the end of the year, as well as a fiscal deficit of about 4% of the national GDP.
More on Reuters

Wednesday May 30

The ECB rejected on Wednesday the Spanish bailout proposal for troubled Bankia bank. Using government bonds as a security, Madrid was hoping to recapitalize the bank by borrowing €19bn of the ECB. This would have meant the bailout was coming from the European bank, rather than the Spanish economy itself.
More on the BBC

Thursday May 31

As Irish citizens were called to the polls today to vote on the eurozone fiscal pact referendum, Dublin forecasts 60pc of voters will back EU fiskalpakt. This is the only popular vote to be held in the 25 European Union countries that have already agreed to the new treaty preserving strong eurozone austerity rules into national law.
More on the Telegraph

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

Tags: asset price bubbles , banking , central banks , European Central Bank , European Monetary Union , eurozone , financial crisis , Goldman Sachs , Greece , IMF , inflation , international differences , regulation , sovereign debt , Spain , stocks and shares , UK , US , US economy
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