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Banking

WireTap 1400 30/03/12

A round-up of the key stories across the specialist financial media, including news that eurozone finance ministers have agreed to enlarge their fiscal bail-out system to €700 billion


Eurozone boosts rescue fund to €700 billion

Eurozone finance ministers on Friday agreed to enlarge their fiscal bailout system to €700 billion, a 40% increase that officials hope will prevent instability on Europe’s periphery from spreading to healthier economies.

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Spain braced for austerity budget

Spain’s conservative government will on Friday unveil what is expected to be the most austere budget of the post-Franco era after this week facing down a general strike after four months in power.

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China Communications to run $3.2 billion of roads, bridges

China Communications Construction Co, the nation’s biggest builder by market value, plans to more than double the assets of a unit managing toll-roads and bridges to shield earnings from swings in construction demand.

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Yen climbs on fiscal year-end flows 

The Japanese yen continued its recent charge on Friday, supported by strong fiscal year end flows and weakening US yields.

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India shares gain

Indian shares ended sharply higher on Friday, helped by a clarification from finance minister Pranab Mukherjee that the tax department won't go after holders of a derivative instrument that allows foreign investors to participate in the country's stock markets. 

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Myanmar economy set to take flight as voters head to polls

Myanmar next week holds the most inclusive elections since the military rejected an opposition victory in 1990, as the potential for economic ties with western nations encourages the leadership to relax control.

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