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Banking

WireTap 0900 10/05/12

A round-up of the key stories across the specialist financial media, including news that Spain has taken a 45% stake in Bankia


Spain takes 45% stake in Bankia

Spain has taken a 45% stake in Bankia, the country’s third-largest bank by assets, as worries over the financial system sent equity and bond markets falling on Wednesday.

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CIC stops buying Europe government debt on crisis concern

Gao Xiqing, president of China Investment Corp, says the nation’s sovereign wealth fund has stopped buying European government debt on concerns about the region’s financial turmoil.

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China trade data show surprising weakness 

Chinese trade data showed a sharp drop in activity in April, with both export and import growth falling well short of expectations, raising fresh concerns about the resilience of the Chinese economy amid softening global demand.

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Sony reports record full-year net loss

Sony reported a record Y457 billion full-year net loss – its fifth deficit in as many years – but said it expected restructuring efforts to return it to profit this year.

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Fidelity launches two new stock funds to tap global dividends 

Fidelity Investments has tapped one of its up-and-coming portfolio managers to run two new mutual funds geared toward finding companies around the world that have stable cash flow and a willingness to pay dividends.

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