A round-up of the key stories across the specialist financial media, including news that the UK has slipped into a double-dip recession
UK succumbs to first double-dip recession since 1970s: economy
The UK economy shrank in the first quarter as Britain slid into its first double-dip recession since the 1970s, forcing Prime Minister David Cameron to defend his spending cuts in Parliament.
The Netherlands has called an election for September 12, leaving the country open to months of political and economic turbulence after the government collapsed in a row over budget cuts that are needed to meet strict EU limits.
Mario Draghi, European Central Bank president, has struck a distinctly gloomy note on eurozone growth prospects, dropping previous references to a gradual recovery this year.
The European Commission has asked for a 6.8% increase for the bloc’s 2013 budget – a move that officials expect to trigger a harsh backlash from large member states.
Credit Suisse has reported a sharp drop in net profit for the first quarter, pressured by an accounting loss on its own debt and lower revenue at its investment bank, which shed risky assets to adapt to a tougher regulatory and market environment.
