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Banking

WireTap 0900 18/04/12

A round-up of the key stories across the specialist financial media, including news that Argentina's move to nationalize oil company YPF has ruined years of planning by China's Sinopec Group to buy the company.


Argentine move to seize YPF scuppers Sinopec deal

Argentina's move to nationalize local oil company YPF, controlled by Spain's Repsol, has scuppered years of planning by China's Sinopec Group to buy the South American company, sources said.

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Spain’s surging bad loans cast new doubts on bank cleanup

Non-performing loans as a proportion of total lending jumped to 7.91 percent in January, the highest level since 1994, from less than 1 percent in 2007, according to Bank of Spain data. The regulator is set to publish data for February today.

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Eurozone debt fears ease, German bond sale eyed

European shares and the single currency held within narrow ranges on Wednesday as investors' fears over Spain eased and growth hopes rose, with the focus on a two-year German bond sale, which some fear could struggle, given ultra-low yields.

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Investboard over pay

Shareholders have rebuked Citigroup’s board, voting against a pay plan that promised tens of millions of dollars for Vikram Pandit, chief executive, and his fellow directors.

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European stocks slightly lower

European stock markets opened slightly lower today as investors refrained from building exposure ahead of key upcoming data and events this week, while the International Monetary Fund's upward revision of its world gross domestic product growth forecast lifted spirits.

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