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WireTap 0900 02/05/12

A round-up of the key stories across the specialist financial media, including news that UBS has announced that first-quarter profit has dropped by 54%

UBS profit drops 54% on investment bank, debt charge

UBS, Switzerland’s biggest bank, says first-quarter profit fell 54% after a charge related to the company’s own debt led to a loss at the investment bank.

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EU seeks elusive deal on bank capital cushion

EU finance ministers will attempt to reach a deal to force European banks to set aside more capital to cushion losses on Wednesday, with Britain and Sweden demanding even stricter rules than those on the table.

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Xstrata investors flex muscle with protest vote

Independent shareholders in Xstrata have signalled that their support of a $90 billion merger of the miner with Glencore should not be taken for granted, with a significant protest vote over the re-election of the trading house’s chief executive on to the board of the company.

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Bolivia seizes Spanish power firm

Bolivian president Evo Morales seized the local assets of Spanish power grid operator Red Eléctrica and ordered the armed forces
to take over its installations, the latest move against Spanish corporate interests in Latin America.

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Standard Chartered sees strong growth

Standard Chartered has announced low double-digit operating profit growth in the first quarter and flagged plans to raise its investment this year, with special focus on China.

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