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Banking

WireTap 1400 09/05/12

A round-up of the key stories across the specialist financial media, including news that Spain is to demand that banks set aside another €35 billion against loans to the building sector


Spain to demand banks recognize more losses

Spain will demand banks set aside another €35 billion against loans to the ailing building sector, financial sources say, raising the possibility more public cash will be needed to rescue the country''s lenders.

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Moody’s bank downgrades risk choking European recovery

Moody’s Investors Service will in May start cutting the credit ratings of more than 100 banks, a move that risks pushing up their funding costs and forcing them to curb lending in a threat to economic growth.

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Commerzbank loses banker bonus case

Commerzbank has lost a landmark case, which means it has to pay around €50 million of bonuses to 104 bankers.

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German exports, imports hit highs

Germany''s external trade rose to its highest monthly level on record in March, underpinning growth in Europe''s largest economy, even as much of the eurozone economy falters.

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US stock futures drop amid political turmoil in Europe

US stock-index futures fell, indicating the Dow Jones Industrial Average will drop for a sixth day, as investors speculated political wrangling in Europe may intensify, harming the global economic recovery.

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