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Banking

WireTap 1400 20/01/12

A round-up of the key stories across the specialist financial media, including news that Europe’s banks are preparing for a worsening of the sovereign debt crisis.


European banks prepare for worst, hoard cash

Europe’s banks are preparing for a worsening of the sovereign debt crisis, stockpiling cash and cutting back on loans to protect themselves against a seizing-up of the financial markets.

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EU Toughens Fiscal Pact Bowing to ECB Objection

European Union governments set tougher rules on budget deficits in the latest draft of a planned fiscal treaty, bowing to some objections raised by the European Central Bank.

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GE's profit declines 18%

General Electric’s fourth quarter profits declined by 18% as revenue declined following the sale of a stake in NBC Universal.

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Investors exit big-name funds as stars fail to shine

Investors are losing faith in high-profile fund managers’ abilities to protect them from losses, with some of the best known names topping a list of funds that lost cash in 2011.

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German minister in doubts over DB-NYSE merger

A key German regulator has said that he has “not yet been convinced” by Deutsche Börse’s plan to merge with NYSE Euronext.

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Vodafone wins $2.9bn India tax battle

India’s Supreme Court has come out in favour of Vodafone in a landmark case that could have landed the telecoms company with a $2.9 billion tax bill.

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