THE HEADLINES IN BRIEF: HIDDEN LOSSES AT BRITISH BANKS. SPAIN SHOUTS FOR HELP. CHINA FINALLY STARTS EXPORTING ITS BRANDS NOT JUST ITS GOODS
…. DON’T BANK ON BANKS ….
DAILY TELEGRAPH
UK BANKS SITTING ON £40BN OF UNDECLARED LOSSES
By Philip Aldrick
Britain's banks are sitting on a £40bn black hole of undeclared losses that are preventing them from making vital loans to businesses and households. Royal Bank of Scotland was in the worst condition, PIRC, the shareholder advisory group found, with £18bn of undeclared losses.
FINANCIAL TIMES
SPAIN MAKES EXPLICIT PLEA FOR BANK AID
By Victor Mallet in Madrid and Peter Spiegel in Brussels
Spain has made its most explicit call to date for Europe to recapitalise the country’s banks as concerns increase about its own ability to raise cash. Mariano Rajoy, Spain’s prime minister, warned on Tuesday that the country was in a situation of “extreme difficulty”.
DAILY TELEGRAPH
SPAIN MAKES PLEA FOR EU AID FOR TROUBLED BANKS
By Ambrose Evans-Pritchard
Spain has admitted for the first time that it can no longer raise money on the global markets threatening to set off a dangerous escalation of Europe's debt crisis. Premier Mariano Rajoy said "Europe must say where it is going and show that the euro is an irreversible project that is not in danger, that helps nations in difficulty."
…. MARKET REACTION …
FINANCIAL TIMES
STOCKS REBOUND AS STIMULUS HOPES GROW
By Vivianne Rodrigues in New York and Neil Dennis. in London
Global equity markets rebounded on rising hopes for fresh stimulus measures to promote growth, as G7 officials discussed the eurozone debt crisis during an emergency conference call. But risk sentiment remained cautious. The dollar advanced against most major currencies, while the euro resumed declines.
DAILY MAIL
EMERGENCY TALKS BETWEEN G7 FINANCE MINISTERS FAIL TO EASE INVESTORS' CONCERNS
By Ben Griffiths
Emergency talks between finance ministers from the G7 group of industrialised nations failed to ease investors’ concerns yesterday as worries mount over the eurozone. European stock markets were muted despite new data showing all of the eurozone’s major economies are now in various states of decline.
…. OTHER NEWS …
DAILY EXPRESS
EURO ECONOMIES SHRINK AT FASTEST RATE IN THREE YEARS
By Peter Cunliffe
All of the eurozone’s major economies are in decline and the pace of contraction is the fastest in nearly three years, new figures showed yesterday. The gloomy assessment came from the closely watched Purchasing Managers Index for several countries, regarded as reliable forecast of economic growth.
GUARDIAN
OIL RUSH IN THE ARCTIC GAMBLES WITH NATURE AND DIPLOMACY
By Terry Macalister
In Svalbard politicians and scientists talk of global warming and a low carbon economy. Outside, the oil drilling rigs are moving in. After hearing predictions that 30% of species could be extinct and a fifth of Bangladesh underwater before 2100, Anders Wijkman, the Swedish MEP who is chairman of this special symposium, urged the removal of "all subsidies on fossil fuels" and a much stronger commitment to renewable power in measures to build a sustainable future.
DAILY EXPRESS
CHINESE CLOTHES BRAND'S LONDON LAUNCH
By Peter Cunliffe
A Chinese menswear retailer is preparing to break into the British market by putting the finishing touches to its first store in this country. Bosideng’s seven-storey building in South Molton Street, just off London’s Oxford Street, is due to open next month.
THE SUN
DON’T BANK ON IT - 'EXCHANGE' SITES BOOM
By Tim Heming
Struggling savers hit by low interest rates and crippling inflation are being told they could nab a better deal – by avoiding the banks. Peer-to-peer businesses — where individuals lend to one another — are booming as an alternative for savers, with interest rates topping those offered by the High Street.
CITY AM
FACEBOOK TANKS FURTHER DESPITE NEW MOBILE ADS
By Lauren Davidson
Facebook shares continued to hurtle downwards yesterday, dropping 3.8 per cent to a new closing low of $25.87 (£16.82) – far below the $38 IPO price. The stock, which had dipped as low as $25.75 during the day, continued to sink in after hours trading in yet another blow for the company’s uber-hyped flotation.
WWW.BBC.CO.UK
AUSTRALIA'S ECONOMY EXPANDS MORE THAN EXPECTED
Australia's economy expanded more-than-expected in the first three months of the year allaying fears of a global slowdown hurting its growth. Growth was 1.3% during the period from the previous three months. Analysts had projected a 0.5% expansion
