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Friday June 8
Last week ended with a major surprise on the world’s markets as China’s central bank unexpectedly cut interest rates to 6.31% for the first time since 2008. Chinese growth fell from 10.4% in 2010 and 9.2% in 2011 to 8.1% in the first quarter of this year. This move shows a concern over downside risk on the country’s economy.
More on the FT
Monday June 11
The weekend announced the eurozone ministers’ decision to lend Spain's banks up to 100bn euros ($125bn; £80bn). While Spanish Prime Minsiter Mariano Rajoy declared it was “a victory”, this represents the second biggest country bailout in the eurozone after the 247bn euros in last February and May 2010 for Greece.
More on the BBC
Tuesday June 12
India is expected to grow by 6.9% this year, the World Bank predicted on Tuesday. Despite the fiscal deficit, inflation and policy issues, it seems "India will see growth (measured at factor cost) increasing to 6.9, 7.2 and 7.4 per cent in fiscal years 2012-13, 2013-14 and 2014-15, respectively," the World Bank said in the report titled 'Global Economic Prospects' .
More on Economic Times
Wednesday June 13
The German central bank Bundebank has declared it will be opposed to a European banking union warning that the condition under which eurozone liabilities could be shared is an elemental move towards a political and fiscal union. "The result would be a pooling of the governments' liabilities through the back door," the Bundebank's vice-president Sabine Lautenschlaeger told the Telegraph.
More on the Telegraph
Thursday June 14
Newly published reports have shown that the Spanish borrowing costs have reached a record in the history of the euro following Moody’s cut to one notch above "junk". While the yield on benchmark 10-years bonds hit 7% on Thursday, it seems the lenders are demanding a higher interest rate.
More on the BBCCome back next Thursday for another report on the world of business and finance.
Tags: banking , central banks , ECB , economic recovery , emerging markets , European Central Bank , European Monetary Union , eurozone , Federal Reserve , financial crisis , fiscal stimulus , France , Germany , global imbalances , Greece , Greek debt , hedge funds , International Monetary Fund , RBS , regulation , sovereign debt , Spain , stocks and shares , UK , US economy