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Wednesday July 18
In the UK, Chancellor George Osborne announced the government’s plans to underwrite up to £40bn of investment in infrastructure to help stimulating the economy. The UK Guarantee scheme comes right after the IMF report earlier last week which lowered the UK growth forecast from 0.8% to just 0.2%.
More on the BBC
Thursday July 19
After the news that Barclays had attempted to manipulate the Libor rate and the European Euribor last week, regulators are investigating on Europe’s largest banks including Crédit Agricole, HSBC, Deutsche Bank and Société Générale. The investigation is also looking into possible links between traders at these banks and Philippe Moryoussef, Barclays’ former euroswaps trader.
More on the FT
Friday July 20
The German Parliament has voted to back a bailout of Spanish banks for up to 100 billion euros ($123 billion). Finance Minister Wolfgang Schaeuble insisted on the fact that Spain will remain liable for the aid and German parliament will be consulted on each step of the plan. After the opposition parties decided to back Chancellor Angela Merkel’s initiative, the deputies voted 473 to 97 in favor of the bill.
More on Bloomberg BusinessWeek
Monday July 23
Federal Reserve official John Williams warned the central bank on Monday to ease policy further to hope for some progress on tackling unemployment in the US. Ahead of a meeting next week to discuss the possibility of a QE3, his comment underlined the need for the central Bank to support growth in a weak economy.
More on the FT
Tuesday July 24
While the Catalonia region has warned the central government that it will need funds, borrowing costs are still rising in Spain where the fear that the country will need a full bailout is scaring investors away. To borrow funds for six months, the Spanish government had to pay almost 3.7%, higher than a few months earlier.
More on BBCCome back next Tuesday for another report on the world of business and finance.
Tags: banking , central banks , economic recovery , EU , euro , European Central Bank , European Monetary Union , eurozone , Federal Reserve , financial crisis , fiscal stimulus , Germany , Greek debt , IMF , regulation , sovereign debt , Spain , stocks and shares , UK , US , US economy