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   | | | | Business this week Jun 17th 2010 From The Economist print edition With BP’s share price falling to half the level it stood at when the crisis in the Gulf of Mexico began on April 20th, and estimates of how much it will have to fork out to clean up the oil spill and pay compensation rising steadily, Fitch downgraded the oil company’s credit rating by six notches to BBB, close to junk. Fitch reasoned that the costs facing BP could be “skewed much more heavily towards the near term” than had been thought. See article
The yield on ten-year Spanish government bonds rose amid speculation of a Greek-style bail-out for Spain and more worries about the financial health of the country’s banks. The Bank of Spain said it would soon publish the results of “stress tests” that will reveal whether Spanish banks have adequate capital. Meanwhile, the government pushed forward with a package of labour-market reforms, seen as a vital step towards reducing Spain’s budget deficit. See article George Osborne, Britain’s chancellor of the exchequer, outlined plans to overhaul Britain’s financial regulatory structure, including giving the Bank of England supervisory responsibilities for banks and jettisoning the Financial Services Authority. But in a surprise move, Hector Sants, the current head of the FSA, will be made a deputy governor at the central bank and handed the new supervisory role. A review was also announced, to be led by a former head of the Office of Fair Trading, into whether Britain’s big banks should be forced to split up. See article The body that oversees banking in China warned that 2010 could see an increase in substantive risks and losses for Chinese banks. The areas of most concern to the China Banking Regulatory Commission are soaring property prices, to which the government has responded by reining in lending, and “unwise” loans made to local-government investment vehicles. China’s local authorities are barred from borrowing directly and use such vehicles, backed by state banks, to fund welfare and public-works projects. After lengthy negotiations, the Swiss Parliament approved a deal between the government and American authorities to hand over the names of clients at UBS suspected of using their bank accounts to avoid paying American taxes. The deal was reached last year, but many Swiss politicians maintain it undermines Switzerland’s reputation for bank secrecy. The federal agency in charge of Fannie Mae and Freddie Mac declared that the mortgage pair would no longer trade on the New York Stock Exchange. Fannie and Freddie have received $145 billion in government bail-outs; Fannie’s share price, which was worth around $70 in 2007, has recently been trading on the NYSE for less than $1. General Motors withdrew all its applications for government loan guarantees across Europe and decided to fund the restructuring of its Opel division itself. The move was expected after Germany’s federal government turned down a request for €1.1 billion ($1.3 billion) in guarantees. GM pointed to its “recently improved financial strength” as a factor in proceeding with an internal solution. FedEx reported a quarterly profit and said revenue had risen by 20% compared with a year earlier. There was also a solid rise in average daily volumes at its express-shipping business. The logistics company is considered a bellwether for the global economy. Pilots at Spirit Airlines reached a tentative deal with management over pay, ending their six-day strike. The walkout at Spirit, which operates low-cost flights from Fort Lauderdale and Detroit, was the most serious industrial action at an American carrier since mechanics at Northwest Airlines downed tools in 2005. Finland’s Nokia lowered its quarterly earnings guidance. It now expects sales to be at the low end of forecasts, underlining the squeeze it is facing from devices at the top end of the smart-phone market and from cheaper mobile phones made by Asian competitors. Iridium, which operates the world’s biggest commercial-satellit Rupert Murdoch’s News Corporation launched a bid for the 61% it doesn’t already control of BSkyB, Britain’s biggest satellite broadcaster which was formed by a merger of Mr Murdoch’s Sky Television and British Satellite Broadcasting in 1990. BSkyB’s directors said Mr Murdoch’s opening offer of £7.8 billion ($11.5 billion) for the stake undervalued the company. See article Customer service To change your subscription settings or to unsubscribe please click here, (you may need to log in) and select the newsletters you wish to unsubscribe from. As a registered user of The Economist online, you can sign up for additional newsletters or change your e-mail address by amending your details. If you received this newsletter from a friend and you would like to subscribe to The Economist online's wide range of newsletters, please go to the The Economist online registration page and fill out the registration form. This mail has been sent to: eleccion@yahoogroup
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