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   | | | | Business this week Jul 29th 2010 From The Economist print edition The oil spill in the Gulf of Mexico continued to shake BP. The firm announced that its unpopular chief executive Tony Hayward would step down on October 1st. Robert Dudley, its American executive director, will replace him. BP reported a loss of $17 billion in the second quarter, after a pre-tax charge of $32 billion to cover the costs of cleaning up the oil spill, compensating its victims and paying fines. The embattled company intends to sell up to $30 billion of assets to settle its bills. See article China’s banking regulator indicated that the country’s banks face serious default risks on about 20% of the 7.7 trillion yuan ($1.1 trillion) they have lent to local-government financing vehicles. ICBC, the world’s largest bank by market capitalisation, said it would raise up to $6.6 billion in a rights issue. Seven European banks failed the stress tests conducted to assess their resilience to a sharper-than- The European Central Bank announced a new set of discounts it will apply from January 1st 2011 when accepting low-quality assets as collateral from banks. The decision is intended to reduce the risk the ECB has taken on during the crisis. The discounts will not apply to government bonds. The Basel Committee on Banking Supervision softened some provisions in Basel 3, a set of rules being drawn up to govern banks’ capital requirements and liquidity standards. The modifications water down earlier definitions of capital and include a long phase-in period to comply with new requirements about leverage and liquidity ratios. The final package of reforms is expected to be presented to the G20 leaders’ meeting in Seoul in November.
The American consumer-confidence index fell to 50.4 in July, from 54.3 in June, reaching a five-month low. The Federal Reserve observed a modest rise in economic activity in June and the first half of July in its beige book report on the American economy. The Fed found that conditions were improving in most of its 12 regional districts, but that advances were moderate, lending credence to the view that the recovery is weakening but broadly on track. The Reserve Bank of India raised interest rates more than expected, lifting the repurchase rate by 25 basis points to 5.75% and the reverse repurchase rate, which the bank uses to absorb excess liquidity, by 50 basis points to 4.50%. The country’s central bank said the move was necessary to combat persistently high inflation. Russia said it will sell part of the state’s stake in 11 companies to raise up to $29 billion in the next three years. It will be the country’s largest privatisation programme since the 1990s. The IMF issued a statement describing the yuan as “undervalued”. It had previously said the Chinese currency was “substantially undervalued”. The softer language reflected a recognition of China’s efforts to free up the yuan’s exchange rate. The fund’s board appears to have been divided on the issue. The European Commission announced it would launch an antitrust probe into the mainframe business of IBM. The company said it would co-operate with the competition watchdog, but denied charges of anti-competitive conduct. Amazon announced the launch of a new generation of the Kindle, its e-reader. One model will be equipped with wireless and another with 3G mobile technology. The products are due to ship on August 27th and will be cheaper than previous versions. Telefónica of Spain agreed with Portugal Telecom to buy it out of Vivo, their Brazilian mobile-phone joint venture, after raising its bid to €7.5 billion ($9.8 billion), over 30% more than it had first offered. The Portuguese government had earlier vetoed the sale. UBS reported SFr2 billion ($1.8 billion) in net profits for the second quarter, marking its third profitable quarter in a row. Meanwhile Credit Suisse, another Swiss lender, made a profit of SFr1.6 billion. LVMH, the world’s biggest luxury-goods group, reported higher-than- 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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