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    | | | | Business this week May 20th 2010 From The Economist print edition Markets had another unsettled week amid continuing worries that officials in the euro area have failed to resolve the sovereign-debt crisis in the currency block. The European Central Bank’s announcement that it had made an initial purchase of €16.5 billion ($20.4 billion) in government bonds as part of a programme to soothe markets left investors underwhelmed. The euro traded at a four-year low against the dollar. See article Germany also rattled the markets and its partners by introducing a unilateral ten-month ban on naked short-selling (when securities are sold that are not owned or borrowed, which is the practice in conventional short-selling) Meanwhile, finance ministers in the European Union gave their blessing to proposed regulations that would curtail the activities of hedge funds and private-equity firms. With 80% of the European industry based in London, George Osborne, the British chancellor, raised his concerns but backed off from harsher criticism of the new rules, which are enthusiastically supported by France and Germany. See article Dubai World reached an agreement with its principal creditors to restructure $23.5 billion of debt, and emphasised that it did not require additional government support. The state-owned conglomerate roiled markets last November when it requested a six-month standstill on debt repayments.
Chinese stockmarkets fell again on fears that the government might rein in the booming housing market and that the debt crisis in Europe could hurt exports. After a strong rebound in 2009, the Shanghai Composite index is Asia’s worst-performing stockmarket so far this year. American senators added more amendments to a financial-regulatio After the “flash crash” of May 6th, in which stockmarkets plunged within a matter of minutes, America’s Securities and Exchange Commission put forward plans for new “circuit breakers” for automated-trading systems that would halt dealings in shares which experience price movements of 10% or more over a five-minute period. Britain’s Prudential published the prospectus for a $21 billion rights issue to help pay for its takeover of the Asian life-insurance business of American International Group. Since announcing the deal in March, Prudential has sought to assure investors about the $35.5 billion price-tag, insisting the business will be very profitable. The share offering was priced at a heavy discount. See article Executives at Facebook met to decide whether they should simplify the 170 privacy options on the social-networking website amid growing unease about the public availability of users’ personal information. Separately, Google admitted that it had sometimes unintentionally collected web data from wireless networks during mapping for its Street View service. See article General Motors made its first quarterly profit in three years. The carmaker reported net income of $865m for the three months ending March; its North American operations made a pre-tax profit of $1.2 billion. The company, which left bankruptcy protection last July, hopes to turn an annual profit in 2010, something it hasn’t achieved since 2004. See article The price of oil closed below $70 a barrel for the first time this year. Oil prices have tumbled by a fifth since the beginning of May, partly because of a build-up in oil inventories at a delivery point in Oklahoma. Terra Firma Capital Partners agreed to invest “additional sums” in EMI, avoiding a default on its debt to Citigroup that could have seen the bank seize control of the music group. Terra Firma bought EMI in 2007, but has since struggled with its investment and undertook a cash-raising exercise to avert the loan default. An auction of 3G bandwidth for wireless services in India reaped 677 billion rupees ($15 billion) for the government, double what was expected. According to the telecom regulator, subscriptions for current wireless services reached 584m in March.   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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