 » Comments by Wolfgang Schäuble, Germany's finance minister, and others about the possibility that Greece would have to restructure its debt unsettled financial markets. Greece received a bail-out from the European Union and the IMF last May. The terms of the rescue package expire in 2013, and some expect Greece to restructure before then. The yields on government bonds issued by Greece and other troubled economies in the euro zone soared after Mr Schäuble's remarks. See article The commodity effect » A range of data from various countries showed inflation accelerating during March. The euro area's annual inflation rate rose to 2.7%, as prices jumped for items other than food and energy. The news came shortly after the European Central Bank had decided to increase interest rates for the first time in three years. America reported that different factors lay behind a rise to 2.7% in its consumer-price index. The chief cause was higher petrol prices; the cost of most consumer goods barely increased. » In India headline inflation (measured by wholesale rather than retail prices) leapt to nearly 9%, compared with 8.3% in February. And in China consumer prices recorded their biggest increase since July 2008, rising by 5.4% year-on-year. In another effort to try to dampen consumer lending, China boosted the required level of reserves that banks must deposit with the central bank, for the fourth time this year. » A meeting of finance ministers from the G20 agreed to the "indicative guidelines" that would be used in future stress tests of their economies. Particular attention will be given to the seven members of the G20 that account for most of the body's output, which include China and India. Under the proposals, the IMF will look at national policies on levels of debt, budget deficits and trade balances to decide whether a country poses a threat to the world economy. » Bank of America's troubles continued as it shook up its executive team and appointed a new chief financial officer. The bank has not been doing as well as its competitors. Its net profit in the first quarter was 36% lower than a year earlier, its share price has fallen by 30% over the past 12 months, and it performed badly in the stress tests of American banks, prompting the Federal Reserve to reject its plans for a modest increase in its shareholder dividend. See article » Citigroup's quarterly profit dropped sharply, to $3 billion, as its consumer-banking business continues to struggle in America. Quarterly income at Goldman Sachs was also lower, though it fared better than expected. The investment bank reported net revenue of $11.9 billion and net earnings of $2.7 billion. » A court in Milan cleared Bank of America, Citigroup, Deutsche Bank and Morgan Stanley on charges related to the collapse of Parmalat. Dubbed "Europe's Enron", Parmalat filed for bankruptcy in 2003; the dairy company's founder was eventually sentenced to 18 years in prison for fraud. The four banks were accused in the trial of trying to mislead investors about Parmalat's situation.
A date to remember  » The American government reopened the last maritime area off the Gulf coast that had been closed to fishing because of the BP oil spill. The final lifting of the ban came the day before the first anniversary of the blowout on the Deepwater Horizon well, which killed 11 workers. See article » Federal prosecutors shut down the three biggest online poker sites in the United States, charging their owners with fraud and money-laundering. Congress banned banks from handling internet-gambling money in 2006. Poker sites have remained open for business, as their operations are run from outside America, in places such as the Isle of Man. See article » Synthes, which makes medical devices and sells many of the plates and screws used for treating broken bones, confirmed that Johnson & Johnson had approached it about a takeover. Any potential deal is thought to be worth around $20 billion, which would be J&J's biggest acquisition to date. The health-care company's profit was much reduced in the first quarter because of a rash of product recalls, including artificial hips. See article » Pietro Ferrero, the 48-year-old boss of Ferrero, an Italian confectionery group whose brands include Nutella and Kinder, died in a cycling accident in South Africa.
Hope he's told the council » A record £136m ($223m) was paid for a residence in London. A Ukrainian tycoon is believed to be the buyer of two flats in a plush new development bordering Hyde Park, which he will convert into a penthouse, if he can get planning permission. See article | 
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