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India is making a big move to internationalize its currency through a deal with the World Bank to launch the first offshore rupee bond program. more...

Deutsche Bank’s exposure to “casino banking” in Las Vegas has reached $4.9bn, rivalling its exposure to countries affected by the eurozone debt crisis, reported the FT. more...

Europe needs between 100 billion and 200 billion euros to recapitalize its banks to win back investor confidence, the International Monetary Fund's European Department Director Antonio Borges said on Wednesday. more...

The Japan Bank for International Cooperation will offer credit lines worth $43 billion to three major banks to counter the effects of a strong yen, the Nikkei Japanese daily reported. more...

Ministers are set to be told this autumn that a £12 billion ($18.8 billion) black hole has opened in the public finances, in a forecast that threatens to derail the coalition’s deficit reduction strategy and prolong austerity well into the next parliament, reported the FT. more...

France's top bank BNP Paribas announced a plan to sell 70 billion euros ($95.7 billion) of risk-weighted assets to help ease mounting investor fears about French bank leverage and funding, two days after smaller rival Societe Generale unveiled a similar plan. more...

French bank Societe Generale said it would free up 4 billion euros of capital by 2013 by selling assets, improving its core Tier 1 ratio by 100 basis points. more...

Switzerland's government will unveil a 1.5 billion Swiss franc ($1,9 billion) package to help the country deal with the strong currency when it meets later on Wednesday, a Swiss newspaper reported. more...

Philips on Monday surprised with a 1.3 billion euro quarterly net loss, citing a slower-than-expected recovery from the recession and impairment charges, and said it will cut costs by 500 million euros. more...

Spain sold $2.15 billion (1.5 billion euros) of a 2014 bond, and $2.15 billion (1.5 billion euros) of a 2016 bond on Thursday, which together were at the top end of the Treasury's $2.86-4.30 billion (2-3 billion euro) target range. more...

Germany's financial institutions will contribute 3.2 billion euros ($4.6 billion) to a rescue for Greece, the details of which still have to be finalised, German Finance Minister Wolfgang Schaeuble said on Thursday. more...

CNBC's Diana Olick is on the money trail to see how much foreign buyers are spending on real estate in the U.S. more...

Paulson & Co, the world’s third-largest hedge fund, saw the value of its flagship fund drop close to 6 percent in May, the FT reports. more...

Japan's trade balance dipped 700 billion yen ($8.5 billion) into the red in April, the largest deficit since the financial crisis, according to the median estimate of research institutions polled by a Nikkei Inc group firm, the Nikkei business daily reported. more...