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Financial News Network
May 20, 2012 AT 1:01 AM
This is what's in the news for Friday May 18, 2012. The Wall Street Journal reports bad debts held by Spanish banks jumped to a 17-year high in March, according to the country's central bank, as 8.37% of the loans held by banks, or EUR147.97B, were over three months overdue for repayment in March. Reuters reports market turmoil over the euro zone crisis could last another 12-24 months, says German Finance Minister Schaeuble, adding that it was up to the Greeks to decide if they wanted to stay in the single currency. Bloomberg reports the U.S. yesterday imposed tariffs of as much as 250% on Chinese-made solar cells to aid domestic manufacturers, but critics say the decision may end up raising prices and hurting the U.S. renewable energy industry. Finally Bloomberg also reports Chinese auto dealerships, including Honda (HMC), Chery, BYD and Geely, are struggling with the rising number of unsold cars that's threatening to deepen price cuts, according to the state-backed China Automobile Dealers Association