ECONOMY

A brief summary of the day's market-moving events across Europe's major economies

State-rescued bank must pay €50 million to traders despite €6 billion in losses at investment banking division

Spanish shares slumped and its benchmark borrowing costs spiked as investors switched focus to yet another indebted European economy as the region's financial crisis intensifies.

Europe's biggest insurance group plans China listing, sees solid 2012 profit growth

Germany's number two bank says it has raised more than €5bn in capital this year

World's fourth largest brewer hit by 200 percent rise in Russian beer taxes

Euro crashes, shares turn red as potential next leader in Greece questions bailout pledges

After Andrew Moss stepped down as CEO of UK insurer Aviva, IBTimes UK asks why they didn't grant him a pay rise in light of recent excellent results

Andrew Moss, chief executive of Aviva, had turned down a pay rise after shareholders voiced their concerns on executive pay.

Latest report reveals that a majority of airlines only implement hedging procedures for 21% – 40% of its total fuel for a year, in a bid to guard against rising oil prices.

World's richest man Carlos Slim tries to expand his empire mobile by making a monster bid for troubled Dutch telecom KPN

UK house prices fell at their quickest pace in April, according to the Royal Institute of Chartered Surveyors.

Staffing Group beats forecasts for earnings, sales amid challenging European economy

The Bank of England (BoE) is expected to take a call on whether to extend its £325 billion quantitative easing to support the economy when it meets this week, as it cannot ignore Britain's above-target inflation even though official data shows the country is back into recession.

Pitched against the Galaxy S3, the LG's Optimus LTE2 packs a 2GB of onboard RAM and has other special features.

A tough week for Europe's markets just got worse after grim jobs data from the United States

Franco-Dutch airline is the third aviation company this week to report losses stemming from rising fuel costs

A house price index from Halifax shows UK house prices as dropping 2.4 percent after surging demand ahead of the end of a stamp duty holiday pushed them up.

Shares in HMV rocket, despite the UK retailer posting a decline in profits and sales, after the group pledges a return to profit for 2012 and 2013.

BNP Paribas reports first quarter profit rise following its stake in Klepierre sale and a a rebound in fixed-income trading revenue.

RBS shares rise as loan repayment marks the beginning of long march to government stake sale

UK Border Force data shows continued delays as London braces for huge surge in air traffic for 2012 Olympics

Shareholders at British insurer Aviva and Trinity Mirror are the latest in a line of stockholders that vehemently oppose high executive compensation packages

The United Nations Food Price Index reports its first fall in four months, driven by dairy, sugar and cereals.

AP-conducted poll shows economists forecasting US jobs recovery that will boost President Barack Obama's prospects in November's presidential race.

Mervyn King offers little insight, lots of cliché, in first peacetime radio address from a Bank of England Governor since 1939

Germany's largest airline announces a headcount cull in order to reduce costs and return to profitability, despite a rise in revenue in Q1 2012.

Spain raises €2.5bn but pays an extra 1.5 percent in interest as investor demand more protection

The former state-owned monopoly says the future is still bright, despite unveiling a decline in profits, operating margins and net clients, following tough competition from new French mobile operator Iliad.