Press Round-up – February 3

February 3, 2012

BT set to launch “ultra-fast” internet
“Ultra-fast” broadband using direct fibre-optic connections will become available to most British homes and businesses next year, after a significant technological breakthrough by BT, the UK telecoms group. (FT)

OECD says EU bailout is ‘not enough’
The euro zone’s bailout funds are not big enough, the Organisation for Economic Co-operation and Development (OECD) has warned, amid mounting concerns about a Greek default. (Telegraph)
SNB stands firm on Swiss Franc cap
The independence of the Swiss National Bank risks being compromised due to political pressure following the departure of Philipp Hildebrand as chairman, the central bank’s acting chairman has warned. (FT)

Deutsche Bank concerned by ECB loans
Deutsche Bank has risked a clash with the European Central Bank by indicating it sees a stigma attached to the long-term help offered to banks to try to ease the euro zone’s funding crisis.  (FT)

Brussels finds new black hole in Greece’s finances
Pressure on Greece’s recession-stricken economy has intensified after international debt inspectors admitted an additional 15 billion euros would be needed to fill a newly discovered black hole in the country’s finances. (Guardian)
Spanish banks told to find billions
Spanish banks must find 50 billion euros from profits and capital this year to finance a clean-up of their balance sheets or agree to merge with another bank by May to gain an extra year’s grace, according to Spain’s economy minister Luis de Guindos. (FT)

China to take 25 percent stake in Portugal’s power grid
State Grid Corporation of China is to acquire 25 percent of Portugal’s national power grid in the second large-scale Portuguese acquisition by a Chinese energy group in six weeks. (FT)

Graffiti artist set to cash in on Facebook shares
A graffiti artist who chose to be paid in Facebook shares for work on a mural at the social network’s headquarters could collect $200 million when it goes public this year. (Times)

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