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MADRID (Reuters) - Spain's borrowing costs shot up at a bond auction on Thursday, after economic data confirmed the country is back in recession and reports that nationalised Bankia SA had suffered an outflow of deposits hammered its share price. The Spanish Treasury had to pay around 5 percent to attract buyers of three- and four-year bonds. The longer-dated paper sold with a yield of 5.106 percent, way above the 3.374 percent the last time it was auctioned. ...

FRANKFURT (Reuters) - A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill. A Greek departure would take Europe into uncharted legal waters. The size of the burden other euro zone states could bear gives them a powerful incentive to keep Greece in the currency club. ...

HONG KONG (Reuters) - HSBC , Europe's biggest bank, said it cut costs by $2 billion after one year of a 3-year turnaround plan, and is on target to meet its return on equity and other financial targets. The bank is close to already achieving the bottom end of a $2.5-$3.5 billion range of annualised savings by next year, as set out by CEO Stuart Gulliver, who is steering HSBC back to its roots as a financier of global trade. ...

FRANKFURT/ATHENS (Reuters) - The European Central Bank has stopped offering liquidity to some Greek banks it does not consider solvent, and international concern about the euro zone rose as Athens called new elections that look set to be won by parties opposing austerity measures. Fears that Athens is on the brink of crashing out of the euro zone and igniting a renewed financial crisis have rattled global markets and alarmed world leaders, with Greece set to figure high on the agenda at a G8 summit later this week. ...

ATHENS (Reuters) - Greece put a senior judge in charge of an emergency government on Wednesday to lead the nation to new elections on June 17 and bankers tried to calm public fears after the president said political chaos risked causing panic and a run on deposits. In a blow to confidence, the European Central Bank said it had halted liquidity operations with some Greek banks because their capital was too depleted. That means they can no longer offer assets to the ECB as collateral for loans, and would have to seek costlier emergency financing from the Bank of Greece. ...

New Delhi, May 16 (IANS) Telecom company Bharti Airtel Wednesday said its subsidiary, Airtel mCommerce Services, and Axis Bank have partnered to offer banking and payment services, especially to India's unbanked population.

Kolkata, May 16 (IANS) Speciality Restaurants, a fine dining operator which owns popular outlets like Mainland China, Oh! Calcutta and Sigree, Wednesday said it is planning to expand its footprints internationally, starting from South-East Asia.

WASHINGTON (Reuters) - On the face of it, Universal Music Group's bid to buy a big chunk of EMI stands to make the world's leading music company an even more formidable force, combining Universal's star lineup of Lady Gaga and Rihanna with the British company's deep library of The Beatles, Pink Floyd and Katy Perry. Certainly the fierce opposition from rival Warner Music Group, consumer groups and independent music companies makes it seem that way. They have all vowed to fight it tooth and nail, telling U.S. ...

LONDON (Reuters) - JPMorgan Chase & Co's $2 billion-plus trading loss stems from an embarrassment of riches, as like other banks that came out well from the financial crisis it has surplus money burning a hole in its pocket. Safe-haven banks - a category which also includes Britain's HSBC Holdings Plc - are few and far between and have attracted a flood of client deposits, saddling them with the task of putting the money to work in a market where interest rates are close to zero. The job of managing this liquidity is a normally staid function which sits close to a bank's treasury department. ...

Besides, a higher interest cost dented the profitability of the company.

(Corrects 6th graf to say Kleiner Perkins made an investment in Facebook.) REUTERS (May 13) - Facebook's earliest venture-capital backers, especially at once-downtrodden outfit Accel Partners, will have reason to celebrate come Friday when the world's biggest social network is set to debut on the Nasdaq at as much as a $100 billion valuation. Here is a look at some of these pioneering investors and what they are looking at now. KEVIN EFRUSY, ACCEL PARTNERS Efrusy did research and sourced Accel's original investment in Facebook , although Accel partner Jim Breyer sits on Facebook's board. ...

REUTERS - Hewlett-Packard Co. on Monday lost a battle with the U.S. Internal Revenue Service for more than $190 million in tax refunds tied to a Dutch tax shelter designed by the derivatives arm of American International Group . The ruling turns a spotlight on an aggressive tax-cutting strategy created last decade by AIG Financial Products and bankrolled by several European banks. The strategy involved trading derivatives with the aim of generating capital losses and foreign tax credits for large corporations, like HP, which then used them to try to lower their U.S. tax bills. ...