EU’s Bank Stress Test Results Show Many Banks in the Region will Struggle in Case of a Financial Crisis

In the recent stress test modeled by European Banking Authority, Europe's biggest banks just managed to survive bot most of the performances were not up to the mark.

On Friday, the European regulators said, that new stress tests discovered that even a handful of bigger banks in the region will struggle, it a severe economic downturn hit the region or in case there was another financial crisis.

In the List of World’s Most Valuable Companies Amazon, Facebook Leave Berkshire Behind

In the list of world's most valuable companies, Amazon and Facebook made their way up on Friday. In the morning trading, both left Exxon Mobil behind in market cap.

Both the online retail giant and social networking company recently reported higher than expected earnings. Right at the starting hours of trading they whizzed past energy company Exxon. Irving, Texas based Exxon has recently reported second quarter earnings which failed to keep up with expectations. However, later in the day Exxon up-ticked and at the day's close crossed both Amazon and Facebook in market cap.

AB InBev and SABMiller Merger Crosses Another Hurdle

Anheuser-Busch InBev crossed another hurdle in its effort towards merger with SABMiller as the company said it had received conditional approval from Chinese regulators following its agreement to sell, stakes owned by SABMiller in the maker of Snow, the best selling beer in the world.

Second Quarter Growth in U.S. Economy Failed to Catch Up with Expectations

Data from the Commerce Department showed that the U.S. economy did not expand as expected in the second quarter. The year started at a weaker note than previously expected and the uncertain global markets also kept investments slow.

Friday's figures showed that gross domestic product climbed at an annualized rate of 1.2 percent after first quarter's 0.8 percent advance. Average analysts forecast were 2.5 percent increase in the second quarter. Gross domestic product is the broadest measure of goods and services that is produced in the United States.

Police officer still recovering from gunshot in Kawerau siege

One of the police officers involved in the opening stages of the Kawerau siege is still recovering from a gunshot to his head around five months after the incidence.

Four other police officers, who also came under fire during a cannabis recovery operation, have recovered and returned to work while one officer still recovers from his injuries. The police has announced details of the men after a court judgement today lifted name suppression for the five officers directly involved in the incident near Kawerau that occurred.

Oracle Corp Agrees to Acquire NetSuite for $9.3Billion

Rosewood City, California based Oracle Corp, has agreed to acquire San Mateo, California based software company NetSuite for $9.3 billion.

According to Oracle, it is paying cash $109 per share for NetSuite, which is nineteen percent premium on the company's Wednesday closing price of $91.57.

Mr. Ellison, Oracle's chairman is the biggest shareholder in both companies and thus this deal has raised some questions in peoples' minds.

Microsoft Announces a Fresh Round of 2,850 Job Cuts

Earlier this year Microsoft announced that it will cut 1,850 jobs and on Thursday, the company said that it will trim 2,850 more jobs by the middle of 2017.

In a regulatory filing, the company said most of the job losses will be in its phone hardware business. The smartphone hardware unit has already been hit hard by layoffs along with the global sales unit.

All together, Microsoft will trim 4,700 jobs globally by end of its fiscal year 2017.

According to a regulatory filing, those impacted will primarily be.

Pressure on BOJ Increase for Expanding Monetary Stimulus Further

Increasing pressure from the government is making the central bank of Japan consider taking steps to expand its monetary stimulus further. The bank is expected to make moves as weaker inflation in the world's third largest economy persists.

According to people familiar with the matter, the Bank of Japan is timing its action with the big fiscal spending package of the government and will aim at maximizing the increase of its measures on Japan's economy that's been struggling to push inflation for decades without much success.