Spain’s Bad Loans Hit 16-Year High Spain’s central bank Friday said bad debt at the country’s commercial banks soared in April to the worst level in 16 years, a sign that a three-year property bust that’s hit developers and households is hurting the financial sector even as Spanish economic growth recovers modestly. As a percentage of total credit, Spanish non-performing loans rose in April to 6.4%, the highest reading since June 1995, from 6.1% in March.
Toyota Sees Full Production by Fall Toyota Motor Corp. said its North American factories will return to full production by September, two to three months ahead of an earlier forecast and signaling it is near an end to the disruptions caused by the March 11 earthquake. At the end of May, Toyota’s U.S. dealers had 210,941 vehicles in stock, according to market researcher Autodata Corp. At the same time a year ago, it had 322,786 in inventory
More Homes Listed and Lingering, Data ShowData from Realtor.com show that the number of homes listed for sale increased by 3.5% in May, the largest monthly increase of the year, to around 2.34 million listings. The exact level of supply remains unclear because the figures don’t include all of the foreclosed homes that banks and other investors may be preparing to sell. The National Association of Realtors, which reports sales and inventory of existing homes for May next week, estimated the supply of unsold homes and condominiums stood at 3.87 million in April. On a national basis over the past 27 years, inventories typically have shown little change in May from April levels, according to Zelman & Associates, a research firm.
Ethanol Suffers Loss in Senate The Senate voted to end more than three decades of federal subsidies for ethanol, signaling that other long-sacrosanct programs could be at risk as part of a budget compromise.
Wall Street Eyed in Metal Squeeze Goldman and other owners of large metals warehouses are being scrutinized by the London Metal Exchange after being accused by users of restricting the amount of metal they release to customers, inflating prices.