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Spain’s banks would need €59.3 billion ($76.3 billion) in extra capital to ride out a serious economic downturn, an independent audit of the country’s 14 main banks by consultancy Oliver Wyman showed on Friday.

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Bollywood, or for that matter, Mollywood (representing Malayalam films) and Tollywood (Telugu and Tamil films), have always had a strong following in the Gulf, where hundreds of thousands of non-resident Indians, or NRIs, and other South Asians have for years flocked cinema halls or rented VCDs/DVDs to enjoy a few hours of entertainment provided by the dream merchants from India.

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Spain’s public debt is set to reach 85.3% of gross domestic product in 2012 and 90.5% in 2013, well above previous forecasts, according to figures in a draft budget submitted to parliament on Saturday.

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Spain announced a detailed timetable for economic reforms and a tough 2013 budget based primarily on spending cuts on Thursday in what many see as an effort to preempt the likely terms of any international bailout.

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In the UAE, markets rebounded as bargain hunters stepped in, but these were lower for the week.

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King Koil, the brand leader in the Middle East matress market, has opened a new showroom on Airport Road in Abu Dhabi.

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LONDON - Gold prices surrendered gains on Friday as the dollar moved into positive territory against a basket of currencies, but the metal stayed on track for its biggest quarterly gain in more than two years on the back of this month’s central bank easing measures.

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LONDON — Britain tightened the screws on troubled banks Friday, vowing to overhaul a “broken” Libor interest rate system that tainted the financial sector’s reputation, and threatening to jail those who abuse it.

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LONDON — Market trading proved volatile Friday — the last working day of the quarter — as investors continued to fret over Spain.

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