Spain’s Parliament passed an austerity budget for 2011 by a razor-thin margin today, saving embattled prime minister Jose Luis Rodriguez Zapatero his job.

Markets on both sides of the Atlantic were slightly lower today as fresh concerns about the European banking system cooled the September rally.

Irish banks could be in the firing line if the Greek debt crisis proves to be contagious, a ratings agency warned today.

The Greek debt crisis could spread to hit the banking systems of other countries such as the Republic of Ireland, the UK, Portugal, Italy and Spain a leading credit ratings agency said today.

MOODY’S Investor Service said the ratification of the Lisbon Treaty could help reduce the cost of Irish borrowing.

The US government will provide an US$85bn (€59.9bn) emergency loan to rescue the huge insurer AIG, the Federal Reserve said today.

FIRST ACTIVE, which is to pay shareholders a lump sum bonanza of €160 million today, warned yesterday first half profits would be hit by the Government levy imposed on financial institutions in last year’s Budget.

Wall Street took a breather today following a two-day blue chip buying spree, leaving prices narrowly mixed.