1 Cyprus is fifth eurozone country to seek bailout (The Guardian) Cyprus has become the fifth eurozone country to seek outside financial help to shore up its ailing economy after a day of heavy selling on financial markets prompted by fear that this week's European summit will end without a blueprint to rescue the single currency. The government in Nicosia admitted that it had been caught in the backwash from the crisis in neighbouring Greece as it formally applied to Brussels for assistance.
On a day when Fitch cut Cyprus's credit rating to junk, a statement said: "The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spill-over effects through its financial section, due to its large exposure in the Greek economy."
2 Downgrade for 28 Spanish banks (Straits Times) Moody's hit 28 Spanish banks with new credit downgrades, as Madrid formally requested a rescue loan of up to 100 billion euros for the banking sector from its euro zone partners. Moody's said the banks face rising losses from commercial real estate loans and that Madrid's own lowered credit grade also contributed to the rating cuts. The downgrades, which ran from one to four notches, came on the same day Spain formally requested the emergency funds from the euro zone to strengthen its banks, hit by a crash in the country's real estate sector.
3 Americans watch 10bn video ads a month (Marketing Land) For the second consecutive month, US internet users watched a record number of video ads. According to the latest comScore Video Metrix report, Americans watched 10.1 billion video ads in May, up from about 9.5 billion in April. May marks the first time that video ads passed 10 billion views. Hulu and Google combined to deliver about three billion of those video ads and were the top two ad properties for the month in terms of count. Hulu users, though, watched far more minutes of video advertising than Google/YouTube users did.
4 Indian Muslims with ties to Israel (The Wall Street Journal) They call themselves the sons of Israel. Living within earshot of the call to prayer along a gully in Aligarh, Uttar Pradesh, is a small community of Muslims who claim Jewish ancestry. The Banu Israil say their forefathers arrived in India one thousand years ago to spread the message of Islam after their conversion from Judaism. Orally they trace their lineage back to Jacob who appears in the Torah, the Bible and the Koran.
Unlike the Bene Israel, the Banu Israil do not observe any Jewish customs or religious practices. According to some of the 20 to 30 Banu Israily families living in Aligarh in an area known as Banu Israilan, they are completely committed to Islam and there is nothing to distinguish them from the rest of the Muslim community. Their situation is starkly opposed to that of the 7,200-strong B’nei Menasseh community remaining in northeast India that claims to be a "lost tribe of Israel". They converted to Christianity in the nineteenth century but now observe Orthodox Jewish customs in the hope of Aliyah – the right to return to Israel. Some in the community were granted permission to do so in the late 1990s.
On a day when Fitch cut Cyprus's credit rating to junk, a statement said: "The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spill-over effects through its financial section, due to its large exposure in the Greek economy."
2 Downgrade for 28 Spanish banks (Straits Times) Moody's hit 28 Spanish banks with new credit downgrades, as Madrid formally requested a rescue loan of up to 100 billion euros for the banking sector from its euro zone partners. Moody's said the banks face rising losses from commercial real estate loans and that Madrid's own lowered credit grade also contributed to the rating cuts. The downgrades, which ran from one to four notches, came on the same day Spain formally requested the emergency funds from the euro zone to strengthen its banks, hit by a crash in the country's real estate sector.
3 Americans watch 10bn video ads a month (Marketing Land) For the second consecutive month, US internet users watched a record number of video ads. According to the latest comScore Video Metrix report, Americans watched 10.1 billion video ads in May, up from about 9.5 billion in April. May marks the first time that video ads passed 10 billion views. Hulu and Google combined to deliver about three billion of those video ads and were the top two ad properties for the month in terms of count. Hulu users, though, watched far more minutes of video advertising than Google/YouTube users did.
4 Indian Muslims with ties to Israel (The Wall Street Journal) They call themselves the sons of Israel. Living within earshot of the call to prayer along a gully in Aligarh, Uttar Pradesh, is a small community of Muslims who claim Jewish ancestry. The Banu Israil say their forefathers arrived in India one thousand years ago to spread the message of Islam after their conversion from Judaism. Orally they trace their lineage back to Jacob who appears in the Torah, the Bible and the Koran.
Unlike the Bene Israel, the Banu Israil do not observe any Jewish customs or religious practices. According to some of the 20 to 30 Banu Israily families living in Aligarh in an area known as Banu Israilan, they are completely committed to Islam and there is nothing to distinguish them from the rest of the Muslim community. Their situation is starkly opposed to that of the 7,200-strong B’nei Menasseh community remaining in northeast India that claims to be a "lost tribe of Israel". They converted to Christianity in the nineteenth century but now observe Orthodox Jewish customs in the hope of Aliyah – the right to return to Israel. Some in the community were granted permission to do so in the late 1990s.
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