A woman walks past a closed store in Madrid, Spain.
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Business Bites: Could Spain need a bailout?

Latest figures from the National Statistics Institute show that the Spanish economy is officially in recession, prompting fresh fears the country will need a bailout.

It shrank 0.3% over the three months to the end of March, the second consecutive quarterly contraction.

Standard and Poor's has downgraded the credit ratings of nine Spanish banks, and last week the government said that unemployment hit a record in March of 24.4%.

Meanwhile the International Labour Organisation says the number of people out of work around the world has reached an alarming level.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.

Go to next video: Spain dips back into recession