QFINANCE brings to you its top 5 financial news stories of the week, along with relevent QFINANCE articles and definitions to fill you in on background details. Stories this week include gold sales ending in Europe, a possible global 'currency war', according to Brazil's finance minister, and speculation over Ireland's estimated $50 billion bailout.
Gold sales in Europe ending
Europe’s central banks announced that they would stop selling gold reserves after more than 10 years’ of large disposals.
Brazil warns of an ‘international currency war’
Brazil’s finance minister, Guido Mantega, claimed that an ‘international currency war’ had begun, thanks to lowering of exchange rates to encourage competition between countries such as Japan, South Korea and Taiwan.
- India and Brazil: Still winners as the Global Economy Collapses? by Maya Bhandari
- Currency Risk [key concept]
Grant Thornton calls for cap on Big Four
Grant Thornton, the UK’s fifth largest auditor, has highlighted a potential threat caused by the dominance of the Big Four auditors, suggesting the introduction of a cap on the market share of UK auditors.
- Big Four [dictionary definition]
- Holding the auditors accountable for missing corporate fraud, by Ian Fraser [blog post]
- Regulation, Corporate Governance, and Boardroom Performance Must Be Shaken Up If We Are to Avoid Another Financial Crisis, by Stewart Hamilton
Differing opinions in Federal Bank are exposed in speeches
The use of quantitative easing has split opinion in the Fed, it emerged after speeches by representatives of Boston, Menneapolis and Philadelphia at a Fed September meeting.
- Quantitative easing [dictionary definition]
- US Financial Regulation: A Hopeless Tangle, or Complexity for a Purpose? by Lawrence J. White
Speculation over Ireland’s possible $50bn bailout
The estimated amount of money needed to save Ireland from financial collapse rose to $50 billion. Irish ministers have promised a new series of measures in a bid to save the economy.
- We need a stronger EFSF to stop the PIIGS from slip-sliding away, by Ian Fraser [blog post]
- Ireland [country profile]
Tags: auditing , big four , Brazil , central banks , currency exchange , Europe , Federal bank , gold , Ireland , quantitative easing , sovereign debt