Each week QFINANCE will endeavor to bring you some of the biggest news stories from the past five days in finance and business, as well as some of the most fascinating websites and links that have crossed our path. We hope you'll enjoy reading it and you'll come back each Thursday to brush up on your finance and business knowledge.
Friday January 13
As many feared it, France lost its top AAA credit rating last Friday. Other eurozone governments were also downgraded by Standard & Poor’s. Germany kept its AAA rating but Italy and Spain were also downgraded by the rating agency. The FTSE 100 was down to 0.5% and Frankfurt’s Dax was 0.6%. Protests took place in France in front of the Standard & Poor’s building while the French finance minister declared : “rating agencies don’t make French policies”
More on BBC
Monday January 16
Royal Bank of Scotland sold its aircraft leasing business for $7.3bn (£4.7bn) to Sumitomo Mitsui Financial Group, one of Japan’s biggest banks. After months of negotiations, the sale was finally completed on Monday after the Japanese group won the auction. Most of the sum will be used to fill its debt and only a fifth of the purchase price will be used to buy RBS aviation’s equity.
More on The Telegraph
Tuesday January 17
Chinese government’s figures announced on Tuesday the slowest growth pace in more than two years for China. Gross domestic product fell from 9.1% last month to 8.9% at the end of December. Experts and analysts are expecting a further decrease of the world’s second-largest economy, as the growth for the full year was 9.2% from 10.4% in 2010.
More on BBC
Wednesday January 18
In Ukraine, Finance minister resigned from his position on Wednesday as the country is going through strong pressure over a blocked $15 billion International Monetary Fund loan. In the UK, new ONS figures showed that unemployment is still rising and reached 2,685 million in November. And finally in the US, a bill on copyright violation was the reason for an online strike consisting in 24hours "blackout" from big websites such as Wikipedia.
More on Washington Post
Thursday January 19
As credit downgrades hit Europe, the US stocks seem to have had the best start in 25 years as the S&P 500 increased 4% according to Bloomberg. Investors are speculating the Federal Reserve Chairman Ben S. Bernanke has done incredible work to isolate the economy from the Euro crisis and prevent it from its consequences. Car sales and manufacturing are expecting the biggest fourth quarter since 2003.
More on Bloomberg
Come back next Thursday for another report on the world of business and finance.
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Tags: banking , Ben Bernanke , central banks , China , EU , European Central Bank , European Monetary Union , eurozone , financial crisis , Greece , IMF , Japan , regulation , sovereign debt , stocks and shares , UK , US , US economy