Each week QFINANCE.com brings you some of the biggest news stories from the past five days in finance and business – essential reading to keep you up to date with the latest topics.
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Wednesday October 24
Newly published numbers showed that the British economy is finally out of recession, growing by 1.0% between July and September, a surprise to economist and analysts. Although many people are still skeptical as to how long this will last, the BBC reported that the economy got a “one-off boost” from the Olympics and Paralympics Games this summer.
In the US, the Fed declared that it would continue the economic stimulus campaign to reduce unemployment the New York Times reported on Wednesday. This comes along with a recent housing recovery with sales of new homes increasing to 5.7% in September to the highest level since 2010.
Thursday October 25
In Greece, leaders of the country have failed, once again to reach an agreement on an overhauled bailout which would give them more time to meet the deficit targets. The Financial Times reported that head of the moderate Democratic left Fortis Kouvelis told his party’s committee that urgent changes needed to be made for the package to be acceptable.
In the UK, energy giant EDF announced an increase of 10.8% of gas and electricity prices from December the BBC reported last Thursday. With three million customers the fifth most important energy firm blamed government charges and the cost of wholesale energy as Downing Street said the move was “very disappointing”.
Friday October 26
Newly published figures showed an increase of US economy growth as it notched 2% in Q3 the Wall Street Journal reported last Friday. Accompanied by strong consumer activity, the federal government spending jumped 9.6% according to the Department of Commerce compared to 0.2% last fall which is partly responsible for the economy boost.
In Germany the parliament approved on Friday the 6.4bn euro cuts in pension contribution in a first step towards stimulus package to help the country’s slowdown and growth rate, the Financial Times reported.
Monday October 29
In India, central bank has opposed calls from Finance Minister Chidambaram to lower interest rates urging the government to revive economic expansion by itself, The Times of India reported on Monday. Repurchase rate was maintained at 8% to the limit price increases while reducing the cash reserve to support lending the Reserve Bank of India declared on Monday.
Ahead of US elections, there seems to be a rise of concerns concerning the Chinese growth. The FT reported that Washington insiders said that the worries over a “fiscal cliff” are raising fears that Beijing is on the verge of a “moment of truth” which would have consequences on the global economy.
Tuesday October 30
In a private sale of government bonds, Portugal took a step towards helping full-market access to its economy. The Wall Street Journal reported that the country’s yields have collapsed and prices of shorter dated bond were trading close to their face value.
With considerable increase and efforts in the country’s economy, Brazil leads in soybean production, set to displace the US as the largest soybean grower, Bloomberg reported on Tuesday. Rabobank International announced that the country will also meet an increasing demand from China as Brazilian farmers are expected to expand sowing by 306,000 hectares (756,142 acres) adding almost 3 million hectares through 2021.Come back next week for another report on the world of business and finance.
Tags: bailout , banking , central banks , China , economic recovery , EU , euro , European Central Bank , Federal Reserve , financial crisis , fiscal stimulus , Greece , Greek debt , India , inflation , Japan , regulation , Reserve Bank of India , sovereign debt , stocks and shares , transparency , UK , US , US economy