- Posted by QFINANCE Editor, November 30, 2012
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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 November 21
As a result of the country’s dispute with China earlier this year, Japan has announced its largest trade deficit with its neighbor. Japanese exports to China dropped 12% in the past month from last year, The FT reported, suggesting that this might be a sign that the US may supplant China as the country’s top export destination.Related Viewpoint: John Vail looks at the lessons for Europe and the US that can be taken from Japan’s past stagnation
In India, shares were at their highest on Wednesday ahead of the winter parliament session, Reuters India reported. “A rally in December is expected," said Hitash Dang, vice president at Jaypee Capital as private sector banks such as ICICI Bank rose on value buying.
Thursday November 22
After promising to resist and bloc any increase in the EU’s long term budget, David Cameron told EU leaders there can be "no question" of anymore cuts to the British budget return. “There should be cuts in EU spending as a "symbolic gesture"”, the BBC reported on Thursday.Related Viewpoint: Sovereign debt: Patricia Gabaldon on the advantages and difficulties of cuts and spending
Newly published figures have shown that 1 in 10 businesses in the UK are so-called “zombies”, businesses that continue to trade supported by the bank even though they are insolvent and unlikely to recover. The FT reported that the Bank of England raised concerns about the issue as this may well be a cause of slow recovery.
Friday November 23
Banking scandals are erupting more and more regularly it seems, as Swiss group UBS will have to pay one of the largest fines ever imposed by the UK Financial Services Authority of between £20m and £50m. Earlier last week, the bank had declared that Kweku Adoboli had lost more than $2bn on unauthorized trades. He was convicted of fraud and jailed for seven years The FT reported.Related Viewpoint: James Anderson talks about Goldman Sachs describing it as the symbol and essence of what went wrong with western capitalism.
Following a US court decision to award hedge fund creditors with more than $1.3b, Argentina has furiously criticized the verdict as “a kind of legal colonialism”. “All we need now is for [Judge Thomas] Griesa to send us the Fifth Fleet,” Hernán Lorenzino, economy minister was reported to have said by The FT last Friday.
Monday November 26
European discussions have finally led to a bailout deal with the IMF for Greece, agreeing to cut the Greek debts by 40bn euros ($51bn; £32bn) the BBC reported on Monday. Greek Prime Minister Antonis Samaras was reported to have welcomed the deal, saying "a new day begins for all Greeks".Related Viewpoint: Sovereign debt: Patricia Gabaldon on the advantages and difficulties of cuts and spending
In the UK, former Goldman Sachs manager and Canadian central bank chief Mark Carney has been appointed the next Bank of England Governor, The Telegraph announced late on Monday.
Tuesday November 27
In the Philippines, newly published figures revealed that the economy accelerated more than expected in the third quarter, CNBC reported on Tuesday.Related Checklist: How to Use Credit Rating Agencies
Qatar Holding was reported to have sold the rights to buy a large holding of Barclays shares according to The FT on Tuesday. In a move that dropped the bank’s share price sharply, chief executive Ahmad al-Sayed said: “We remain a supportive strategic investor in Barclays, and maintain our confidence in the long-term prospects for the business.”
Come back next week for another report on the world of business and finance.Tags: banking , central banks , China , EU , euro , European Central Bank , eurozone , financial crisis , Greece , IMF , India , Japan , regulation , sovereign debt , UK , US
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