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 December 5
European aerospace and defense firm EADS announced that Germany is to join France and Spain as direct shareholder. It seems the German stake might be equally important as the French (circa 12%) with Spain at 4%, according to The BBC.
Former chairman of HBOS Lord Stevenson was accused of living in “cloud-cuckooland” after he assured City watchdog that his bank was “as secure” as it could be, only 6 months before the bank collapsed, The FT reported on Wednesday.
Thursday December 6
In his autumn report last Thursday, Chancellor George Osborne conceded that debt-reduction targets would be missed, although he insisted the rich will lose a greater share of income, according to The Guardian. His Commons statement came as a shock and almost cost Britain its triple-A credit rating.
India’s Navy chief declared that he was ready to send ships to the South Chinese Sea to protect its natural resource interests. The Telegraph reported that China was opposed to the move, warning India to stop oil exploration there.
Friday December 7
In the US, unemployment rate dropped to 7.7% as the economy added 146,000 jobs The Guardian reported on Friday. This is the lowest jobless rate since December 2008 although data showed sharp downward revisions of the previous two months.
After Deutsche Bank avoided a government bailout and failed to recognize up to $12 billion of paper losses during the financial crisis, the bank is now under investigation by the US Securities and Exchange Commission. CNBC reported that German regulators were briefed about the bank’s valuation of a clutch of complex derivatives.
Monday December 10
China's economy is expected to overtake the US’s by 2030 as the world faces a 'tectonic shift', according to a report published by The Guardian last Monday. National Intelligence Council suggests the world is at a 'critical juncture in human history' seeing water and food security issues coming to the fore
The US and the UK are expected to unveil the first cross-border plan to deal with failing global banks, The BBC reported on Monday. This new system would suggest that one national regulator would be responsible for overseeing the insolvency of a big international bank instead of bodies from different countries.
Tuesday December 11
HSBC bank group is to pay $1.9bn in US money laundering penalties, The BBC announced on Tuesday. An investigation from the American Senate ruled that the UK-based bank had been a conduit for "drug kingpins and rogue nations".
In the UK, the Office for Budgetary Responsibility warned that the Chancellors’ “shares for workers’ rights” initiative could cost Britain £1bn a year in lost revenues, The FT reported yesterday.
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Tags: banking , China , economic recovery , emerging markets , EU , European Monetary Union , eurozone , financial crisis , fund management , Greece , regulation , sovereign debt , Spain , transparency , UK , US , US economy