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QFINANCE Top 5 Stories of the Week

QFINANCE brings to you its top 5 financial news stories of the week, along with relevant QFINANCE articles and definitions to fill you in on background details. Stories this week include protests across France against pension reforms, the UK spending review, and G20 reactions to the currency wars.


Basel III praised by Barclays chief

In an interview with the Financial Times, Barclays’ chief executive John Varley commended the ‘substance and timetable’ of the Basel III proposals. His stance is in sharp contrast to other senior bankers who see Basel III rules as restrictive to lending.


BP bonuses to be based on safety targets

New BP chief executive Bob Dudley has announced that fourth-quarter bonuses will be judged solely on employees’ health and safety performance.


Strikes against pension proposals continue in France

Millions of protesters have gathered in cities across France to demonstrate their opposition to proposed pension reforms. The government plans to raise the retirement age from 60 to 62 and the full state pension age from 65 to 67.


UK spending review reveals dramatic £81bn cuts

UK chancellor George Osborne announced that Britain will experience the biggest spending cuts since World War 2. Mr Osborne said, “It is a hard road but it leads to a better future.” The £81 billion cuts will see an estimated 500,000 job losses in the public sector and £7bn cut from welfare.


G20 discussions on currency wars spark tension amongst finance chiefs

G20 finance chiefs are undecided over proposals to set targets to even out economic imbalances. US Treasury Secretary Tim Geithner is behind plans to rebalance the global economy following recent currency controversies.

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Tags: banking , Basel III , bonuses , BP , budget deficit , economic recovery , executive pay , G20 , global imbalances , international differences , Pensions , public sector , spending review , UK , US
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