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QFINANCE weekly news round up

Bringing to you the top finance and business news stories of the week. This week, Egyptian politics, the BP/Rosneft deal and the ever-changing US economy.

Rallies continued all week in Cairo’s Tahrir Square, as protestors aimed to oust current Egyptian president Hosni Mubarak. Concerns over instability in the Middle East possibly affecting shipping in the Suez canal led to a surge in oil prices.

Midweek news saw Citigroup taking over EMI, writing off £2.2.bn of debt owed by the record company. The BP/Rosneft deal saga continued as TNK-BO, BP’s Russian venture, argued that the deal undermined their agreement. See Anthony Harrington's 'BP and Rosneft's Arctic Adventure' part 1 and part 2 for analysis of this major merger.

The FT highlighted a case of shareholder activism as a rebel investor was elected to the chairmanship of F&C Asset Management, one of the UK’s largest asset managers.

The US reported a 3.2% increase in GDP in the last quarter of 2010, with consumer spending increasing by 4.4% and overall economic growth of 2.9% - although employment rate in January fell by 0.4%.

Tags: asset management , BP , Egypt , oil , shareholders , unemployment , US
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