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Home > Blogs > QFINANCE Editor > A week in the world of business and finance (December 2– 8, 2011)

A week in the world of business and finance (December 2– 8, 2011)

Each week QFINANCE will endeavor to bring you some of the biggest news stories from the past five days in finance and business, as well as some of the most fascinating websites and links that have crossed our path. We hope you'll enjoy reading it and you'll come back each Thursday to brush up on your finance and business knowledge.

Friday December 2
The end of the week was marked with warnings in the UK where the Financial Policy Committee advised the banks they should have a public “leverage ratio” to measure the total borrowings two years ahead of their international competitors. Meanwhile the euro saga goes on as Angela Merkel said the EU is heading to a fiscal union to solve the debt crisis. She insisted a new European treaty was needed to insure higher budget discipline.
For more info: BBC

Monday December 5
Italy started the week with a package of 30 billion euro austerity measures from Mario Monti’s government. The prime minister confirmed on Sunday what government sources had announced on Friday as the government will be using this budget over the coming two years to adjust the deficit. Along those lines, Italy will also increase pension age and raise taxes. Happy Monday from Rome!
For more info: Reuters

Tuesday December 6
Standard & Poor’s (S&P) put Germany, France and the eurozone on “credit watch” as six countries with top AAA ratings fell to having 50% chance of a downgrade. The rating agency said it was also putting under review the AAA rating of the European Financial Stability Facility (EFSF). The Euro markets are not doing well this Tuesday with the Dax in Frankfurt down 1.4% and the Cac 40 falling 0.8%.
For more info: BBC

Wednesday December 7
The euro crisis is affecting Chinese export, warned the country’s commerce ministry on Wednesday. Europe and the US represent about 40% of Chinese exports. The minister said they would try to develop the sales towards Latin America and Asia as data to be released on Saturday illustrate a sharp slowdown in export growth in the past month.
For more info: BBC

Thursday December 8
While a “do-or-die” EU summit is taking place in Brussels, Mario Draghi, the European Central Bank president ruled out the possibility of ailing indebted eurozone states. As stocks are still falling in France and Italy, Mr Draghi insisted that:"We have a treaty that says no monetary financing to governments."
For more info: BBC

Come back next Thursday for another report on the world of business and finance.

Tags: banking , central banks , China , EU , European Central Bank , European Monetary Union , eurozone , financial crisis , Greece , IMF , International Monetary Fund , regulation , sovereign debt , stocks and shares , UK , US
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