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Home > Blogs > QFINANCE Editor > A week in the world of business and finance (January 20–26, 2012)

A week in the world of business and finance (January 20–26, 2012)

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 January 20

As talks were still going on in the eurozone to solve the Greek crisis, in Britain new statistics from the ONS shed a rare glimpse of light on the UK economy. The newly published data showed that retail sales were 2.6% higher than December 2010. It seems Christmas sales were not as bad as expected as the numbers marked an increase of 0.6% between November and December in retail sales volumes, after large sales last month.
More on BBC

Monday January 23

Eurozone talks on the Greek debt issue were no closer to being resolved on Monday as the offer from private creditors for the Greek debt was rejected. Finance Ministers thought the costs from the private bondholders were too high. The offer, resulting from discussions last week, presumed an average coupon of 4pc on new Greek bonds.
More on The Telegraph

Tuesday January 24

Several French banks including Societe Generale and Credit Agricole suffered a credit downgrade to A from A+ by Standard & Poor’s, following France’s downgrade a week ago. Societe General said the move was anticipated and declared that: “This downgrade is a direct consequence of the methodology used by S&P, which builds into our rating an element of systemic support by the French state.”
More on Bloomberg

Wednesday January 25

Further ONS data revealed that the UK economy shrank 0.2% in the final three months of 2011. While the construction industry shrank 0.5%, the manufacturing sector suffered a decrease of almost 1%. It seems though, that overall 2011, gross domestic product (GDP) expanded by 0.6% according to these numbers. Further data presented an uncertain picture for the UK economy in the coming months.
More on BBC

Thursday January 26

After more than a week of discussions and talks between eurozone finance ministers and private creditors, the EU declared that more public money will be necessary for Greece second bailout, if private bondholders share the losses. It seems the EU institutions and governments will have to compensate for the shortfall to reduce the Greek public debt close to 120% of annual output by 2020 according to the Economic and Monetary Affairs Commissioner Olli Rehn.
More on Reuters

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

Tags: banking , business and finance news , business news , EU , European Central Bank , finance and business news , finance news , financial crisis , Greece , Greek bailout , Greek debt , hedge funds , IMF , regulation , sovereign debt , UK , UK economy
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