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Home > Blogs > QFINANCE Editor > A week in the world of business and finance (February 17–23, 2012)

A week in the world of business and finance (February 17–23, 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 February 17

While the eurozone was still waiting for a final bailout deal, there were long queues outside the Bank of France in Paris on Friday, as it was the final deadline for switching old Francs to Euros. Meanwhile also in France, Société Générale announced it suffered a sharp fall of 13% in its profits in 2011 as a result of the eurozone crisis.
More on LeasingLife

Monday February 20

Waiting for a final Greek deal for bailout, the euro rose as expectations were still high on Monday. Also affected by China’s decision to limit its cash reserves, the euro was up 0.7 percent at $1.3244 early this week. In England, the polemic on bonuses in the financial sectors is back on the table as Lloyds Bank announced it was holding back on £2m bonuses from 10 executives.
More on Reuters
More on BBC

Tuesday February 21

After long discussions and debates in Brussels, eurozone ministers finally agreed on more than 130bn euros (£110bn) second bailout for Greece announced on Tuesday. Analysts such as Pimco CEO Mohamed El-Erian find it difficult to believe the deal will be deliverable as Brussels is requiring a debt reduction of 120% of Greece’s GDP by 2020.
More on BBC

Wednesday February 22

As the Greek government has been given nine days to complete to reforms demanded by international lenders to unlock the promised funds, in England, Osborne has been pressured to reduce taxes on business. The Tory right is asking for a simplification of labor laws in next month’s Budget. Former Defense Secretary Liam Fox has come back on track since his resignation in October, and seems to be putting himself at the front line of the recent Tory campaign
More on the FT

Thursday February 23

In the UK RBS reported today that its losses have doubled in 2011 from £1.1bn in 2010 to £2bn in the past year. Since the Bank’s bailout in 2008, it has been the 4th consecutive year of losses. RBS is "cleaning up the mess after the biggest bank bailout in history," Chancellor George Osborne commented.
More on BBC

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

Tags: banking , central banks , China , ECB , EU , European Central Bank , eurozone , Federal Reserve , financial crisis , GDP growth , Greece , Greek bailout , IMF , regulation , Royal Bank of Scotland (RBS) , sovereign debt , UK
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