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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (April 27– May 3, 2012)

QFINANCE: News Briefing (April 27– May 3, 2012)

Each week brings you some of the biggest news stories from the past five days in finance and business – essential reading to keep you up to date with latest topics.

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Friday April 27

Recent published numbers revealed that India was the 2nd most economically confident country in March, according to market research Ipsos. In Europe though, Spain’s credit rating was cut two notches to BBB+ by Standard & Poor’s on Friday. The rating agency warned against upcoming risks placing the country on negative outlook. It seems the country might have to take on more debts to support its banking sector as further downgrade might come in the near future.
More on BBC

Monday April 30

The week started with more bad news for Spain as the country officially entered recession after shrinking 0.3% in the last three month until the end of March. The situation seems highly critical as the Spanish government also announced that unemployment was at its highest peak of 24.4% in March.
More on BBC

Tuesday May 01

Italian Prime Minister Mario Monti announced its plans to reduce public spending by €4.2bn in order to avoid a VAT tax rise. Aiming at reducing budget deficit the government identified €80bn of possible cuts in the “short term” to avoid deepening the recession.  This aspires to push the country towards its budget target set at a deficit of 1.7 per cent of GDP for 2012.
More on the FT

Wednesday May 02

Newly published numbers from the Eurostat showed a new record of unemployment in the eurozone in March. The rate rose to 10.9% in the 17 nations, the highest since the formation of the euro in 1999, as the budget cuts across Europe are continuing to hit the working population. Numbers showed that 17.4 million people in the eurozone are looking for employment.
More on BBC

Thursday May 03

In the UK, governor of the Bank of England, Mervyn King refused to take blame for the financial crisis. In a Radio 4 interview on Thursday, King declared that “this was a failure of the system”. A strong fall of the market for project-finance to $64.6bn in the first three months of this year is raising questions on the ability for the infrastructure to boost the economy.
More on BBC
More on the FT

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

Tags: banking , central banks , economic recovery , EU , European Central Bank , International Monetary Fund , recession , S&P , sovereign debt , Spain , stocks and shares , UK , US economy
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