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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (June 27– July 3, 2012)

QFINANCE: News Briefing (June 27– July 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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Wednesday June 27

The merger between Xstrata mining and commodities trader Glencore was close to collapsing after the second-largest shareholder in the miner, the sovereign wealth fund of Qatar contested the terms of the deal. Qatar Holding rejected on Tuesday night that the $65bn merger’s current terms, which technically represent more than enough to block the deal.
More on the FT

Thursday June 28

Thursday marked the first of a series of discoveries around Barclays group after both UK and US authorities fined the group with more than £290m for trying to manipulate interbank offered rate. PM David Cameron said that the Barclays management had "serious questions" to answer after the investigation revealed that several banks manipulated the Libor rate at which they lend to each other.
More on the BBC

Friday June 29

China has decided to loosen its very strong currency controls and allow more volatility in trade from Monday the 2nd. The decision was welcomed on the international markets as it is a step forward to allowing free float of the Renminbi as it will be allowed to rise or fall 1% from the daily rate against the US dollars, double its previous range of 0.5%.
More on the FT

Monday July 2

The European Securities and Markets Authority (ESMA) has launched an investigation on the way the three US major agencies Standard & Poor's (S&P), Fitch and Moody's evaluate banks. The probe will determine if their work is transparent and rigorous enough. There are "raised concerns about whether there are sufficient analytical resources" at the agencies, Steven Maijoor, the head of ESMA told Financial Times.
More on RT

Tuesday July 3

After a week of scandals around the group, Barclays boss Bob Diamond has announced his resignation on Tuesday. The bank was fined a record amount by both the UK and the US for trying to manipulate inter-bank lending rates last week. This follows the resignation on Monday of Barclays’ chairman Marcus Agius, who will now have to take over the running until a new chief is appointed.
More on BBC

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

Tags: bank , Bank of England , banking , Barclays , central banks , China , ECB , economic recovery , European Central Bank , European Monetary Union , eurozone , financial crisis , Greek debt , inflation , International Monetary Fund , Japan , sovereign debt , Spain , transparency , UK , US , US economy
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