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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (August 29 – September 4, 2012)

QFINANCE: News Briefing (August 29 – September 4, 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 August 29

In the US, newly published figures revealed a higher economic growth than expected in the second quarter, the BBC reported on Wednesday. The economy grew at 1.7% in the second quarter, while estimations were set at around 1.5% the Commerce Department said. In Europe, the economic turmoil goes on as regional government of Catalonia is reported to seek 5bn euros aid from Madrid according to The Guardian. This was announced just a week before the European Central Bank was to reveal details on its upcoming bon-buying program.

Thursday August 30

International banking group Barclays appointed Antony Jenkins as its new CEO following the resignation of Bob Diamond and the Libor manipulation scandal a few weeks ago, The BBC reported on Thursday. On the business front, European Airbus signed a deal with China to sell 50 planes worth $3.5bn (£2.2bn). Chinese Premier Wen Jiabao said on Thursday that his country would continue to invest in the EU according to The BBC. At the political level, ECB’s head Draghi declared it was legitimate for the bank to use “exceptional measures” to maintain prices stable in the eurozone following German criticism, according to the FT.

Friday August 31

Newly published figures in India revealed that the country's economic growth reached its slowest in three years in the quarter that ended in June. The situation seems to be better than expected though, which suggests the worst may be over for Asia’s third economy and raises hopes amongst investors according to The Times of India. The FT reported that a considerable increase in Chinese tourists to Taiwan has given a boost to its economy which brings hopes of better ties between the two neighboring countries.

Monday August 3

In France, President Hollande is highly criticized lately as newly published reports showed considerable unemployment rates figures, with more than three million people out of work according to RFI. On the financial front, the French government has bailed out a small but strategic liquidity-starved lender, guaranteeing the debt of Caisse Centrale du Crédit Immobilier de France, or CCCIF. The bank after urging emergency assistance will receive nearly 5bn euros ($6.3 billion) in immediate financing according to The Wall Street Journal.

Tuesday August 4

Following a suggestion in Brussels to impose 40% quota for women on large company boards in the European Union, Britain has opposed the decision and launched a diplomatic initiative to block the proposal according to the FT. In China, Hong Kong shares dropped considerably on Tuesday to reach their lowest point since July 27 according to Reuters. Major brokerages such as Credit Suisse, Macquarie and Goldman Sachs have lowered expectations for returns as the profits are likely to be under pressure considering China’s recent growth slowdown.

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

Tags: banking , central banks , China , Chinese economy , corporate governance , credit rating agencies , economic recovery , EU , euro , European Central Bank , European Monetary Union , eurozone , Federal Reserve , financial crisis , France , Germany , hedge funds , IMF , India , Indian economy , regulation , sovereign debt , Spain , UK , US
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