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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (September 26-October 02, 2012)

QFINANCE: News Briefing (September 26-October 02, 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 the latest topics.

If you have any views on how we can improve this service or new areas you would like to see covered, please do not hesitate to contact us at

Wednesday September 26

French oil giant Total warned that drilling of crude in Arctic waters should not be allowed. "Oil on Greenland would be a disaster," Total's chief executive said. "A leak would do too much damage to the image of the company", The Week magazine reported.

The British Bankers’ Association has officially given up on its role in overseeing the global benchmark for borrowing costs Libor last Wednesday, the FT reported. This was announced following UK officials’ plans of setting up a new regulatory structure for the rate-setting process.

Thursday September 27

“Europe Back in Crisis Mode”, City AM’s first page was reading last Thursday. Markets dropped considerably after a series of new riots in Greece and worries over Spain. Leading market indices in Italy and Spain dropped 3.3% and 3.9%. The market panic came after PM Rajoy’s declaration to the Wall Street Journal that the Spanish government would turn to international lenders if borrowing costs were “too high for too long”.

After a major workers strike in South Africa, gold giant AngloGold Ashanti has suspended its operations in the country resulting in a major escalation of the mining sector, the FT reported on Thursday.

Friday September 28

China has injected a “record amount of money” into its economy, to limit borrowing costs and control the recent cash crunch, the FT reported. The People’s Bank has poured $58bn into money markets.

Also, on Friday, and following the market drop of the early week, Spanish PM Rajoy announced further cuts on the overall spending by 40 billion euros. The government declared a salary freeze as well as a reduction of employment benefits, The WSJ reported.

Monday October 1

In India, the government announced a possible amendment of the controversial rules on tax avoidance, The Times of India reported on Monday. Finance Minister Palaniappan Chidambaram declared that General Anti-Avoidance Rules (GAAR) could be amended by the end of this month, ending investors’ anxiety on the matter.

Paris and Berlin have taken a common position on the EADS and BAE Systems, the FT reported on Monday. French and German allies both insisted on the control of a large equity stake in the proposed 34bn euros deal but are willing to give up some of their veto rights.

Tuesday October 2

In the US since the Fed’s recent launch of the latest Quantitative Easing wave last week, the majors Banks’ profits have suffered consequences the FT reported on Tuesday. New mortgages seem to have brought the QE debate back on the front scene.

The Wall Street Journal has reported that Indian Railway Finance Corp. Ltd. is looking into pricing a $300 million five-year dollar bond last Tuesday.  According to a term sheet seen by Dow Jones Newswires, the move would yield around 310 basis points over comparable treasurys.

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

Tags: banking , central banks , China , economic recovery , emerging markets , EU , euro , European Central Bank , financial crisis , Greece , regulation , sovereign debt , stocks and shares , US , US economy
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