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Home > Blogs > QFINANCE Editor > QFINANCE: News Briefing (January 9-15, 2013)

QFINANCE: News Briefing (January 9-15, 2013)

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 January 9

“The eurozone is not working” was the headline on London City A.M. newspaper last Wednesday. While unemployment in the European Union hit a new record in November, eurozone retail sales are reported to have dropped 2.6% in the past year. Greek youth unemployment reached 57.6% while Spain reached 56.5%.

Related Viewpoint: Sovereign debt: Patricia Gabaldon on the advantages and difficulties of cuts and spending

CNBC reported a considerable economical progress recorded by the HSBC Emerging Market Index. China seems to be extending its influence on global economy as the index jumped to 52.9 from 52.2 in the third quarter.

Thursday January 10

The US government publicly signaled its growing concern about a possible British exit from the EU, as PM David Cameron plans a referendum on the issue. This warning caused an angry reaction in the UK amongst Tory politicians,Global Times.

Related Viewpoint: John Vail looks at the lessons for Europe and the US that can be taken from Japan’s past stagnation

In Latin America, Mexico’s peso rose considerably, Bloomberg reported on Thursday, rallying 1.6% this year. This happened as a result of very strong confidence with forecast growth and speculation that the government will pass legislation to boost gross domestic product.

Friday January 11

In China, the consumer price index rose 2.5% in December from a year earlier, according to China Perspectives hitting a 7-month high. The National Bureau of Statistics has published new figures, revealing that food prices, representing one-third of the inflation basket, were up 4.2% since last year, as the coldest winter in 28 years drove vegetable prices up.

Related Viewpoint: James Anderson talks about Goldman Sachs describing it as the symbol and essence of what went wrong with western capitalism.

In the Arab world, Qatar is reported to have thrown a lifeline to the Egyptian economy in the form of billions of dollars in financial aid, according to Al-Shorfa newspaper. Qatar's prime minister has announced $1 billion in grants to the Egyptian government and about $4 billion in deposits to the Central Bank of Egypt, the daily reported.

Monday January 14

The M&A activity in the US has reached a new record high in early 2013, according to new figures from Dealogic. City A.M. reported $80.8bn (£50.1bn) worth of deals globally, the best start to a year on record.

Related Viewpoint: Goldman Sachs, the Symbol and Essence of What Went Wrong with Western Capitalism

The FT reported that in the UK, a fall of the top rate of income tax from 50% to 45% in April has led a handful of banks, including Goldman Sachs, to delay their annual bonuses to avoid the extra taxes.

Tuesday January 15

The World Bank has slashed its 2013 global growth outlook, the BBC reported on Tuesday.  A slower-than-expected recovery in developed nations has led the Bank to expect world growth at 2.4% this year, down on the 3% forecasted last June.

Related Viewpoints: Investing in a Volatile Environment: A Black Swan Perspective

In the digital world, Facebook announced the launch of a search engine, Graph Search, that will allow users to search through photos reviews and profiles, in a move that sees the social network enter territory dominated by Google, City A.M. reported on Tuesday.

Featured event: The 3rd Private Equity Convention CEE & Northern Europe

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

Tags: banking , central banks , China , EU , euro , European Central Bank , European Monetary Union , financial crisis , Greece , Japan , sovereign debt , stocks and shares , UK , US , US economy
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