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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (January 24-30, 2013)

QFINANCE: financial news roundup (January 24-30, 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 30

British oil giant BP was given the largest criminal penalties in American history today. In relation to the fatal 2010 Deepwater Horizon disaster, the oil group agreed last November to pay $4bn (£2.5bn) and pleaded guilty to 14 criminal charges, the BBC reported.

Related White Paper: The Hidden Risks of Deep Sea Drilling

Speaking at the ongoing World Economic Forum Davos, president of the World Bank Jim Yong Kim said that poor countries, which need coal-powered energy, should be supported despite their contribution to climate change. The bank should not "turn its back" on poor nations that seek the cheap source of energy, The BBC reported.

Tuesday January 29

Zimbabwe has disclosed it has little left in the bank, The Telegraph reported yesterday. "Last week when we paid civil servants there was $217 in government coffers", finance minister Tendai Biti declared on Tuesday.

Related Blog: Africa: Equities and Beyond

Pitching for greater capital inflows has helped the Indian economy to reduce the current account deficit, according to the Prime Minister's Economic Advisory Council Chairman C Rangarajan. "Capital flows have been useful and have contributed to the strengthening of the economy," he said according to The Economic Times.

Monday January 28

Wall Street optimism gives the American economy a boost as Treasury bond interest rates increased considerably on Monday. The Guardian reported that this jump signals a belief from Wall Street that recovery has accelerated.

Related Checklist: Trading in Government Bonds: Why and How

CNN Money published a report on the "disastrous" and "hazardous [environmental] conditions in Beijing" and northern China. "The World Bank estimated, in a 2007 report, that pollution caused 5.8% of China's GDP in premature deaths, health care costs, and material damages. Air pollution alone is estimated to kill 700,000 people a year."

Friday January 25

In the UK seems to be heading for a triple dip recession The Independent reported, as the economy shrank by 0.3% in the last quarter of last year. Newly published figures showed that the country's manufacturers have suffered their worst year since the financial crisis.

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

The turmoil and attacks from militant Islamists in Algerian on the In Amenas gas plant in the Sahara desert earlier this month could be a real threat to its economy. Oil and Gas account for 70% of the national budget The BBC reported last Friday.

Thursday January 24

Apple shares have dropped 12% as concerns rise over whether the company could lose its important weight on the smartphone market. Weaker-than-expected outlook for iPhone sales has resulted in the biggest daily drop in the firm's stock in four years, the BBC reported.

Related Blog: The Mystery of Apple's Crashing Stock Price

Despite the negative predictions for the country's economy and recession, the UK unemployment fell by 37,000 between September and November, to 2.49m, according to the latest official figures, The BBC reported.

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

Tags: banking , China , EU , European Central Bank , European Monetary Union , financial crisis , fiscal stimulus , fund management , regulation , sovereign debt , stocks and shares , US , US economy
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