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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (February 8- 14, 2013)

QFINANCE: financial news roundup (February 8- 14, 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.

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Thursday February 14

Both the French and German economies contracted in the last quarter of 2012, newly published figures revealed today. German exports declined considerably as the GDP shrank by 0.6%, The BBC reported. In France a contraction of 0.3% of the GDP was announced.

Related Blog: What if Germany were forced out of the euro?

American Airlines are planning a merger with US Airways, according to newswires sources, The BBC reported today. With an estimated valuation of $11bn (£7bn), the deal would form one of the world’s biggest airlines.

Wednesday February 13

Swiss bank UBS has been fined £9.45 million asked to pay a similar amount in compensation for mis-selling an investment fund that took in over £6 billion from customers The Guardian reported.

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

Comcast group is expected to spend $18.1 billion to buy General Electric’s 49% stake in NBC Universal, Reuters reported on Wednesday. The deal would include properties such as the “30 Rock” studios, more than a year ahead of the date due to a stronger than expected growth in the media.

Tuesday February 12

In the US, Barack Obama is pledging to reignite the economy as he urged the Congress to back government actions in his annual State of the Union speech. Obama said it was "time for tax reform that encourages job creation", The BBC reported.

Related Checklist: Business Optimism Index—Qatar, 2012 Q4

In India, Chairman of the Prime Minister’s economic advisory council announced an expected growth of 6.5-7% in the next financial year. Rangarajan said that the incremental capital output ratio rose due to problems in the availability of raw materials in the power sector, The Times of India reported.

Monday February 11

China officially overtook the US becoming the largest trading nation in the world in terms of imports and exports, The Daily Telegraph reported last Monday. The total value American exports and imports in 2012 was $3.82 trillion (£2.4 trillion), while Chinese customs have announced a total trade year worth $3.87 trillion.

Related Viewpoint: China 2020: Double and Quadruple Happiness

Eurozone finance ministers have announced that a private-sector auditor would investigate Cyprus’ compliance with anti-money-laundering regulations, Cyprus Mail announced on Monday. A radical new option for the financial rescue of the island would force losses on uninsured depositors according to a confidential memorandum.

Friday February 8

Banking debt seems to have boosted investments and trigger a new "buy" signal to investors in Ireland. With the hope that the country would regain its funding independence, investors see it helping Ireland sell new debt this year as the first success story from the euro zone's sovereign debt crisis, according to Reuters.

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

Computer giant Apple is sued by an activist shareholder, demanding it to share out more of its $137bn (£87bn) cash pile to investors, The BBC reported on Friday. Apple has a "Depression-era" mentality US hedge fund manager, David Einhorn declared.

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

Tags: banking , central banks , China , economic recovery , European Central Bank , European Monetary Union , eurozone , Federal Reserve , financial crisis , inflation , regulation , sovereign debt , stocks and shares , UK , US
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