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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (March 8-13, 2013)

QFINANCE: financial news roundup (March 8-13, 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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Wednesday March 13

The World Bank announced today it would release an annual funding of $3-5 billion to India for next four years according to The Economic Times newspaper. The main purpose of this fund is the development of projects and support to poverty eradication programs.

Related Blog: The Reserve Bank of India is taking quite a gamble with India’s economic future

Currency war or no, Beijing doesn't want Asia to take stable yuan for granted”, was Reuters’ title today.  The article reported that the China seems to be warning neighboring countries not to count on her this time. As the head of FX Trading at Standard Chartered Bank in Shanghai Fu Qing said: "The yuan cannot remain as stable as it did during the Asian currency crisis ever again".

Tuesday March 12

France could be heading for a triple dip recession, The Guardian reported on Tuesday. Concerns over the political situation in Italy could deepen the eurozone crisis and the industrial production in France has dropped 1.2% in January according to the article.

Related Blog: Hollande and the French fairyland of 'happily ever after'

Corporation giant General Electric is hoping to double its sales in sub-Saharan Africa, chief executive Jeff Immelt said according to The FT. In his annual letter to the shareholders, the CEO declared that although this region was “off-radar” a couple of years ago, it was now “essential” for the company.

Monday March 11

In the UK, newly published figures showed that seven out of nine regions improved their business activity in the past month, The Guardian reported on Monday.

Related Viewpoint: Measuring Country Risk

In Cyprus, President Anastasiades plans to ask Athens to hand over €2 billion from the country’s bank recapitalisation package to rescue Cypriot banks with operations in Greece, Ekathimerini reported on Monday.

Friday March 8

The European Central Bank (ECB) will retain a loose monetary policy stance as long as needed, The New Statesman reported last Friday. In spite of the record high unemployment rates, president Mario Draghi declared that “our monetary policy will remain accommodative as long as needed”.

Related Viewpoint: Austerity vs Stimulus in the Context of the EU Crisis

Insurance group Aviva has reported a £3.1 billion loss after tax according to The Guardian. The firm will pay no bonuses this year and senior management pays will be frozen, the article reported.

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

Tags: banking , Ben Bernanke , central banks , China , derivatives , ECB , economic recovery , European Central Bank , financial crisis , Greece , sovereign debt , Spain , UK
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