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QFINANCE: financial news roundup (March 22- 27, 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

Friday March 22

The European Central Bank threatened to withdraw funding for Cyprus as the country announced it would renovate its banking sector and impose losses on big depositors. The island will have to sacrifice its banks and status as offshore financial centre to avoid being forced out of the euro The Telegraph reported.

Related blog: The thin end of a very worrying wedge?

Russian state-owned Rosneft group took over TNK-BP last Friday in a $55 billion deal, The Guardian reported. This will make the oil company by far the world's largest listed oil producer.

Monday March 25

In the UK, major banks were reported to have had a 45% rise in core profits in 2012, according to the BBC. The recently published KPMG report looked at Barclays, HSBC, Lloyds Banking Group, RBS and Standard Chartered and reported that the rise was limited by a mix of regulation and the banks’ own mistakes according to the article.

Related checklist: Behind Big Banking Bonuses In The UK

Cyprus has put a general limit of €100 a day on its citizens’ withdrawals from savings or current accounts. This is a bid to stop a run on the country’s two biggest banks, the BBC reported.

Tuesday March 26

Bank of England’s Governor Mervyn King has warned that the global crisis is "far from over" and that countries can expect several "twists and turns" before the economy fully recovers according to The Daily Telegraph on Tuesday.

Related Blog: Bearish BRICs: Have the BRIC Nations lived up to the Hype?

The BRICS’ finance ministers have agreed on a bank on the lines of the World Bank and the International Monetary Fund (IMF), News Track India reported on Tuesday.  The bank will address the development needs of emerging and poor economies, lead by Brazil, Russia, India, China and South Africa.

Wednesday March 27

Newly published figures showed that the global pool of government bonds with triple A from the main rating agencies Fitch, Moody’s and S&P’s has shrunk about 60%, according to the FT. This follows the wave of downgrades triggered by the financial crisis.

Related checklist: How to Use Credit Rating Agencies

In Japan, central bank’s governor Mr Haruhiko Kuroda has announced that the economy should start going up again and show signs of recovery by the middle of the year, according to Straits Times.

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

Tags: banking , Beyond Brics , BRICs , financial crisis , global imbalances , Greece , IMF , international differences , regulation , sovereign debt , stocks and shares , US
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