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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (April 5-11, 2013)

QFINANCE: financial news roundup (April 5-11, 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 April 11

Europe needs to “reform, even in the face of intense pushback”, IMF head Christine Lagarde announced today. Recapitalizing, restructuring or shutting down its banks is a vital clean-up of the industry, The Daily Telegraph reported.

Cyprus will be selling gold reserves to raise approximately €400 million for its bailout, the BBC reported today. This will be the biggest bullion sale by a eurozone central bank since France’s 17.4 tonnes in 2009 according to the report.

Wednesday April 10

China’s sovereign credit rating was downgraded by Fitch agency, The BBC reported on Wednesday. The long-term local currency rating dropped from AA- to A+, due to “underlying structural weaknesses” according to the article.

Tuesday April 9

The Asian Development Bank announced that consumption could boost the India economy to 6% growth in the coming months, The Huffington Post reported on Tuesday. The bank warned that the country would have to work harder on reforms to encourage investments.

Rating agency Fitch has advised Portugal to be cautious with its austerity plan, The Daily Telegraph reported on Tuesday. The shock decision showed the “institutional limits” following wage cuts and lower pensions.

Monday April 8

Following the Bank of Japan’s announcement of a monetary stimulus last week, markets are expecting the US to move in the opposite direction, according to The Financial Times. The article reported that the “Japanese Bazooka” has hit government bonds market too.

Following the BRICS announcement last week on a joint bank, it seems the body will focus on infrastructure finance. According to Bretton Woods Project Updates, analysis suggests that South Africa will be seeding the institution with $50 billion in capital.

Friday April 5

Bank of England policymakers have blocked an expansion of the quantitative easing program The Guardian reported last Friday. The £375 billion QE will be maintained following a survey on the key services sector which suggested the economy will avoid a triple-dip recession.

For the second month in a row, Brazil’s inflation slowed down, Bloomberg reported last Friday. As the government is working hard at keep price increases under control, Finance Minister Guido Mantega said new measures were being implemented to bring inflation to the 4.5% target.

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

Tags: banking , China , derivatives , emerging markets , European Monetary Union , eurozone , financial crisis , Greece , regulation , stocks and shares , UK
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