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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (April 12-18, 2013)

QFINANCE: financial news roundup (April 12-18, 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 18

In the UK, retail sales were reported to have dropped lower than February due mainly to bad weather, according to The BBC. Newly published figures from the Office for National Statistics (ONS) also revealed that sales were 0.5% lower than a year earlier.

Related article: Why The US Property Market Is Headed For Another Crash

The Federal Reserve of the US upgraded its predictions for the US economy saying it has expanded at a "moderate pace" in recent months, the BBC reported on Thursday.

Wednesday April 17

The IMF has reduced its UK growth estimates by 0.3%, advising Chancellor George Osborne to soften his approach to cuts. According to The Guardian, the fund will be holding talks with the chancellor about his tax and spending plans.

Related article: Osborne's Budget: what does it mean for pension reform?

In the US, one of the largest and best known hedge fund managers John Paulson was reported to have lost $1 billion on the sudden collapse of Gold, according to The Daily Telegraph.

Tuesday April 16

China has reported unexpected slow down of its economy, according to The Financial Times on Tuesday. Chinese economic growth slowed to 7.7% in the first quarter compared with a year ago, according to the National Bureau of Statistics.

Related article: Gold: A risk asset?

Gold dropped a considerable 8.7% on Tuesday, City Wire reported. This is due to “a mix of quantitative easing, the Cyprus crisis and China slowing,” the Guardian reported.

Monday April 15

Big challenges for Venezuela’s oil dependent economy” was the title of the euronews article. Chavez’s successor will be facing economic difficulties as an OPEC member nation that exports 430,000 barrels of crude and other oil products to China every day according to the article.

Related article: Death of Chavez: Return from la-la land for Venezuela? Probably not...

A newly published World Bank report revealed that three of every four women in the Arab world are unemployed, Emirates 24/7 reported on Monday.  Unemployment in the region has affected 75% of women mainly because of poor investment and social barriers.

Friday April 12

China has announced that the country’s reserves have reached $3.33 trillion, The Financial Times reported on Friday. This colossal amount of money is roughly equal to the size of the German economy according to the article.

Related Viewpoint: China’s Fragile New Prosperity

Gold dropped 1% to $1.557 on Friday, following Cyprus’ announcement that it will offload €400 million worth of the precious metal, City Wire reported.

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

Tags: banking , Ben Bernanke , central banks , China , economic recovery , emerging markets , EU , European Central Bank , sovereign debt , UK , US , US economy
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