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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (April 19-25, 2013)

QFINANCE: financial news roundup (April 19-25, 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

Thursday April 25

Newly published figures showed the UK economy avoided a triple-dip recession according to the BBC today. Growing by 0.3% in the first quarter of the year, Chancellor George Osborne said this was an "encouraging sign".

Related blog: Margaret Thatcher’s Economic Legacy: A Nation Divided

In Spain, unemployment reaches a new record of 27.2% today. The total number of unemployed people has passed the six million, the BBC reported.

Wednesday April 24

The giant Apple has announced a drop in profit according to The Guardian on Wednesday. With quarterly revenues rising from $39.2 to $43.6 billion, profits have dropped from $11.6 to $9.5 billion in the first quarter.

Related article: The mystery of Apple's crashing stock price

In the UK, the planned sale of more than 600 branches of Lloyds Banking Group to the Co-op group has fallen through, according to the BBC on Wednesday. The Co-op blamed the tough regulations imposed on banks and continued economic downturn.

Tuesday April 23

It seems the EU is slowly moving away from austerity, according to an analysis by Gavin Hewitt on BBC.  “The retreat is disguised, but cannot be concealed” according to the article, quoting the President of the European Commission, Barroso: "While I think 'austerity' is fundamentally right, I think it has reached its limit."

Related article: Austerity under the Microscope

The US will soon force foreign banks to hold more capital, EU commissioner Michel Barnier warned on Tuesday.  According to The FT article, this would be a threat to global regulation and risk “a protectionist reaction”.

Monday April 22

In India, a public-private initiative, Startup Village incubator of ideas and innovation has been launched in the city of Koshi. The aim of this forum is to encourage innovation by bringing together young creative start-ups to help launch 1,000 IT products in 10 years. One of the ventures should be a $1bn (£700m) student venture according to the BBC article.

Related article: India Today and Tomorrow

Giant UK group Glencore was reported to have sold millions of pounds worth of goods to Iran last year according to The Guardian. This included selling to a state-owned firm that supplies the country’s nuclear program, according to the article.

Friday April 19

Internet giant Google has announced $3.3 billion profits in first quarter of the year, The Guardian reported last Friday. This comes as a bit of a surprise considering the ad price has fallen 6% in competition with Facebook.

Related article: Google in China—A thorny lesson unfolds

In Japan, trade deficit has reached a record high, the Ministry of Finance announced last week. The balance for 2011-12 came in at ¥8.17trn (£54.6bn) according to The Independent.

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

Tags: banking , Ben Bernanke , central banks , EU , European Central Bank , European Monetary Union , financial crisis , Greece , regulation , Spain , UK , US economy
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