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QFINANCE: financial news roundup (May 10- 15, 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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Terms from this week’s Financial News Roundup

Wednesday May 15

In the UK unemployment has reached 2.52 million in the January to March period an increase to 7.8%. According to the BBC, a representative from the Office for National Statistics said that the numbers show the recent period of falling unemployment "seems to have come to an end".

Related article: Is Britain going bust?

France is now officially in recession after the economy shrank by 0.2% in the first quarter of the year.  The BBC reported that this is the second recession for the country in the past 4 years while Germany grew by 0.1%.

Tuesday May 14

The Bank of England has criticized Bloomberg’s activities over data monitoring. The BBC reported that the bank called the “data snooping activities” “reprehensible”.  “The protection of confidential information is vital here at the Bank,” a spokesman said.

Related article: Mervyn King has failed- it is time for some democracy at the Bank of England

BBC presenter and naturalist Bill Oddie has made a “provocative protest film” to embarrass and confront global banking group HSBC over links to dealing with companies blamed for the destruction of the Malaysian rainforest, The Independent reported.

Monday May 13

Barclays has won a US lawsuit dismissal on the Libor scandal accusations from last year, Bloomberg reported on Monday. Despite the claims that the bank misled its shareholders on its manipulation of the benchmark, plaintiffs failed to prove those activities lead to financial loss directly.

Related article: Libor manipulation scandal may yet bring profound change to financial world

In Cambodia and Laos, Vietnamese firms bankrolled by Deutsche Bank and the International Finance Corporation are executing a new wave of land grabs, The Guardian reported on Monday. This is leading to evictions, food insecurity, illegal logging and so on.

Friday May 10
Former UN secretary-general Kofi Annan has published a report urging the international community to end the “unconscionable” practices of companies exploiting Africa’s natural resources, The Guardian reported. "Africa loses twice as much in illicit financial outflows as it receives in international aid," Annan said.

Related article: Has Africa outgrown Aid?

For the first time in over four years, the dollar rose above ¥100 Japanese yen, The FT reported last Friday. According to the article, this sets the stage for further weakness of Japan’s exporters and economy.

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

Tags: Economy , Finance , Financial , financial crisis , Financial Markets , GDP , GDP growth , markets
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