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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (May 17- 23, 2013)

QFINANCE: financial news roundup (May 17- 23, 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 May 23

Following the US Federal Reserve’s announcement that it will slow the monetary stimulus down, and following very weak data from China, global markets have dropped considerably yesterday. The BBC reported that Japanese Nikkei index closed down 7.3%.

Related article: Quantitative Easing and the Yield on the Ten Year Gilt

Wednesday May 22

Social media platform Twitter has announced an increase of its security levels following high-profile hacking recently. A new system will be introduced "to make sure it's really you”, the BBC article reported on Wednesday.

Related article: Navigating the Financial Blogosphere

In the UK, inflation has dropped since last month as new figures indicated a fall to 2.4% from 2.8%. According to The Independent, this is mainly due to the fall in petrol prices and air fares. "This is likely to represent the calm before the storm," economic adviser to the Ernst & Young Item Club Andrew Goodwin commented.

Tuesday May 21

In the US, giant Apple was accused of tax avoidance last Tuesday, the BBC reported on Tuesday. The group was accused of using Irish subsidiaries that are not tax residences of any country according to the reports.

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

Qatar has bought considerable stakes in Russia’s VTB and Deutsche Bank, The National reported on Tuesday. This multibillion-dollar move will be an important push into the banking sector, according to the article.

Monday May 20

Google's chairman has encouraged international leaders to crack down on tax loopholes exploited by the search firm, The Guardian reported on Monday.  Eric Schmidt also expressed that international tax law could benefit from reform.

Related article: Google in China—A thorny lesson unfolds

Following the scandals last year the Libor benchmark is likely to be replaced by a dual-track system, The FT reported on Monday. Survey-based lending rates will be included alongside transaction-linked indices, according to the article.

Friday May 17

Thousands of Britons are moving to Bulgaria to capitalize on the country’s cheap labor and rental costs, according to a BBC analysis last Friday. While in the UK, right-wing UKIP suggested that Bulgarians and Romanians will arrive in their thousands, migration in the other direction was kept quiet.

Related article: Country profile- Bulgaria

The IMF has announced that the Bank of England, when selling government bonds back in the market, could tolerate losses of anything up to 5.5% of the country’s GDP, The Guardian reported last Friday.

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

Tags: banking , central banks , China , economic recovery , European Central Bank , financial crisis , global imbalances , Greece , regulation , transparency , UK , US , US economy
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