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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (May 24- 30, 2013)

QFINANCE: financial news roundup (May 24- 30, 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 30

Following a strong drop last week, the Japanese Nikkei index has dropped 5% further today, the BBC reported. "Share prices appear to have been undergoing temporary adjustment over the past week," according to the country’s chief cabinet secretary, Yoshihide Suga.

Related article: Japan - muddling on or growing strong

China’s economy is proving less responsive to creditBloomberg reported today. The Chinese government’s measure of credit rose 58% reaching a record of 6.16 trillion yuan ($1 trillion) in January-to-March, according to the report.

Wednesday May 29

The OECD has announced that the United States will recover a lot faster that Europe this year, according to Euronews. A strong rising consumer confidence and large increase of house prices together with stimulus policies will help the country grow by 1.9% this year.

Related articles: US Economy, signs of hope?

Google has exposed its plans to develop high-speed wireless networks in sub-Saharan Africa, The Guardian reported on Wednesday. Using high-altitude balloons to transmit signal across hundreds of miles, the group will be able to bring Wi-Fi connection to the most remote African regions in emerging markets.

Tuesday May 28

In the UK, the controversial debate over tax avoidance by large corporations has been revived early this week, The Guardian reported on Tuesday. This time the row has been triggered by the appointment of Dave Hartnett, ex-leading tax official, to a position at Deloitte accountancy which was also mired in the controversy.

Related article: Tax questions for multinationals, by Anthony Harrington

More than 300,000 citizens have left the Republic of Ireland since 2009, The BBC reported last Tuesday. The scale of emigration is likely to be “devastating” and will affect the economy negatively, according to the article.

Monday May 27

Angela Merkel is pressuring the EU to work on reaching an agreement over import tariffs with China, The BBC reported on Monday.  In a move to avoid damaging the trade, this follows China’s complaints regarding EU investigations on Chinese pricing practices in several industries.

Related article: Towards a Total Global Strategy

A Financial Times report showed that Dubai could be the hub for investments into and from Africa. Tea growers in Africa have expanded their exports efforts and Kenya Tea Packers is planning on using the state to sell elsewhere. “We see Dubai as a large supermarket,” the group’s managing director Collins Cheruiyot said.

Friday May 24

Concerns over tax issues with big corporations in Europe were discussed by EU leaders last Friday, Reuters reported. This issue has been highly controversial and the general public is often moved to anger when a company like Starbucks is making plenty of profit in their country while using clever accounting to pay far less tax.

Related article: Tax questions for multinationals, by Anthony Harrington

It would have taken six hours more only for Britain to run out of natural gas in March, a senior official told the FT last Friday. This raises fears over risks of supply shortages with domestic production dropping considerably and a strong reliance on imports, according to the report.

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

Tags: central banks , China , economic recovery , EU , European Monetary Union , financial crisis , global imbalances , Greece , UK , US , US economy
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