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

QFINANCE: financial news roundup (June 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

Tuesday June 25

The release of taped phone conversations have revealed that top senior executives at Anglo Irish Bank might have misled the Irish authorities, the BBC reported today.  A call for an inquiry has been made, according to the article.

Related article:Regulators investigate second Libor-like price fixing scandal by banks

In Qatar, Emir Sheikh Hamad bin Khalifa Al Thani has peacefully handed over power to his son, the BBC reported today.  Sheikh Tamim bin Hamad Al Thani, the former prime minister, has succeeded him and a cabinet reshuffle is expected soon.

Monday June 24

Saudi Arabia is to move the start of its weekend to Friday, the BBC reported on Monday. The move was initiated by the business community as this will help co-ordinate business and banking days with other countries.

Related articles: Middle East: Regulatory Structure and Power

India is expected to have the largest middle class population in the world by 2027, the BBC reported on Monday. In a society dominated by caste, there seem to be strong signs that economic growth and education are helping to bring down social barriers, according to the article.

Friday June 21

On Friday, China’s stock market saw the greatest drop in four years, the Financial Post reported. Following the central bank signal that it will maintain efforts to curb speculation, the CSI 300 Index entered bear market territory.

Related article: Can the Chinese control the dangers of their own liquidity and credit squeeze?

In the UK, banks may have to sell more branches than the 948 already up for sale following a larger disposal plan by the Office of Fair Trading, the Guardian reported last Friday.  The move was encouraged by Chancellor George Osborne who believes it would boost competition in small business banking.

Thursday June 20

EU finance ministers met last Thursday to work on a plan to handle failing banks, the Independent reported last week. This is mainly to avoid chaotic bailouts in the future, similar to Cyprus affair.

Related article: EU bank bailout ploy opens up Pandora's box

Emerging markets are “crushed by double squeeze” from China and the US, the Telegraph reported last Thursday. The situation affected commodity exporters such as Brazil, South Africa and Russia, according to the article. “Everything is being hit indiscriminately,” Neil Shearing from Capital Economics was reported to have said.

Wednesday June 19

The markets have “jumped the gun”, Governor of the Bank of England Mervyn King declared. When yields on US government debt soared last week after US Fed Chairman announced they might be reducing bond buys later in the year, King believes the market was overreacting to those comments, Reuters reported.

Related articles:Managing Interest Rate Risk, by Will Spinney

Understanding and Forecasting the Credit Cycle—Why the Mainstream Paradigm in Economics and Finance Collapsed
by Richard A. Werner

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

Tags: banking , China , economic recovery , EU , European Central Bank , financial crisis , UK , US , US economy
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