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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (June 28- July 4, 2013)

QFINANCE: financial news roundup (June 28- July 4, 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

Terms of the week:

Thursday July 4

Following the turmoil in Egypt and topple of Mursi last night, it seems demand for dollars on the country’s black market has dropped considerably, Bloomberg reported today. This is due mainly to the leader’s previous move to scale back importers’ purchases and cut manufacturers’ production, according to the article.

Related article: Egypt's economic outlook neither blissful nor heavenly

In the UK, market regulator “temporarily” bans short-selling in three Portuguese stocks, Reuters reported this morning. This move concerns Banco Comercial Portugues, Banco Espirito Santo, and Sonae Industria SGPS.

Related article: Short selling, The Role of  Short Sellers in the Marketplace

Wednesday July 3

In Portugal, borrowing costs have increased considerably with yields on the country’s benchmark 10-year bonds moving above 8% in early trading, the BBC reported on Wednesday. This raises strong fears as EU Commission President Barroso declared he was following the situation "with concern".

Related articles:Trading in Government Bonds: Why and How

In Qatar, a week after the new emir took power, a reshuffling has been announced replacing former Prime Minister Sheikh Hamad bin Jassim al-Thani as head of the powerful sovereign wealth fund, City AM reported.  Ahmad Al Sayed will run the fund which holds influential stakes in Heathrow airports, Harrods and the Shard.

Related articles: Sovereign Wealth Funds—Investment Strategies and Objectives

Tuesday July 2

While the last decade has been a commodity super-cycle, this trend might be coming to an end, according to Linda Yueh of the BBC on Tuesday. “It started, and perhaps will end, with China” the article reported, noting that demand for commodities is likely to slow unless India industrializes and generates a boom

Related article: Trading in Commodities: Why and How

In the UK, energy secretary said a new nuclear reactor generating could be launched by 2020, the Telegraph reported on Tuesday.

Monday July 1

June reports have showed that Spain's manufacturing activity hit its highest level in more than two years, the BBC reported. The newly published figures suggest a stabilization of the sector as the purchasing managers' index (PMI) was up to 50, from 48.1 in May.

Related article: Spain and The Runaway Euro Bailout Train

In Japan, business sentiment was reported positive for the first time in two years, according to Straits Times. Together with a weaker yen, PM Shinzo Abe’s efforts to revive the economy seem to have had a positive effect.

Related article:Bank of Japan analyses the ageing dilemma and other headwinds

Friday June 28

Ethiopia is a long way behind the rest of Africa in terms of technology and innovation, according to a BBC report. With no international banking systems or credit cards, the market for techs is growing slowly as only 17% of Ethiopians have access to a mobile phone.

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

China's economic emergence is a chimera built on rotten foundations of too much real estate, too much credit, and too much government spending on infrastructure”, Foreign Policy reported last week. According to the report, markets shouldn’t worry too much about new evidence of a slowdown in the Chinese economy as it is clear the smart money wants China’s economy to slow down.

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

Tags: banking , business , China , economic recovery , Economy , Egypt , EU , euro , European Central Bank , Finance , financial crisis , Global news , Portugal , Spain , stocks and shares , UK
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