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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (July 15-19, 2013)

QFINANCE: financial news roundup (July 15-19, 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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Friday July 19

The OECD announced today the launch of plans to put an end to firms 'abusing' tax rules, the BBC reported today. Tax avoidance have been the cause of many protests throughout the past year.

Related article: Here's how the US can get tough on money laundering

Credit rating agency Moody's has upgraded the US credit outlook, the BBC reported today. This is mainly due to strong progress in economic growth and declining budget deficit, according to the report.

Thursday July 18

India has announced its decision to increase foreign direct investments (FDI) in its defense industry, Economic Times reported on Thursday. This is seen as a long-awaited positive move in the US, the article reported.

Related article: India's long, uncomfortable history with FDI

India's long, uncomfortable history with FDI

In Athens, protests are banned and the city is locked down under high security ahead of the German finance minister Schäuble visit, the Guardian reported on Thursday. With strong opposition to the Europe’s position, Greek anti-austerity parties describe him as persona non grata.

Wednesday July 17

The US Federal Reserve announced on Wednesday that the country’s economy was growing at a “modest to moderate” pace, France 24 reported. Housing market and construction have been improving across the country.

Related article: Why The US Property Market Is Headed For Another Crash

In the UK, newly published figures showed that inflation is at the highest level for more than a year, the Guardian reported on Wednesday. With 2.9% inflation rate, the pressure on stagnating wages increases.

Tuesday July 16

In China, top state paper The People’s Daily has accused multinationals of using their market dominance to exploit regulatory system gaps in developing countries, Reuters reported on Tuesday. This comes a couple of days after police accused British GlaxiSmithKline of the bribery of Chinese officials.

Related article: The fastest growing economies in 2013

Newly published figures from the European Banking Authority showed that over 2,400 bankers in London were paid in excess of €1 million in 2011, the Guardian reported on Tuesday. This is more than three times as many as in the rest of the EU put together, according to the article.

Monday July 15

In the UK, new plans to make directors personally responsible for paying failed companies’ debts were part of the country’s new corporate law, The Guardian reported on Monday. Business secretary Vince Cable aims to increase trust in UK businesses.

Related article: Regulation after the crash

German chancellor Merkel has urged for European agreement on data protection requiring all internet service providers to reveal what personal information they have stored, the Independent reported on Monday.

Tags: banking , central banks , China , economic recovery , EU , European Central Bank , eurozone , financial crisis , Greece , inflation , regulation , stocks and shares , transparency , UK , US , US economy
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