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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (July 29- August 2, 2013)

QFINANCE: financial news roundup (July 29- August 2, 2013)

Each week, brings you some of the biggest news stories from the past five days in the world of finance and business, essential reading to keep you up to date with the latest topics.

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Friday August 2

The UK construction industry is at its highest level in three years, the BBC reported this morning. "July's survey highlights a new wave of optimism across the UK construction sector," Markit senior economist Tim Moore told the BBC.

Related sector profile: Construction and Building Materials

In Japan, new government forecasts showed that economic growth will slow to 1.0% in fiscal year 2014/15, Reuters reported today. This is less than half the pace expected in 2013/14, according to the report, with planned sales tax rises affecting consumption.

Thursday August 1

Lloyds Banking Group shares jumped 8% on Thursday, following the announcement that the bank has finally returned to profitability, the BBC reported. Lloyds group has declared profits of £2.1bn (US$3.2bn) in the past six months, according to the article.

Related sector profile: Banking and Financial Services Industry

In China, there are further concerns about the country’s slowdown as the its manufacturing sector “saw mixed fortunes” last month, the BBC reported. Surveying the largest firms, the Purchasing Managers' Index (PMI) increased to 50.3 from 50.1 the previous month.

Wednesday July 31

The biggest producer of nuclear-powered electricity, EDF, is to withdraw from nuclear production in the US, the FT reported on Wednesday. This is due mainly to the “revolution” in the American energy markets caused by the advent of shale gas.

Related sector profile: Energy

President Obama seems to be closer than ever to giving US corporations an amnesty on bringing offshore funds back home, the Daily Telegraph reported on Wednesday. This move could have an important impact on US investments in the UK, according to the report.

Tuesday July 30

European aviation group EADS is changing its name to Airbus and will target higher profits, Reuters reported earlier this week. The group will combine defense and space units according to the article.

Related sector profile: Aviation Industry

The US dollar dropped considerably earlier this week as the Federal Reserve maintained the stimulus program intact, Reuters reported. Following a two-day meeting, the Fed announced that the economy is still in need of support.

Monday July 29

The 2013 UK growth forecast was revised to 1% early this week, the Independent reported. The Centre for Economics and Business Research announced this as the country’s housing market lifts consumer spending.

Related sector profile: Real Estate industry

“US economic history will be rewritten this week”, the Financial Times reported on Monday. A major methodological change has been announced that will make the Bureau of Economic Analysis start counting research, development, and copyright spending as investments, the article reported.

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

Tags: business , Economy , Finance , Japan , news , UK economy , US economy
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