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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (August 5 - 9, 2013)

QFINANCE: financial news roundup (August 5 - 9, 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 9

In India, the central bank is working on new measures to limit volatility in currency markets, the BBC reported today. According to the article, the Reserve Bank of India (RBI) will try to support the weakened Rupee by auctioning 220bn rupees ($3.6bn; £2.3bn) of government cash management bills every week.

Related sector profile: Banking and Financial Services

In Germany regulators are looking into the country’s bank loans, and examining why a number of them didn’t appear on their balance sheets, Bloomberg reported today. This might have obscured the risk to investors, according to the article.

Thursday August 8

China’s reported a considerable increase in exports and imports in July, the BBC reported on Thursday. Exports were reported to have risen 5.1 per cent compared with a year earlier while imports gained 10.9 per cent.

Related article: China’s fragile new prosperity

In a clear sign that Southeast Asia is benefiting from the recovery of advanced economies, Singapore has lifted its economic growth forecast to between 2.5 and 3.5 per cent this year, Bloomberg reported. In 2012, gross domestic product grew 1.3 per cent, the slowest pace in three years.

Wednesday August 7

The Bank of England will not be raising interest rates until the jobless rate falls to at least 7 per cent, the new governor Mark Carney announced on Wednesday. The BBC reported that the governor expected this would require the creation of about 750,000 jobs and could take up to three years.

Related sector profile: Banking and Financial Services

In India, former International Monetary Fund chief economist Raghuram Rajan was appointed as the head of the central bank, the BBC reported on Wednesday.

Tuesday August 6

The Washington Post will be bought by Amazon’s founder Jeff Bezos, the daily announced on Tuesday. The sale at the price of $250 million ends an era of family control at the newspaper “that played a defining role in US history during the Watergate era”, the FT commented.

Related sector profile: Media

HSBC has announced a first-half year profits increase of 10 per cent to $14.1 billion, the Independent reported on Tuesday. This is mainly a result of lower bad-debts and shrinking costs.

Monday August 5

“Green policy failures are choking off billions in private investment”, the Independent reported on Monday. Fund managers are concerned governments are not working hard enough towards mitigating the effects of global warming.

Related sector profile: Food and Agribusiness

In the UK, newly published figures revealed that more than 1 million workers are employed on zero-hours contracts, the Guardian reported on Monday. According to the report, this suggests that business is “deploying the controversial employment terms far more widely than previously thought”.

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

Tags: banking , central banks , China , economic recovery , European Central Bank , financial crisis , inflation , sovereign debt , UK , US , US economy
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