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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (October 11 – 17, 2013)

QFINANCE: financial news roundup (October 11 – 17, 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

Thursday October 17

The US has passed a bill to reopen the government and end the political crisis of the past week, which risked government default, the BBC reported. The federal debt limit was raised as shares increased in Tokyo and dropped in Europe.

Related article: Five Years in Limbo, Joseph Stiglitz

In the UK, Chinese companies have been granted a stake in British nuclear power plants, the BBC reported. George Osborne announced this on his trade visit to China, and could allow China a future majority stake the next generation of British nuclear power.

Wednesday October 16

In Ireland, finance minister Michael Noonan has promised a new finance bill to tackle the issue of "stateless" multinational companies who use addresses in the republic to avoid paying tax, the Guardian reported. This statement follows recent claims that Ireland has turned into a tax haven for giant groups such as Apple and Facebook.

Related article: Taxing questions for multinationals

The US was put on notice of a downgrade by rating agency Fitch less than a day before the country’s borrowing requirement expired, the Guardian reported.

Tuesday October 15

It seems the world’s technology giants are investing in Africa, BBC’s Fiona Graham reported. Africa is booming, with growth of 5.6% predicted for 2013, according to the World Bank. "As scientists we believe that science and technology is an enabler to express your needs, it is an enabler to shape your own future”, IBM Research director Kamal Bhattacharya said.

Related article: Has Africa outgrown Aid?

America can never again be seen as indestructible”, was John Hulsman’s title on City A.M. hours before the US government was risking default.

Monday October 14

“The Gulf States are producing more oil than ever before”, the FT reported. This goes against expectations that the US shale production would break the Gulf country’s grip on the global oil market.

Related article: Gulf banks set faire for 2013

In the UK, installations of solar power are reaching new top records this year, the Guardian reported. Optimism amongst banks and financial firms has reached a peak in the past 17 years as investment in clean technology for UK has risen to £1.6bn.

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

Event of the week

Project Finance and Financial Modelling for PPPs - Oct 28th - 31st - Accra, Ghana

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This 4-day workshop will address an in-depth understanding of how project finance for PPPs works, financial modelling and analysis, risk analysis, contract framework with real case studies in an African context.

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Tags: banking , central banks , China , eurozone , financial crisis , UK , US , US economy
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