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QFINANCE: financial news roundup (November 8 - 14, 2013)

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

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Thursday November 14

Ireland will exit its international bailout program next month, Prime Minister Enda Kenny has confirmed. This will be a “clean break” from its 85bn euro (£71bn) program, the BBC reported.

Related article: Can Ireland escape from the bank debt burden

The eurozone economy has grown by only 0.1% in the July-September period, the BBC reported. Although this is the second quarter of growth after 18 months of recession, the figure is a slow down from 0.3% in the previous quarter.

Wednesday November 13

China has pledged a “decisive” role for markets in allocating resources, Bloomberg reported. Despite maintaining the government’s dominance in the economic strategy, new reforms seem to be bringing limits to the government’s involvement.

Related article: Stability proves testing for China

Barclays’ head of compliance Sir Hector Sants has resigned due to “stress and exhaustion”, the FT reported. His departure coincides with that of the bank’s chief operations technology officer Shaygan Kheradpir, who is moving to Juniper Networks.

Tuesday November 12

Leading banks and building societies are likely to have to pay large sums to refund interest payments to loan customers, the Mail Online reported. As with Barclays, Northern Rock and the Co-operative Bank, this is thought to be due to paperwork problems.

Related definition: Interest payment

In Qatar, optimism has risen for both hydrocarbon and non-hydrocarbon sectors, the latest Business Optimism Index revealed. Sales and profitability expectations among firms in the non-hydrocarbon sector also reflect a robust outlook, with 71% and 68% respondents respectively anticipating an increase in Q4 this year.

Monday November 11

Following the successful launch of Twitter’s IPO last week, Wall Street bankers are “on track to earn bumper fees”, the FT reported. US companies are likely to raise a record amount in a year from a “tide of initial public offerings”.

Related article: Price discovery in IPOs

Professional services company KPMG has launched its first investment fund, the Independent reported. This broadens the areas covered by the group, indicating big changes in the financial services industry.

Friday November 8

Rating agency Standard & Poors has cut France credit rating to AA, the BBC reported. The move was mainly due to high unemployment, which S&P said was preventing the government from implementing important reforms which would boost growth.

Related article: How to use credit rating agencies

US job creation in October was higher than expected with 204,000 added, the BBC reported. However, newly published figures from the Labor Department revealed that unemployment rate edged up to 7.3% from 7.2% in September.

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

Tags: central banks , credit rating agencies , European Central Bank , fiscal stimulus , global imbalances , regulation , sovereign debt , UK , US economy
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