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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (November 15 - 21, 2013)

QFINANCE: financial news roundup (November 15 - 21, 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 21

Greece’s 2014 budget revealed that the country would exit its six-year long recession next year with 0.6% growth, the BBC reported. "Many finance ministers of the eurozone are starting to lose patience", head of the Eurogroup Jeroen Dijsselbloem told the Ta Nea Greek daily.

Related article: The wider consequences of the Greek tragedy

Newly published business surveys showed that China’s factory sector grew at a much slower pace this month with the eurozone experiencing a similar slowdown, Bloomberg reported.

Wednesday November 20

The OECD’s latest outlook report advised the eurozone to follow in the footsteps of the UK, US and Japan, the Independent reported. The report recommends turning to the printing presses to avoid the threat of damaging deflation.

Related article: OECD weighs in on EU breakup potential

After months of negotiating over allegations of risky mortgage deals, JP Morgan Chase has agreed to a record $13 billion settlement with regulators, the Guardian reported.

Tuesday November 19

“A new age of Indian banking is about to begin” was the headline on India daily Rupee Times last Tuesday. Head of the Reserve Bank of India Raghuram Rajan has revealed new policies for involving foreign as well as domestic banks in India.

Related definition: The Case for India, by Raghuram Rajan

The newly published OECD outlook report revealed that the UK economy grew faster than any of the group’s 34 nations in the third quarter, the Daily Telegraph reported.

Monday November 18

More than 100,000 unproductive "zombie firms" in the UK are threatening the country’s economy by surviving on low interest rates, the Guardian reported. A report from the Adam Smith Institute revealed that zombie firms increase the costs of entry for more innovative companies.

Key definition: Zombie

Friday November 15

Rating agency Moody’s has cut the credit ratings of Goldman Sachs, Morgan Stanley and JP Morgan Chase to Baa1, Baa2 and A3, respectively, the FT reported. This follows strong bets that the federal government is unlikely to bail out these institutions.

Related article: How to use credit rating agencies

The social media acquisition saga took an unexpected turn last Friday, as photo messaging company Snapchat turned down a $3 billion offer from Facebook, the Daily Telegraph reported.

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

Tags: China , economic recovery , EU , European Central Bank , Greece , India , regulation , stocks and shares , UK , US economy
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