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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (December 6 – 12, 2013)

QFINANCE: financial news roundup (December 6 – 12, 2013)

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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.

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Thursday December 12

Average earnings in the UK have risen by less than the rate of inflation for the fifth year running, revealed the Office for National Statistics (ONS). However, Reuters reported that the country’s economy is expected to expand at its fastest rate in seven years in 2014, “thanks to strengthening household consumption”.

Related article: Yet Another Nail in the Final Salary Scheme Coffin

After five years of recession, the Spanish economy is showing the very first signs of recovery, Reuters reported, mainly thanks to a small increase in the country’s exports.

Wednesday December 11

Wall Street banks have been banned from using their own funds for trading activities, as all US financial regulators approved the Volcker rule, the FT reported.

Related definition: Volcker rule

Following its recent stock market float, social media giant Twitter has climbed to a new all-time high, the Independent reported. This is mainly due to the social network’s new targeted advertising feature.

Tuesday December 10

The US government lost $10.5 billion from its bailout of General Motors, but maintains that the rescue “was necessary” to prevent the American auto industry from collapsing, the Guardian reported.

Related definition: Freddie Mac and Fannie Mae: the mother of all bailouts still to come?

France’s finance minister Pierre Moscovici has declared that Europe is closer to a banking union deal which will bring a “real revolution” to its financial system, the FT reported. Differences with Germany are narrowing on a system to fund failed banks, the minister said.

Monday December 9

India’s stocks hit a record high on Monday as global markets flopped at the end of last week, the BBC reported. As reporter Jamie Robertson points out, “The last time the Fed looked as though it was going to "taper" off its $82bn (£59bn) QE program Indian stocks were knocked sideways along with every other emerging market”.

Related article: India opens door to foreign banks in bid to reinvigorate economy

Online government surveillance could “hit economy”, the BBC reported, as leading technology firms are urging governments to implement measures to counter the risks involved.

Friday December 6

Germany’s Bundesbank raised its forecasts for this year’s economic growth from 0.3% to 0.5%, and from 1.5% to 1.7% for 2014, the BBC reported. This is because “the unemployment rate is low, employment is rising, and wage growth is returning to normal”, said Bundesbank president Jens Wiedmann.

Related article: Dealing with the euro mood swings

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

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Tags: banking , central banks , economic recovery , European Central Bank , eurozone , financial crisis
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