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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (December 16 – 19, 2013)

QFINANCE: financial news roundup (December 16 – 19, 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.

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 December 19

The eurozone has agreed on a “long-awaited” banking pact on how to deal with failing banks in the area, the BBC reported. This will be supported by the banking industry, with the aim of creating a €55 billion fund (equivalent to $75 billion and £46 billion) over the next 10 years.

Related article: Limited Liability Non-Bank Government Debt for the Eurozone

The US Federal Reserve plans to slow down its quantitative easing program by reducing its bond buying $10 billion a month, the BBC reported.

Wednesday December 18

Accountancy’s Big Four – KPMG, EY, Deloitte and PwC– could be stripped of their most lucrative audit deals every 10 years, as suggested by new EU rules, the Independent reported.

Related definition: 'Big Four' auditors on back foot after UK parliamentary report exposes failures

Former Barclays boss Bob Diamond is raising $325 million for an African banking venture set up to acquire financial services companies, the Guardian reported.

Tuesday December 17

As reported in The Star Online, the Energy Information Administration (EIA) believes US oil production will reach historic highs by 2019 as a result of the introduction of fracking shale.

Related definition: Energy Self-Sufficiency through Shale Gas Changes the Game for the United States

British Petroleum has signed a 30-year long deal worth around $16 billion in Oman to work in gas production, the Independent reported.

Monday December 16

The BBC reported that Portugal has passed the Troika’s review of its economy, as the country appears to be moving closer to exiting the bailout program. The EU and the IMF have been watching Portugal’s economy and reforms closely, which was a condition of the 2011 €78 billion (£66 billion) bailout.

Related article: Portugal’s government presses the economic self-destruct button

JPMorgan is “betting on Indian companies, not economy or government”, the firm’s Chief Emerging Market and Asian Equity Strategist Adrian Mowat told MoneyControl. This is because most of the country’s companies have continued to perform well despite the relatively bad state of the economy, suggesting that they are behaving like developed market businesses.

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

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Tags: Africa , audit deal , bailout , Barclays , big four , Bob Diamond , bond , BP , British Petroleum , Deloitte , EIA , Energy Information Administration , EU , eurozone , EY , Federal Reserve , IMF , Indian economy , JP Morgan , KPMG , Portugal , PWC , shale gas , shale oil , troika , US
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