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Home > Blogs > QFINANCE Editor > QFINANCE: financial news roundup (7 - 13 February, 2014)

QFINANCE: financial news roundup (7 - 13 February, 2014)

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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 13 February

Mining giant Rio Tinto has increased its dividend after higher iron ore prices and cost-cutting helped return the firm to profit, the BBC report. Annual payout to shareholders will increase by 15% to $1.92 per share.

Related sector: Mining

Unemployment in Greece has reached a record high of 28% the BBC reported. Newly released government figures have shown that the jobless rate for those under 25 is as high as 61.4%.

Wednesday 12 February

The US Federal Reserve’s newly appointed Chairman Janet Yellen confirmed plans to continue “tapering” its quantitative easing program, the Independent reported. She said that the country’s monetary policy would only be affected by a domestic slowdown.

Related article: The Fed's Surprise and Yellen's Challenge

British bank Barclays has announced serious job cuts, the Daily Telegraph reported. The group is planning to cut 820 managing director and director-level staff.

Tuesday 11 February

The 2008 dispute over online lender Icesave has been reignited by British and Dutch authorities, Reuters reported.  The two countries have filed a claim of $4.85 billion, plus interest and costs against Iceland's deposit insurance fund, over money their savers lost in Icesave funds.

Related article: Iceland makes a drama out of its crisis

Bloomberg’s worldwide financial market revenues have boomed in the past year, rising from $7.9 billion to $8.2 billion, the Independent reported, while revenues for competitor Thomson Reuters dropped from $7.5 billion to $7 billion.

Monday 10 February

China’s Development Bank is asking some international clients to postpone drawing down previously committed credit lines, the FT revealed last Monday. The news, also reported by FXstreet, highlights how strains on the country’s financial system “are reverberating abroad”.

Related article: Global Ambitions—China’s Big Banks

Although 2013 wasn’t a great year for most hedge funds, George Soros’s Quantum Endowment fund had its second-best year ever in dollar terms, adding $5.5 billion to the billionaire’s fortune, Quartz reported.

Friday 7 February

The US government announced that 113,000 jobs were created last month, the New York Times reported, in its second straight month of anemic growth. However, January’s unemployment rate dropped down to 6.6%, the lowest level since October 2008.

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

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Tags: banking , China , economic recovery , European Central Bank , financial crisis , regulation , UK , US , US economy
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