Oil price drops to three-month low on worries over Eurozone July 6, 2015 Oil prices fell below $60 a barrel yesterday, as the shockwaves from the Greek “no” vote pushed prices further down. Yesterday marked the first time since April that internationally traded Brent crude fell so low, at one point dipping to as little as $56.50 a barrel. US benchmark West Texas Intermediate was also trading at [...]
George Osborne to overhaul Sunday trading hours in biggest shakeup for 20 years July 6, 2015 Shops and supermarkets could be allowed to open for longer on Sundays in one of the biggest shakeup of trading laws in 20 years. Chancellor George Osborne will use tomorrow’s Budget to unveil plans to devolve powers to mayors or councils to decide for themselves what the rule over trading hours should be in their [...]
George Osborne: Greek crisis could go from bad to worse July 6, 2015 Chancellor George Osborne has warned that the economic crisis in Greece has reached a “critical moment” with far-reaching consequences for the UK economy. “No-one should be under any illusions,” Osborne said yesterday in the House of Commons. “The situation risks going from bad to worse,” he added. “Britain will be affected the longer the Greek crisis [...]
Business group shocked by new weaker manufacturing figures July 6, 2015 A leading business group has said that it is surprised by new figures out today showing a sharp slowdown in UK manufacturing. The British Chambers of Commerce (BCC) quarterly economic survey (QES), based on responses from nearly 7,500 firms, recorded drops in all the key manufacturing balances in the second quarter, with most balances lower than [...]
US stocks close lower amid Greek debt crisis July 6, 2015 United States stocks closed lower today, however they clawed back some of the sharp losses seen at the open, after European and Asian markets which shook off the fallout from the Greek debt crisis earlier in the day. The Dow Jones Industrial Average ended the day down 46.53 points, or 0.26 per cent, to just [...]
Greek crisis: ECB maintains emergency funding for Greek banks and imposes bigger haircut on Greek bank collateral July 6, 2015 The European Central Bank (ECB) has imposed a bigger haircut on Greek banks making it harder for them to receive the emergency funding they need to stay afloat. The governing council's move means Greek banks will have to cough up more assets in exchange for Emergency Liquidity Assistance (ELA), however a source told Reuters that the [...]
Iran nuclear talks: These UK sectors will be in a seriously good place if a deal is reached tomorrow July 6, 2015 Tomorrow is the deadline for a nuclear deal between Iran and other foreign powers, which would involve the removal of economic sanctions against Iran in return for a curbing of its uranium enrichment programme. Read more: Iran will limit uranium enrichment but deal remains unlikely, officials say At the moment, the country's economy is [...]
Greek crisis: Greek prime minister Alexis Tsipras agrees with Angela Merkel he’ll present new proposals tomorrow July 6, 2015 Greek Prime Minister Alexis Tsipras has agreed with German Chancellor Angela Merkel that he will present new proposals for a deal at a summit of Eurozone finance ministers tomorrow, reports have suggested. Read more: Has the Greek crisis irrevocably tarnished the euro? Reuters reported that the pair had reached the decision during a phonecall today. However, [...]
Countdown to Grexit: Every event this week which will decide the fate of Greece July 6, 2015 What's that shuffling sound we hear on the wind? The gentle rustle of European leaders trying to reorganise their diaries as the number of meetings over the continent's problem child – Greece – begin to stack up? We now know Greeks don't want austerity measures, but Alexis Tsipras, the country's Prime Minister, is determined to [...]
Nobel Laureate economist Paul Krugman: Europe “won big” from Greece’s “No” vote July 6, 2015 Nobel Laureate economist Paul Krugman hailed Greece's "No" vote in its referendum on European creditors' bailout package as a big win for the rest of Europe. Read more: Varoufakis resigns despite "no'" vote Greece overwhelmingly rejected lenders' austerity measures on Sunday, prompting the MIT professor to argue in his New York Times column that "Europe, and [...]