Saudi Stock Exchange opens to foreign investment: Meet the biggest companies you’ve never heard of June 15, 2015 Saudi Arabia’s largest natural resource is oil. Yet there is one deep, very different well that remains still untapped: direct foreign investment in the Tadawul, better known as the Saudi Stock Exchange. With a market capitalisation of more than $560bn (£360bn) it is the final major capital market not yet open to direct foreign investment. [...]
Airbus and Boeing deals cleared for takeoff at Paris air show June 15, 2015 Aerospace giants Airbus and Boeing opened the Paris air show with a flurry of multi-billion-dollar plane deals yesterday, as hungry Asian and Middle Eastern carriers put in orders faster than the rivals can make them. Airbus said Garuda Indonesia had signed a letter of intent to buy 30 A350 XWB jets, worth $9bn (£5.8bn) at [...]
European Central Bank president Mario Draghi tells European Parliament ball lies “squarely” in Greece’s court June 15, 2015 European Central Bank chief Mario Draghi said today that the ball lies in Greece's court, during a testimony before the European Parliament's Economic and Monetary Affairs Committee, after talks stalled last night. "While all actors will now need to go the extra mile, the ball lies squarely in the camp of the Greek government to take [...]
S&P: Greek non-payment to ECB “wouldn’t mean default” June 15, 2015 If Greece fails to repay €6.7bn (£4.8bn) worth of bonds held by the European Central Bank (ECB) at the end of July, this will not constitute a default, at least under criteria from credit ratings agency Standard & Poor's (S&P). Read more: With no deal on the cards, would the Eurozone be able to contain contagion from Greek [...]
Russian central bank slashes key interest rate June 15, 2015 The Central Bank of Russia has slashed its main interest rate by one percentage point to 11.5 per cent, amid a strengthening currency and inflation risks. It's slowed the pace at which it was cutting rates – the central bank cut the main interest rate by two percentage points in January, one percentage point in March and [...]
Greek crisis: Tsipras says Greece is “waiting for realism” as European stocks get the jitters after failed eleventh-hour talks June 15, 2015 Greek Prime Minister Alexis Tsipras said today that the country will "patiently wait for [its lenders to] adhere to realism". Read more: Germany warns of Grexit with EU patience "running out" In an irate statement issued following last night's crunch talks, which collapsed after just 45 minutes, Tsipras said "one can only suspect political motives behind [...]
Biggest wage increase in nearly eight years expected June 15, 2015 Employment figures due out later this week are likely to show Britons enjoyed bumper pay cheques in April, according to the Resolution Foundation think tank, with wages rising at the fastest pace since October 2007. The think tank predicts that average weekly wages swelled between 2.5 per cent to 2.6 per cent year-on-year. When combined [...]
No end in sight for London house price boom: Average asking price soars to more than £600,000 June 15, 2015 House prices in the capital are set to outpace earnings for the foreseeable future, despite government efforts to boost house building and affordability. Average London asking prices have jumped to £613,922 – above £600,000 for the first time ever – according to Rightmove data published today. It marks a rise of 5.8 per cent compared [...]
One in three Tory MPs said to back eurosceptic group Conservatives for Britain June 15, 2015 More than one-third of Conservative MPs have put their weight behind a new eurosceptic group, just one week after it was set up. Conservatives for Britain founder Steve Baker, the MP for Wycombe, told City A.M. yesterday that over 110 MPs have expressed interest in the group. Baker added that while the group is preparing [...]
Saudi Arabian stock exchange to open up to foreign investments June 14, 2015 The Kingdom of Saudi Arabia is today opening its $500bn-plus Tadawul stock exchange to direct foreign investments, with the move to be closely watched by investors seeking opportunities in the Middle East. Under the new rules, qualified foreign investors with a minimum $5bn in assets under management and at least five years’ experience in the [...]