Greece crisis: After six months in power Alexis Tsipras’ Syriza government has left the country with a veritable Mount Olympus to climb July 30, 2015 Alexis Tsipras’ six-month old left-wing Syriza government has put the country through a breath-taking roller-coaster of ideological hysteria, politico-economic gambles, and farcical constitutional experiments. Now it faces a rockier path ahead than the one it inherited. Perversely, at the time they lost power, the previous government was beginning to boast financial indicators pointing [...]
The Eurozone’s recovery looks set to last this time as Spanish GDP growth picks up July 30, 2015 The Eurozone economy is picking up steam, with bullish figures released this morning suggesting the currency bloc could be about to turn a corner. Spain’s economy grew by one per cent in three months to June, its fastest pace for seven years. The economy is 3.1 per cent larger than it was a year ago, the [...]
Bank of England mortgage lending figures show a rush to remortgage as interest rate hike comes closer July 30, 2015 The mortgage market is hotting up, according to new figures, as rock bottom rates and the prospect of an interest rate rise fuel extra home buying and remortgaging. Net lending secured on dwellings jumped to £2.6bn in June, from £2.4bn in May, the highest figure since July 2008, the Bank of England said today. The [...]
Crisis in Calais takes its toll on Channel Tunnel trade: Disruption “having a severe effect on the UK economy” July 30, 2015 Business groups are putting pressure on the UK government to step up border security measures, claiming that the chaos in Calais is coming at a steep cost to the economy. For weeks, industrial strikes and action by migrants have disrupted services through the French port, holding up trucks on both sides of the English Channel. [...]
As David Cameron vows to crack down on corrupt foreigners buying London properties, can PM lift the shroud of secrecy? July 30, 2015 Prime Minister David Cameron grabbed headlines this week when he said: “There is no place for dirty money in Britain.” Vowing to remove a “shroud of secrecy” surrounding luxury London properties owned by offshore holding companies, the Prime Minister said in a speech in Singapore that the UK “must not become a safe haven for [...]
Clash over Greek debt set to hinder new bailout deal July 30, 2015 Greece’s debt crisis is set to flare up again, as the head of one of the country’s biggest creditors said there needs to be a substantial write-down of the country’s debt, a move inconsistent with EU treaties. “For any programme to fly, a significant debt restructuring should take place,” International Monetary Fund (IMF) chief Christine [...]
Dollar goes crazy following interest rate uncertainty from the Fed July 29, 2015 It has been a rollercoaster of an evening for the dollar, which first plummeted and then picked back up again as investors felt uncertain about how to react to the Fed's statement. Read more: The Federal Reserve keeps interest rates unchanged and gives no hint of when they will rise With no clear indication [...]
The Federal Reserve keeps interest rates unchanged and gives no hint of when they will rise July 29, 2015 In its statement this evening the Federal Reserve left interest rates unchanged and gave no clear indication of when they will rise. Read more: US interest rate hike: Are emerging markets in for a bumpy ride? Analysts were listening out for a possible hike before the next meeting of the Federal Open Market Committee [...]
Looks like we’re not going back to $50 Brent crude after oil prices rose following positive news on supplies July 29, 2015 The price of a barrel of Brent crude oil jumped 1.1 per cent to $53.94 in late afternoon trading after a report showed a surprise dip in US oil reserves. A report by the US Energy Information Administration showed oil stocks fell to 459.7m barrels in the week to Friday, down 4.2m barrels from the [...]
Bank of England’s Jon Cunliffe warns over impact of a US rate hike July 29, 2015 The Bank of England's deputy governor for financial stability has voiced concerns over how financial markets will react to an interest rate rise by the US Fed. Sir John Cunliffe told the Guardian that global financial markets are "quite fragile" due to a lack of liquidity which can make it more difficult for traders to exit some [...]