Businesses urge the government not to delay after Airports Commission report’s recommendation to build a third runway at Heathrow airport July 1, 2015 This morning a report from Sir Howard Davies' Airports Commission recommended the building of a third runway at Heathrow Airport, saying it could provide £147bn of economic growth and 70,000 jobs by 2050. The report has been a long time coming: former London School of Economics chief Davies was appointed three years ago to lead [...]
Greek default: What happens next? Will the referendum lead to a Grexit? What if Greeks vote “no”? All your questions answered July 1, 2015 Last night the inevitable happened and, despite attempts by the country's leaders to persuade the Eurozone to provide it with a third bailout package, Greece failed to stump up the €1.5bn (£1.1bn) it owed the International Monetary Fund (IMF). On Sunday, the country will hold a referendum, asking its people whether they are prepared to [...]
Foreign buyers push City into deals boom: Biggest haul of British M&A activity since before financial crisis June 30, 2015 Britain has experienced the biggest boom in M&A since the financial crisis thanks to a rush of overseas buyers, according to figures out today. Weaker sterling, low interest rates and renewed corporate confidence have sparked acquisitions of everything from oil companies to tin can makers since the start of the year. The total [...]
Greek debt crisis: Greece finally in arrears as it fails to meet deadline for IMF payment June 30, 2015 Greece has officially become the first Western country to go into arrears on its debt to the International Monetary Fund (IMF) after failing to meet last night’s deadline for a repayment of €1.5bn (£1bn), despite a last-ditch attempt to reach a deal with its creditors yesterday. The IMF confirmed late last night that the [...]
Greece has missed its deadline to repay €1.6bn to the IMF June 30, 2015 Just as all the markets expected, Greece has not met its deadline to repay €1.6bn (£1.1bn) to the IMF. Read more: Germany won't discuss Greek bailout deal until after Greek referendum The amount, which constituted a bundle of loan repayments from the month of June, was due by 11pm on Tuesday evening. Greek [...]
Fitch downgrades Greece’s credit rating to CC, which is one point above “inevitable” default June 30, 2015 Fitch has downgraded Greece further in junk status, down from CCC to CC. It is now just one point above what is deemed to be a certain default. Read more: Germany won't discuss Greek bailout deal until after Greek referendum The ratings agency, which is the second to downgrade the beleaguered economy in two days [...]
Greece could face a huge shortage of life-saving medicines if it defaults on today’s IMF payment June 30, 2015 If Greece defaults on its €1.6bn (£1.14bn) repayment to the IMF today, the country could end up suffering a serious shortage of life-saving medicines. Read more: This Londoner is crowdfunding a Greek bailout fund on Indiegogo In a letter written to the European Commission, the European Federation of Pharmaceutical Industries and Associations (EFPIA) called [...]
UK current account deficit should “ring alarm bells” for the UK June 30, 2015 The UK's current account deficit should ring an "alarm bell" for the UK, the British Chambers of Commerce (BCC) said today, after official figures showed the deficit was £26.5bn in the first quarter of the year. The figure – a measure of the UK's success in exports – has narrowed from last year's £28.9bn – [...]
European markets begin second day of falls as Greece confirms it won’t make today’s IMF payment deadline June 30, 2015 The FTSE 100 was 0.6 per cent down in late morning trading today, after Greece confirmed last night it will definitely miss today's 6pm deadline to pay the International Monetary Fund (IMF) €1.6bn (£1.1bn). Read more: George Osborne vows to help Britons hit by Greek crisis Meanwhile, although both the Cac and the Dax fell, [...]
Greece will default on its €1.6bn repayment to the IMF today June 30, 2015 Greece will not pay the €1.6bn (£1.14bn) it owes to the IMF today, Athens has confirmed Read more: How Twitter became Alexis Tsipras’ secret weapon in Greek negotiations The beleaguered country is required to make the repayment to its creditor by 11pm on 30 June, after saying it would bundle all its payments for the month [...]