Greek debt crisis: Greece upbeat on bailout deal but bank shares continue to plummet August 5, 2015 Greek finance minister Euclid Tsakalotos said yesterday that he was confident an agreement with the cash-strapped country’s lenders could be reached by 20 August, despite admitting disagreements on privatisations. Tsakalotos met yesterday with representatives of the International Monetary Fund, Eurozone and European Central Bank (ECB) to further discuss terms attached to any further lending. He [...]
Markit UK construction PMI: Growth loses momentum in July August 4, 2015 The UK's construction sector unexpectedly lost momentum in July as growth in housebuilding and civil engineering slowed. The widely watched Markit/CIPS UK construction purchasing managers’ index (PMI) slowed to 57.1 in July, from 58.1 a month earlier, also missing economists' expectations for a reading of 58.4. Any number above the crucial 50 mark implies expansion. Growth [...]
ICE Brent crude oil falls below $50 a barrel August 4, 2015 Brent crude oil has fallen below $50 a barrel to hit a six month low. ICE September Brent crude, which acts as the global benchmark, fell 18 per cent in July. Having fallen by 4.64 per cent in the first session of August trading, it lost more than $2, falling to $49.58, its weakest price [...]
Investment by UK businesses supports one million US jobs August 4, 2015 The UK is the largest foreign investor in the US, new research from the Confederation of British Industry (CBI) reveals today. At the end of 2013, the UK had $519bn (£333bn) in the US, $200bn more than the next largest investor. The CBI estimates that 962,900 jobs are supported by investment from UK firms. The UK [...]
Designer of Greek crisis plan James Galbraith warns bailout deal is destined for failure August 4, 2015 The latest Greek bailout deal is destined for failure, an economist who helped engineer the cash-strapped country’s controversial currency crisis plan has warned. Negotiations on Greece’s third bailout plan – which would grant the country up to €86bn (£60.4bn) – have been ongoing since last week. “Nobody wants this deal,” Professor James Galbraith told City [...]
Commodities in freefall as China faces slowdown August 4, 2015 Mining stocks were dealt a body blow yesterday, with one index dropping to a 13-year low, as Chinese manufacturing PMI data dragged the commodities market down yet again. The data, which came out yesterday morning, showed that the downturn in China’s manufacturing sector intensified at the start of the third quarter. Production was cut at [...]
London workers bargain for higher pay as economy grows August 3, 2015 With the UK economy growing strongly, London’s job hunters are putting more emphasis on pay when searching for potential employers, new research shows. Compensation is now the top factor when considering jobs with 20 per cent of Londoners saying they were most motivated by pay, according to survey figures released today by recruiter Randstad. It [...]
EU outlook revised to “negative” from “stable” by Standard & Poor’s August 3, 2015 Standard and Poor’s has revised the EU’s outlook to negative due to the ongoing Greek debt crisis and growing fears that the UK could vote to leave the EU. The decision also reflects that S&P believe the EU’s AA+ credit rating has a greater than 1-in-3 change of being cut in the next 2 years. This [...]
British investment in the US continues to rise, boosting jobs across all states August 3, 2015 The UK is the US's number one foreign investor, now accounting for almost a fifth of total funding pumped into the country. Read more: The UK is finally catching up with US in biotech investment – venture capital funding more than doubled last year According to the most recent figures released by the CBI, [...]
Brent crude oil drops below $51 per barrel for the first time since January August 3, 2015 The price of Brent crude dipped as much as 3.4 per cent in afternoon trading to $50.43 per barrel, its lowest since the January this year, as the commodities crisis continued to weigh on the market. The news drove the rouble down 1.67 per cent against the dollar, to $0.01593. Russia's economy is heavily dependent [...]