European Commission President Jean-Claude Juncker: Greek referendum was “irrelevant circus” July 7, 2015 European Commission President Jean-Claude Juncker has dismissed the country's referendum result as an "irrelevant circus" because it was based on an illegitimate question. "We are told we must respect the Greek people's vote," he told MEPs. "The people of Greece have spoken and I would like to understand what they have said." Juncker [...]
World’s third richest man Warren Buffett donates $2.84bn to five charities July 7, 2015 Warren Buffett has donated $2.8bn (£1.8bn) of shares in Berkshire Hathaway to five charities, including the Bill and Melinda Gates Foundation. Read more: Warren Buffett sings Coca-Cola song, plays ukelele to shareholders The billionaire investor has made his 10th annual donation to the charities, taking his overall contribution over $21bn. Buffett, the world's third-richest person [...]
July Budget 2015: As inheritance tax system is set to change where will house prices drop below new threshold? July 7, 2015 Tomorrow, George Osborne is expected to announce changes to the inheritance tax system (IHT) meaning a couple can hand a £1m estate on to their children without being taxed for the privilege. Currently, a couple has a tax-free allowance of £325,000 a person (£650,000 a couple). Although IHT is applied to an entire estate, soaring [...]
Greek debt crisis: Mario Draghi turns up the heat on banks July 6, 2015 The Eurozone’s central bank piled more pressure on Greece ahead of today’s crucial summits, by making it harder for the country’s struggling banks to access emergency loans. The move, revealed yesterday, is not expected to push any Greek banks to the brink, but was widely seen as a turning of the screws on Greece that [...]
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 [...]