European stocks feel the pressure after Greek minister says default is on the horizon and Spain’s ruling party is punished at the polls May 25, 2015 European stocks are feeling the latest shockwaves from Greece. Yesterday Greece’s interior minister said that the country wouldn’t be able to pay the €1.6bn (£1.1bn) it owes the IMF next month. To add to the jitters, the ruling Popular Party (PP) in Spain was hammered at the polls, with smaller, ant-establishment parties doing well. The [...]
Eurovision Song Contest 2015: Secretly, these countries are probably hoping they lose May 23, 2015 The Eurovision Song Contest is getting more and more expensive, despite Europe's decline into austerity. The annual tradition blossomed in the 60's, at a time when things looked brighter for Europe and there was a stronger sense of solidarity. But now the event is more lavish and over-the-top than ever, and each year the winning [...]
Email slip-up reveals Bank of England’s investigation into what would happen if UK left the EU May 23, 2015 The Bank of England is carrying out a confidential investigation into what would happen if the UK left the European Union (EU), an email accidentally sent to The Guardian has revealed. It discloses details of a special task force set up by the central bank to look into the economic consequences of a UK exit, [...]
Public sector borrowing: Higher tax receipts helped shrink the budget deficit in April May 22, 2015 Chancellor George Osborne was given a boost today, as higher tax receipts helped shrink the deficit by more than expected in April. Public sector net borrowing excluding state-controlled banks fell by about 27 per cent to in the year to April, reaching £6.8bn, below economists' forecasts of £8.1bn, and its lowest level for that month since [...]
Mario Draghi: Structural reforms needed as growth is “too low everywhere” May 22, 2015 European governments must increase efforts to adopt structural reform if “lasting stability and prosperity” is to return to the Eurozone, Mario Draghi has said today. Reforms were needed to avoid future shocks to the system, making resilience “part of our common DNA”, he said in a speech at the start of the ECB’s annual [...]
Self-styled bank sheriff Ben Lawksy hangs up his badge May 21, 2015 Banks in the UK and across Europe will be breathing a little easier next month after New York’s top financial crime cop Ben Lawsky, who mounted an aggressive campaign against some of the world’s biggest institutions, exits his role policing financial firms operating in the Big Apple to take up a West Coast teaching job. [...]
Tourism deficit? UK loses £1bn a month as residents splurge their savings on holiday May 21, 2015 Britain is losing billions each year from UK residents spending their money abroad on holidays, while overseas visitors to the UK spend less. Since the beginning of 2013, 129m UK residents have visited an overseas country – spending a total of £76.8bn. This equates to £594 being spent for each UK resident's visit abroad, according [...]
UK retail sales smash expectations rising 4.7 per cent year-on-year May 21, 2015 The retail sector smashed expectations as warm weather encouraged shoppers on to high streets across the UK last month. Retail sales volumes (excluding fuel) were up 4.7 per cent year-on-year, gaining 1.2 per cent from March, beating economist expectations of 3.7 per cent and 0.4 per cent. This was driven by textiles, clothing and footwear, [...]
Forex-rigging fines: Legal troubles continue to brew despite FX settlement May 20, 2015 European banks embroiled in the FX-rigging scandal saw their shares rise yesterday after regulatory fines came in lower than unexpected, despite further legal woes looming on the horizon in UK courts. FTSE-listed Barclays rose 3.37 per cent and RBS increased 1.78 per cent, while in Zurich UBS ended the day 3.23 per cent higher [...]
Record number of tourists flock to London: British Museum, National Portrait Gallery and Southbank Centre draw millions May 20, 2015 A total of £11.8bn was spent in London by tourists last year London attracted a record number of tourists from abroad in 2014, with 17.4m people coming to enjoy its history, culture, food and shopping. The figure marks a 3.5 per cent climb in visitor numbers on 2013, the Office for National Statistics [...]