Eurozone business growth accelerates to a four-year high in June June 23, 2015 Eurozone business growth accelerated to a four-year high in June, as factories and services firms reported stronger growth and hiring. The Markit Composite Flash Purchasing Managers' Index (PMI) rose to 54.1 in June, up from 53.6 a month earlier, and in line with economists' expectations. PMI has now been above the crucial 50 threshold that separates [...]
Greek crisis: Four questions we still need answers to June 23, 2015 European stocks rallied again this morning, after it appeared negotiations between Greece and its creditors went well last night, with European Union President Jean-Claude Juncker saying he's "convinced" a deal will happen this week. But only the next act will show whether this was always going to be a Greek tragedy, or whether it was [...]
US Treasury secretary Jack Lew urges an agreement as Greek drama continues June 23, 2015 The United States has heaped on the pressure for a deal between Greece and its creditors with Jack Lew, the US treasury Secretary, holding phone calls with Greek Prime Minister Alexis Tsipras to push for an agreement in a “delicate” situation. "The Prime Minister had a phone conversation with US Treasury secretary Jack Lew in [...]
Rising inequality, dampened growth and poor prospects: Why everything you thought you knew about Sweden is wrong June 23, 2015 Scandinavia: Home of advanced technologies, strong economies, happy people and the occasional murder, right? Wrong, according to a new report by the Institute of Economic Affairs, which claims that “contrary to popular belief” countries such as Sweden and Denmark are struggling from rising income inequality, declining economic prowess and low job creation. The [...]
Hope of Greek breakthrough spurs market June 22, 2015 Greece’s creditors said yesterday that the country had submitted its first set of comprehensive reform proposals since negotiations began in February, causing European markets to rally on hopes that a deal would be struck within days. After a Brussels meeting of Eurozone finance ministers, European Council president Donald Tusk said the new draft of proposals [...]
City watchdogs expected to curb restrictions on bonus buy-outs June 22, 2015 Regulators will bow to City warnings that new pay rules threaten to undermine the UK’s competitiveness when they unveil proposals to change the way bonuses are treated when bankers quit their jobs to join a rival firm. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are expected to announce today that they have [...]
Eurosceptic Business for Britain report sets the stage for Brexit June 22, 2015 A new report from business leaders is giving momentum to an increasingly well-organised group of Eurosceptics who stand to vote “no” - in favour of the UK leaving the European Union – in an in/out referendum. “Change, or go,” a new report from the Eurosceptic Business for Britain campaign group, argues that the UK “could prosper and [...]
Government pumps millions into aerospace technology companies June 22, 2015 Small technology firms will be able to compete for £10m in subsidies under a new government scheme announced yesterday. Speaking at the opening of a new aerospace research facility in Coventry, small business minister Anna Soubry said that the competition aimed to find “game-changing” aerospace technologies. Soubry also announced four new projects with larger firms that [...]
Cameron must take control of EU reform negotiations before referendum says Conservative rebel Tim Loughton June 22, 2015 David Cameron has been told by Conservative rebels to grab EU referendum negotiations by the scruff of the neck. Read more: EU referendum could be held October 2016, according to government source The former children’s minister, Tim Loughton, said leaving the reform plan to civil servants would end up with negotiations turning to mush. Loughton rebelled [...]
Is the UK going to solve its productivity puzzle? Deputy governor of the Bank of England Jon Cunliffe says yes June 22, 2015 The productivity puzzle may soon be solved, according to a high-ranking official at the Bank of England. Read more: Osborne uses speech to lay out government plans to tackle the productivity puzzle Jon Cunliffe, the deputy governor for financial stability, said that surplus labour in the jobs market was drying up, meaning companies would have to [...]