Grexit: Greek central bank warns of “uncontrollable crisis” if negotiations fail June 17, 2015 The Bank of Greece has warned its government of an "uncontrollable crisis" if it fails to reach an agreement with creditors by the end of the week. Greece's central bank says such a scenario would kick-off a "painful" course of events that could lead to the country's exit from the European Union, and urged the [...]
Fed fuels interest rate hike on “moderate” growth in US economy June 17, 2015 The Federal Reserve has kept interest rates unchanged at a historic low of 0 to 0.25 per cent, but offered hope of an increase in short-term interest rates with positive statements about the US economy. Read more: Why it’s not time to dump US equities – a Fed interest rate hike won’t drag down stocks The [...]
South England employment rate drives boost – while Northern Ireland and the north east lag behind June 17, 2015 South east and south east England have the highest employment rates in the UK, while Northern Ireland and north east England lagged behind. Figures released by the Office of National Statistics reveal that 31m people in the UK were in employment in April 2015, forcing the unemployment rate down to 5.5 per cent nationally. Meanwhile, wage [...]
Queen bees contribute more to the UK economy than the Queen herself June 17, 2015 Pollinating bees contribute an estimated £651m to the UK's economy each year by helping crops to grow, researchers at the University of Reading have suggested – £150m more than the value of tourism brought to Britain by the Royal Family. The results, published in the journal Nature Communications, show that apples and strawberries are particularly reliant [...]
Greek crisis: UK stepping up contingency plans for Grexit says George Osborne June 17, 2015 The government has started planning for a Greek exit from the Eurozone, George Osborne has confirmed. Read more: European Commission President Jean-Claude Juncker says Greece has been misleading its voters A Grexit would pose "serious economic risks" to the UK, the chancellor said today, as David Cameron prepares to discuss the crisis with Italy's Prime Minister [...]
Sterling jumps as UK wage growth smashes expectations and unemployment falls again June 17, 2015 The pound leaped 0.54 per cent against the dollar to $1.5715 this morning, after data from the Office for National Statistics showed wages grew 2.7 per cent between February and April. Wage growth is at its fastest rate since Augest 2001, smashing expectations of 2.5 per cent. It is significantly higher than inflation, which stands at 0.1 [...]
Bank of England Monetary Policy Committee meeting minutes show members vote 9-0 to keep rates unchanged in June June 17, 2015 The Bank of England's Monetary Policy Committee voted 9-0 to keep interest rates unchanged at its meeting ending June 3 minutes released today have shown. Read more: UK shrugs off deflation as prices rise 0.1 per cent in May All nine members voted to hold interest rates at 0.5 per cent, although two members said their [...]
Eurozone inflation rises 0.3 per cent in May June 17, 2015 Eurozone inflation rose 0.3 per cent in the year to May a second estimate released today by statistics agency Eurostat has shown, in line with economists' expectations, and up from zero in April. The largest prices increases came from vegetables which rose 0.09 per cent, restaurants and cafes which increased 0.08 per cent and tobacco [...]
Syriza defiant despite Greek bank troubles June 16, 2015 The International Monetary Fund bears “criminal responsibility” for the damage caused to Greece’s economy since its first bailout, the country’s Prime Minister, Alexis Tsipras, said during a powerful speech yesterday. Meanwhile Greek Finance Minister Yanis Varoufakis has said a “Grexit” would not be a sensible solution and called for debt restructuring. Tsipras told his MPs [...]
London is cheaper to base expat staff than Hong Kong or Geneva June 16, 2015 HSBC bankers and mining expats look away now: London is cheaper to live than Hong Kong, Geneva and the mining capital of Angola, Luanda, according to a new study. London came 12th in the cost of living poll, which assessed the costliest places for multinational organisations to base their expatriate staff – well behind [...]