Russian central bank slashes key interest rate June 15, 2015 The Central Bank of Russia has slashed its main interest rate by one percentage point to 11.5 per cent, amid a strengthening currency and inflation risks. It's slowed the pace at which it was cutting rates – the central bank cut the main interest rate by two percentage points in January, one percentage point in March and [...]
Greek crisis: Tsipras says Greece is “waiting for realism” as European stocks get the jitters after failed eleventh-hour talks June 15, 2015 Greek Prime Minister Alexis Tsipras said today that the country will "patiently wait for [its lenders to] adhere to realism". Read more: Germany warns of Grexit with EU patience "running out" In an irate statement issued following last night's crunch talks, which collapsed after just 45 minutes, Tsipras said "one can only suspect political motives behind [...]
Biggest wage increase in nearly eight years expected June 15, 2015 Employment figures due out later this week are likely to show Britons enjoyed bumper pay cheques in April, according to the Resolution Foundation think tank, with wages rising at the fastest pace since October 2007. The think tank predicts that average weekly wages swelled between 2.5 per cent to 2.6 per cent year-on-year. When combined [...]
No end in sight for London house price boom: Average asking price soars to more than £600,000 June 15, 2015 House prices in the capital are set to outpace earnings for the foreseeable future, despite government efforts to boost house building and affordability. Average London asking prices have jumped to £613,922 – above £600,000 for the first time ever – according to Rightmove data published today. It marks a rise of 5.8 per cent compared [...]
One in three Tory MPs said to back eurosceptic group Conservatives for Britain June 15, 2015 More than one-third of Conservative MPs have put their weight behind a new eurosceptic group, just one week after it was set up. Conservatives for Britain founder Steve Baker, the MP for Wycombe, told City A.M. yesterday that over 110 MPs have expressed interest in the group. Baker added that while the group is preparing [...]
Saudi Arabian stock exchange to open up to foreign investments June 14, 2015 The Kingdom of Saudi Arabia is today opening its $500bn-plus Tadawul stock exchange to direct foreign investments, with the move to be closely watched by investors seeking opportunities in the Middle East. Under the new rules, qualified foreign investors with a minimum $5bn in assets under management and at least five years’ experience in the [...]
Apprenticeships will be treated same as degrees under new law June 14, 2015 Apprenticeships will be given protected legal status under a new law to be introduced later this year, the government announced yesterday. The business department said that the forthcoming enterprise bill will make the term “apprenticeship” protected in law, in the same way as a university degree. “If university graduates have their moment in the sun [...]
City firms in rush to hire contract workers to deal with regulation June 14, 2015 Demand for contract workers within London’s financial services sector is soaring, new figures show. The number of contract vacancies, which are short-term, jumped 45 per cent between April and May, according to data released today by recruiters Venn Group. Demand is still high for compliance positions, with financial services firms adjusting to the new regulatory [...]
Shoppers abandon trips to the high street at faster pace in May June 14, 2015 UK high streets and shopping centres faced mounting pressure in May as shoppers made fewer visits to their stores. Footfall dropped by one per cent in May compared with the same time last year, according to new figures from the British Retail Consortium (BRC) and Springboard. This was greater than the 0.8 per cent fall [...]
HMRC pays out its highest ever amount to tax whistleblowers June 14, 2015 HMRC paid a record amount to tax informants in the year ending 31 March, City law firm RPC said today. The state tax collector paid out £605,000, up 50 per cent on the previous year. Experts suggest it is because of increased awareness of the rewards available for information. “HMRC does not widely publicise the [...]