Russia freezes gas supplies to Ukraine July 1, 2015 Russian gas company Gazprom announced today that it has stopped all natural gas supplies to Ukraine, after a bid to hash out a quarterly price agreement between the two countries fell through. "Ukraine did not pay for July gas supplies," Gazprom said in a statement. "Gasprom halted gas supplies to Ukraine from 10am (7.00am GMT) [...]
Euro leaps as reports suggest Alexis Tsipras may be ready to accept creditors’ conditions July 1, 2015 The euro leapt 0.25 per cent to 0.71139 against the pound, reversing earlier gains after reports suggested Alexis Tsipras is ready to accept bailout conditions set by Greece's creditors as Eurozone leaders prepare to discuss the prospect of providing the country with a third bailout later today. Read more: Every question you have on Greece [...]
UK manufacturing sector growth slumps to a two-year low July 1, 2015 The UK manufacturing sector grew at its slowest pace in more than two years, partly due to a strong pound strangling European demand for exports. The Markit/CIPS manufacturing purchasing managers' index (PMI) fell to 51.4 in June, the lowest since April 2013, and from a downwardly revised figure of 51.9 a month earlier. However, the [...]
European markets make first gains in days following Greek default July 1, 2015 Equities investors across Europe threw caution to the wind today, as markets made their first tentative gains in days following the standoff over Greek debt. Read more: What happens next? Every question you have on Greece answered The FTSE 100 was up 0.5 per cent in early trading this morning, while Germany's Dax rose 0.6 [...]
Businesses urge the government not to delay after Airports Commission report’s recommendation to build a third runway at Heathrow airport July 1, 2015 This morning a report from Sir Howard Davies' Airports Commission recommended the building of a third runway at Heathrow Airport, saying it could provide £147bn of economic growth and 70,000 jobs by 2050. The report has been a long time coming: former London School of Economics chief Davies was appointed three years ago to lead [...]
Greek default: What happens next? Will the referendum lead to a Grexit? What if Greeks vote “no”? All your questions answered July 1, 2015 Last night the inevitable happened and, despite attempts by the country's leaders to persuade the Eurozone to provide it with a third bailout package, Greece failed to stump up the €1.5bn (£1.1bn) it owed the International Monetary Fund (IMF). On Sunday, the country will hold a referendum, asking its people whether they are prepared to [...]
Foreign buyers push City into deals boom: Biggest haul of British M&A activity since before financial crisis June 30, 2015 Britain has experienced the biggest boom in M&A since the financial crisis thanks to a rush of overseas buyers, according to figures out today. Weaker sterling, low interest rates and renewed corporate confidence have sparked acquisitions of everything from oil companies to tin can makers since the start of the year. The total [...]
Greek debt crisis: Greece finally in arrears as it fails to meet deadline for IMF payment June 30, 2015 Greece has officially become the first Western country to go into arrears on its debt to the International Monetary Fund (IMF) after failing to meet last night’s deadline for a repayment of €1.5bn (£1bn), despite a last-ditch attempt to reach a deal with its creditors yesterday. The IMF confirmed late last night that the [...]
Greece has missed its deadline to repay €1.6bn to the IMF June 30, 2015 Just as all the markets expected, Greece has not met its deadline to repay €1.6bn (£1.1bn) to the IMF. Read more: Germany won't discuss Greek bailout deal until after Greek referendum The amount, which constituted a bundle of loan repayments from the month of June, was due by 11pm on Tuesday evening. Greek [...]
Fitch downgrades Greece’s credit rating to CC, which is one point above “inevitable” default June 30, 2015 Fitch has downgraded Greece further in junk status, down from CCC to CC. It is now just one point above what is deemed to be a certain default. Read more: Germany won't discuss Greek bailout deal until after Greek referendum The ratings agency, which is the second to downgrade the beleaguered economy in two days [...]