What will happen if Greece defaults on its loan repayment to the IMF? May 26, 2015 Over the course of June, Greece must make four payments totalling €1.6bn (£1.1bn) to the IMF, starting with €300m (£212m) on 5 June. But whether it will meet all these obligations is far from certain, as the country is struggling to reach a deal with its European creditors to unlock crucial bailout funds. It managed [...]
The world’s ageing population is sending us into a deepening debt crisis May 26, 2015 The world's ageing population is causing a huge pile of debt to build up, the European chief executive of Goldman Sachs Asset Management has said. Andrew Wilson, head of Europe, Middle East and Africa (EMEA) for the investor, warned that it would be impossible to pay off national debts under the current system because of [...]
David Cameron starts EU reform road show with Jean-Claude Juncker vow May 25, 2015 European Commission president Jean-Claude Juncker last night promised to help solve David Cameron’s EU dilemma, as the Prime Minister sets off on a month-long European tour to drum up support for his reform plan. Cameron began his charm offensive by hosting Juncker for a working dinner at his Chequers country estate. The Prime Minister laid [...]
Greek shares drop despite pledge to keep paying IMF May 25, 2015 Stocks in Athens sank three per cent yesterday despite the government reiterating that it would meet its intention to pay its creditors on time. The euro also sank to a one-month low against the dollar, trading at $1.097 last night. At the weekend one of the country’s ministers claimed that Greece would refuse to – [...]
End of mansion tax threat lifts top tier of London’s property market May 25, 2015 The higher end of the London housing market is seeing market volumes return following Labour’s defeat in the General Election, ending the threat of a proposed mansion tax on properties over £2m. The number of properties over £2m listed on Getagent.co.uk, an estate agent comparison site, more-than doubled in the weeks after the national vote, [...]
Financial hiring rebounds after election result as job vacancies in Glasgow and Edinburgh surge 21 per cent following independence vote May 25, 2015 Hiring in the City dipped in the run-up to the General Election, but has rebounded on the Conservatives’ victory, recruitment firm Venn Group said today. Advertised vacancies fell by 10 per cent in April, on fears that a Labour win could have led to higher taxes and more red tape. The surge in vacancies since [...]
Families hit the high street over bank holiday May 25, 2015 Britain’s high streets enjoyed a welcome boost over the bank holiday weekend as the warm weather and the start of the summer half term for many schools brought more people into stores. Footfall rose by 4.4 per cent over the weekend compared with the same time last year, overcoming the decline seen in recent months, [...]
Exclusivity clauses in zero hour contracts banned from today May 25, 2015 New rules banning exclusivity clauses in zero hours contracts come into effect today, stopping employers from preventing hourly staff from working for another employer. The new provisions were first introduced under the last government, and championed by former business secretary Vince Cable. They were passed into law under the small business, enterprise and employment bill, [...]
Invoice delays top 107 days with construction firms taking the hit May 25, 2015 Businesses in construction and real estate were forced to wait over 15 weeks for invoice payments last year, despite the ongoing economic recovery. The new report, published today by the Asset Based Finance Association (ABFA), comes after recent research by insolvency trade body R3 revealed £41.5bn in late payments was owed to UK businesses [...]
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 [...]