Has the ongoing Greek crisis irrevocably tarnished the single European currency? July 5, 2015 Ruth Lea, economic adviser to the Arbuthnot Banking Group, says Yes. The euro was first and foremost a political project, albeit one with the profoundest of economic ramifications. Its launch was a major step towards the “ever closer union of the peoples of Europe”, as first articulated in the Treaty of Rome. But Greece’s current [...]
China freezes IPOs as stock markets nose-dive July 5, 2015 China has reportedly stepped up efforts to stabilise its tumultuous stock market by suspending initial public offerings and creating a market stabilisation fund. The world's second-largest economy halted new share offerings yesterday according to the Wall Street Journal. This could improve liquidity because large amounts of money are frozen when subscriptions are taken, diverting it away from current [...]
Uber suspends services in France following authorities’ crackdown on controversial Uber Pop July 3, 2015 Uber has suspended its Uber Pop services in France, a week after French authorities began cracking down on the company's cab service. Thibaud Simphal, head of Uber France, has announced that the controversial service will be suspended starting 8pm tonight, Le Figaro reports. The company says the move was made in a “spirit of appeasement” [...]
One chart showing how BP’s share price never recovered from the Deepwater Horizon disaster July 3, 2015 On the evening of 20 April 2010, a release of gasses at BP's Deepwater Horizon oil rig in the Gulf of Mexico caused an explosion which ripped through the rig, killing 11 workers and causing an oil leak which continued for 87 days. By the end of the disaster, 3.2m barrels of oil had leaked [...]
RBS share price falls as it could face $13bn penalty over mortgage-backed securities July 3, 2015 Royal Bank of Scotland has been told it could face a $13bn (£8.3bn) bill over its behaviour before the 2008 crisis, causing shares to fall 2.1 per cent in mid-morning trading. The 79 per cent taxpayer-owned bank is involved in a long running case in a Connecticut court over how it packaged mortgage bonds and [...]
BP closes Deepwater Horizon oil spill chapter with £12bn record US payout: Firm may now be subject to mega takeover July 2, 2015 Oil giant BP has settled a massive lawsuit surrounding the 2010 Deepwater Horizon accident, agreeing yesterday to pay up to $18.7bn (£12bn) in respect of US federal, state and local claims connected with the disaster. The payout, believed to be the largest environmental fine ever handed out, comprises $5.5bn in civil payments, $4.9bn in [...]
Persimmon reports jump in sales July 2, 2015 Housebuilder Persimmon has posted a jump in sales for the first half of the year, boosted by a pick-up in consumer confidence following the General Election. Legal completions increased by seven per cent to 6,855 new homes, while total revenue surged by 12 per cent to £1.34bn in the six months to 30 June. [...]
Worldview on the war path in Petroceltic row July 2, 2015 The war of words between Irish oil firm Petroceltic and activist investor Worldview kicked off again yesterday, as the Swiss investment firm announced its intention to requisition an extraordinary general meeting (EGM). Petroceltic and Worldview, which holds 29 per cent of the oil company’s share capital, were previously engaged in a protracted battle over control [...]
Sage to move into the Shard July 2, 2015 Software company Sage is to move into The Shard after the owners of London’s iconic skyscraper announced it has bagged three new lettings. Real Estate Management (REM), which manages the building on behalf of the Irvine Sellar and the State of Qatar, said an “as yet un-named” software company understood to be Sage has [...]
Martin Sorrell’s WPP heads to Cuba as part of Latin American expansion plan July 2, 2015 Communications giant WPP is about to set up shop in communist-led Cuba – an unprecedented step among the world's major advertising agencies. Read more: Cuba woos US banks as sanctions ease The company, set up by Sir Martin Sorrell in 1971, has partnered with state-owned Palco Group to make the move, which marks the [...]