Fitch upgrades Greece’s long-term currency rating to CCC August 18, 2015 Fitch has become more optimistic about Greece's ability to pay off its debt. Today, the ratings agency upgraded the country's long-term foreign and local currency ratings by one notch from CC to CCC. It said the change was down to an agreement reached last week by Greece and its European creditors to release [...]
Shortage of prime London homes fuels frenzy of 24-hour exchanges August 18, 2015 An acute shortage of property in prime central London is driving more buyers to exchange on homes within 24 hours even as the top end of the market slows, according to search agent Banda Property. The boutique firm, which acts on about 50 sales a year, said that buyers were insisting on a 24-hour exchange [...]
Mayfair sees fastest rent price growth in prime central London August 18, 2015 Mayfair is leading the way in prime central London rental price growth, a lettings agent said yesterday. Rents in Mayfair have shot up 7.5 per cent over the last 12 months, according to E J Harris. Prime central London has seen rents rise 4.1 per cent. The firm warned that prices are likely to keep [...]
FCA drops investigation into Quindell in light of Serious Fraud Office probe August 18, 2015 The Financial Conduct Authority (FCA) has dropped its investigation into troubled insurance outsourcer Quindell with immediate effect, making way for the criminal investigation being carried out by the Serious Fraud Office (SFO). "Quindell announces that it has been informed by the FCA that, in light of the investigation by the SFO into past business and accounting [...]
UK tech sector growth falls to two-year low, dragged by election jitters and Eurozone woes August 18, 2015 The UK’s tech sector growth fell to a two-year low, with activity slowing in the second quarter dragged by election jitters and Eurozone woes. Tech has been booming lately, and the latest figures mark three years of sustained business activity growth in the sector. But expansion is at its weakest pace since early 2013, according [...]
Saudi stocks drop to seven month-low as weak oil prices knock confidence August 18, 2015 Saudi Arabia's Tadawul All Share Index dropped to its lowest value in seven months today, after the International Monetary Fund (IMF) issued a warning about the country's oil dependence. The index finished the day 2.85 per cent lower at 8,197.02 points, marking the sixth consecutive day of declines. Read more: Saudi Arabia's Tadawul stock [...]
Austin Reed puts Regent Street flagship store up for sale August 18, 2015 Austin Reed has put its flagship store on Regent Street up for sale just months after undergoing a painful restructuring that involved closing 31 stores to pay down debts. The 114-year-old tailor, which counts International Monetary Fund chief Christine Lagarde among its customers, has instructed agents James Andrew International to sell the lease on its [...]
UK inflation: Pound hits seven-week high as inflation unexpectedly hits 0.1 per cent in July August 18, 2015 The pound hit a seven-week high against the greenback this morning as investors cheered a better-than-expected inflation figure. Official data showed the consumer price index rose 0.1 per cent in the year to July, from zero a month earlier, beating economists' expectations for no change. Nevertheless inflation still remains well below the Bank of England's target [...]
UK inflation: Business groups IoD and BCC split over when BoE should raise rates August 18, 2015 Two of Britain's biggest business groups have clashed over when the Bank of England (BoE) should raise interest rates, after today's inflation data. Official data released this morning showed inflation unexpectedly rose 0.1 per cent in the year to July. But this remains well below the BoE's target for two per cent. At the same [...]
Global liveability ranking: Melbourne tops the charts again as terror and austerity makes European cities less attractive August 18, 2015 "Liveability" has fallen in cities across Europe, thanks to terror attacks and economic instability, figures published by the Economist showed today. The global liveability index ranked London at 53rd place out of the 140 cities studied. If you want a more pleasant environment, move to Melbourne instead. For the fifth year running, the Australian city [...]