Designer of Greek crisis plan James Galbraith warns bailout deal is destined for failure August 4, 2015 The latest Greek bailout deal is destined for failure, an economist who helped engineer the cash-strapped country’s controversial currency crisis plan has warned. Negotiations on Greece’s third bailout plan – which would grant the country up to €86bn (£60.4bn) – have been ongoing since last week. “Nobody wants this deal,” Professor James Galbraith told City [...]
Commodities in freefall as China faces slowdown August 4, 2015 Mining stocks were dealt a body blow yesterday, with one index dropping to a 13-year low, as Chinese manufacturing PMI data dragged the commodities market down yet again. The data, which came out yesterday morning, showed that the downturn in China’s manufacturing sector intensified at the start of the third quarter. Production was cut at [...]
Twitter shares plummet 5.7 per cent to close at record low August 3, 2015 Shares in Twitter have closed at a record low after tanking 5.7 per cent to $29.27 amid concerns about the prospects for the social media platform's growth. Since their peak in January 2014 when investors were excited about the potential for growth at the newly public social media company, Twitter shares have fallen 58 per [...]
Gloo Networks IPO raises cash from Invesco and Standard Life August 3, 2015 A clutch of City fund managers have backed the flotation of a digital acquisition vehicle called Gloo Networks. Invesco Asset Management, Ruffer and Standard Life are among a number of fund managers that have bought shares in the firm, which will list on the alternative investment market. Gloo is the brainchild of the former digital [...]
The Jerky Group and Cruga merge to create £24m beef snacks empire August 3, 2015 The Jerky Group has struck a deal to merge with biltong and meat snacks-maker Cruga to create the largest beef snack manufacturer in Europe with a combined turnover of around £12m. Founded in 2000, The Jerky Group’s brands include Wild West Jerky, Hogbites pork crackling and BullOx Biltong. It also produces Dragon’ Den entrepreneur Joe Walters’ [...]
London workers bargain for higher pay as economy grows August 3, 2015 With the UK economy growing strongly, London’s job hunters are putting more emphasis on pay when searching for potential employers, new research shows. Compensation is now the top factor when considering jobs with 20 per cent of Londoners saying they were most motivated by pay, according to survey figures released today by recruiter Randstad. It [...]
EU outlook revised to “negative” from “stable” by Standard & Poor’s August 3, 2015 Standard and Poor’s has revised the EU’s outlook to negative due to the ongoing Greek debt crisis and growing fears that the UK could vote to leave the EU. The decision also reflects that S&P believe the EU’s AA+ credit rating has a greater than 1-in-3 change of being cut in the next 2 years. This [...]
Tom Hayes Libor trial timeline key dates: Former trader accused on attempting to manipulate Libor rate August 3, 2015 Well, that's it: former UBS and Citibank trader Tom Hayes has been sentenced to 14 years in jail, after being found guilty on eight counts of conspiring to rig the Libor rate. During a nine-week trial, the prosecution painted Hayes as someone who acted in a "thoroughly dishonest and manipulative manner" to mastermind a web [...]
GSK rehires woman investigated for whistleblowing about bribery August 3, 2015 Vivian Shi, the former Chinese GSK employee who was investigated for leaking information about bribery by the company, has been rehired. Read more: Glaxosmithkline China dismisses more than 100 over bribery scandal that cost company £300m “We can confirm we have rehired Vivian,” the pharmaceutical company said in an e-mailed statement today. “We are [...]
Almacantar buys Shell Centre offices on South Bank for £550m August 3, 2015 Centre Point owner Almacantar has bought part of Canary Wharf Group and Qatari Diar’s controversial Shell Centre scheme on London’s South Bank, which faced opposition last year for obstructing views of the Houses of Parliament. The developer, which owns other landmark buildings including CAA House in the West End, has spent over £550m buying One [...]