“Catastrophic failure”: Careworkers’ warning to George Osborne on minimum wage July 27, 2015 The government has been warned that George Osborne’s new minimum wage for carers could prove to be a “catastrophic failure” if all costs are not fully funded. In a letter to parliament, the UK Homecare Association (UHA) said it welcomed the government’s commitment to low-paid workers, but said it estimates that “to address the existing [...]
David Cameron promises new crackdown on corrupt London home buyers driving up house prices July 27, 2015 Prime Minister David Cameron will today vow to stop the UK from becoming a haven for “dirty money”. He promises to reveal corrupt offshore organisations that purchase high-end London properties using “laundered cash”, which increase prices, exacerbating the capital’s affordability crisis. “I want Britain to be the most open country in the world [...]
Beijing‘s bull market battle plan backfires: Shanghai suffers renewed sell-off as Chinese authorities grapple with volatility July 27, 2015 Chinese authorities are coming in for criticism over “heavy handed” tactics as they struggle to prevent the stock market unravelling further. As the week’s trading began, China’s benchmark Shanghai Composite index suffered the biggest one-day fall since the financial crisis, shedding 8.5 per cent. This renewed sell-off is widely believed to be down to flagging [...]
China runs down currency reserves as economy cools July 27, 2015 Capital is flooding out of China’s economy as it continues to cool. Analysts at Goldman Sachs have estimated capital outflows reached $224bn (£144bn) in the second quarter. The Chinese central bank is also reportedly running down its foreign currency reserves to keep the renminbi stable. “As it stands reserves are being liquidated to support the [...]
Moscow Mule trend lifts profits at UK drinks maker Fever-Tree July 27, 2015 Upmarket carbonated drinks producer Fever-Tree is toasting a fizzing set of financial results that have seen revenues climb 62 per cent since the firm floated in November. The firm, which produces soda mixers for alcoholic drinks, said yesterday that its revenue in the first six months of the year climbed to £24.1m, up 62 per [...]
Zegona swoops for Telecable de Asturias: Former Virgin Media execs buy Spanish outfit July 27, 2015 Two former Virgin Media executives yesterday struck a €640m agreement to buy a Spanish telecoms firm, the maiden investment for their newly launched takeover vehicle. Eamonn O’Hare, former chief financial officer at Virgin Media, and its ex-chief operating officer Robert Samuelson floated Zegona in March with the backing of blue chip fund mangers like Neil [...]
EE boss Olaf Swantee takes rivals to task over complaints about BT’s takeover July 27, 2015 EE boss Olaf Swantee yesterday hit back at rivals attacking a proposed £12.5bn takeover by telecoms giant BT amid fears the deal will dilute competition in the sector. “We have about 20 of our competitors who want to use lawyers to get a certain result, rather than using engineers to help them differentiate,” he said. [...]
Eurozone credit and money growth give a boost to growth prospects July 27, 2015 The amount of lending and the money supply climbed in the Eurozone last month. The annual growth rate of loans to households climbed to 1.7 per cent in June from 1.4 per cent in May, according to data released by the European Central Bank yesterday. Lending to companies rose at a slower rate of 0.1 [...]
FTSE wipes all 2015 gains as commodity stocks take a tumble – London Report July 27, 2015 The FTSE fell back to where it started this year, erasing all its gains made since January, down 8.4 per cent since hitting a record high in April. The blue-chip FTSE 100 index ended 1.1 per cent lower at 6,505.13 points, in its longest losing streak so far in 2015. Fears for economic [...]
Plummeting Chinese stocks send negative waves across European and US markets July 27, 2015 Monday's huge fall in Chinese stocks has sent ripples of uncertainty across western markets. Read more: China stocks suffer biggest one-day drop since the financial crisis The Shanghai Composite Index fell by 8.5 per cent in early trading, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen plummeted 8.6 percent, [...]