International Monetary Fund slams Greece deal, encouraging lenders to write down debt July 15, 2015 The International Monetary Fund (IMF), one of Greece's three key lenders, has heavily criticised a deal it reached with its creditors at a summit over the weekend, saying the country's debts have become "highly unsustainable". On Monday the Fund had said it "stands ready to work with the Greek authorities and the European partners" on [...]
Britain will not foot the bill for Greek loan, says George Osborne: We’re “not in the euro” July 14, 2015 Chancellor George Osborne laid down the gauntlet to his Eurozone peers yesterday and said that the UK would refuse to put £1bn towards a short-term loan to Greece. If Brussels insists the UK foots part of the bill, it would threaten relations between British and EU leaders as Osborne gears up to renegotiate the country’s [...]
Gender pay rule gets lukewarm City reception: Focus should be on getting “more women into senior executive positions” July 14, 2015 The government's plan for companies to reveal pay differences between men and women received cautious backing from the business world yesterday, yet critics insist it will not improve equality in the workplace. Feelings from major City firms were mixed after David Cameron announced that large companies will be required to hand over data on [...]
Barclays is still months from hiring new chief executive after Antony Jenkins sacking July 14, 2015 Barclays, which abruptly sacked chief executive Antony Jenkins last Wednesday, might have to wait six months for a permanent replacement. The bank’s deputy chairman Sir Mike Rake told City A.M. yesterday: “We will take the time to find the person with the right level of experience. It will take a few months, but we would [...]
Iran deal shakes up oil market as sector prepares for end of sanctions and new supply July 14, 2015 Iran has finally reached an agreement with Western negotiators over its nuclear programme, following years of discussions. The deal will see Iran limit its capacity to build a nuclear bomb, in exchange for the lifting of economic sanctions on the country, including restrictions on its oil and gas industry. The price of oil dipped again [...]
Strong UK job market boosts profit for recruiter Michael Page July 14, 2015 A booming British jobs market has raised the earnings of recruiter Michael Page. Over the first half of the year its UK gross profit was 12 per cent higher compared with the same period last year, the company said yesterday. “The market has been consistently strong all year, with good levels of demand and candidate [...]
FirstGroup off track after UK franchise losses and drop in oil prices July 14, 2015 Rail and bus company FirstGroup has warned its revenue is likely to disappoint in the year ahead after the loss of key UK contracts while low oil prices hit business in North America. Its UK rail division recorded like-for-like passenger revenue growth of 6.3 per cent in the three months ending 30 June. But it said [...]
Dairy Crest finds the right baby formula as project nears finish line July 14, 2015 Dairy Crest said yesterday that is was near to completing a project to make two crucial ingredients found in baby formula that it seeks to sell into the £7bn Chinese market. The Cathedral cheese-maker struck a deal with New Zealand dairy giant Fonterra last year to sell whey – the key ingredient in baby formula [...]
Derwent London buys back 1 Oxford Street as part of Crossrail agreement July 14, 2015 Derwent London has signed a new 150-year lease agreement with Crossrail on a £400m office and shopping development above Tottenham Court Road station. The developer is effectively buying back the site at 1 Oxford Street after having to surrender it in 2009 to Crossrail. Derwent will receive £55m on completion of scheme in around 2020. [...]
London rents climb higher as affordability falls across the UK July 14, 2015 London rents increased in the three months ending June, new figures show, as housing affordability continues to decline. Average London rents were 4.5 per cent higher over the period compared with the same period last year, according to figures released today from Rightmove. UK rents excluding London climbed 4.2 per cent. Rightmove’s head of lettings [...]