IMF calls on the US to complete post-crisis reforms July 7, 2015 The International Monetary Fund (IMF) has called on the United States to complete reforms promised in the aftermath of the financial crisis. The Washington-based organisation said one key post-crisis reform, the Dodd Frank Act, must be strengthened as well as protected from legislative proposals to water it down. Key areas of contention that need to [...]
Greek debt crisis: European markets robust after referendum “no” vote July 7, 2015 European markets were relatively sanguine yesterday in the wake of Sunday’s referendum result in Greece, which many viewed as increasing the chances of a crash out of the Eurozone. Some feared that if Greece defaulted on its debt and left the euro it might have big impacts on other European economies. Read [...]
July Budget 2015: George Osborne increased welfare in coalition by £28bn. Where is it spent? July 7, 2015 Welfare is one of the big topics of the upcoming July Budget, and so it’s probably important to know where the vast sums of money go. The UK government spent £251bn on welfare payments during the financial year 2013-14, representing 37 per cent of all government spending, data released by the Office of National Statistics [...]
European Commission President Jean-Claude Juncker: Greek referendum was “irrelevant circus” July 7, 2015 European Commission President Jean-Claude Juncker has dismissed the country's referendum result as an "irrelevant circus" because it was based on an illegitimate question. "We are told we must respect the Greek people's vote," he told MEPs. "The people of Greece have spoken and I would like to understand what they have said." Juncker [...]
HSBC fires Birmingham staff after filming video of mock-Islamic State execution July 7, 2015 HSBC has sacked several employees who made a video in which they pretended to be Islamic State militants beheading a hostage. The video, which was posted online, shows one man dressed in an orange jumpsuit surrounded by five other men dressed in black, one of whom was holding a fake knife. One man is [...]
World’s third richest man Warren Buffett donates $2.84bn to five charities July 7, 2015 Warren Buffett has donated $2.8bn (£1.8bn) of shares in Berkshire Hathaway to five charities, including the Bill and Melinda Gates Foundation. Read more: Warren Buffett sings Coca-Cola song, plays ukelele to shareholders The billionaire investor has made his 10th annual donation to the charities, taking his overall contribution over $21bn. Buffett, the world's third-richest person [...]
July Budget 2015: As inheritance tax system is set to change where will house prices drop below new threshold? July 7, 2015 Tomorrow, George Osborne is expected to announce changes to the inheritance tax system (IHT) meaning a couple can hand a £1m estate on to their children without being taxed for the privilege. Currently, a couple has a tax-free allowance of £325,000 a person (£650,000 a couple). Although IHT is applied to an entire estate, soaring [...]
Competition and Markets Authority sets out its plans to increase competition in the energy markets, sending Centrica and SSE share prices down July 7, 2015 Shares in energy providers dipped in early trading, after the Competition and Markets Authority (CMA) outlined a raft of measures aimed at increasing competition in the energy market. Shares in SSE fell 0.5 per cent to 1,566p while London-listed Centrica shares dropped 0.6 per cent to 265.9p, after a wide-ranging report attacked the UK's "Big [...]
Kainos heads for London market with value over £160m July 7, 2015 Kainos, a Belfast-based provider of IT services, has priced its IPO, giving it a value of more than £160m. Shares will be priced at 139p each. The offer is expected to raise £52.4m of gross proceeds, giving Kainos a valuation of roughly £161.3m. The company’s chief executive, Brendan Mooney, said in a statement: The task [...]
Asos shrugs off last year’s woes as sales soar 20 per cent July 7, 2015 Asos is surging ahead in the UK – but international growth and currency headwinds are still dampening the etailer's earnings. The figures: Retail sales were up an impressive 20 per cent for the four months to 30 June, with the UK up 27 per cent, while international sales were up 16 per cent. International sales [...]