Worldview on the war path in Petroceltic row July 2, 2015 The war of words between Irish oil firm Petroceltic and activist investor Worldview kicked off again yesterday, as the Swiss investment firm announced its intention to requisition an extraordinary general meeting (EGM). Petroceltic and Worldview, which holds 29 per cent of the oil company’s share capital, were previously engaged in a protracted battle over control [...]
Everybody loves Wolfgang Schäuble: The German finance minister is more popular than ever with the general public July 2, 2015 While Yanis Varoufakis is threatening to quit his job if the Greeks accept creditors' proposals for a bailout deal in Sunday's referendum, one Eurozone finance minister is building stronger ties than ever with his country. Read more: Greek finance minister Yanis Varoufakis: "We will not accept a one per cent primary budget surplus" Today, [...]
Sage to move into the Shard July 2, 2015 Software company Sage is to move into The Shard after the owners of London’s iconic skyscraper announced it has bagged three new lettings. Real Estate Management (REM), which manages the building on behalf of the Irvine Sellar and the State of Qatar, said an “as yet un-named” software company understood to be Sage has [...]
The UK’s biotech drain: This is why London’s most successful startups are heading to New York July 2, 2015 There's a mass migration taking place across the Atlantic right now. Each year, many of the UK's best biotech firms are choosing to leave and head to New York, where they can benefit from wealthy investors throwing their money at Nasdaq. Read more: Federal Reserve sees social media and biotech valuations as "substantially stretched" [...]
IMF: Another Greek bailout will cost €52bn July 2, 2015 Bailing out Greece for another three years will cost €52bn, the International Monetary Fund (IMF) said today, as Greeks prepared to vote on reform proposals by the country's creditors. A new debt sustainability analysts by the IMF showed interest payments will cost €4.9bn over the next 12 months, rising to €17.2bn over the next three [...]
Martin Sorrell’s WPP heads to Cuba as part of Latin American expansion plan July 2, 2015 Communications giant WPP is about to set up shop in communist-led Cuba – an unprecedented step among the world's major advertising agencies. Read more: Cuba woos US banks as sanctions ease The company, set up by Sir Martin Sorrell in 1971, has partnered with state-owned Palco Group to make the move, which marks the [...]
Ryanair’s June traffic takes off on the back of bigger summer schedule July 2, 2015 Traffic really took off at budget airline Ryanair last month, it turns out: figures published this morning showed passenger numbers grew to 9.5m passengers in June, up 14 per cent from 8.3m passengers the year before. The airline's load factor, how much capacity is actually used, was 93 per cent for the month, up five [...]
Airports Commission report: Heathrow runway expansion by 2025 will be too little, too late for London’s tech sector July 2, 2015 It cannot be denied that the announcement of Heathrow’s runway expansion is a step in the right direction for the capital’s business community. According to Andrew Macmillan, operations director at Heathrow Airport, direct air connections between airports lead to a twentyfold increase in trade between destinations. Equally for Declan Collier, chief executive of [...]
US unemployment falls to 5.3 per cent as the economy comes closer to full employment July 2, 2015 The US created 223,000 jobs in June, with the unemployment rate falling to 5.3 per cent, down from a gain of 254,000 new roles in May. The unemployment rate fell further from 5.5 per cent in May, pushing it closer to the Federal Reserve’s estimate of the longer-run 5-5.2 per cent. This compares to a [...]
Jeroen Dijsselbloem: There will be no negotiations if Greece votes no in the referendum July 2, 2015 Greece's creditors will not negotiate with its leaders if voters reject their bailout terms in a referendum to be held on Sunday, Eurogroup president and Dutch finance minister Jeroen Dijsselbloem has warned. At a parliamentary committee, Dijsselbloem called the idea there could be further talks after a "no" vote an "illusion" which must be "swept [...]