Greece faces a very European problem: Are woes fault of Eurozone designers as much as Greek policymakers? June 18, 2015 Greece's economy is a shadow of its former self. It once had thriving investment banks which attracted cash from all over the world and invested it predominantly in the Balkans, helping countries there to thrive after the collapse of the Soviet Union. These operations are no longer. Its economy produces 30 per cent less [...]
Charles Stanley’s £6m swing into the red June 18, 2015 Wealth management firm Charles Stanley started the arduous task of trying to turn around the business yesterday after revealing a £6m full year loss. The company, which traces its roots back about 200 years, saw a £6.1m profit last year evaporate to a £6.1m loss for the year ending March 2015, due to higher staff [...]
London and the south-east see record-breaking spike in rents June 18, 2015 Estate agents are urging housebuilders to look south, as the national average rent reaches its highest point since records began. Rents across the UK are now 4.5 per cent higher than a year ago, with London and the south-east rising faster than anywhere else, according to the latest Your Move and Reeds Rains Buy-to-Let [...]
Dragon Oil shareholders breathing fire over £3.7bn ENOC takeover bid June 18, 2015 Dragon Oil was at the centre of a shareholder showdown yesterday, over whether to accept a £3.7bn takeover offer from Emirates National Oil Company (ENOC). But LGM Investments told City A.M. that it disagreed with Baillie Gifford’s plans to reject the improved 750p per share bid for the Turkmenistan-focused oil producer. “We [...]
Wind energy subsidies will end next April June 18, 2015 The government has moved forward the end date for onshore wind energy subsidies, it revealed yesterday. The Department of Energy and Climate Change will close the renewables obligation to new onshore wind generating stations from 1 April 2016. The Conservatives had pledged to stop the subsidies in their manifesto ahead of the General Election, however [...]
Westminster repairs could cost £5.7bn: With parliament’s palace falling apart, what are the options to save it? June 18, 2015 The Palace of Westminster is crumbling. According to leading architects, the UNESCO World Heritage site, which contains the House of Commons and the House of Lords, now suffers from “extensive” stonework decay, leaking roofs and corrosion – and that’s just the beginning. Dr Richard Ware, programme director for Palace of Westminster Restoration and Renewal, [...]
William Hill’s finance chief Neil Cooper trades in horseracing for housebuilding at Barratt Developments June 18, 2015 Bookmaker William Hill yesterday said that its group finance director Neil Cooper is leaving after five years to join Barratt Developments. Cooper is going back to his housebuilding roots, having previously held the role of finance director at Bovis Homes before joining William Hill. His contract has a 12 month notice period, but his actual [...]
TaxPayers’ Alliance research puts full national debt at £8.6 trillion June 18, 2015 The UK’S national debt would stand at £8.6 trillion if it were to include all of the government’s liabilities, according to new research from the TaxPayers’ Alliance (TPA). The group has today issued a report calling on the government to report the “real” national debt by changing the way it measures the figure. Read more: [...]
Switzerland maintains negative interest rates citing Greek concerns June 18, 2015 Negative interest rates and penalties for holding Swiss francs in cash will continue, the Swiss National Bank (SNB) said yesterday. Switzerland’s central bank is keeping the interest rate on sight deposits at minus 0.75 per cent, and leaving the target range for the three-month Libor unchanged at between minus 1.25 per cent and minus [...]
Nasdaq rises to record high on Fed interest rate hint June 18, 2015 The Nasdaq closed at a record high on Thursday, rising 68 points to 5,132.95. Read more: Nasdaq hits a record high as US stocks rise The 1.3 per cent rise was triggered by encouraging economic data released by the Federal Reserve yesterday which indicated interest rates could be raised for the first time since 2008 later [...]