S&P: Greek non-payment to ECB “wouldn’t mean default” June 15, 2015 If Greece fails to repay €6.7bn (£4.8bn) worth of bonds held by the European Central Bank (ECB) at the end of July, this will not constitute a default, at least under criteria from credit ratings agency Standard & Poor's (S&P). Read more: With no deal on the cards, would the Eurozone be able to contain contagion from Greek [...]
Russian central bank slashes key interest rate June 15, 2015 The Central Bank of Russia has slashed its main interest rate by one percentage point to 11.5 per cent, amid a strengthening currency and inflation risks. It's slowed the pace at which it was cutting rates – the central bank cut the main interest rate by two percentage points in January, one percentage point in March and [...]
Greek crisis: Tsipras says Greece is “waiting for realism” as European stocks get the jitters after failed eleventh-hour talks June 15, 2015 Greek Prime Minister Alexis Tsipras said today that the country will "patiently wait for [its lenders to] adhere to realism". Read more: Germany warns of Grexit with EU patience "running out" In an irate statement issued following last night's crunch talks, which collapsed after just 45 minutes, Tsipras said "one can only suspect political motives behind [...]
Tesco must find £5bn to rebuild its balance sheet, says Moody’s June 15, 2015 Troubled Tesco will need to find £5bn in order to relieve the pressure on its overstretched balance sheet, according to credit ratings agency Moody's. Read more: Here's what assets has Tesco sold off and what's heading to the checkout "It has a relatively high level of debt – also adjusted debt, such as the pension deficit and [...]
Saudi Arabia’s Tadawul stock exchange opens to foreign investors: Here are six companies you should watch June 15, 2015 Today, Saudi Arabia's Tadawul stock exchange opens up to foreign investors for the first time. Worth more than $500bn (£323bn), it represents a huge opportunity for those with an eye for the Middle East's biggest economy. Read more: Now is a better time than ever for women to enter Islamic banking By opening up to foreigners, [...]
Biggest wage increase in nearly eight years expected June 15, 2015 Employment figures due out later this week are likely to show Britons enjoyed bumper pay cheques in April, according to the Resolution Foundation think tank, with wages rising at the fastest pace since October 2007. The think tank predicts that average weekly wages swelled between 2.5 per cent to 2.6 per cent year-on-year. When combined [...]
Majestic Wine profits fall after group makes big investments for the future with Naked Wines aquisition June 15, 2015 Majestic Wine’s profits fell 12.2 per cent during 2015, after the company spent big in acquiring rival Naked Wines. Chief executive Rowan Gormley admitted the company will suffer a short-term hit to its profit as it looked to invest in the short term. The figures Adjusted profit before tax fell to £20.9m in the 52 weeks [...]
“Gatwick Gusher” firm UK Oil & Gas share price rises as it extends Isle of Wight exploration license June 15, 2015 Shares in UK Oil & Gas (UKOG), the oil exploration company whose shares rocketed earlier this month after it suggested the amount of oil at its Horse Hill well near Gatwick was almost twice as much as previously thought, jumped 4.2 per cent to 2.37p as the market opened, after it was granted a year-long [...]
Thomas Cook targets China with Fosun joint venture June 15, 2015 Thomas Cook, one of the UK's largest holiday companies, today announced plans to take on the Chinese travel market with Fosun International, the Chinese group which took a five per cent stake in Thomas Cook in March. The pair said the venture, which will be launched under the Thomas Cook brand, will be 51 per [...]
No end in sight for London house price boom: Average asking price soars to more than £600,000 June 15, 2015 House prices in the capital are set to outpace earnings for the foreseeable future, despite government efforts to boost house building and affordability. Average London asking prices have jumped to £613,922 – above £600,000 for the first time ever – according to Rightmove data published today. It marks a rise of 5.8 per cent compared [...]