Canary Wharf will rock you in tribute to Queen’s greatest hits August 4, 2015 CANARY Wharfers may have already been to a few events in Canada Square this summer, as the poor souls who’ve been stuck in the office all summer have been treated to a month of concerts – part of the finance hub’s Twilight Delights festival. Tonight, fans of classic 70s and 80s rock will be treated [...]
Big businesses book out British Beer Festival August 4, 2015 IN A sea of swanky bars, makeshift beaches and immersive cocktail experiences, it’s refreshing to see that London firms are sick of trendy gimmicks, flocking instead to west London to celebrate the simple joys of a British pint. Next week, Kensington Olympia plays host to the Great British Beer Festival, and real ale campaigners Camra [...]
Easyjet crew lift strike action threat August 4, 2015 Fasten your seatbelts. The threat of industrial action at budget airline EasyJet has been averted after cabin crew voted to accept a pay offer. The deal includes a two-year pay award of 4.1 per cent for cabin crew and 5.1 per cent for cabin managers backdated to January 2015. Holiday pay allowance has also been [...]
Greek stocks dive on reopen August 4, 2015 GREEK shares plunged 16 per cent yesterday as the Athens stock exchange opened for the first time in five weeks. The rout was led by bank shares. The country’s four biggest lenders – the National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank – registered near-30 per cent losses. “People want to get out [...]
Osborne starts to offload RBS with £2bn sale August 4, 2015 MINISTERS last night fired the starting gun on returning Royal Bank of Scotland (RBS) to private hands, offloading a £2bn stake in the bank seven years after it was rescued by taxpayers. The government is selling a 5.2 per cent of the high street lender, equivalent to 600m shares, to take its interests down to [...]
Investment by UK businesses supports one million US jobs August 4, 2015 The UK is the largest foreign investor in the US, new research from the Confederation of British Industry (CBI) reveals today. At the end of 2013, the UK had $519bn (£333bn) in the US, $200bn more than the next largest investor. The CBI estimates that 962,900 jobs are supported by investment from UK firms. The UK [...]
Designer of Greek crisis plan James Galbraith warns bailout deal is destined for failure August 4, 2015 The latest Greek bailout deal is destined for failure, an economist who helped engineer the cash-strapped country’s controversial currency crisis plan has warned. Negotiations on Greece’s third bailout plan – which would grant the country up to €86bn (£60.4bn) – have been ongoing since last week. “Nobody wants this deal,” Professor James Galbraith told City [...]
Jeremy Corbyn loses lead in betting odds as Corbynomics comes under fire from Labour MPs August 4, 2015 Left-wing Labour leadership candidate Jeremy Corbyn has lost his lead in the betting markets amid attacks from senior members of his own party. Bookies from Ladbrokes, William Hill and Betfair all told City A.M. that Corbyn had dropped out of pole position yesterday, leaving Andy Burnham as the odds-on favourite to replace Ed Miliband. [...]
Commodities in freefall as China faces slowdown August 4, 2015 Mining stocks were dealt a body blow yesterday, with one index dropping to a 13-year low, as Chinese manufacturing PMI data dragged the commodities market down yet again. The data, which came out yesterday morning, showed that the downturn in China’s manufacturing sector intensified at the start of the third quarter. Production was cut at [...]
Tom Hayes receives 14 year jail term in Libor-fixing scandal as MPs call for bank bosses to face prosecution August 4, 2015 A jury sent shockwaves through the City yesterday when it convicted former UBS and Citigroup trader Tom Hayes of eight counts of conspiracy to defraud in connection with the Libor-fixing scandal. Justice Jeremy Cooke sentenced the 35-year-old former City worker to 14 years in jail for his part in the manipulation of the Libor [...]