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 [...]
President Barack Obama antagonises Republicans as he unveils ambitious clean power plan August 3, 2015 Framing climate change as one of the most pressing challenge the world faces, President Barack Obama has unveiled what he called “the single most important step America has ever taken in the fight against global climate change.” The goal of the plan, which has been two years in the making, is to cut greenhouse gas [...]
Recruiter reports an increase in new women on FTSE 350 boards August 3, 2015 MORE women are being appointed to the boards of leading UK firms than ever before, according to a new report out this week. Korn Ferry, a major talent consulting firm, compiled the number of individuals appointed to non-executive director positions at FTSE 350 companies, finding that 39 per cent of first-time appointees last year were [...]
Manufacturers struggle amid weak demand August 3, 2015 GROWTH in the UK’s manufacturing sector was sluggish in July, new survey data reveal, as firms struggle to export. It contrasts with robust manufacturing growth in the Eurozone, with Italy seeing the sector’s fastest expansion for four years. However, Eurozone exports also suffered from weak global demand. The widely watched UK Markit manufacturing purchasing managers’ index [...]
Fidessa claims small impact of more investment on margins August 3, 2015 Fidessa Group yesterday said an additional investment it is making in new opportunities is having a “small impact” on its operating margin The FTSE 250 trading, investment and information company added there may be greater pressure arising going into 2016 from potential consolidation activity amongst its customers. Fidessa said it made a £19.4m pre-tax profit [...]
Commodities price crash hits Keller Group August 3, 2015 Keller Group yesterday said it had been hit by a crash in commodity prices, with sales suffering from a slowdown in the Canadian oil sands industry and the Australian mining sector. The ground engineering specialist said “market conditions in Canada continue to be difficult” with sales from the oil sands market at “a very low [...]
Calais migrant crisis: Foreign secretary Philip Hammond says government “has got a grip” on crisis August 3, 2015 The government has a grip on the migrant crisis in Calais, the foreign secretary Philip Hammond has said, while David Cameron faces calls to return from his holiday. Speaking after chairing a meeting of the government’s emergency committee, Cobra, Hammond confirmed the UK would commit 100 more guards to Calais’ Eurotunnel terminal. https://twitter.com/PHammondMP/status/628276498525483008 The foreign [...]