Tessa Jowell forms business group with former trade minister Mervyn Davies to make London the tech capital of the world July 16, 2015 How can London become the tech capital of the world? That's the question being put to business leaders including former trade minister Mervyn Davies, National Express chairman Sir John Armitt and London Chamber of Commerce chairman Mark Adams today. The group, which has been set up by mayoral hopeful Tessa Jowell, also includes [...]
Central bankers scent interest rate hikes: Federal Reserve prepares for rise with UK expected to follow later July 15, 2015 An unprecedented era of easy money, seen on both sides of the Atlantic since 2008, could be over by the end of the year, with the Federal Reserve preparing to hike rates and some analysts expecting the UK to follow suit in subsequent months. “If the economy evolves as we expect, economic conditions likely [...]
Electricity bills set to climb this winter as National Grid increases capacity to avert blackouts July 15, 2015 Electricity bills are set to rise, after National Grid was forced to fork out £36m to guard against possible power outages across the UK this winter. The company, which manages the UK’s power transmission network, has bought 2.56 gigawatts of extra power, after power station closures left the country at risk of blackouts. Before [...]
Npower, EDF Energy, E.On UK, Scottish Power and SSE to follow British Gas price cuts July 15, 2015 Analysts forecast last night that Britain’s remaining big five energy groups will quickly follow British Gas and cut gas prices for a further 28m households. British Gas, owned by Centrica, yesterday cut gas bills by five per cent – the second reduction in six months. The cut will come into effect for its [...]
Greece votes for more austerity to stay in euro July 15, 2015 The Greek parliament early this morning voted in favour of the deal that Prime Minister Alexis Tsipras accepted, after gruelling talks in Brussels earlier this week, in order to start progress on a third bailout. The final tally of 229 to 64 in favour of the deal was decisive, yet many of the “No” [...]
Greek debt crisis: George Osborne backtracks on Athens loan pledge as EU readies aid July 15, 2015 The Treasury is preparing to co-operate with Europe over a short-term loan to Greece – but only if the cash is guaranteed – in an embarrassing about-face for chancellor George Osborne who on Tuesday promised not to offer bailout funds to aid Athens. A Treasury source said the European Commission was now proposing ways [...]
Afren suspends shares and cuts oil projections July 15, 2015 SHARES in troubled oil firm Afren were suspended yesterday due to uncertainty surrounding the ongoing review of its business plan. The group also revealed that its near-term production is likely to be “materially lower” than previously expected. Afren said it had become clear that projected production rates would not be met and added that uncertainty [...]
Singapore firm builds Galliard with £50m stake July 15, 2015 SINGAPOREAN property developer Oxley Holdings has bought a 20 per cent stake in Galliard Group for £50bn in a bid to expand within London. Oxley, which operates in Singapore, South East Asia, the UK and Ireland, already owns Royal Wharf in east London. It said its stake in Galliard will give it “greater capacity and [...]
Challenger banks face an uphill battle as George Osborne widens levy net July 15, 2015 The heads of the UK’s fast-growing crop of challenger banks were entitled to reach for a stiff lunchtime drink as they absorbed the first Conservative Budget for two decades last week. At a stroke, George Osborne’s decision to impose a super-tax on industry profits above £25m undermined everything he has said about broadening competition [...]
Chinese economic growth steady July 15, 2015 CHINA’S economic growth held steady from April to June, equalling its slowest growth since the global financial crisis. The economy was seven per cent bigger than it was during the same period last year, according to figures released by the Chinese National Bureau of Statistics yesterday. The economy has struggled to achieve the double-digit growth [...]