Alexis Tsipras defiant ahead of crunch negotiations on pension reform January 4, 2016 Greek Prime Minister Alexis Tsipras has said he will not give in to “unreasonable” demands as he braces for negotiations with creditors over pension cuts. The country is aiming to pass the bill through parliament by January 15. The pension reforms form part of an €86bn (£63bn) bailout package agreed to in August, of which [...]
Nike share price climbs as strong China sales offset drag from strong dollar December 22, 2015 Bumper sales in China are boosting revenues at sportswear giant Nike. Global sales reached $7.7bn (£5.2bn) in the three months ending 30 November, a rise of four per cent compared with the same period last year, the company said today. Footwear sales in China were up 30 per cent to $600m, lifting total revenues from the country [...]
HMRC national task force considering clampdown on eBay and Amazon over VAT fraud by overseas retailers December 22, 2015 The government is considering forcing online retailers such as Amazon and eBay to pay for millions of pounds of unpaid VAT owed by small overseas traders that sell through their sites. Lord Ashton of Hyde, a Treasury spokesperson, told the House of Lords on Monday evening that HM Revenue & Customs had established a national [...]
Boeing agrees $12m settlement with US regulators December 22, 2015 Aircraft maker Boeing, which has over 2000 workers in the UK, has agreed a $12m (£8.1m) settlement with US regulators. The Federal Aviation Authority (FAA) said today that the settlement resolves multiple pending and potential enforcement cases. The first case involved Boeing's provision of information regarding the installation of fuel tank flammability reduction equipment. It also said the [...]
European Stability Mechanism grants Greece another billion euros, taking total bailout so far to €21.4bn December 22, 2015 Greece has been granted a further €1bn (£740m) today, the Eurozone's bailout manager said. The European Stability Mechanism's (ESM) approval of the payment rounds off the first tranche of bailout cash for Greece after it agreed a new rescue package in August. Greece's government will be able to use the cash for "debt service, budget financing, and [...]
US GDP growth revised down to two per cent December 22, 2015 The US economy grew at slightly slower rate than previously estimated between July and September, according to figures released today. The economy expanded at an annual pace of two per cent, according to the Bureau of Economic Analysis' (BEA) third estimate of GDP, down from 2.1 per cent in the second estimate. The BEA said the [...]
UK consumer confidence ends 2015 on a high December 22, 2015 UK consumer confidence rose in December, rounding off a strong year for shoppers. The monthly consumer confidence index published today by market researchers GfK hit a score of two this month from one in November. Between 2008 and 2014, the index spent most of its time in negative territory. “This is the first time since [...]
London house prices to climb five per cent in 2016, says Royal Institution of Chartered Surveyors December 22, 2015 London house prices will climb five per cent next year as the shortage of homes coming to the market and rising demand lifts prices, according to a new forecast. The Royal Institution of Chartered Surveyors (RICS) said prices were forecast to go up despite the launch of government initiatives to boost homebuilding. However, London price growth is [...]
EU extends Russia economic sanctions by six months December 21, 2015 The EU is extending economic sanctions against Russia by six months, it announced today. The sanctions, which were introduced in the July last year in response to Russia’s involvement in the annexation of Crimea in Ukraine, will stay in place until 31 July 2016. EU leaders linked the duration of the sanctions to the completion [...]
Fitch: Inconclusive Spain vote increases fiscal and reform risks December 21, 2015 Spain could be at risk of having its credit rating downgraded after elections yesterday left the country facing a period of political uncertainty. Spanish party leaders will negotiate over the coming weeks with Prime Minister Mariano Rajoy’s People’s Party (PP) securing only 123 seats – the highest of any party but short of a majority. If [...]