Businesses don’t hate plans by the Low Pay Commission to raise the minimum wage by three per cent February 23, 2015 The CBI has welcomed a recommendation by the Low Pay Commission, the body which advises the government on the minimum wage, to raise it by three per cent. Katja Hall, the body's deputy director-general, called the plans a "careful balance". In a letter to the Secretary of State today, the Commission suggested raising the national [...]
Airports commission chair Sir Howard Davies to be named as new chairman of Royal Bank of Scotland February 23, 2015 After a lengthy search, Royal Bank of Scotland (RBS) is close to naming Airports Commission chair Sir Howard Davies as its new chairman, has been reported. The FT suggested this morning that the appointment of Davies, a former McKinsey consultant who resigned from his post as director of the London School of Economics in 2011 [...]
Scotland’s prime property market leaps as buyers race to avoid stamp duty increase February 23, 2015 The number of upmarket homes being sold in Scotland jumped 88 per cent between the second quarter and the fourth quarter of last year, and more than double the figure for the first three months of the year, as buyers raced to avoid a hike in transaction costs due to take place later this year. [...]
FTSE 100 smashes through its 1999 closing record February 23, 2015 Thanks to the effects of Greek negotiations, we've been holding our breath for this rather longer than expected – but the FTSE 100 has finally breezed past its closing record, rising past 6,930.2 for the first time since 1999. The index rose as high as 6,933 in early trading, as good news over Greek debt [...]
Sofa, so good: DFS IPO to value it at £585m February 23, 2015 The never-ending sale that is sofa retailer DFS has announced its expected price range ahead of its IPO, likely to take place next month. The sofa seller, which has previously said it has about a quarter of the UK's £3bn upholstered furniture market, has set a range of 245p-310p. At its mid-point, that would value [...]
Eurogroup agrees Greece loan extension February 20, 2015 After a week of tense negotiations, Greece and its Eurozone partners have agreed a deal to end its €172bn loan standoff. The Eurogroup of finance ministers entered into last minute negotiations this afternoon. The new deal, which provides Greece with a four month extension on its loans, does not include an explanation of the conditions [...]
More Greek tragedies, plus another excuse to break the internet: What got us talking this week February 20, 2015 Greece was still the word The cat-and-mouse game between Greek finance minister Yanis Varoufakis and his German counterpart, Wolfgang Schaeuble, had everyone guessing. The result? At the time of writing, the Eurogroup was still in negotiations. In the meantime, we've been trying to work out exactly what Varoufakis' leather jacket means, who Greece actually owes, [...]
Another one bites the dust at Pimco as Paul McCulley quits February 20, 2015 After the high profile departures of Mohamed El-Erian and "bond king" Bill Gross comes another big name stepping down. Paul McCulley, Pimco's managing director and chief economist, has announced his resignation. McCulley joined the world's largest bond buyer in May last year, four months after El-Erian, widely seen as founder Gross's right-hand man, stepped down. [...]
Greece’s tough repayment schedule: Who does it owe how much, when? February 20, 2015 If Greek finance minister Yanis Varoufakis can't get Germany agree to extend its bailout loan by six months, things are about to get uncomfortable for the country, which currently owes €317bn (£233bn), aka 175 per cent of its GDP, without much prospect of paying it back. Greece's finance is in a confusing state: not only [...]
UK public sector finances show biggest surplus in seven years February 20, 2015 The Office for National Statistics (ONS) has reported an £8.8bn surplus in government finances, the largest figure in seven years. The surplus has almost doubled since January last year, when it stood at £4.7bn. It was pushed up by higher tax receipts, which grew 3.1 per cent, higher than the three per cent expected. According [...]
