Greece returns to the table for elusive deal February 17, 2015 GREECE’S government is expected to ask for an extension on its loan agreement with the Eurozone today – but the debt-laden country will distinguish the loan from its bailout programme, the conditions of which it vehemently opposes. Greek representatives will ask for an extension of up to six months, but the terms remain under negotiation. [...]
Shrove Tuesday 2015: City liveries gather in Guildhall for annual Pancake Race February 17, 2015 The City’s ancient livery companies gathered at Guildhall yesterday for their annual Shrove Tuesday pancake race. The annual inter-livery Pancake Race began in 2004 and is backed by a host of City institutions, including St James’s Place Wealth Management. The Worshipful Company of Clockmakers marked time as they tossed pancakes yesterday (Source: Greg Sigston) [...]
UK is failing to adopt digital skills, Lords committee warns February 17, 2015 Digital skills should be taught as a core subject in schools, along with the likes of English and Maths, according to the recommendations of the House of Lords digital skills select committee. In September, England became the first G20 country to add computer programming to the curriculum, to improve the skills of children and graduates [...]
Insurance sector to be hit by M&A fever as Fairfax buys Brit February 17, 2015 Analysts said yesterday that Brit’s acquisition by Canadian firm Fairfax Financial Holdings could be the precursor to other deals set to sweep the insurance market. Shares in Brit jumped by 11.23 per cent following the news that Fairfax had made an offer of £1.22bn that has been agreed by private equity owners CVC and Apollo, [...]
Plunging inflation may knock deficit reduction February 17, 2015 Inflation fell to a record low in January, giving a welcome boost to hard-pressed households – but a group of economists warned the drop will harm the government’s finances, because tax receipts rise when prices go up. Prices rose by just 0.3 per cent in the 12 months to January, the Office for National Statistics said [...]
Troubled gold miner Petropavlovsk rocked by debt plan rebel Sapinda February 17, 2015 Russia-focused gold miner Petropavlovsk last night saw its proposed debt restructuring come under fire after one of its major stakeholders blasted the plan for allegedly favouring bondholders over shareholders. The proposed plan is due to be voted on this month but requires the approval of both bondholders and 75 per cent of shareholders to go [...]
How to fix the crisis: Germany must allow Greeks a New Deal February 17, 2015 My friend and colleague Yanis Varoufakis was left with near to nil support for his proposals at Monday’s crucial meeting with other Eurozone finance ministers. Before the week is over there may be another head-to-head with his German counterpart, Wolfgang Schauble – but if talks break down again, it could lead to a so-called [...]
Europe unlikely to pull plug on Greece’s banks February 17, 2015 The European Central Bank (ECB) is unlikely to end emergency lending to Greek banks today despite a standoff between Europe and Athens. Only last week, the ECB extended the cap on emergency funding (ELA) to Greece by €5bn (£3.7bn) to €65bn. “There is no sudden end of ELA expected this week,” a person familiar with the [...]
Q and A: A struggling Eurozone state, its debt, and its banking system February 17, 2015 Q What will happen if Greece and its creditors are unable to reach an agreement? A Since 2010, Greece has been on a bailout programme which has allowed its government to borrow €125.3bn (£93bn) at cheap interest rates, so long as it went through with reforms and austerity measures. More money will be available to [...]
Tesco hopes Allan is the key to resolving its lingering problems February 17, 2015 John Allan turned around Dixons, but can he now reboot Tesco? ONE sat on the board of high street electricals giant Dixons Carphone while the other has already led a successful turnaround of supermarket Asda. Both Archie Norman and John Allan were considered strong contenders for the chairman role at Tesco, but last night the [...]
