Greek PM Alexis Tsipras calls bailout referendum June 27, 2015 Greece Prime Minister Alexis Tsipras has called a 5 July referendum on a bailout deal on with its creditors, saying "the people must decide free of any blackmail". Read more: European Commission President says proposals "good basis for progress" Proposals for a five-month extension to its bailout deal, aimed at unlocking €7.2bn (£5bn) to avoid the country [...]
How Argentina’s struggle in the late 1990s could provide lessons to Greek leaders June 26, 2015 As Greece teeters on the brink of default, its leaders could do worse than to look to Argentina's own tussle with default back in the late 1990s. Why they're similar Like Greece, the economic crisis in Argentina began against a backdrop of deregulation and financial liberalisation – although in Argentina's case, its convertibilidad policy pegged the [...]
Greece rejects bailout extension proposals as Juncker takes positive stance on deal June 26, 2015 Greece has rejected proposals for a five-month extension to its bailout deal – as European President Jean-Claude Juncker took an optimistic stance on the chances of the country reaching a deal with its creditors this weekend. Read more: Has the IMF compromised its credibility over Greece's bailouts? At a press conference following two days of [...]
London house prices: The average cost of a single brick in the capital is now just shy of £200 June 26, 2015 Rocketing house prices in the capital mean the average brick in a London house (RRP: 67p) is now valued at just short of £200, research has found (assuming it's attached to other bricks, and a bit of mortar, that is…). The research, by online estate agent HouseSimple.com, was based on the fact it takes about [...]
Tesco AGM: Lewis grilled over pay, performance and strategy but all resolutions passed June 26, 2015 Tesco bosses faced a grilling by shareholders today, fending off complaints about customer service, overall strategy and – of course – pay. But by the end of the AGM it was clear the supermarket's shareholders weren't revolting – at least not as much as some thought they might be. All of Tesco's resolutions, at least [...]
Trinity Mirror doubles cost savings as print revenues fall June 26, 2015 Revenues at publisher Trinity Mirror are expected to be 11 per cent lower in the six months to the end of June, pushed down by a 19 per cent drop in print advertising revenues, it said in a trading update this morning. The company said it would double planned cuts to £20m to offset the [...]
How important is the EU to UK trade? June 26, 2015 The European Union is larger than any individual economy in the world, surpassing the USA, China and other Bric economies. Yet, the growth of non-EU economies has outpaced the growth of EU economies, largely driven by the growth of these Bric economies, meaning the EU’s share of global GDP has fallen from 30 per cent [...]
The UK’s latest unicorn: Sophos prices its $1bn IPO June 26, 2015 Shares in Sophos, one of the UK's few tech "unicorns", launched its IPO today, valuing it at £1.01bn. Read more: The hunt for London's unicorn tech startups Shares in the cyber security giant began conditional trading at 225p each this morning, raising $125m (£79.3m), with an over-allotment option that could net it another £52.8m. The [...]
Co-operative appoints two new non-exec directors in governance shake-up June 26, 2015 The Co-operative Group has appointed two new non-executive directors to its board, following changes made last year to the company's governance nominations. Read more: Co-operative Group returns to profit amid turnaround plan Stevie Spring is joining the group from ITG Group and Children in Need, while Peter Plumb is coming from Moneysupermarket.com. In [...]
Tesco’s share price soars after reporting smallest decline in more than a year June 26, 2015 Tesco's share price climbed 3.6 per cent this morning as investors digested what appear to be the first signs of a turnaround under new chief executive Dave Lewis. The troubled supermarket has reported its smallest declines in more than a year, while volumes are up. The figures Tesco has stemmed its declines – group [...]
