The UK’s biotech drain: This is why London’s most successful startups are heading to New York July 2, 2015 There's a mass migration taking place across the Atlantic right now. Each year, many of the UK's best biotech firms are choosing to leave and head to New York, where they can benefit from wealthy investors throwing their money at Nasdaq. Read more: Federal Reserve sees social media and biotech valuations as "substantially stretched" [...]
IMF: Another Greek bailout will cost €52bn July 2, 2015 Bailing out Greece for another three years will cost €52bn, the International Monetary Fund (IMF) said today, as Greeks prepared to vote on reform proposals by the country's creditors. A new debt sustainability analysts by the IMF showed interest payments will cost €4.9bn over the next 12 months, rising to €17.2bn over the next three [...]
Airports Commission report: Heathrow runway expansion by 2025 will be too little, too late for London’s tech sector July 2, 2015 It cannot be denied that the announcement of Heathrow’s runway expansion is a step in the right direction for the capital’s business community. According to Andrew Macmillan, operations director at Heathrow Airport, direct air connections between airports lead to a twentyfold increase in trade between destinations. Equally for Declan Collier, chief executive of [...]
US unemployment falls to 5.3 per cent as the economy comes closer to full employment July 2, 2015 The US created 223,000 jobs in June, with the unemployment rate falling to 5.3 per cent, down from a gain of 254,000 new roles in May. The unemployment rate fell further from 5.5 per cent in May, pushing it closer to the Federal Reserve’s estimate of the longer-run 5-5.2 per cent. This compares to a [...]
Jeroen Dijsselbloem: There will be no negotiations if Greece votes no in the referendum July 2, 2015 Greece's creditors will not negotiate with its leaders if voters reject their bailout terms in a referendum to be held on Sunday, Eurogroup president and Dutch finance minister Jeroen Dijsselbloem has warned. At a parliamentary committee, Dijsselbloem called the idea there could be further talks after a "no" vote an "illusion" which must be "swept [...]
Fracking could cut house prices by up to seven per cent July 2, 2015 Fracking could cut nearby house prices by up to seven per cent and increase the cost of insuring a home, according to previously redacted sections of a government report released yesterday. The Shale Gas Rural Economy Impacts by the Department for Environment, Food and Rural Affairs (Defra) looked at the impact of fracking operations on [...]
Swedish Riksbank cuts interest rates again to -0.35pc to stop krona strengthening July 2, 2015 Sweden has cut its interest rates again, from -0.25 per cent to -0.35 per cent. The Riksbank acted to weaken the Swedish krona, citing worries about the situation in Greece as well as economic uncertainty as explanations. The Eurozone economy is strengthening, but the past days’ events in Greece have created a good deal of uncertainty. [...]
We’re spending billions shopping online while commuting July 2, 2015 The daily commute can be almost unbearable, but it seems we've found a way of occupying our travel time that's also good for the economy. More than a fifth of online sales are taking place on a commuter journey, with spending totalling £9.3bn every year. Spending by London commuters accounts for more than half of that [...]
UK construction sector confidence hits an 11-year high July 2, 2015 Confidence across the UK construction sector hit an 11-year high in June, while growth continued to rebound, according a widely-watched industry survey released today. The Markit/CIPS UK Construction Purchasing Managers’ index smashed economists' expectations rising to 58.1 in June, up from 55.9 a month earlier, the fastest increase in four months. "The extent of the recent rise [...]
UK house prices: Surprise drop in house price growth sends annual rate to two-year low, according to Nationwide house price index July 2, 2015 House price growth has dropped to a two-year low on the back of declines in June, according to Nationwide's latest report. Prices have dropped a surprise 0.2 per cent in June – halting increases in both May and April – causing the annual rate of increase to drop to just 3.3 per cent. One [...]