ECB raises emergency loan limit to £57bn for Greek banks May 12, 2015 The European Central Bank (ECB) has raised its emergency loan limit for Greek banks by €1.1bn (£0.8). The Emergency Liquidity Assistance lifeline, which is provided by the Bank of Greece, is now worth €80bn (£57bn). The decision to raise the level was passed by the ECB's governing council today, and comes a day [...]
Greece raided reserves at IMF to meet debt repayment deadline May 12, 2015 Greece had to raid emergency reserves in its holding account at creditor the International Monetary Fund (IMF) in order to meet the deadline for its sizeable €750m (£544m) repayment. An official told Reuters the cash-strapped country had been forced to tap into around €650m (£467m) from its holding account with the organisation. "We made use [...]
Eurozone banks are at risk of failing now as much as they were in 2008, new research finds May 12, 2015 If you think the European Central Bank and Bank of England’s stress tests have made Europe’s banking crash proof, think again. Despite the changes to the banking system, many institutions are still as vulnerable as they were before the 2008 crash, according to research by the University of Portsmouth. Banks in Italy, France, and Spain [...]
Sterling soars to highest level this year after output smashes expectations May 12, 2015 The pound soared after this morning after UK output beat expectations in March, according to data released today by the Office for National Statistics. Total production and manufacturing rose in March, increasing 0.5 per cent and 0.4 per cent respectively. Industrial production smashed analysts expectations, as many had said it would remain flat month-on-month. This [...]
Why Opec thinks oil prices will stay below $100 for a decade May 12, 2015 The Organization of the Petroleum Exporting Countries (Opec) thinks oil will stay below $100 for a decade, and it's worried a low oil price environment won't be enough to snuff out the emerging US shale gas industry. A report seen by the Wall Street Journal has said that Opec thinks a best-case scenario will see oil prices [...]
General Election 2015: Conservative victory is about to give the pound its biggest boost in six years May 11, 2015 The pound is continuing to benefit from the Conservatives' victory in the General Election last week, and is about to achieve its biggest two-day increase against the euro in six years. After it became apparent that Cameron had won a majority on Friday, sterling went up by 1.9 per cent in value, as optimism over [...]
Greece beats deadline for €750m loan repayment to IMF May 11, 2015 Some expected Greece to default on it's latest debt repayment, but it has proved them wrong. Today, following extensive discussions with creditor nations on the struggling economy's future in the Eurozone, a transfer of €750m (£544m) was made from Greece to the IMF, beating tomorrow's deadline for the payment. It is not clear how [...]
FTSE keeps rising as Bank of England holds interest rate at 0.5 per cent May 11, 2015 The FTSE 100 was the only European market to rise today, as investors continued to show their optimism at the outcome of the election and the Bank of England's decision to hold interest rates. By lunchtime, the FTSE was trading above 7,000 points for the second day in a row, 2.47 per cent up on [...]
Outlook for UK wage growth still bleak despite rising job prospects May 10, 2015 Job prospects are improving but UK wage growth is likely to remain weak this year as companies continue to find no shortage of employees to recruit at current pay levels, the professional body for HR managers warned today. The Chartered Institute of Personnel and Development (CIPD), said falling inflation together with low job turnover and [...]
China’s central bank cuts interest rates to 5.1 per cent amid slowing economy May 10, 2015 China's central bank has cut interest rates to 5.1 per cent, as the country's economy continues to slow down. It's the third cut in six months, and the hope is that is will boost development in the country. The change will come into effect on Monday. In 2014, growth rate was 7.4 per [...]