Junior market miner Savannah Resources in tie-up with Rio Tinto for new Mozambique mine June 21, 2015 Aim-listed miner Savannah Resources is embarking on a transformational partnership with major Rio Tinto to develop a new mine in Mozambique. Savannah’s wholly owned subsidiary, AME East Africa, has entered into a joint venture agreement with the FTSE 100 group, Morning Wire can reveal. The two companies will develop a large-scale commercial heavy minerals sands [...]
National Grid boss Steve Holliday preparing to step down in 2016 June 21, 2015 National Grid boss Steve Holliday is to leave the company in early 2016, after 14 years with the company and nine as chief executive. Holliday previously worked at US oil major Exxon and was a non-executive director of Marks & Spencer until July last year. The FTSE 100 company may be considering a number of [...]
London firms gaining confidence despite warnings over exports dip June 21, 2015 Businesses in London are gaining more confidence despite growing concerns around political and economic uncertainty, but the UK economy is growing unbalanced and too reliant on domestic demand, according to new research out today. The most recent ICAEW/Grant Thornton UK Business Confidence Monitor reveals that the confidence index for London stands at 16.2, up from [...]
Retailers send George Osborne their budget wish list June 21, 2015 British retailers are calling on the chancellor to eschew the living wage and introduce new measures to boost productivity in next month’s emergency budget. In a new submission to chancellor George Osborne, the British Retail Consortium (BRC) said that it wants the government to “work with the retail industry to ensure that employees are [...]
Greece’s creditors eye up €18bn in rescue funds and six-month bailout extensions June 21, 2015 Greece’s creditors are eyeing up a deal to save its membership in the Euro, including extending its bailout by six months, offering future debt relief, and supplying up to €18bn (£13bn) in rescue funds. Read more: The key dates in the countdown to a Grexit The deal hinges, however, on Alexis Tsipras, the Greek Prime [...]
Government to sell its share in Green Investment Bank June 21, 2015 The Conservatives are set to step up their privatisation push, with the first sale of shares in the Green Investment Bank (GIB). Read more: Green Investment Bank to set up £1bn offshore wind projects Advisers from Bank of America Merrill Lynch have been coordinating with Whitehall officials to sell the GIB, which lends money to environmentally-friendly [...]
Grexit would leave Greece a failed state says former US Treasury secretary Larry Summers June 21, 2015 Greece will likely become a failed state if it leaves the Euro, according to a former US treasury secretary. Writing in the Financial Times, Lawrence (Larry) Summers said it now “appeared likely” that Greece would financially separate from Europe, and that this would be the least beneficial result for both parties. Read more: Tsipras puts [...]
Tesco first quarter results and AGM: Three things to expect from Friday’s figures June 21, 2015 Tesco will update the market on its first-quarter figures – the first since reporting its biggest ever loss – while executives will face shareholders at its AGM. Here's what to expect from the supermarket on Friday. 1. The numbers will continue tumbling The supermarket’s first quarter is unlikely to tell a different story from the [...]
Grexit: Not reaching a deal would be “insane”, says National Bank of Greece boss Louka Katseli June 21, 2015 The boss of Greece’s biggest bank has said it would be “insane” for the country not to reach a deal at emergency talks due to be held tomorrow between the Greek government and European leaders. Louka Katseli, the chair of the National Bank of Greece (BNG), told the BBC "I think sanity will prevail and [...]
Lidl “ale assault” will rival supermarket beer offers in latest price war after “claret offensive” success June 21, 2015 Lidl's is embarking on an "ale assault" with a new beer range to rival the big four supermarkets after the success of last year's "claret offensive". The discounter has now switched its attention from wine to beer, and will launch more than 60 new brews onto its shelves from Monday, many priced more cheaply than [...]