July 2011 Archive

Government slammed for wasting public money through IT purchases

A cross-party government committee has criticised successive government's for wasting "obscene" amounts of public money through it's IT procurement policies that hand 80% of contracts to just 18 suppliers.

US debt ceiling: Republicans struggle to get plan agreed by Tea Party

Talks resumed this morning amongst Republican's to agree a deal that will get enough support from their own senators to be able to be put to a vote.

New IMF Chief Lagarde warns US that "clock is ticking" on debt deal

The incoming head of the International Monetary Fund (IMF) has warned the US that an agreement on raising the US debt ceiling and cutting public debt is vital for the global economy.

BP profits 'lower than forecast'

Oil company BP has announced profits for the second quarter of 2011 that fall below analysts' expectations.

Over 100 retailers went bust in first half of 2011, report suggests

Latest figures from Deloitte have shown more than 100 retailers went into administration in the first six months of this year.

US debt ceiling talks failure could lead to ratings downgrade

Talks between Democrats and Republicans are entering a critical stage as both sides seek to find agreement on a deal to increase the US's debt ceiling and avoid a downgrade of the US's credit rating.

Moody's cuts Greece's credit rating to one that implies default

Credit rating agency Moody's has cut its rating of Greece from Caa1 to Ca and warns that the ratings for Europe's strongest countries could be affected because of the precedent set by a second bailout.

US debt ceiling talks collapse

Talks between President Obama and Republican house leader John Boehner have collapsed as the leaders are unable to agree on the balance between spending cuts and tax rises in order to agree to raise the debt ceiling.

Stock markets rise on Greek bail-out agreement

The Euro strengthened and Italian and Spanish bond yield rates lowered after agreement was reached on a second Greek bail-out that will be partially financed by private bond holders.

Greece set to partially default on bond repayments

European leaders are meeting in Brussels to reach an agreement for a second Greek bail-out and latest reports suggest that an outline agreement has been reached.

EU leaders consider new bank tax to solve debt crisis

Ahead of tomorrow's crucial summit meeting of EU leaders in Brussels, the IMF and President Obama have both said how important finding a solution is to avoid the debt crisis spreading to the global economy.

Eurozone debt crisis hots up ahead of Thursday's summit

Concerns that Italy and Spain could become dragged into the debt default crisis increased as yields on their government bonds increased to their highest level since the introduction of the euro in 1999.

Gold reaches value of £1,000 an ounce for first time ever

The value of gold reached record levels of $1,607 yesterday as investors looked to invest in a safe haven amid concerns over the US defaulting on its debt and the eurozone debt crisis spreading.

Clegg warns that euro debt crisis could have impact on UK jobs

The Deputy Prime Minister, Nick Clegg has warned that the debt crisis in the eurozone could be the harbinger of a new global financial crisis.

FSA rejects MPs' call for RDR delay

The Financial Services Authority has rejected suggestions by the Treasury Select Committee to push back the implementation date of financial advise reforms.

Item Club lowers UK economic growth prediction amid eurozone concerns

Ernst & Young's Item Club publishes its quarterly update on the UK economy tomorrow and it says that the UK economy is at a "critical juncture" as it lowers its growth forecast for the UK economy.

Eight European banks fail EBA stress tests with 16 more in danger

The European Banking Authority (EBA) has announced that eight of the 90 banks assessed failed the tests with a further 16 in the danger zone.

EBA bank stress tests "cannot offer useful conclusions"

The results of European banks stress tests conducted by the European Banking Authority (EBA) are due today but many analysts see them as irrelevant as they don't assess the banks' ability to respond to a sovereign debt crisis.

Marks and Spencer see market share rise in food and clothing

British retailer Marks and Spencer has released its financial results for the 13 weeks to July 2nd showing like-for-like sales excluding VAT rose by 1.7 per cent.

Stock market plunges amid Italian and Spanish sovereign debt fears

Global stock markets have fallen amid concerns that yields on both Italian and Spanish bonds have increased to a level where the two countries may not be able to service their debts and require a bail-out.

One third of FTSE FD's believe UK economy will double-dip

A new survey from Deloitte reveals that one third of FTSE 100 and 250 companies finance directors believe the UK economy will go into recession again.

Manufacturing output increases by 1.8 per cent in May

The Office for National Statistics (ONS) has released new data that shows manufacturing output increased by 1.8 per cent in May, rebounding after a fall in April.

Investors flee from News of the World as corporate backlash gathers pace

News Corporation saw its shares drop 3.6 per cent in New York yesterday amid fresh phone hacking allegations and doubts over the proposed BSkyB merger.

ECB set to raise interest rates to 1.5 per cent for eurozone

The European Central Bank members meet in Frankfurt today and are expected to raise interest rates by 0.25 per cent to 1.5 per cent despite the risk this poses to the beleaguered economies of Greece and Portugal.