Shocking scale of Greek contraction revealed February 25, 2013 Bank of Greece Governor George Provopoulos has revealed that the country's economy has shrunk by some 20% from 2008 to 2012, and expects to see GDP fall by a further 4.5% in 2013. Average joblessness stood at 24.5% in 2012 and is also expected to rise this year. While Provopoulos claims that he expects recovery to [...]
Markets brush off UK downgrade February 25, 2013 Despite a drop in the pound after downgrade news on Friday, markets appear not to care that much about the UK losing its AAA rating. ESCP Europe Business School's Anthony Evans had this after the news on Friday: the Moody's downgrade is political news masquerading as economic news. — Anthony J. Evans (@anthonyjevans) February 23, 2013 [...]
Italian elections set to grip European bond markets February 25, 2013 Italy's two day elections are due to close today at 14:00, with leaked polls showing the centre-left coalition leading slightly ahead of Berlusconi's centre-right alliance (Financial Times). Our reporter Marion Dakers writes: Meanwhile, markets are awaiting the outcome a fiercely-fought Italian election that could foster more financial instability if the polls bring an unstable government. [...]
Sterling slides to 16-month low February 25, 2013 Following Moody's action on Friday, downgrading the UK's AAA-rating, sterling has fallen to a 16-month low against the dollar this morning. (Source: Yahoo!Finance) From the Editor's column: The real problem, as HSBC’s currency team, led by David Bloom, noted last night, is that markets “expected [Osborne’s] plan to succeed and sterling [...]
Introducing the Live Blog – This Monday February 23, 2013 City A.M.’s live blog launches this Monday, and will bring you breaking news throughout the day. Our rolling coverage will include corporate stories as well as the latest developments in politics and economics that are important to the City. Check the blog frequently when we launch this week to see the newest data and fresh [...]
Invest in the new Canning Town February 22, 2013 New development Vermillion is helping Canning Town become a thriving new area, says Naomi Mdudu CHARLES DICKENS may not have spoken favourably about the area in the mid-nineteenth century, but Canning Town is undergoing considerable changes. This month saw the launch of two new penthouse apartments in the luxury block, which span the top two [...]
Period features meet contemporary luxury living at Aldford House February 22, 2013 ALDFORD HOUSE £8M KNOWN FOR being the residential location of choice for many of the capital’s most prominent figures, Park Lane is one of the most prestigious residential roads in London (it isn’t the second most expensive street on the London edition of Monopoly for nothing). The road, which was once little more than a [...]
A good broker might be the best solution against gazumping February 22, 2013 Q and A Q I’m BUYING a flat and am worried that someone is going to gazump me. What can I do to stop this happening? A Trouble here is that the law says that any offer put up, and this could come from someone who’s seen the flat before, has to be reported to [...]
Weir in £55m shopping spree as it extends mining footprint February 21, 2013 ENGINEER the Weir Group yesterday said it had snapped up a trio of companies for £55m, as it extends its footprint into mining industries. The FTSE 100 firm has bought the R Wales group of companies in Canada – which makes rubber linings for the processing industries – in a move into the North American [...]
How to make the most of your Isa February 21, 2013 It is much easier to transfer your account than you may think MANY consumers are aware of the benefits that come with an individual savings account (Isa). You won’t pay capital gains tax on your Isa investments, nor will you pay income tax on your Isa savings, and you don’t have to mention Isas on [...]