Category Archives: Business

Greece debt crisis: Athens stock market ends 16% lower as manufacturing plunges – live

Greek factory output falls to record low in JulyMarket falls more than 20% as bourse reopens after five-week shutdownBank and finance shares collapse by as much as 30%Lenders meet Greek labour ministerChina woes deepen on manufacturing slowdown 5.30pm …
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HSBC profits rise 10% but $1.5bn in misconduct charges dent bank figures

Global banking group made pretax profits of $13.6bn in the first six months of the year despite ‘a challenging global market’

HSBC was hit by $1.5bn (£1bn) of charges in the first half of the year for fines and penalties relating to misconduct of the past and said it was pressing on with making structural changes required by UK regulators.

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Bank lending to business forecast to rise in 2015

Annual investment could rise by 0.25% over the year despite a dip in June – the first annual increase since the pre-crisis peak in 2008

Business lending by Britain’s banks remains on track to rise in 2015, despite falling sharply in June, according to a new forecast from the EY Item Club.

Boosting business investment is seen as an essential factor in restoring Britain’s shaky productivity record and putting the economic recovery on a sustainable footing.

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Royal Mail sees red over spate of post box thefts

The company is planning to introduce electronic tagging and permanent marking systems in order to tackle a crime spree threatening the famous boxes

A spate of thefts targeting post boxes that have been a feature of Britain’s street corners since the 19th century have forced the postal service to fight back – with an arsenal of hi-tech tools.

Royal Mail has unveiled plans to use forensic tagging to identify stolen post boxes and even electronic tracking to keep a close watch on the treasured landmarks.

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Shanghai in slow lane as market crash accelerates slump in luxury car sales

Little interest in showrooms as deep discounts fail to drive in customers

Business appears to be slow at the Mercedes-Benz showroom in the Jing’an district of Shanghai. There are no customers and the staff look bored. A family comes in to look at the cars but appears to have no intention of buying. A salesperson is tight-lipped when asked whether they are seeing fewer customers through the doors.

Car sales in China are slowing after years of rapid growth, and have slumped in the last few weeks. According to the China Association of Automobile Manufacturers, numbers sold in June fell 5.3% from May; this drop coincided with the stock market crash that saw the Shanghai Composite Index lose 14% in July. The association previously estimated that sales would grow 7% this year; now it thinks that figure will only be 3%.

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Ex-boss of MtGox bitcoin exchange arrested in Japan over lost $390m

French-born Mark Karpeles held in connection with the disappearance of hundreds of millions of dollars worth of the virtual currency Mark Karpeles, the former head of defunct bitcoin exchange MtGox, has been arrested in Japan, reportedly set to be ques…
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BT staff to profit from £265m share scheme bonanza

Almost 23,000 employees to benefit from 3 to 5-year saving scheme allowing staff to buy shares at old pricesMore than 23,000 BT staff are to profit from a £265m employee share scheme at the company, with some employees set to make more than &poun…
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Anglo Irish Bank officials jailed for offences related to financial crash

The three ex-employees are the first bankers to be imprisoned for actions that helped turn the Celtic Tiger boom to bust

Three officials from the bank that almost bankrupted Ireland have become the first bankers to be jailed for offences related to the Republic’s financial crash.

The failure of Anglo Irish Bank, which became synonymous with the casino-style lending practices that drove Ireland’s “Celtic Tiger” boom and subsequent bust, cost the state €30bn (£21bn), part of what forced the government to seek a bailout from the European Union and the International Monetary Fund.

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Emergency measures fail to halt China’s stock market nosedive

July ends on another low note as stocks record biggest monthly loss in almost six years, despite concerted efforts by Beijing to prop up the exchanges

Chinese share prices suffered a dismal end to a dire month as promises of more emergency measures from officials in Beijing failed to stem a stock market slide that is now reverberating around the global economy.

Despite policymakers’ pledges to underpin the flagging Chinese economy and a further crackdown by the markets watchdog, stocks fell further on Friday and posted their biggest monthly loss in almost six years.

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Tsipras denies ‘secret plan’ to take Greece out of euro – as it happened

2.52pm BST

A quick round-up of the main events on Friday. Thank you for all your comments and have a good weekend. We’ll be back on Monday.

2.37pm BST

The Greek finance minister Euclid Tsakalotos and the economy minister Giorgos Stathakis have been meeting with the lead negotiators from the EU, ECB and IMF, after the IMF’s new head representative to Greece, Delia Velculescu arrived in Athens late on Thursday.

Greece’s BHMA FM radio station reports on its website that also present at the meeting, which is taking place at the Athens Hilton, is the European Commission’s Declan Costello, the European Central Bank’s Rasmus Refer and European Stability Mechanism’s Nicola Giammarioli. The four institution heads – dubbed the quartet – are scheduled to meet with the governor of the Bank of Greece Yannis Stournaras.

The creditors have reportedly requested:

The last request, for the abolition of solidarity tax, affects about 350 Greek taxpayers. The institutions have also proposed the introduction of a single 6% tax rate on incomes over €50,000.

On Thursday the institutions’ technical teams had a special meeting to discuss parafiscal taxes and the possibility of establishing an interministerial committee in order to simplify business licensing process. Talks will also begin so that by the end of the year there will be new a framework for collective bargaining that will guarantee justice and efficiency in the workplace.

GREECE’S TSAKALOTOS SAYS TALKS WITH TROIKA HAD POSITIVE CLIMATE. sunny and warm

@g_stathakis #Tsakalotos drink black coffee w/ @DeliaVelculescu et al on #Greecebailout talks http://t.co/x0hYXFSvY2 pic.twitter.com/qyLolLgxvA

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