Finance
Lloyds Banking Group share price reaches the breakeven rate
The share price in the state-backed Lloyds Banking Group reached the breakeven price on Friday, solidifying the view that the bank may again be privatised to partially return the public funds spent in bailing the bank out. The banking group has had a 39% public stake [Read More]
Targeting tax avoidance a priority for G7
After talks with the G7 Group of Industrialised Nations, Chancellor George Osborne has announced how “incredibly important” it is to target tax avoidance and evasion after the issue was raised in Britain and numerous other countries earlier in 2013. Osborne stated: [Read More]
Rwanda issues its first international ten year bond
The Sub-Saharan state of Rwanda, under the presidency of Paul Kagame, plans to raise $400m in the début sale of a ten year government bond. Investors have shown a great deal of interest in the $400m decade- long bonds, auctioning a total of $3bn to buy up the bonds. The [Read More]
European Central Bank cuts main refinancing interest rate to 0.5 per cent
The European Central Bank (ECB) announced on Thursday 2nd that it is cutting the main refinancing interest rate by 25 points to 0.5 per cent highlighting continued concern over the health of the euro zone. The move by the ECB is an attempt to promote lending to small-medium [Read More]
New Italian Premier prioritises growth over austerity
In his first speech to parliament, Italy’s new centre-left Prime Minister and leader of a grand coalition, Enrico Letta, ended plans to increase tax rises worth up to £6 billion in a break from his technocratic predecessor’s policy of austerity. While laying out his [Read More]
New Look to issue £800m in debt
British company New Look Retail Group Ltd. has announced the issuance of £800m ($1.2bn) in corporate bonds to refinance high-interest payments-in-kind (PIK) notes. PIK notes are debt instruments that are considered high risk due to their full return on maturity instead of [Read More]
Fake AP tweet causes $90bn Dow Jones loss
For three minutes the stock market plunged yesterday, with the Dow Jones Industrial Average dropping 150 points after the Associated Press Twitter feed was hacked. The hacked tweet announced that there had been two explosions in the White House and that Barack Obama was [Read More]
Chancellor boosts bank funding scheme ahead of IMF visit
Within the next two weeks the Treasury is expected to announce an extension to the Funding for Lending Scheme (FLS) in an attempt to reduce potential criticism from the International Monetary Fund during their annual mission to the UK on 8th May. The FLS was first launched [Read More]
IMF and Osborne in austerity row
The UK chancellor, George Osborne, has found himself embroiled in a conflict with leading members of the International Monetary Fund (IMF) over Britain’s austerity policy. Second in command at the IMF, David Lipton, has followed Managing Director Christine Lagarde and [Read More]
Tesco’s profits tumble as assets written down by £2.4bn
Tesco PLC, the UK’s largest retailer, recorded a massive pre-tax profit loss of more than 50% this year; their worst year to date as a company. The company took a £1bn hit when it withdrew itself from its six year US venture Fresh & Easy, from which it will [Read More]
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