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Bank of England's Sir Jon Cunliffe: 'Markets are quite fragile'

Deputy governor for financial stability concerned about financial markets and the impact of a US interest rate rise

A leading Bank of England policymaker has expressed concerns about the “fragility” of the global financial markets as he warned against any watering down of regulatory reforms eight years on from the financial crisis.

“I do think financial markets at the moment are quite fragile,” said Sir Jon Cunliffe, a deputy governor for financial stability. Cunliffe said he was not too concerned about the recent sharp falls in China feeding through to other stock markets but highlighted a lack of liquidity in global markets. This, he said, could make it more difficult to sell some investments in strained circumstances.

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Source: The Guardian Circular Economy RSS

Greek bailout talks continue as Merkel ally warns of Grexit 'chaos' – live

Rolling business and financial news, as negotiations over a third Greek bailout continue and markets await the Fed’s decision on interest rates tonight

9.40am BST

After getting off to a bumpy start yesterday, negotiations with mission chiefs representing Greece’s creditor institutions will begin today minus one, we have just been told.

“There’s no particular reason for the delay.

But I can confirm she won’t be coming in today, she’ll be arriving tomorrow.”

@deliavelculescu new @IMFNews delegation chief to #Greece in #Greecrisis – a cool "Draculescu"

“As far as reports of prior actions are concerned it should be noted that neither in the agreement of the European summit on the 12 of July nor in the two letters that the Finance Minister Euclid Tsakalotos sent to the ESM was there the slightest hint of a third package of prior actions.”

9.18am BST

Here’s a few gems from the deluge of corporate news this morning:

Related: Foxtons blames election for fall in sales and profits

Related: Sky profits rise as it passes 12 million UK and Ireland customers

Strong spring selling boosts Taylor Wimpey sales

Antofagasta lowers full year copper guidance

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Source: The Guardian Circular Economy RSS

Greggs profits boosted by healthier options and shop upgrades

CEO Roger Whiteside said there was a significant growth in breakfast sales as well as the range of lower-calorie sandwiches

High street baker Greggs has posted a 51% rise in profits for the first half of the year thanks to strong demand for its breakfast range and healthier sandwiches and flatbreads.

The company raised its full-year guidance for the second time in three months as a result of favourable market conditions and well received improvements to its products and shops.

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Source: The Guardian Circular Economy RSS

Barclays makes further provision for scandals and cuts costs

Bank sets aside further £600m for payment protection insurance mis-selling as it reports a 25% rise in first-half profits

Barclays set aside £1.8bn in the first half of the year to compensate customers for a string of mis-selling scandals and fines.

The figure was revealed as John McFarlane, the chairman who is standing in as chief executive following the ousting of Antony Jenkins earlier this month, pledged to accelerate the disposal of risky businesses, cut costs at the scandal-hit bank and also scale back the dividend policy.

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Source: The Guardian Circular Economy RSS

Foxtons blames election for fall in sales and profits

But chief executive Nic Budden expects stronger sales in the second half of this year

A slump in profits and revenues at estate agent Foxtons in the first half of this year has been blamed on an uncertainty in the property market in the run-up to the election.

Profits before tax were £18.1m, down from £23.1m in the previous first half. Property sales fell almost 11% and overall group revenues reduced by 2.3% to £71.1m.

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Source: The Guardian Circular Economy RSS

Sky profits rise as it passes 12 million UK and Ireland customers

Satellite broadcaster’s annual revenues hit nearly £11.3bn in the first full year since it completed the takeover of Sky businesses in Germany and Italy

Sky has passed the 12 million customer mark in the UK and Ireland for the first time as it reported annual revenues of nearly £11.3bn.

The satellite broadcaster said like-for-like pre-tax profit rose 6% to £1.196bn in the year to the end of June this year, slightly ahead of analysts’ forecasts.

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Source: The Guardian Circular Economy RSS

With the cost of living under control, why don't we feel more prosperous?

Keeping a lid on costs doesn’t immediately translate into good times because it only looks at one side of the ledger – what about income?

The latest cost of living figures released by the Australian Bureau of Statistics show that across all household types, the rise in the cost of living remains desperately weak. While this by itself is good news, it underscores the complete lack of demand in the economy at the moment, which is in turn producing weak growth in household income.

Cost of living is a rather interesting economic bit of data which rarely agrees with people’s perceptions. For example, there is little doubt that electricity prices did fall when the carbon price was removed, and yet, as Lenore Taylor reports, 60% of people believe it had no impact on their electricity bills.

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Source: The Guardian Circular Economy RSS

Amnesty International says prostitution is a human right – but it's wrong

“If the organization endorses prostitution as a human right, it won’t be supporting the women who might have no choice, but rather the pimps and buyers of sex who have all the choice in the world”

Has Amnesty International been hijacked by proponents of the global sex trade? When the human rights nonprofit convenes its International Council Meeting next week in Dublin, delegates from around the world will be asked to vote on a proposal to recognize prostitution as a human right.

Amnesty is arguing that prostitution is a matter of free choice, a stance heavily promoted by the multibillion-dollar commercial sex industry. The group is putting forth the view that sex work is compatible with the principle of gender equality and nondiscrimination, as if it were a job like any other.

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Source: The Guardian Circular Economy RSS

Brussels rejects Yanis Varoufakis' claims that troika controlled Greek tax system

Allegations of covert scheme described as ‘simply not true’ by European commission as Alexis Tsipras looks to conclude third bailout deal with creditors

The European commission has denounced as “false and unfounded” claims by Greece’s former finance minister Yanis Varoufakis that international creditors had exclusive control over the country’s tax system.

Brussels slammed the suggestion that external supervision of the Greek tax revenue agency forced Varoufakis to consider hacking the ministry’s computers as part of a secret plan to devise a parallel payment system for the nation.

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Source: The Guardian Circular Economy RSS