Tsipras to push ahead with referendum
Following a series of conflicting reports, Tsipras confirmed in a live address that he intends for the referendum on austerity to take place.
Tsipras has publicly supported a ‘no’ vote which many EU officials have said was an effective vote to exit the Euro.
The Greek Prime Minister, unsurprisingly, brushed these comments off. In his address to the Greek public he said a ‘no’ vote was needed to better the terms with creditors.
European shares sunk after the comments although remained in positive territory on the day.
Angela Merkel earlier said that there was no chance of further negotiations until after the referendum was held shifting all focus to this Sunday and the polls released in the run up.
European shares have yo-yoed on contradictory comments throughout the session as initial hopes that a deal may be struck without a referendum were squashed.
Banks remain closed in Greece and Greeks have been limited to withdrawing EUR 60 per day.
Support for the vote is unclear, early indications put the ‘no’ vote in front, however the poll was released by a newspaper that supported Tsipras’s government.
Sony launches crowdfunding site
Sony is no stranger to crowdfunding – it has used the platform to launch several of its own campaigns, including the popular Shenmue 3 game. However, it seems the company is branching out further by launching its own platform.
First Flight, Sony’s Japan-based crowdfunding site, aims to promote new business ideas from within the company. It allows investors to put money into ideas developed by its own employees, keeping them at the forefront of innovative new ideas as well as promoting their company’s talent.
The company said in a statement: “First Flight is intended to deliver experiences that move people emotionally through innovation. It will enable each start-up and their customers to share their ideas and inspiration, and then jointly bring those ideas to fruition through direct and interactive communication.”
First Flight currently offers pre-orders for two Sony-affiliated projects; the MESH Smart DIY kit, and the FES e-ink watch. The watch has already raised money on crowdfunding platform Makuake, and backed by Sony subsidiary Fashion Entertainments. Aiming to enter the smart watch market, it E-Ink display means the design can be changed, and it has a 60 day battery life. A third project due to launch on First Flight soon is a sleek all-in-one remote called the HUIS Remote Controller, which is already 20 percent of the way to its 5 million yen crowdfunding goal.
The service is currently only available in Japan, and there is no news as to if or when it might expand.
Airbus shares rise after deal with China
Airbus (EPA:AIR) shares gained 2.6% after an agreement was signed with China to sell up to 75 Airbus planes to a Chinese company, in a deal worth $18 billion.
During a visit to Paris by Chinese Premier Li Keqiang, Airbus boss Fabrice Bergier signed a deal for 45 confirmed orders, as well as the possibility of 30 more with the China Aviation Supplies Holding Company.
An Airbus source told AFP that the A330 will be fitted with more seats in China and will travel shorter distances than in Europe, as a solution to the country’s congested skies and airports.
Airbus has had a positive year, reporting soaring full-year profits in February.
European shares bounce back
European shares bounced back this morning, despite news that Greece had defaulted on its payment to the IMF.
The euro zone’s blue-chip Euro STOXX 50 rose 0.7 percent after falling 1.3 percent in the previous session and slumping more than 4 percent on Monday. The pan-European FTSEurofirst 300 index was up 0.6 percent 7am GMT.
Whether of not Greece remains in the Euro depends on the decision in the national referendum, to beheld in Greece on Sunday.
Greece misses deadline for IMF payment
The IMF confirmed that Greece has missed the deadline for the 1.6 billion euro payment shortly after 10pm last night.
However, ministers say they will now discuss a last minute deal brought to the table by Greek PM Alexis Tsipras last night. The talks will begin on Wednesday, with the goal being another two year bail-out plan.
“We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared,” IMF spokesman Gerry Rice told the BBC.
The European Central Bank has frozen its liquidity lifeline to Greek banks and ratings agencies have further downgraded the country’s debt.
Speedy Hire shares fall 32%
Speedy Hire (LON:SDY) shares fell 32.5% this morning after it was announced that changes had been made to the Board.
A statement issued today said that: “Mark Rogerson has decided to step down as Chief Executive Officer. Jan Åstrand, who was appointed non-executive Chairman in late-2014, has assumed the role of Executive Chairman and intends to revert to non-executive status at the time of the announcement of HY 2016 results in November 2015. Russell Down, Group Finance Director, has been appointed Chief Executive Officer with immediate effect and will also retain the finance role until a replacement is appointed.”
The company also issued a trading update saying that they had had a slower than expected start to the financial year, ending March 2016. They cited a lack of available equipment during the network optimization programme and a focus on strategic accounts at the expense of SME customers as a reason for this.
Jan Åstrand commented: “This is extremely disappointing. I believe that Speedy remains a fundamentally good business but, whilst some progress has been made over the last year, the remedial action programmes have not been delivered as needed.”
Speedy is the UK’s leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets.
Sirius Minerals Plc up 76% after mine permit approval
Sirius Minerals (LON:SXX) were one of the biggest movers on the AIM market this morning, up 76.67% after it was announced that the North York Moors National Park Authority have granted approval for their project’s mine planning application.
Chris Fraser, Managing Director and CEO of Sirius, said: “This is really just the beginning for the Company – we have made a major step forward and now have a pathway to reaching production and unlocking ever more value for our shareholders.
“We are grateful to the members of the Authority for their positive consideration of the application and we thank our many loyal supporters, investors and customers for their patience in helping us to get to this stage.
“The case for the Project has always been compelling because it will not only generate so many jobs and economic benefits, but also because it is accompanied by such extensive mitigations, safeguards and environmentally sensitive design. We now look forward to delivering it.”
The company have now got the go ahead to build a potash mine on the North York Moors, where they will be able to tap a huge seam of a potassium-rich mineral called polyhalite. They say the project will create around 1000 local jobs.
Asian shares up after hopes of last minute Greek deal
Shares in Asia traded higher this morning, after hopes that Greece could reach a last minute deal.
Greece missed the deadline yesterday for a 1.6 billion euro payment to the IMF, however, ministers said they were willing to discuss a new proposition brought by Alexis Tsipras yesterday.
Nikkei 225 share index was up 0.11% at 20,257.77in mid-morning trade and South Korea’s benchmark Kospi was up 0.8% at 2,090.77.
The Shanghai Composite, however, is still down 5.2%.
Airports Commission says Heathrow is “clear and unanimous choice”
The Airports Commission has recommended that a third runway be built at Heathrow, in the Davies Report on airport capacity published this morning.
However, it recommended Heathrow only if stringent conditions could be met, including bans on night flights and building a fourth runway in the future.
The report concluded that the new runway will contribute £147bn in economic growth and 70,000 jobs by 2050. It would also connect Britain to 40 new destinations.
Sir Howard Davies, who led the report, told BBC Radio 4’s Today Programme: “Heathrow offers the kind of long-haul connectivity – flights to emerging markets which are very important to the future of the British economy – and expanding it would allow Heathrow to offer more of those flights.”
Heathrow’s biggest competitor, Gatwick, who ran an extensive marketing campaign with the slogan “Gatwick, obviously” were just pipped at the post; Sir Howard said that a second runway at Gatwick was a “credible” option but was less able to provide connections to long-haul destinations and would create lower levels of economic growth.
However, Gatwick chief executive Stewart Wingate said the airport was “still very much in the race”.
Tsipras puts new bailout programme on the table
Just hours before Greece was due to default on their payment, Alexis Tsipras has come forward with a last ditch attempt to make a deal.
The Greek Prime Minister asked for the aid from the European Stability Mechanism, according to a statement from his office. The request is to cover all of the country’s financial needs for the next two years, along with a debt-restructuring plan.
It is unclear how Greece’s creditors have reacted to the offer; the new proposal did not include any of the concessions the EU wished see. As it stands, Greece are preparing to exitEurope’s bailout scheme at midnight tonight, after defaulting on their payment to the IMF.