City morning headlines: Greek MPs to vote on bailout, as UK jobs data due

 

The clock is ticking for Greek prime minister Alexis Tsipras to secure a third bailout for the country, while there is positive news on China's economy and expectations for strong jobs data at home.

Here's a look at those stories and what else is grabbing attention in the City today:

These stories are breaking and may develop throughout the day. Keep checking the Standard's business pages for the latest.

China beats forecasts

Economic growth in the world's second-largest economy was 7% in the second quarter, topping forecasts for 6.8%.

Still it was still the weakest reading since the financial crisis thanks to a softer property market and factory output.

Greek MPs to vote on bailout as IMF memo questions deal

Greek prime minister Alexis Tsipras is hoping to get key legislation passed in the country's parliament today in order to secure a third bailout totalling €86 billion and avoid bankruptcy.

The legislation, which includes reforms to VAT and pensions, will be debated at 2pm and voted on at 10pm.

A memo from the International Monetary Fund complicated matters however, saying that the deal on offer is unsustainable without some debt relief.

Happy days for UK

At 09:30am new jobs data is forecast to show unemployment is down 15,000 on the month.

Companies news highlights:

BHP Billiton takes a $2 billion write down on its US shale operations. That's third write down in three years.

US firm Middleby has agreed a £129 million bid for Aga.

Disney is to create its first theme park in mainland China. The site at Shanghai is to open next year.

Joachim Gottschalk, founder of Gottex, resigns as chief executive officer and an executive director. Arpad Busson will become executive chairman while the company looks for for a new CEO.

Icap's first quarter revenues are down 1% as Greece spurs forex trading but leaves investors risk averse in many other areas.

Burberry's comparable sales rise 6% driven by trench coats and scarves, but ponchos are the big new up and coming style.

Moneysupermarket.com's first half revenues are up 18% with insurance rates rising.

Halfords' like-for-like revenues climb 3.5%.

AA teams up with the Bank of Ireland to provide financial services.

Tim Martin lays into supermarkets again as JD Wetherspoon's sales grew 2.9% in last 11 weeks and margin fell.

Marwyn sells a 9% stake in Peppa Pig owner Entertainment One.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Sign up you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy notice .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in