Royal Mail impasse

cent council committee meeting they could boost the local economy with 450 jobs by creating 34,250 square metres of flexible industrial and logistics floorspace at the 18­acre Griffin House site in Osborne Road.

The hybrid plans will first require a favourable response from the Environment Agency.

A restored river channel will be running through the site with a wildflower meadow on one side and pedestrian and cycle access path on the other.

“We have worked hard to open up and celebrate the River Lea as a key feature by providing a linear park through the centre of the site,” Caroline Musker, UK head of planning at Prologis, said.

“This represents a £30 million (€34 million) investment in construction,” she revealed.

AS long ­ running talks between Royal Mail and the Communication Workers Union (CWU) threatened to collapse, another strike looked inevitable.

The postal service, already losing more than a daily £1 million (€1.13 million), is projected to lose more than £350 million (€397.5 million) during the financial year that ends in April.

The board of the 507­yearold company has met in London, trying to find a solution, but warned that further walkouts could eventually see it put into administration.

The board regards the bombshell move to declare Royal Mail insolvent as a last resort, but the drastic measure has already been raised with the CWU.

Hopes of a deal have gradually faded, as obstacles not only include disagreements over pay but also changes to working practices, which Royal Mail maintains are interdependent.

Euro

EUR/GBP: Unchanged at £0.88

EUR/USD: Down from $1.06 to $1.09

The euro witnessed some dramatic swings over the past month as a crisis in Europe’s banking sector infused volatility into the single currency.

At the start of March the euro was supported by European Central Bank (ECB) interest rate expectations, in response to stronger-than-expected inflation releases from France, Spain and Germany. EUR exchange rates then nosedived in mid-March after a 30% plunge in shares at Swiss banking giant Credit Suisse triggered a wider selloff across the European banking sector.

However, the euro was quick to bounce back. The ECB’s decision to press ahead with a 50bps rate hike helped the single currency to find its feet, before EUR surge after UBS’s acquisition of Credit Suisse stabilised European bank shares.

Going forward, EUR investors are