Finance Latest News: Britain Battles to Build Tech Giant as Home-grown Talent Goes West

Wochit 1:16 mins

East London's technology hub is established well beyond start-up status: Thousands of new web firms now work in the offices around Old Street and on any given day the area's coffee shops buzz with young hopefuls meeting advisers and investors. Britain's government has christened the area "Tech City" and makes no secret of its hope that the entrepreneurial ventures being dreamed up there can spearhead an economic boost to lift the country out of a long recession. ... Greece's economy could shrink by as much as 5 percent this year, the Athens-based IOBE think tank said, revising down its previous projection and offering a more pessimistic forecast than the country's foreign lenders. Athens, which has been limping along on bailout funds since 2010, secured its latest lifeline from its European Union and International Monetary Fund lenders on Monday but was told it must keep its promises on cutting public sector jobs and on selling state assets to get all the cash. ... Dell Inc shareholder Yacktman Asset Management said it plans to support Carl Icahn and Southeastern Asset Management's buyout proposal for the PC maker.

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