* FTSE 100 records biggest weekly rise in four years * European shares head for best week since January * UK construction output slumps, points to lower GDP growth * Sports Direct CEO charged over USC administration * UK government cuts Lloyds stake below 11% 6.11pm BST With the US Federal Reserve minutes released on Thursday adding fuel to the suggestion the central bank will not raise rates this year, markets have moved higher once more. Commodity companies again led the way as metal prices climbed on the back of Glencore’s decision to cut zinc production. Oil remained close to recent highs despite edging lower on the day. So the final scores showed: 5.56pm BST GREECE’S DEBT HAS BECOME UNSUSTAINABLE AND THE COUNTRY NEEDS DEBT RELIEF, according to the International Monetary Fund. Reuters REPORTS: Greece cannot deal with its public debt through reforms alone and needs a significant extension of grace periods and longer maturities from its European creditors, the head of the IMF’s European department said. The European Commission has forecast in May that Greek debt would reach more than 180% of its gross domestic product this year and euro zone governments, the main creditors of Greece, have promised to start debt relief talks later this year, once Athens implements agreed reforms. Continue reading...
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