UK Stocks-Factors to watch on June 29
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LONDON, June 29 (Reuters) - Britain's FTSE 100 index headed for a sharp decline at the open on Monday on deepening debt crisis in Greece, with the country closing its banks and imposing capital controls.
* Futures for the index were down 2.4 percent by 0623 GMT, while financial bookmakers predicted the FTSE 100 index to open 78 to 200 points lower, or down as much as 3 percent.
* After bailout talks between the Greece's leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece's banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing.
* Greek banks will be closed and the Athens stock market shut all week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday.
* Capital controls are likely to last for many months at least, while Greece also faces defaulting on 1.6 billion euros ($1.8 billion) of loans from the International Monetary Fund (IMF) that are due for repayment on Tuesday.
* China shares dived another 7 percent, bringing the losses in the past two weeks to 25 percent, with the Chinese central bank's measures on Saturday to support the economy unable to calm jittery investors.
* The People's Bank of China (PBOC) cut lending rates for the fourth time since November and trimmed the amount of cash that some banks must hold as reserves, stepping up efforts to support an economy that is headed for its poorest performance in a quarter century.
* RIO TINTO - The mining firm has pledged to invest at least $250 million to $300 million in the construction of the underground section of the massive Oyu Tolgoi copper and gold mine in Mongolia this year, Mongolia's prime minister said on Friday. Continuación...