Putin pushes oil price higher as Russian oil firms agree not to increase output in 2016 March 1, 2016 The oil price has been sent sharply higher by comments from Russian president Vladimir Putin, promising Russian oil companies will not increase output this year. The price has soared to highs for 2016, with international benchmark Brent crude trading at $36.83 and West Texas Intermediate going for $34.26 dollars a barrel. Putin was speaking at a meeting with [...]
Share price in RSA Insurance Group rises as company completes disposal of Brazil operation to Suramericana in its bid to leave Latin America March 1, 2016 Share price in RSA Insurance Group rose today as the company waved goodbye to its Brazil operations, after completing on its disposal to Suramericana. RSA first announced that it would be selling its Latin American operations to Suramericana for roughly £403m last September. At the time of the September announcement, Stephen Hester, group chief executive of RSA, said: With RSA’s [...]
Redmayne-Bentley sees walk-outs one week after hiring KPMG’s James Andrews as its head of investment March 1, 2016 Four members of the investment team of brokerage Redmayne-Bentley have walked out, one week after the firm appointed its new head of investment. The stockbroker confirmed four investment managers and two support staff – including business development manager Jon Moody – have left the business with immediate effect. The staff are on gardening leave until [...]
Banking Standards Board (BSB) names Sir Brendan Barber deputy chairman, replacing former Treasury Select Committee chairman Lord McFall March 1, 2016 A former trade union boss has been named deputy chair of an influential body tasked with improving standards of behaviour in the Square Mile and restoring the public’s trust in financial institutions. The Banking Standards Board (BSB) announced today that Sir Brendan Barber would take the number-two role on the board, replacing former Treasury Select [...]
US manufacturing suffers fifth month of contraction – ISM PMI March 1, 2016 The US manufacturing sector contracted for a fifth consecutive month in February, according to new survey data. The Institute for Supply Management's (ISM) purchasing managers' index rose to a score of 49.5 from January's 48.2. Scores below 50 indicate contraction. Production rose despite export growth falling into negative territory. A similar survey of US factories suggested growth had dropped to [...]
Share price in Direct Line powers ahead as insurance company reveals boost to profits for its year ended December 2015, despite costs of over £100m from winter storms March 1, 2016 Share price in Direct Line rose today as the insurance company revealed a boost to profits before tax in its preliminary results despite costs of over £100m from winter flooding. The insurer, which owns the Churchill and Green Flag brands, reported profits before tax of £507.5m for its year ended December 2015, up 11.1 per cent [...]
Night Tube back on track? RMT members vote in favour of new deal – and here’s the pay rises drivers have agreed March 1, 2016 Members of the biggest transport union RMT have backed a new deal in a move that could – finally – pave the way for the Night Tube to launch. The deal, which has been overwhelmingly accepted in a ballot revealed this afternoon, comes after months of wrangling between Transport for London and the unions, including TSSA and [...]
Companies warned over the risk of foreign exchange swings as volatility set to continue throughout 2016 March 1, 2016 International companies are being warned that swings in the value of the pound mean risk is building in the foreign exchange market as levels of uncertainty in 2016 are anticipated to be similar to last year. The pound has dropped considerably against both the dollar and the euro so far this year as worries around a [...]
Is the ECB out of control? March 1, 2016 In the German constitutional court ECB member of the board Yves Mersch qualifies European Monetary Union as a fully fledged community of liability. The president of the German constitutional court Andreas Voßkuhle had summoned the different attorneys in the early morning of 16 February to plan the audience of the day. He suggested that in early afternoon [...]
The number and wealth of the world’s billionaires has peaked – but Mark Zuckerberg is the biggest riser March 1, 2016 The number of billionaires in the world peaked at a record high last year and has begun to drop, according to a new ranking – which added that the average wealth of the world's billionaires has also begun to fall. Forbes' 2016 Billionaires List showed the number of billionaires in the world has fallen to 1,810, from [...]