Iran will join output cap talks once it hits four million barrels per day March 13, 2016 Opec rebel Iran has said fellow members of the oil cartel should leave the country alone until it has raised production to over four million barrels per day. The country, which wants to rebuild its market share after a trade embargo, indicated it would then be interested in attending historic talks between Opec and Russia to [...]
Bank of England, Federal Reserve and Bank of Japan to err on the side of caution this week March 13, 2016 Three of the world’s major central banks are expected to take a cautious approach this week as they look to underpin economic growth amid rising global uncertainties. The US Federal Reserve’s federal open market committee will decide on Wednesday whether to lift interest rates for the second time since the 2008-9 recession. “Given market volatility [...]
Libor scandal: Tom Hayes to appear in Old Bailey on Monday as Proceeds of Crime confiscation hearing begins March 13, 2016 Tom Hayes is due to head to court on Monday as he begins a legal battle over his assets, which prosecutors allege were purchased using proceeds from crime. Hayes and his wife are due to attend a Proceeds of Crime confiscation hearing at the Old Bailey, London's central criminal court. Hayes, a former Citigroup and [...]
Budget 2016: George Osborne warns of further cuts to public spending as “hopes of a stronger global recovery have evaporated” March 13, 2016 George Osborne has warned that a slowing global economy will mean more cuts to public spending ahead of this week's Budget. "The hopes of a stronger global recovery have evaporated," he said. "Instead the world economy is slowing." The chancellor cited China's slowdown, falling oil and commodity prices, political instability in the Middle East, as well [...]
UK’s trade deficit with the EU swells to a record in December March 11, 2016 Britain's trade deficit with the EU has swelled to a record, as Britain continued to export less goods to its European neighbours. The Office for National Statistics said the UK's good trades deficit with the EU widened to £8.1bn in January, from £7.4bn a month earlier. But Britain's trade deficit with the wider world narrowed to £2.2bn from [...]
BCC cuts UK economic forecasts in “wake-up call” as global backdrop darkens March 11, 2016 The British Chambers of Commerce (BCC) has cut its forecasts for UK economic growth in a "wake up" call to policymakers against a darkening global backdrop. The BCC chopped its estimates for UK gross domestic product growth from 2.5 per cent to 2.2 per cent in 2016, from 2.5 per cent to 2.3 per cent [...]
Mario Draghi’s big guns: Here’s everything you need to know about the ECB’s TLTRO II programme March 10, 2016 Shares in European banks shot up today after the European Central Bank (ECB) announced a new round of bank lending measures, known as targeted longer-term refinancing operations, or TLTROs to their friends. This is the second round – so naturally it's known as TLTRO II. ECB president Mario Draghi called TLTRO "loans to banks and additional incentives to [...]
Brent crude and WTI: Global oil prices back below $40 as oversupply concern weighs March 10, 2016 Oil prices fell today, as seasonal changes fed into fears that the recent rally would be short lived. Brent crude, the global benchmark, fell three per cent to $39.8 per barrel this afternoon. Meanwhile, US West Texas Intermediate, the US benchmark, slumped 2.3 per cent to $37.4. Analysts said they expect refineries around the world to buy less oil [...]
Latin American oil producers push back early meeting on output freeze March 10, 2016 Latin American oil producers have postponed a meeting due tomorrow, where they would have coordinated support for an output freeze or other measures to bolster low oil prices. Scheduling difficulties mean the meeting between Venezuela, Colombia, Ecuador and Mexico will now take place at the end of this month or the beginning of April. "One of the problems [...]
Renters to be priced out of the market by 2026 as deposits rocket 40 per cent March 10, 2016 A lot has been made of the problems first-time home buyers are having at the moment – but won't someone please think of the renters? A new report by Money.co.uk has suggested even those in the rental market could be priced out of the market by 2026 – as deposits rocket by 40 per cent to [...]