Oil falls back from 2016 highs as Opec ramps up production in April May 2, 2016 Global oil prices lost ground today after data from the Organization of the Petroleum Exporting Countries (Opec) showed production continued to climb. At the end of last week oil closed its biggest monthly gain in seven years as the weak dollar and falling US production helped offset concerns. Opec data, seen by Reuters, revealed that in [...]
Gold prices surge as weak dollar pushes precious metal above $1,300 May 2, 2016 Gold prices reached a 15-month high today as concerns around the strength of the US dollar and general volatility in the currency markets pushed up the price of the safe haven asset. The price of an ounce of gold broke through the $1,300 (£888) mark for the first time since January 2015 on Monday morning – [...]
Latest PMI survey suggests Eurozone’s manufacturers are not feeling the economic recovery May 2, 2016 Europe's manufacturing industry struggled for momentum last month, as the purchasing managers' index (PMI), which measures output in the sector, remained weak despite strong economic growth during the first quarter of the year. The PMI – where scores above 50 indicate expansion – came in at 51.7, a slight increase on March's score of 51.6, though one [...]
Italy’s banking crisis deepens as failed capital offering sends stocks plunging across the industry May 2, 2016 The Italian banking sector took yet another blow over the weekend as one of its lenders failed to raise extra capital from shareholders causing stocks to plunge on Monday morning. Private sector investors agreed to buy just 7.7 per cent of the €1.5bn (£1.18bn) capital offering from Banca Popolare di Vicenza, which had been told by the European Central [...]
Do you live in these areas paying the most income tax in Britain? May 2, 2016 Residents of Elmbridge in Surrey, dubbed the Beverly Hills of Britain, are paying more income tax than any spot in the country, new research reveals. Home to high profile celebrities such as Elton John and sports star Andy Murray, those living in the area are paying £17,800 in income tax each year, on average, and five [...]
Clocks in Venezuela go forward to save electricity May 1, 2016 The electricity crisis in Venezuela is going from bad to worse. The country lost half an hour of sleep on Sunday as clocks moved forward to save power. The time change was ordered by President Nicolas Maduro, as the government implements a series of measures to help deal with the electricity shortage and deep economic crisis. The [...]
Eurozone grows by 0.6 per cent in first quarter – faster than US and UK April 29, 2016 The Eurozone expanded at its fastest pace in a year during the first quarter of 2016, even as the single currency bloc fell back into deflation, allaying fears of secular stagnation across the continent. GDP grew by 0.6 per cent in the first three months of the year – faster than both the United States and the United Kingdom which [...]
Now generation rent faces financial “time bomb” after managing to jump on the property ladder April 29, 2016 Generation rent hasn't totally given up hope of ever owning their own home – yet, anyway. But as well as the average age of the first time buyer rising to 30.4 years old, there's a new burden for them to shoulder, as worry is shifting to how and when they will pay for it all as they get older. One in [...]
US shares finish lower as economy looks less solid after weak GDP figures April 29, 2016 Suddenly, things might not be looking so rosy for the US economy. Markets fell last night after GDP growth for the first quarter came in at a miserly 0.5 per cent – down from 1.4 per cent in the final three months of 2015, and well off expectations. Some poor earnings figures from its tech giants [...]
Sick-man France’s economic reform failures risk restarting the Eurozone crisis April 29, 2016 Although Britain had its own strike this week, this time by junior doctors, spare a thought for the French public who once again faced widespread industrial action yesterday. A strike was held over proposed reforms to France’s employment rules. Reform is desperately needed. Employment protection in France is higher than in any other major western economy, [...]