North Sea oil on the “edge of a chasm” as plunging oil prices mean half will operate at loss this year, Oil & Gas UK warns February 23, 2016 North Sea oil firms are operating on the brink of collapse, with nearly half of all oil fields on the continental shelf likely to operate at a loss this year, a new report has warned. Oil & Gas UK's annual survey of the sector found that while operating costs have been driven down, it is [...]
Manufacturers call for the government to invest in the sector to escape the productivity puzzle February 23, 2016 Britain’s manufacturers are calling on the government to do more to balance the economy in order to solve the so-called productivity puzzle that has baffled economists since the financial crisis. According a survey from the manufacturers organisation EEF, UK manufacturers have managed to escape the productivity puzzle more quickly than the rest of the economy, [...]
UK house prices: the number of mortgage products soars to eight-year high in January February 23, 2016 Fierce competition between lenders has seen the number mortgage products available to homebuyers balloon to a near-eight-year high in January, new figures show. The Mortgage Advice Bureau (MAB) has counted 17,132 products on the market in January, which is 34 per cent ahead of the 12,771 products available in January last year and the highest [...]
UK house prices: Homeowners rush to remortgage in January as activity reaches highest level in seven years February 23, 2016 Remortgaging activity has bounced back in January to reach its highest level in seven years as homeowners take advantage of a surge in mortgage products being offered at record low rates. Remortgage lending surged by 49 per cent to £6.2bn in January from £4.2bn in December and was 45 per cent ahead of the same [...]
Metal prices soar on fears of supply shortage: Zinc, iron ore, copper all climb higher February 22, 2016 Fears over a supply shortage have pushed up the price of base metals, with zinc hitting four month highs. On the London Metal Exchange (LME) the price of three-month zinc hit an intraday peak of $1,790 a tonne, up over two per cent, the highest price since late October. It closed at $1,781 a tonne, after [...]
Supply glut will keep oil prices down into next year, says IEA February 22, 2016 The global oil market will start rebalancing in 2017, but the supply glut will hold down prices, according to the International Energy Agency. "Only in 2017 will we finally see oil supply and demand aligned but the enormous stocks being accumulated will act as a dampener on the pace of recovery in oil prices when [...]
EU referendum uncertainty (and Boris Johnson) sends pound to seven-year low against the dollar February 22, 2016 Who knew Bojo had such influence over markets? The pound has gone into free fall today, showing its biggest one-day fall against the dollar in more than a year, as uncertainty over the EU referendum began to take hold. The pound fell more than 1.5 per cent against the dollar this morining, dropping as low as [...]
WTI and Brent crude oil price floating on calm seas after a rough week February 22, 2016 The oil price has remained stable this morning, coming off the back of a week of wild swings. International benchmark Brent crude this morning is up by around two per cent at $33.08, however US West Texas Intermediate jumped by over over four per cent to $32.84, up from under $30 at the close of [...]
Negative interest rates: A “dangerous experiment” with “insidious” effects, economists say – but they’re creeping in to economies around the world. Cash could be abolished while asset bubbles grow February 22, 2016 Negative interest rates creeping into economies around the world have “insidious” effects which is the world is yet to see – and are part of a "dangerous experiment", experts are warning. The impact includes currency weakness, raising bank costs and could even lead to the abolition of cash. The hubbub over interest rate rises in the [...]
Manufacturers’ disappointing start to 2016 continues in February February 22, 2016 Manufacturers' disappointing start to the year continued this month, according to survey figures released this morning. The Confederation of British Industry's (CBI) headline total orders balance drooped to a score of minus 17 in February from minus 15 in January. The long run average of the total orders balance is minus 15. However, the survey of 497 [...]