US mulls oil price war with Middle East: Senate debates lifting ban on exports July 31, 2015 Senators in the US have raised the prospect of an oil price war with the Middle East. The Senate held a crucial meeting on whether the decades-old ban on exporting crude oil should be lifted, with chair of the Senate committee on energy and natural resources, Lisa Murkowski, arguing the US should “compete against our [...]
Strong US GDP figures set the stage for a Fed interest rate hike July 31, 2015 New figures out yesterday showed that US economic growth accelerated in the second quarter, fuelling expectations that the Federal Reserve will hike interest rates later this year. GDP expanded at a 2.3 per cent annual rate, with strong consumer spending offsetting weak business spending. Economists had expected a 2.6 per cent rise in GDP, but Millan [...]
The great oil reset: Shell to axe 6,500 jobs as black gold price set to stay low July 31, 2015 Oil giant Shell revealed yesterday that it will axe 6,500 jobs this year, as new figures highlight the extent of cost-cutting throughout the industry. Shell slashed capital expenditure to around $30bn (£20bn) for 2015, a reduction of $3bn since the group’s last update in April. With extremely low oil prices taking their [...]
S&P: Interest rate rise by the Bank of England won’t send property prices plummeting July 30, 2015 Credit ratings agency Standard & Poor's (S&P) said today that an interest rate rise this year could slow house price growth, however a number of structural factors will support demand and prevent an outright decline. "The issue is whether the rise in interest rates that we expect to start in late 2015 could eventually bring [...]
Greece crisis: After six months in power Alexis Tsipras’ Syriza government has left the country with a veritable Mount Olympus to climb July 30, 2015 Alexis Tsipras’ six-month old left-wing Syriza government has put the country through a breath-taking roller-coaster of ideological hysteria, politico-economic gambles, and farcical constitutional experiments. Now it faces a rockier path ahead than the one it inherited. Perversely, at the time they lost power, the previous government was beginning to boast financial indicators pointing [...]
The Eurozone’s recovery looks set to last this time as Spanish GDP growth picks up July 30, 2015 The Eurozone economy is picking up steam, with bullish figures released this morning suggesting the currency bloc could be about to turn a corner. Spain’s economy grew by one per cent in three months to June, its fastest pace for seven years. The economy is 3.1 per cent larger than it was a year ago, the [...]
Bank of England mortgage lending figures show a rush to remortgage as interest rate hike comes closer July 30, 2015 The mortgage market is hotting up, according to new figures, as rock bottom rates and the prospect of an interest rate rise fuel extra home buying and remortgaging. Net lending secured on dwellings jumped to £2.6bn in June, from £2.4bn in May, the highest figure since July 2008, the Bank of England said today. The [...]
Crisis in Calais takes its toll on Channel Tunnel trade: Disruption “having a severe effect on the UK economy” July 30, 2015 Business groups are putting pressure on the UK government to step up border security measures, claiming that the chaos in Calais is coming at a steep cost to the economy. For weeks, industrial strikes and action by migrants have disrupted services through the French port, holding up trucks on both sides of the English Channel. [...]
As David Cameron vows to crack down on corrupt foreigners buying London properties, can PM lift the shroud of secrecy? July 30, 2015 Prime Minister David Cameron grabbed headlines this week when he said: “There is no place for dirty money in Britain.” Vowing to remove a “shroud of secrecy” surrounding luxury London properties owned by offshore holding companies, the Prime Minister said in a speech in Singapore that the UK “must not become a safe haven for [...]
Clash over Greek debt set to hinder new bailout deal July 30, 2015 Greece’s debt crisis is set to flare up again, as the head of one of the country’s biggest creditors said there needs to be a substantial write-down of the country’s debt, a move inconsistent with EU treaties. “For any programme to fly, a significant debt restructuring should take place,” International Monetary Fund (IMF) chief Christine [...]