Let’s get fracking: Government pledges to clamp down on sluggish planning applications August 13, 2015 The government has taken its biggest step yet towards giving the green-light to fracking, saying today that ministers could override local councils and fast-track planning applications. Whitehall will intervene when shale gas planning applications to local authorities are “dragged out for months, or even years on end”. The announcement comes less than two months after [...]
IEA: Oil supply glut to last until the end of 2016 August 12, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today, but prices could stay lower for a long period as producers opt not to rapidly cut back production. Global oil demand is set to grow by 1.5m barrels per day this [...]
Eurozone industrial production hits growth outlook August 12, 2015 The Eurozone's growth prospects have been dented slightly after industrial production posted a drab performance in the month of June. Industrial production – which is mostly composed of the manufacturing sector, but also mining and quarrying – was 0.4 per cent lower in June than in May, according to figures released by Eurostat today. It [...]
Death of clubbing? Why that’s bad news for the UK’s night time economy August 12, 2015 The UK’s late night sector, its bars, live music venues and nightclubs, is rightly recognised as one of the most vibrant and progressive in the world. The sector forms an integral part of the UK’s cultural zeitgeist and has provided a breeding ground for much of this country’s world-renowned musical talent. Our nightclubs and venues [...]
Greek debt crisis: Alexis Tsipras calls emergency parliament session to vote on new bailout deal August 12, 2015 Greece’s prime minister Alexis Tsipras has called an emergency session of parliament to vote on a new bailout deal after the cash-strapped country reached an agreement with its creditors earlier today. The multi-billion dollar bailout deal was agreed upon after another overnight set of talks starting Monday afternoon, and will help the country remain in [...]
Brazil’s credit rating nears junk status after Moody’s downgrade August 12, 2015 Moody’s cut Brazil’s credit rating to near-junk status yesterday, the second rating downgrade the country has sustained since President Dilma Rousseff came to power in 2011. The decision comes two weeks after rival ratings firm Standard & Poor’s (S&P) warned Brazil could lose its investment grade if fallout from a number of corruption investigations weighs [...]
Chinese shock leaves the FTSE 100 nursing losses after renminbi devaluation August 12, 2015 The FTSE 100 fell by 72 points yesterday as luxury goods and mining firms suffered from China’s unexpected devaluation of the renminbi. The Chinese devaluation, news of which broke after the FTSE closed on Monday night, saw Burberry shares open 12p down on the previous day at 1,595p, before falling throughout the day to [...]
S&P 500 pegged back by rising greenback: US stock index limping due to burgeoning power of dollar August 12, 2015 The strong dollar is hindering growth in US equities this year, analysts are warning. The US dollar has been persistently strong in the last year, and has risen around 18 per cent on a trade weighted basis against a basket of other currencies in 12 months. It has continued to strengthen throughout this year, and [...]
Currency chaos splits global profit outlook as Eurozone businesses outpace UK and US rivals August 12, 2015 Currency turmoil is wreaking havoc with British and American company earnings, leaving businesses trailing the growth of rivals in the Eurozone. Profit growth in the Eurozone is on track to race past American levels for the first time since 2007 and leave the UK for dust after reporting forecast-busting earnings in the latest reporting [...]
Markets taken aback by China’s move to devalue the renmibi to boost flagging economic growth August 11, 2015 Markets were taken aback by China’s move to devalue the renmibi nearly two per cent against the US dollar, to boost China’s flagging economic growth. Following weak trade and inflation data, central bank People’s Bank of China fixed its currency down 1.9 per cent, in a move which caused the Chinese currency’s biggest one-day drop [...]