Oil prices still haven’t hit rock bottom, says International Energy Agency, even after Brent crude falls below $60 per barrel July 10, 2015 Global oil demand will slow in 2016, the International Energy Agency (IEA) has predicted in its latest monthly report. The world’s leading energy forecaster warned rebalancing of supply and demand in oil market has “yet to run its course”. Oil prices have fallen 60 per cent in the past year, with US benchmark WTI trading [...]
Rationale of bank surcharge under fire as IFS think tank blasts George Osborne’s 2015 July Budget July 9, 2015 A leading think tank has criticised the volatility of the UK’s bank levy and the thinking behind a new bank surcharge as part of a wider assault on what it described as a “deeply disappointing” Budget. There would have been 13 different bank levy rates in 10 years by 2020 under Wednesday’s Budget plans, [...]
George Osborne’s productivity plan: Tories promise housebuilding boom to lift economy July 9, 2015 Chancellor George Osborne will today put housebuilding at the centre of his plans to reverse Britain’s poor rates of productivity. Alongside business secretary Sajid Javid, Osborne will argue that “sweeping new changes to planning laws” can boost productivity by allowing people to live – and businesses to be located – in more efficient areas. The [...]
City plays down living wage cost fears but hospitality industry could struggle July 9, 2015 Analysts predicted yesterday that UK retailers would largely dodge the effects of the new national living wage but warned the leisure and hospitality industry would face tough times. In a surprise move on Wednesday George Osborne announced a new minimum wage of £7.20 per hour from April next year for workers over the age of [...]
China tries to calm stock market chaos: As panic grips markets, authorities have unleashed a range of weapons July 9, 2015 China's stock markets are in the midst of a crash, and with panic spreading, authorities have stepped in with drastic measures to prevent a looming disaster. Over the last 12 months the Shanghai Composite soared 180 per cent in a spectacular bull run which came to an abrupt end mid June. Since then, the [...]
Greece could be about to enter a €2bn energy deal with Russia July 9, 2015 Greek energy minister Panagiotis Lafazanis has just revealed plans for a huge energy deal with Russia – a move that will undoubtedly fan the flames over in Brussels. Read more: European markets rise sharply on Greece hopes In a speech to energy executives in Athens today, he said Greece might sign a €2bn (£1.4bn) [...]
European markets rise sharply on Greece hopes July 9, 2015 Stocks in Europe rebounded today as a glimmer of hope emerged that Greece may reach a deal with its creditors. Read more: Ryanair boss calls Greek government "a bunch of lunatics" Portugal's PSI 20 led the rise, jumping 3.7 per cent, while France's Cac climbed 2.4 per cent and the Dax rose two per cent. In [...]
International Monetary Fund predicts weaker UK growth in 2015 as lower oil prices and Greek uncertainty take their toll July 9, 2015 The International Monetary Fund (IMF) has lowered its UK growth forecast to 2.4 per cent in 2015, down from 2.7 per cent in April. In 2016, growth will fall to 2.2 per cent, 0.1 percentage points lower than it originally predicted, the IMF said in an update to its World Economic Outlook released today. It [...]
Bank of England holds interest rates as MPC minutes trial ends July 9, 2015 The Bank of England has finished an internal trial of new procedures and from now on will publish details of monetary policy decisions on the same day as they are made. In a much expected move, the nine-strong monetary policy committee held rates at 0.5 per cent today. They have been unchanged since March [...]
The UK is finally catching up with US in biotech investment – venture capital funding more than doubled last year July 9, 2015 The amount of funding received by UK life science companies reached a 10-year high last year, indicating Britain is finally starting to catch up with the US in biotech. Read more: The UK's biotech drain: This is why London's most successful startups are heading to New York According to a report by the UK [...]