US oil agency IEA warns battle for market share has just begun May 13, 2015 The battle for market share in the oil sector has just begun, according to the International Energy Agency’s (IEA) monthly report. The warning follows a report from the Organisation of Petroleum Exporting Countries (Opec) on Tuesday, which stated that US supply was set to decline over the final two quarters of 2015 while Opec [...]
The European Commission just unveiled strict new migration rules May 13, 2015 Suddenly, George Osborne's mission to renegotiate the UK's relationship with Europe just got more urgent: the European Commission (EC) has just unveiled new emergency migration measures, designed to stem the tide of migrants attempting to cross the Mediterranean. Frans Timmermans, the EC's vice president, said the "tragic loss of life in the Mediterranean". Last month [...]
Five key numbers from the Bank of England’s quarterly inflation report May 13, 2015 The Bank of England's quarterly inflation report, setting out its forecasts for economic growth and inflation, was published today offering the first insight into officials' thinking since they entered election purdah six weeks ago. Here are five key figures from the report: 1. Gross domestic product growth – 2.5 per cent: The Bank of England has [...]
Wage growth jumps again while unemployment falls to another post-financial crisis low May 13, 2015 Average weekly wages excluding bonuses rose by an inflation-busting 2.2 per cent in March, official figures published this morning showed – a welcome relief for consumers. Read more: Bank of England cuts UK growth forecasts Meanwhile, unemployment fell to another post-financial crisis low of 5.5 per cent (that's the best figure since July 2008), while [...]
Bank of England inflation report: UK growth expectations cut May 13, 2015 The Bank of England today slashed forecasts for how much its expects the economy will grow this year to 2.5 per cent, down from 2.9 per cent. Threadneedle Street also said it expects interest rates to remain close to historical lows for the foreseeable future, before rising some time in the second quarter of 2016. [...]
Eurozone economic growth beat the UK in the first quarter of 2015 May 13, 2015 The Eurozone economy grew at a faster rate than the UK's during the first quarter of this year, topping off a stream of recent data suggesting the bloc is emerging from a long period of stagnation. Official statistics agency Eurostat said GDP rose 0.4 per cent across the euro area, towards the bottom of analyst estimates, [...]
Opec prediction on global oil demand pushes price back up May 12, 2015 Oil prices rallied again yesterday as the Organisation of Petroleum Exporting Countries (Opec) monthly report revealed that world oil demand is slated to grow at a higher rate than previously expected. Prices fell by over 50 per cent between July 2014 and the start of 2015 due to a combination of falling global demand, growing [...]
Sweden set to loosen monetary policy again as deflation strikes May 12, 2015 Prices fell again in Sweden in April despite policymakers’ attempts to banish deflation through very loose monetary policy, official figures showed yesterday. Consumer prices fell 0.2 per cent on the year, sliding after two months of positive inflation numbers. Policymakers at the Riksbank held interest rates at minus 0.25 per cent at their April meeting, [...]
ECB raises emergency loan limit to £57bn for Greek banks May 12, 2015 The European Central Bank (ECB) has raised its emergency loan limit for Greek banks by €1.1bn (£0.8). The Emergency Liquidity Assistance lifeline, which is provided by the Bank of Greece, is now worth €80bn (£57bn). The decision to raise the level was passed by the ECB's governing council today, and comes a day [...]
Greece raided reserves at IMF to meet debt repayment deadline May 12, 2015 Greece had to raid emergency reserves in its holding account at creditor the International Monetary Fund (IMF) in order to meet the deadline for its sizeable €750m (£544m) repayment. An official told Reuters the cash-strapped country had been forced to tap into around €650m (£467m) from its holding account with the organisation. "We made use [...]