British Gas owner Centrica to cut 5,000 jobs June 11, 2020 British Gas owner Centrica has said that it will cut 5,000 jobs this year as it seeks to restructure its business model after coronavirus. More than half of the cuts, which account for 20 per cent of its workforce, come from managerial positions. Today’s announcement comes on top of 2018’s plans for 4,000 redundancies by [...]
Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
What can the Covid-19 crisis teach us about tackling climate change? June 11, 2020 | City Talk We already know how devastating climate change could be for the planet, so let’s ensure we learn the lessons from the current crisis. Covid-19 caught most of the world’s institutions and governments by surprise, leading to a global health and economic crisis unprecedented in modern times. Few people would disagree with the notion that most [...]
Asian shares lose grip of winning streak on Fed meeting June 11, 2020 Asian shares failed to hold on to their 10-day winning streak today, swinging lower after a glum economic outlook from the US Federal Reserve fuelled fears that it would have to provide further support to an already record high level of stimulus. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent, marking [...]
Oil prices slip as US crude inventories hit record highs June 10, 2020 Global oil prices slipped today after US crude stocks breached all-time highs after an unexpected surge in inventories. According to the Energy Information Administration, crude inventories rose 5.7m barrels in the week to June 5 to 538.1m barrels, the most in history. In response, worldwide standard Brent crude fell 1.2 per cent back to $40.60, [...]
Goldman Sachs generates over $1bn after oil price collapse June 10, 2020 Goldman Sachs’ commodities business reportedly generated more than $1bn in revenue this year after the collapse in oil prices in April. The unit benefited from the turbulent market and generated more than $1bn to May, its best start in a decade, according to Bloomberg. Most of the boost reportedly came from oil trading overseen by [...]
Markets live: FTSE 100 rebound sours as traders await Fed rates decision June 10, 2020 The FTSE 100 faltered as an initial rebound quickly turned sour and the UK index fell back into the red by the afternoon. London’s blue-chip index pushed 0.74 per cent higher as markets opened today, before dipping into the red by mid-morning. The FTSE pared back some of the losses by the afternoon but edged [...]
FOMC decision: Four things to expect from the Federal Reserve’s June meeting June 10, 2020 Policymakers at the US Federal Reserve are set to publish their first set of economic projections of 2020 later today when the Open Market Committee (FOMC) makes its June decision. The Federal Reserve is widely expected to leave interest rates near zero at its FOMC June decision. But all eyes are on the meeting for [...]
Global gas demand set for record decline in 2020 June 10, 2020 Global demand for natural gas is set for its biggest fall on record, the International Energy Agency revealed today, due to the combination of the coronavirus crisis and a particularly mild winter. This year, gas demand is due to drop four per cent – or 150bn cubic metres – which is double the size of [...]
EU must boost capital markets due to coronavirus and Brexit, say finance chiefs June 10, 2020 The European Union needs to deregulate its capital markets to help the economy recover from coronavirus and reduce its reliance on the City of London, according to a panel of industry executives. With huge amounts of debt being sold to counter the economic hit caused by Covid-19 and the bloc set to lose its major [...]