What Saudi Arabia’s new economic vision means for Opec’s June meeting May 26, 2016 Is Saudi Arabia likely to unshackle itself from oil dependency any time soon? Our view is — not. Determined to overcome its oil revenue dependency, the gulf state's deputy crown prince, Mohammed bin Salman, has pledged to implement Vision 2030. It includes an ambitious programme to diversify Saudi’s economy, treble non-oil revenues to $100bn (£68bn) by [...]
French strikes spark confrontations between police and protestors May 26, 2016 Tens of thousands of demonstrators took to the streets, smoke bombs were thrown and arrests made amid protests over new labour laws by the French government. Their grievances centre on the government's proposed reforms to employment laws, which make it easier for firms to hire and fire. Prime Minister Manuel Valls said some tweaks could be [...]
Loo roll business plans float ahead of EU referendum May 26, 2016 A Northern loo roll business is showing not even a wee bit of fear ahead of the EU referendum. Accrol today announced its intention to float on the London Stock Exchange’s alternative investment market (Aim) less than two weeks before the vote. The independent tissue converter, which has been advised by Zeus Capital, is expected [...]
Currency traders: Here’s what you can (and can’t) say according to a new global code of conduct May 26, 2016 So toxic is the reputation of currency traders that an international watchdog has today published a list of dos and dont's in a vain attempt to whip the flash boys into shape. The Bank for International Settlements (BIS), often dubbed the central bank for central banks, has put together a lofty "FX global code" which sets out some basic behaviours [...]
Before the bell: What you need to know before the US market open May 26, 2016 The price of US crude oil has smashed through $50 per barrel after Brent crossed that mark last night. Meanwhile the world's leaders have assembled in Japan for the G7 meeting. Here's what you need to know before the US market open at 14:30 London time. The futures market is pointing up. The S&P is up by 0.1 [...]
There’s a big hole in student finance: From bonds and P2P to income share agreements, here’s how you can invest in the next generation May 26, 2016 The costs of university may have spiralled, but it still pays to have letters after your name. According to the Sutton Trust, a masters degree can earn you an average of £5,500 more per year than a bachelors alone. But finding the money to pay for higher education is difficult, particularly for international students. Few [...]
At the close: FTSE 100 shaping up for an impressive week May 25, 2016 We're just over half way through but UK markets seem to have a spring in their step this week as they closed even higher today on the back of "buying frezny". The FTSE 100 popped up another 0.7 per cent to 6,262.85 – the bluechip's highest close since the end of April. Banks once again led the [...]
Sterling could lose its reserve currency status after Brexit May 25, 2016 Sterling could lose its reserve currency status if the UK votes to leave the European Union, ratings agency Standard and Poor’s (S&P) has said today, in the latest warning about a currency crisis after Brexit. Analysts said that governments would turn away from the pound as a store of value if Britain votes to break [...]
Ashurst: Oil and gas firms gear up for wave of M&A activity as oil prices stabilise May 25, 2016 Oil and gas firms are gearing up for a wave of mergers and acquisitions activity which will sweep across the world this year. The industry expects deal volumes to swell by 50 per cent year-on-year in 2016, rising substantially on a three to five year horizon, according to a report released today by City law firm [...]
US crude oil inventories dropped sharply last week, data from the US Energy Information Administration shows May 25, 2016 US crude inventories dropped by 4.2m barrels in the week ending 20 May, a much bigger loss than was previously expected. Traders had been gearing up for a drop of around 1.7m barrels. Oil has been trading up all day, with US crude hitting a seven-month high overnight, and global benchmark Brent up 0.89 per cent [...]