London tops the UK as tourism hotspot, with tourists spending £36bn a year in the capital May 10, 2016 The tourism industry is worth more than £15bn to London’s economy, more than any other region in the UK, new figures from the Office for National Statistics (ONS) have shown. Foreign tourists in the capital on business and holidays, along with day-trippers from the rest of the UK spent more than £36bn in London in [...]
The Bank for International Settlements is unconvinced that ending the dominance of the US dollar will protect the world economic order May 10, 2016 Ending the dominance of the US dollar will not be enough to promote stability in the international monetary and financial system, a top official at the Bank for International Settlements has argued (BIS). The BIS, often called the central bank for central banks, questioned the prevailing theory that when one currency becomes the world’s effective [...]
Russian oil boss Sechin declares Opec effectively extinct May 10, 2016 The head of Russia's biggest oil firm declared the Organisation of Petroleum Exporting Countries (Opec) effectively extinct. Igor Sechin, a close ally of Russian president Vladimir Putin, told Reuters that internal strife is killing the cartel and its ability to steer the oil market has all but evaporated. Read more: Oil and gas execs flag Opec policy as biggest [...]
Before the bell: What you need to know before the US market open May 10, 2016 Stock futures in the US are up on the back of a good day in Asia and a strong start across Europe. The S&P is up by 0.34 per cent, while the Nasdaq is up by 2.5 per cent. The Dow has added 0.35 per cent in the pre-market. The day's big news so far Germany's current [...]
Saudi Aramco says it’s likely to ramp up production to meet rising demand May 10, 2016 Saudi Aramco is likely to ramp up oil production to meet rising demand, at a time when global oil markets are already awash with crude. Speaking in a news briefing today, Amin Nasser, the chief executive of Saudi Arabia's state-owned oil company, Saudi Arabian Oil, known as Saudi Aramco, said: "We're seeing an increase in global demand. We're meeting [...]
Electric car owners can sell electricity back to the grid in Nissan trial May 10, 2016 Electric vehicle owners could soon make money from selling electricity back to the grid. Nissan, which builds some of its electric cars in its Sunderland factory, has launched a new trial in the UK which it claims could revolutionise energy supply. Owners of the Nissan Leaf will be able to charge their cars during low demand times and then [...]
Niesr wades into Brexit debate with the latest assessment of how the UK economy would fare after Brexit May 10, 2016 The UK economy could be up to eight per cent smaller if it votes to leave the European Union in the upcoming referendum, according to the National Institute for Economic and Social Research (Niesr). Brexit "would represent a significant shock to the UK economy," and would leave the economy between 1.5 per cent and 7.8 per [...]
Hotel Chocolat’s on a sugar high as share price jumps on its first day of trading May 10, 2016 It's a pretty sweet day for Hotel Chocolat founders Angus Thirlwell and Peter Harris, after shares in the company jumped on its first day of trading today. After the company priced shares at 148p last week, valuing the company at £167m, they jumped to 175p as the market opened, and were hovering 8.5 per cent higher at 193p in mid-morning trading. Hotel [...]
This tiny London garage sold for more than the price of the average house May 10, 2016 A tiny garage in west London is the latest sign of the ridiculous scramble for prime property locations in the capital, after being bought up for more than the price of the average home in the UK. The 18ft by 35ft spot in Hammersmith and Fulham smashed the already rather steep £250,00 guide price, the Guardian reports. It went for [...]
The UK trade deficit hits a post-crisis high despite a slight improvement in March May 10, 2016 The UK's trade deficit narrowed slightly in March, but it was not enough to prevent the UK from clocking its largest shortfall for the first quarter of the year since before the economic crisis. In March, the UK bought £3.8bn more goods and services from abroad than it sold to the rest of the world, a [...]