Brent crude and WTI: Oil prices fall further as oversupply concerns grow February 25, 2016 Oil prices fell further today after new data stoked concern that the supply glut is continuing to build against a backdrop of slowing global growth. Brent crude, the global benchmark, added to earlier losses shedding 1.69 per cent to $33.83 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark, fell 2.27 per cent to $31.42. U.S. government data showed [...]
Two big US shale gas firms Continental Resources and Whiting Petroleum halt key projects February 25, 2016 Two of the largest US shale gas producers are halting key projects, as the once buoyant industry continues to cool. Continental Resources and Whiting Petroleum are halting fracking operations in Bakken, an area which has been one of the biggest drivers of the US shale gas boom. Leaving wells drilled but uncompleted enables shale gas [...]
Eurozone money supply and lending pick up in January February 25, 2016 Lending and money supply growth in the Eurozone picked up in January, according to figures published by the European Central Bank this morning. Borrowing by households climbed 1.4 per cent compared with the same month last year, the same rate as in December. However, lending to non-financial corporations bounced back to 0.6 per cent growth from 0.1 [...]
Do you use the UK’s worst bank? Barclays voted the most disappointing bank – while First Direct is named top lender February 25, 2016 It's been a tough few months for the UK's lenders. And not one to miss a chance to kick a bank when it's down, Moneysavingexpert has unveiled its ranking of the UK's best and worst lenders – and it's not looking good for Barclays. The ranking put First Direct at the top, with 91 per cent of current account customers [...]
Countrywide blames volatile residential sales market for 40 per cent drop in profits February 25, 2016 Britain's largest residential property services group Countrywide suffered a 40 per cent slump in profits last year after a slowdown in house sales following the General Election and increasing competition from online agents took its toll on the group. The company, which owns 50 high street brands including Hamptons, Blundells and John D Wood, said pre-tax profits slumped to £47.7m in [...]
As regulation and legal red tape increases, are professionals in the city and financial services becoming the scapegoats? February 25, 2016 Since the 2008 financial crisis, banks and other City organisations have faced a more intense glare from the spotlight of regulators. Record penalties have been handed out, such as the $5.6bn in fines imposed on some of the most well-known global banks in relation to foreign exchange manipulation early last year. Some banks have reacted to this increased [...]
S&P: Russian economy is heading for a second year of recession in 2016 February 25, 2016 Credit ratings agency Standard & Poor's has warned that the Russian economy is on course for a second year of recession, as commodity prices continue to career lower. S&P predicts that the Russian economy will shrink by 1.3 per cent in 2016, as opposed to the 0.3 per cent growth it had previously forecast. It also [...]
House building is accelerating but one estate agent says it is unlikely to help young buyers February 25, 2016 House building in England picked up toward the end of last year, but remains substantially below pre-recession levels. Builders started work on 37,080 new properties in the three months to December, the Department for Communities and Local Government said this morning. It marks a six per cent increase on the previous six month period but [...]
Eurozone inflation edges up to eight-month high in January as impact from cheap oil starts to wear off February 25, 2016 Eurozone inflation hit an eight-month high in January as the impact of cheaper oil prices began to wear off. Annual price inflation hit 0.3 per cent, EU statistical office Eurostat said this morning. While the inflation reading was slightly lower than a previous estimate of 0.4 per cent, it is the highest annual price growth [...]
St James’s Place share price up after company hikes dividend and reveals strong operating profits for the year ended December 2015 despite uncertainty in global stock markets February 25, 2016 Share price in St James's Place rose today as the company impressed investors with a healthy operating profit for its year ended December 2015 and a hike to its dividend. The wealth management company reported operating profits of £660.2m for 2015, up from £596.4m in 2014, while profits from new business rose to £440.7m, up [...]