Finally: UK living standards are now as high as they were before the recession February 16, 2016 Time to pop open that prosecco: We're finally living as well as we were before the financial crisis hit. After nearly a decade, the standard of living across the UK has finally returned to the levels found before the recession, however, that recovery could slow over the coming years. The average household income now stands at £24,300, surpassing its [...]
One third of oil firms at risk of bankruptcy due to plummeting prices February 16, 2016 A third of oil producers are at risk of going bankrupt this year due to low commodity prices, according to a report by Deloitte. Around 175 companies may become insolvent as they collectively have more than $150bn in debt and are struggling to obtain financing, according to the study. "These companies have kicked the can down [...]
Price of Brent crude falls as Saudi Arabia’s Ali Al-Naimi agrees to freeze oil production after talks with Russia in Qatar February 16, 2016 Saudi Arabia's oil minister has agreed to freeze oil production at January levels, indicating that the Opec leader may be willing to reassess its "lower for longer" policy that has dragged down prices for more than 18 months. Freezing output at January levels will be “adequate” and the nation still wants to meet the demand of its customers, [...]
Sir Peter Bazalgette to be ITV chairman as Archie Norman steps down February 16, 2016 Sir Peter Bazalgette is to become non-executive chairman of ITV, taking over from Archie Norman after six years in the role. Bazalgette, who as the head of Endemol was famously the man who brought Big Brother to the UK, will pick up the reins at ITV's AGM on 12 May. He has been a non-executive director [...]
FTSE 100 index opens higher as oil price rebounds on production freeze as Anglo American, BHP Billiton and Glencore share prices jump February 16, 2016 The FTSE 100 index opened higher this morning after markets were encouraged by quantitative easing hints from European Central Bank president Mario Draghi yesterday, as well as the rebounding price of oil. The UK's blue chip index rose 0.93 per cent to 5,878 points, led higher by Anglo American, BHP Billiton and Glencore. "European markets picked up where [...]
UK Oil & Gas’s share price leaps 71 per cent as it finds “significant” amounts of “moveable oil” at Gatwick Gusher on Horse Hill February 16, 2016 UK Oil & Gas's share price leaped more than 71 per cent this morning after revealing there were "significant quantities of moveable oil" at the so-called Gatwick Gusher. Horse Hill Developments has told UK Oil & Gas that "light, 40-degree API, sweet oil has flowed naturally to surface from an 80-foot zone within the Lower Kimmeridge limestone interval [...]
Anglo American’s share price falls as it unveils turnaround plan as earnings, revenues slump against challenging commodities environment February 16, 2016 Anglo American's share price fell more than 6.7 per cent this morning as the miner unveiled a major turnaround plan that it claims will create a "new" business, in light of some pretty dismal full year results. The figures Underlying EBIT fell 55 per cent to $2.2bn for the year to 31 December, while underlying earnings slumped [...]
EDF’s share price rises as it cuts dividend after net income falls – and gives update on Hinkley Point February 16, 2016 French energy giant EDF's share price rose this morning after revealing it was cutting its dividend as full year net income fell by two-thirds, warning of "essential" transformation in light of challenging conditions. The figures The group's EBITDA rose 3.9 per cent to €17.6bn, in line with the upgraded target of at least three per cent growth, while net [...]
Brits do it better than Latinos: UK ranks as one of the least complex countries to do business in the world February 16, 2016 The UK is smoother, faster and has a better technique than a number of Latin American countries when it comes to…business compliance. While we may not have the tropical climates or world-famous beaches, we sure know how to reduce regulatory and compliance complexity. The UK came 74th out of 95 countries ranked by professional services [...]
British Airways, CityJet and Flybe threaten to quit London’s City Airport over fears new owners will raise airline charges February 16, 2016 Three major airlines have fired a warning shot to bidders vying for control of London's City Airport, threatening to pull their business if a new owner raises airline charges. The airport, currently owned by US private equity firm Global Infrastructure Partners, has attracted the interest of five bidders, including Asia’s richest man Li Ka-Shing. The deadline for final bids [...]