Energy firms call on government to embrace emissions trading after Brexit transition ends November 24, 2020 Leading energy companies have urged the UK to embrace carbon trading after the Brexit transition period concludes and not adopt a carbon tax instead. In a letter to Boris Johnson, the group, which includes firms such as RWE and Uniper, said that tradable carbon credits remain the best way of cutting emissions. At the moment, [...]
Oil prices hit pre-lockdown levels as vaccine rally goes on November 24, 2020 Oil prices today hit their highest levels since the spring’s historic collapse as traders continued to celebrate news of yet another effective coronavirus vaccine. Brent crude jumped 3.9 per cent across the day to touch $48 – the highest the global standard has traded at since Opec initiated a price war with Russia at the [...]
Wall Street hits record high on vaccine hopes and Biden transition November 24, 2020 US stocks pushed to record highs this afternoon as investors welcomed positive and signs that US President Donald Trump is accepting his election loss. The Dow Jones climbed 1.6 per cent to set a new record high, trading above 30,000 points for the first time. The gains mean it is on track to cement its [...]
Rishi Sunak’s spending review: Three things to look out for November 24, 2020 Chancellor Rishi Sunak is no stranger to the House of Commons despatch box, having delivered numerous mini-budgets since March. But tomorrow he will lay out comprehensive spending plans for the 2021-22 financial year in one of his biggest announcements yet. Although it will not cover a three-year period, as originally planned, it will show the [...]
UK retail sales fall in November but online shopping booms, survey shows November 24, 2020 Overall UK retail sales dropped in November but online shopping boomed as the England-wide lockdown forced customers to change their habits, a new survey has shown. The CBI’s monthly retail survey showed that sales fell in November year on year at a similar pace to the drop in October. The sales gauge came in at [...]
UK economy to contract in November amid second Covid-19 lockdown November 24, 2020 The UK economy is set to suffer a significant contraction this month after Prime Minister Boris Johnson imposed a second national coronavirus lockdown. After six consecutive months of growth, the economy is expected to shrink 5.7 per cent in November, before recovering a marginal 0.3 per cent in December, according to analysis by PwC. The [...]
Oil prices hit highest levels since March on more vaccine hopes November 23, 2020 Global oil prices rose again today as a third straight Monday brought with it positive news concerning a vaccine for the coronavirus disease. Prices climbed a further two per cent after Astrazeneca and Oxford University said that their vaccine was up to 90 per cent effective. The announcement followed similar statements in recent weeks from [...]
Biden set to pick former US Fed chair Janet Yellen as his Treasury Secretary November 23, 2020 Joe Biden set to pick former US Fed chair Janet Yellen as next Treasury Secretary, succeeding Steve Mnuchin's role
Sterling hits 10-week high on vaccine and Brexit deal optimism November 23, 2020 Sterling rallied to a two and a half month high today, as more positive news about a potential Covid-19 vaccine propelled investors to buy riskier currencies and offset concerns about whether Britain and the EU can clinch a Brexit trade deal. Tonight the pound is up 0.3 per cent to $1.332, while against the euro [...]
Bank of England investigating leak of QE extension decision November 23, 2020 The Bank of England believes there was a leak of its decision to increase its bond-buying program by £150bn ($200bn) earlier this month. Bank of England governor Andrew Bailey told Westminster’s Treasury Select Committee that the central bank was now investigating how the decision was leaked to The Sun. “What we have to assume is [...]