Saudi Aramco raises oil prices into Asia in biggest hike for more than a year May 5, 2016 Saudi Aramco, the Saudi Arabian state-owned oil company, is hiking oil prices into Asia in the biggest rise for over a year. Aramco, which recently announced that a five per cent listing of its shares later this year would value it at around $2 trillion, said today it will raise its official selling price for benchmark Arab [...]
Treasury stashes its vaults ahead of Brexit vote as it amasses even more international reserves May 5, 2016 The government added an extra $7bn (£4.8bn) to its international holdings in April as it gears up to deal with any currency volatility in the event of Brexit. The government now holds $145bn worth of reserves spread across foreign currencies, gold, funds lodged with the International Monetary Fund (IMF) and various other assets – 16 [...]
Pubs Code withdrawn after two drafting errors discovered, industry bodies met with Anna Soubry this morning May 5, 2016 The government's Pubs Code has been withdrawn after two drafting errors were discovered in the legislation's text. The code, which was due to come into force on 26 May, will govern the relationship between large pub-owning businesses and tied tenants in England and Wales. The tie is a 400-year old system requiring the tied tenants to [...]
Trouble on the high seas as The Science and Technology Committee launches an inquiry into the “Boaty McBoatface” online poll May 5, 2016 It is curtains for Boaty McBoatface? The Science and Technology Committee doesn't seem happy with the Natural Environment Research Council's (NERC) online poll which saw 120,000 Brits vote to name a new research vessel Boaty McBoatface. NERC's Name Our Ship competition saw hundreds of thousands of votes cast to name a new polar research vessel, and Brits are [...]
Before the bell: What you need to know before the US market open May 5, 2016 Oil has steamed ahead so far today, with West Texas Intermediate crude oil higher by three per cent at $45.70 a barrel after wildfires in Canada, as well as fighting in Libya dragged on production. International benchmark Brent crude added 2.6 per cent to $45.75 a barrel. Yesterday the latest US inventories posted a higher than expected addition to stockpiles [...]
Donald Trump plans to drop fellow dove Janet Yellen… because of her political views (not monetary policies) May 5, 2016 Donald Trump has said he will ditch Fed Reserve boss Janet Yellen "when her time is up". The Presidential candidate, who this week became the presumptive Republican candidate after his rivals dropped out of the race, has indicted he would not reinstate Yellen when her current contract ends in February 2018. In typical Trump fashion, he [...]
Craig Wright won’t prove he’s Bitcoin creator Satoshi Nakamoto May 5, 2016 The man who claimed to reveal himself as the secret inventor of Bitcoin has now backtracked on promises to prove he really is the person known as Satoshi Nakamoto. Craig Wright made headlines on Monday after outing himself as the unknown person behind the cryptocurrency, but many in the Bitcoin community have raised an eyebrow about the Australian's [...]
Boris Johnson’s best moments as London mayor: The good, the bad, and the slightly awkward May 5, 2016 You might have missed the news, but Boris Johnson is clearing his desk today as a new mayor of London is soon to be named. As Bojo packs his bags, The Capitalist looks back on his best, worst and most awkward moments from his time in office. The Good The Time He Was First Elected former mayor [...]
After Intercontinental Exchange rules out bid, here are the next challenges for the London Stock Exchange-Deutsche Boerse merger May 5, 2016 With the Intercontinental Exchange (ICE) out of the picture, analysts covering the London Stock Exchange-Deutsche Boerse merger are turning their attention to other challenges facing the deal. Antitrust, a potential Brexit, interest from other rivals and shareholder approval are among the "hurdles" now being faced. Exane BNP Paribas analysts believe there is more than half a chance the [...]