Investors positive about 2015 IPOs despite oil price and election uncertainties January 26, 2015 The oil price drop, the upcoming election and the woes of 2014 floats have not dampened institutional investors, with more than three quarters expecting stable or increased listings in 2015. A survey from accountancy firm BDO found institutional investors, investing in UK equities with a combined $10 trillion (£6.6 trillion) under management, found that 76 [...]
BP announces pay freeze for 84,000 workers thanks to oil price slump January 26, 2015 Oil giant BP has frozen the pay of its 84,000 staff as the collapsing price of oil takes its toll on the FTSE 100. Brent crude has collapsed by more than 57 per cent since the summer, from in $110 to under $50. The company's chief executive Bob Dudley sent a memo to employees notifying [...]
Falling oil prices set back Aveva who warn of results hit January 26, 2015 Engineering software firm Aveva has warned investors sales have been stuttering due to falling oil prices. The company is reliant on the oil and gas market for 45 per cent of its revenues, but says it is now “experiencing increased uncertainty and reduced visibility” in the sector which has been “exaggerated recently by the [...]
Oil will never reach $100 a barrel again, and it’s not Opec’s fault, Saudi Prince claims January 23, 2015 Oil will never reach the heights of $100 a barrel again, Saudi Prince Alwaleed has claimed. Alwaleed – chairman of Kingdom Holdings and the nephew of King Abdullah bin Abdulaziz al-Saud who died last night – has claimed the falling price of oil was caused by a “confluence of events” rather than a Saudi [...]
Wells Fargo analyst James Spicer will survive oil price drop with help from Gloria Gaynor January 23, 2015 With oil still under $50 a barrel, it may be hard to garner much sympathy for the oligarchs and barons who’ve been hit, but what about the real people affected? Despite lost profits, bonuses and even jobs, some are saying they aren’t victims, but survivors. Well, James Spicer is anyway. Just prior to Christmas [...]
Oil price rises following death of Saudi king January 23, 2015 Oil prices rose two per cent this morning, following the announcement of the death of Saudi Arabia's King Abdullah bin Abdulaziz al-Saud. Brent Crude, the global oil benchmark, rose to $49.48 a barrel after the announcement was made on state television late on Thursday. Rumours had already been circulating on social media when it was [...]
It’s a hat trick: ScottishPower to cut gas bills by 4.8 per cent January 20, 2015 ScottishPower has become the third energy company to announce price cuts, saying it will reduce its standard domestic gas prices by 4.8 per cent, saving households an average of £33 a year. It also said it will launch a new fixed-price tariff with an average dual fuel bill value of £930, which it reckons is [...]
Fall in oil prices provides boost for UK economy January 18, 2015 The UK economy is set to benefit from the collapse in oil prices, according to the most recent quarterly forecast from the EY-sponsored Item Club. The economic forecasting group has stated that the decline in oil and other commodity prices will provide a “shot in the spending arm” for UK consumers, who will have more [...]
Saudi increased oil exports as Opec discussed output cuts January 18, 2015 Saudi Arabia’s oil exports rose to a seven-month high in November, the same month that the Organization of the Petroleum Exporting Countries (Opec) decided to keep production levels unchanged in the face of falling oil prices. According to the statistics provider Joint Organisations Data Initiative, Saudi exports rose to 7.3m barrels a day, up from [...]
Opec is dead: The oil war could crown America as the global swing producer January 18, 2015 I well remember suffering through my college macroeconomic class, steeling myself to stay awake through the consumption of gallons of coffee. However, one of the rare things that piqued my interest was the theory of cartels. Properly defined, an efficient cartel possesses three basic properties: the ironclad discipline of its membership; a commanding market position; [...]