Putin pushes oil price higher as Russian oil firms agree not to increase output in 2016 March 1, 2016 The oil price has been sent sharply higher by comments from Russian president Vladimir Putin, promising Russian oil companies will not increase output this year. The price has soared to highs for 2016, with international benchmark Brent crude trading at $36.83 and West Texas Intermediate going for $34.26 dollars a barrel. Putin was speaking at a meeting with [...]
US car sales surge for Ford and Fiat Chrysler, as General Motors slumps March 1, 2016 Automobile sales have continued to surge in the US, with Ford the latest company to reveal stand out numbers that have blown analyst expectations out of the water. Ford’s total sales in February grew by 20 per cent compared to a year ago, with some 217,000 vehicles sold. Retail sales grew 11 per cent, making [...]
Companies warned over the risk of foreign exchange swings as volatility set to continue throughout 2016 March 1, 2016 International companies are being warned that swings in the value of the pound mean risk is building in the foreign exchange market as levels of uncertainty in 2016 are anticipated to be similar to last year. The pound has dropped considerably against both the dollar and the euro so far this year as worries around a [...]
Leading private bank: Don’t panic about Brexit despite warnings over the economy, the pound, and a leap into uncertainty March 1, 2016 A top private bank has told investors not to panic over the possibility of Britain leaving the European Union, despite warnings from UBS that sterling could fall to parity with the euro if UK voters decide to quit the EU. In a special report, Kleinwort Benson said while a so-called Brexit “presents a lot of uncertainty”, [...]
Transferwise set for second round of fresh funding as expansion continues February 29, 2016 Online money transfer service Transferwise is closing in on a new round of funding, just 12 months after a $58m raising led by US venture capital firm Andreessen Horowitz. Transferwise still has around half of the previous rounds’ cash in the bank, City A.M. understands. Transferwise is in talks with big name investors including existing [...]
Twitter files its annual report after a rough year: monthly active users stagnate as head count remains stubbonly high February 29, 2016 Twitter has missed its own targets for a reduction in its head count as it struggles with stagnant user growth and stalling revenue. Despite promising to rein in costs, staff numbers at Twitter rose by approximately 260 full-time employees over the year to hit a whopping 3,898 at the end of December 2015. At the tail end [...]
Saudi Arabia pushes oil price higher as it promises to stabilise the market February 29, 2016 The oil price was been pushed higher this afternoon after de facto Opec leader Saudi Arabia vowed it will try to limit volatility as it tries to stabilise the market. Oil investors are closely watching for any sign that Saudi may be weakening its previous commitment not to cut output even as it tries to broker a [...]
Pound could fall to parity with the euro if Brexit vote gets through, warns UBS, as Deutsche Bank says Brexit would be a “journey down the rabbit hole” for UK economy February 29, 2016 Economic wonks at UBS have calculated the British pound could fall to equal value to the euro, if the UK does decide to quit the European Union in the vote set for 23 June. UBS reckons the chance that the UK will leave the EU stands at around 40 per cent. The latest warning follows [...]
AstraZeneca warned over bonus changes February 28, 2016 Drug giant AstraZeneca is on course to fall out with shareholders at its April meeting after floating plans to lower the threshold for senior management bonuses. AstraZeneca tied bonuses to earnings at or above $4.20 (£3) per share after a takeover offer from US rival Pfizer was rejected in 2014. The firm’s remuneration committee has [...]
Oil price nervous ahead of Opec mid-March meeting February 28, 2016 The oil price is set for another rocky week as tensions build ahead of a second round of historic talks to cap output levels. The Saudi Arabia led Organization of the Petroleum Exporting Countries (Opec) has been negotiating a deal with non-Opec Russia to freeze oil production at January levels and will meet again in mid-March. [...]
