Supply glut will keep oil prices down into next year, says IEA February 22, 2016 The global oil market will start rebalancing in 2017, but the supply glut will hold down prices, according to the International Energy Agency. "Only in 2017 will we finally see oil supply and demand aligned but the enormous stocks being accumulated will act as a dampener on the pace of recovery in oil prices when [...]
Deutsche Bank cuts fixed-income jobs in London and New York February 22, 2016 Deutsche Bank is cutting 75 jobs from its fixed income division, split between London and New York. Staff are being notified today, according to reports. "We are restructuring our FIC business to make it more suited to future market demand," said a spokesperson for Deutsche Bank. The cuts will affect less than two per cent [...]
Visa’s new app will mean you can pay for petrol without leaving your car February 22, 2016 The Western world's quick decline into obesity was accelerated today by news that Visa has created new services whereby drivers can pay for fuel and parking without even leaving their car. The financial services firm has teamed up with Honda to create one of the apps, which can be accessed from the car's dashboard. It unveiled the new [...]
China to close more than 1,000 coal mines this year to tackle supply glut February 22, 2016 China is planning on shutting down more than 1,000 coal mines this year to counter a mammoth supply glut, the country's energy regulator said today. The Asian superpower is the world's largest consumer of commodities, including coal, but demand has decreased in recent years due to the country's well-documented slowdown in economic growth. Read more: Slowdown [...]
The Gulf can cope with low oil prices, says IMF’s Christine Lagarde February 22, 2016 The International Monetary Fund is confident that the Gulf economies can adjust to cope with a sustained period of low oil prices, Christine Lagarde said today. The IMF managing director – who was awarded a second term in the role on Friday – said oil producers would have to tighten their purse strings as prices are [...]
Why taking a selfie is going to start costing you money as MasterCard brings “selfie pay”, its facial recognition payment software, to the UK February 22, 2016 Now there's a less vain reason to take a selfie: MasterCard is bringing facial recognition payment services, dubbed "selfie pay", to the UK. The company has already trialled the technology in pilot schemes in the US and Netherlands, ahead of a launch in 14 other countries this summer. (Rumours Kim Kardashian was the first person [...]
This is one oil and gas market that’s booming despite the low brent crude price February 16, 2016 23 oil and gas projects are set to go offline in the Norwegian North Sea between now and 2024, creating NOK 160bn (£12.5bn) of opportunities, according to research from Oil & Gas UK. Decommissioning represents “a significant emerging business in the sector,” the industry body's study said, at a time when the oil and gas industry [...]
US private equity giant Apollo buys ADT to create $15bn security firm February 16, 2016 US private equity firm Apollo today said it is taking security equipment firm ADT private and merging it with another security company in a deal valued at $15bn (£10.5bn). Apollo said it will pay $42 per share for ADT, representing a premium of around 56 per cent over ADT's closing share price on 12 February [...]
Tesla is the latest car maker to tap the kid market with a scale model version of its electronic sedan February 16, 2016 What do you buy for the child who has everything? A kids' size version of the Tesla Model S built to scale of course. For the pocket-money price of £346, the Tesla Model S for Kids has working headlights, a sound system and a rechargeable battery. Available from May, the electric sedan drives at a [...]
Monopoly money is soon to be a thing of the past thanks to new cashless version of the game February 16, 2016 If the closest you get to holding a giant wad of cash is when you're playing Monopoly, you're not going to like the new version of the game. Hasbro Gaming is set to release a new version of Monopoly Ultimate Banking this autumn, which replaces the iconic notes with credit cards and a teeny, tiny [...]
