Johnson says Saudi Arabia ‘understands’ need to protect globe from energy price rises March 16, 2022 Boris Johnson has said Saudi Arabia “understands” the need to help protect the globe from current energy price spikes, after trying to get the country to increase its production of oil. Johnson said after his meeting with Saudi Crown Prince Mohammed Bin Salman today that “I think there was an understanding of the need to [...]
Energy leaders urge governments and central banks for emergency assistance March 16, 2022 European energy leaders have called on governments and central banks to provide emergency assistance amid a commodities boom.
Ukraine and Russia make progress on draft peace plan March 16, 2022 Ukraine and Russia reportedly made progress yesterday on a draft 15-point peace plan, after almost four weeks of fighting. The draft plan includes an agreement to a ceasefire, Ukraine agreeing to become neutral between Russia and Nato and commitments from Volodymyr Zelensky to shrink the Ukrainian army. This would include Ukrainian promises to not host [...]
The City View: Markets up, and nickel chaos March 16, 2022 Today City A.M.’s Charlie Conchie takes the reigns of The City View podcast, chatting to Economics and Markets reporter Jack Barnett. They discuss markets being up; the Fed and the Bank of England’s probable rate hikes; commodity prices settling; and the London Metal Exchange, which suspended nickel trading today. Charlie also goes through the headlines: [...]
Oil prices dip below $100 per barrel as Ukraine-Russia draw up neutrality plan March 16, 2022 Brent Crude prices plunged below $100 again today amid reports Russia and Ukraine have made progress on a 15-point peace plan.
Octopus Energy calls on government to speed up wind power developments March 16, 2022 Octopus Energy (Octopus) has called on the government to cut red-tape and speed up the building process for ramping up wind power in the UK.
Kremlin in sudden U-turn as ceasefire seems likely: Russia ‘changing tone’ as isolated Putin drops demands for Ukraine to surrender March 16, 2022 Despite fierce fighting in the last 24 hours, with Russia’s military forces blasting Ukraine’s capital region and other major cities. Russia has softened its stance in the talks over a possible settlement and is rapidly ‘changing tone’, according to people close to the Ukraine-Russia peace talks. In fact, a ceasefire seems increasingly likely. Ihor Zhovkva, [...]
Sweden refuses to launch research satellite on Russian Soyuz rocket March 16, 2022 Sweden has cancelled the launch of a research satellite via a Russian rocket, following the Kremlin-backed attack on neighbouring Ukraine. The launch was scheduled for the end of this year, after its initial scheduled launch in 2019 was delayed. “Preparing for a launch from Russia is unthinkable under the current circumstances,” a spokesperson for the [...]
IEA warns of supply deficits with Russian oil isolated from global markets March 16, 2022 The world is set for a supply deficit of 700,000 barrels per day in the second quarter of this year, according to the IEA.
Interview: Former rate setter Andrew Sentance on Governor Bailey’s ‘off the cuff’ remarks and where the BoE went wrong March 16, 2022 It is often a mark of how dire an economy’s situation is when incremental rises in interest rates hit the front pages. The worst cost of living crunch in a generation has, however, sent the Bank of England to the front of many households’ minds. Those outside of the City care less about the vagaries [...]