Trading house Vitol nabs $1bn pre-finance oil deal with National Iranian Oil Company January 4, 2017 Vitol, the world's largest oil trader, is understood to have sealed a $1bn (£814m) pre-financing deal with Iran's national oil company. It has agreed to loan the National Iranian Oil Company (NIOC) $1bn equivalent in euros, guaranteed by future exports of refined oil products, sources told Reuters. The deal is the first major contract signed between Iran and [...]
Farewell to the game theory master who helped prevent a nuclear apocalypse January 4, 2017 Last year was a year of celebrity deaths. But perhaps the most significant of all received very little coverage. Just before Christmas, Thomas Schelling, Nobel Laureate in economics, died aged 95. In the early, tense years of the Cold War between America and the Soviet Union in the late 1940s and 1950s, Schelling’s ideas were [...]
City Moves for 3 January 2017 | Who’s switching jobs January 3, 2017 Kingston Smith Kingston Smith has strengthened its tax team with the appointment of Debbie Jennings as a VAT Principal at the top 20 firm of chartered accountants and business advisers. Debbie brings with her over 25 years’ experience in VAT consultancy and is a member of the Chartered Institute of Tax. Her mid-tier client base [...]
Oil price slump pushes UK oil and gas sector insolvencies to five-year high January 3, 2017 The oil price slump drove insolvencies in the UK oil and gas sector to a five-year high in 2016, according to accountancy firm Moore Stephens. There was an eightfold increase in the number of companies that collapsed last year, from two in 2015 to 16 in 2016. In 2014, six companies folded, compared to just one [...]
Not so diplomatic: Now Russia’s foreign minister wants to expel US diplomats after Obama’s sanctions December 30, 2016 Russia's foreign minister Sergey Lavrov has suggested a tit-for-tat move against the US, after it announced sanctions against his country. Lavrov now wants to expel 35 US diplomats and ban them from using a dacha and a warehouse in Moscow, according to Russian news agencies. He said 31 would be removed from the Russian embassy [...]
Brent crude and West Texas Intermediate crude prices hold steady as US stockpile increase interrupts oil rally December 29, 2016 Oil prices steadied today after a surprise uplift in US crude stockpiles impeded a recent upward trend that has pushed global benchmarks to 15-month highs. Brent crude was up 16 cents, or 0.3 per cent, today to $56.38 a barrel after industry data released by the American Petroleum Institute last night showed a 4.2m barrel [...]
Russian President Vladimir Putin announces new Syria ceasefire deal between government and opposition forces, with Russia and Turkey as guarantors December 29, 2016 The Syrian government and rebel groups have agreed a countrywide ceasefire that will take effect at midnight on 30 December, Russian President Vladimir Putin announced today. The agreement will be followed by peace talks between Bashar al-Assad's government and opposition forces in Kazakhstan at an as yet unspecified date. Syria's army said the ceasefire will begin [...]
Investment trust winners of 2016 December 29, 2016 Investment trusts focused on Asia are on course to deliver some of the best returns in 2016, according to data for trust sectors. Investment trusts are an alternative to more commonly held open-ended funds or unit trusts, offering some advantages. This is explained here: investment trust v open-ended funds Here, we look at the performance [...]
Russia plane crash likely not terrorism says intelligence service as fragments of wreckage are found December 26, 2016 Terrorism is not among the main reasons being investigated for the plane crash in Russia which killed 92 people early on Christmas morning according to the country’s defence ministry, as it expands its search in an attempt to locate the aircraft’s black box flight recorder. Russia’s Ministry of Defence has found 86 fragments of the [...]
Deutsche Bank and Credit Suisse share prices rise after multi-billion pound settlements with US Department of Justice December 23, 2016 Deutsche Bank and Credit Suisse's share prices have risen this morning after the two lenders agreed to multi-billion dollar settlements with the US Department of Justice (DoJ). Deutsche Bank announced it had reached a $7.2bn (£5.8bn) agreement in principle with the US authorities early this morning over the sale and pooling of mortgage-backed securities in the run-up [...]