Opec faced with waning influence in the global oil markets April 12, 2016 Generally speaking the winners of the oil price slump have been big oil-importing economies such as the US, Europe, and China, while Opec oil-exporting states and other big exporters such as Russia are among the losers. The American and European economies are getting a fillip from reduced energy import costs and their consumers are enjoying [...]
Should we trust today’s forecasts from the IMF? April 12, 2016 The half-yearly growth forecasts from the International Monetary Fund (IMF) are a big deal. They move markets, shape local politics and are generally relied upon around the world. But how accurate are they? Depending on your take, today's substantial revisions are either an indicator or rapid change and sharp volatility, or bring into question the [...]
IMF slashes world growth forecasts and sounds alarm over fragile recovery – as well as warning on Brexit April 12, 2016 The world is facing an onslaught of risks which could upset the economic recovery, the International Monetary Fund (IMF) has warned, as it cut its forecasts for growth in the global economy – and raised alarm bells about the impact of Brexit for the UK. The IMF’s half-yearly world economic outlook, published today, said everything [...]
Fitch has downgraded Saudi Arabia’s credit rating due to expectations the oil price will stay low April 12, 2016 Saudi Arabia’s credit rating has been lowed be ratings agency Fitch due to the slump in the oil price expected to go on for longer than was previously thought. The kingdom’s rating was knocked down a notch to AA-, from AA previously. In a note Fitch warned that the low price of oil, expected by the agency to continue [...]
Russia back on the map with investors after two year hiatus, Credit Suisse banker says April 11, 2016 Investors are starting to look at Russia again after cutting off exposure amid geopolitical tensions two years ago, the head of Credit Suisse's $60m (£42m) Russian Equity Fund said. There are no big inflows yet but a rebound in Russian stock markets in the past few months as the oil price and the rouble have [...]
Corbyn the Musical set to debut this week, in what could be the first musical written about an opposition leader April 11, 2016 Aspiring thespians are turning on the Left as Corbyn the Musical debuts next week. In what may be the first musical written about a leader of the opposition, Corbyn the Musical: The Motorcycle Diaries is described as a "no-holds barred political satire" offering a view into the life of Jeremy Corbyn. The all-singing, all-dancing extravaganza, which [...]
Qatar invites all Opec members to April talks April 10, 2016 Qatar has extended invitations to all members of the Organization of the Petroleum Exporting Countries (Opec) to join talks over freezing output at January levels. The meeting, set for 17 April, will also be attended by non-Opec Russia, with other major producers also invited. “The need has become an urgent matter to bring back balance [...]
Foreign Secretary Philip Hammond urges China to curb steel production April 9, 2016 Foreign Secretary Philip Hammond has urged China to stop dumping excess Steel onto the global market as the UK steel industry is in its death throes. His intervention comes as a Tata Steel is preparing to kick off the formal sales process for its British assets on Monday. Read more: Why the bank bailouts are no model [...]
China plans to keep its steel exports at high levels April 9, 2016 China indicated it will keep pumping out high levels of steel in the future, as the world's second largest economy is coming under fire for its part in the UK steel crisis. Luo Tiejun, the vice head of the raw materials department at the Ministry of Industry and Information Technology (MIIT), said today that if [...]
Oil gushes higher as it heads for best week in five April 8, 2016 Oil prices sprung into action this afternoon, helped by rising hopes for a freeze deal when the world's major oil producers meet next Sunday. Brent crude, the global benchmark, rose 4.6 per cent to $41.23 per barrel this afternoon, and it's up 6.6 per cent for the week. If it holds onto these gains Brent [...]