Why America must now save tragic Europe from itself April 4, 2016 Thessaloniki – I sit, as I write this, perched atop my glorious hotel, in this lovely, vibrant northern Greek city, staring lovingly into the wine-dark sea that is Homer’s Aegean. At the height of the euro crisis last year, things became so bad that café life – the glory of modern Greece – ground to a [...]
Iranian minister rebuffs Saudi oil demands, throwing a spanner in the Opec and Russia production freeze talks April 3, 2016 Plans for a deal to clear the global oil supply glut with a production freeze have hit a hurdle after the Iranian oil minister refused demands from Saudi Arabia to throttle its production. Iran’s Bijan Zanganeh told the country’s Mehr News Agency today Iran still intends to increase its output to four million barrels a day, [...]
Oil prices fall after Opec freeze deal is thrown into doubt April 1, 2016 Oil prices edged lower today, after comments from Saudi Arabia threw the widely anticipated freeze deal into doubt. Brent crude, the global benchmark, fell 4.2 per cent to $38.6 per barrel this afternoon. Meanwhile, West Texas Intermediate crude, the US benchmark, tumbled 3.9 per cent to $36.86 per barrel. Read more: How the oil price rout will affect [...]
Saudi Arabia says it won’t freeze oil production without Iran as it prepares to sell Saudi Aramco April 1, 2016 Saudi Arabia has said it won't freeze oil production without participation from Opec rebel Iran, while it plans to sell a stake of "less than five per cent" in Saudi Aramco. During a five-hour long interview with Bloomberg News, Mohammed Bin Salman, the deputy crown prince, said: "If all countries agree to freeze production, we’re ready." "If there [...]
Oil pares back gains as it records strongest March rally since 2007 March 31, 2016 The oil price was traded flat yesterday, though still managed to record its strongest March rally in almost a decade. International benchmark Brent crude climbed back above $40 per barrel and was going for $40.11 in evening trading. US benchmark West Texas Intermediate gained around half a dollar throughout the day, settling around $38.25. The euro [...]
Slowing US oil stocks fail to prop up prices March 30, 2016 Oil prices failed to hold on to gains yesterday after rising on the latest data from the International Energy Agency (IEA), showing US crude inventories rose less than expected over the last week. Brent prices initially jumped to $40.54 a barrel in early afternoon trading but by the evening had dropped to $39.27. US benchmark [...]
Invest down under: Why Australia’s an overlooked investment opportunity – and it’s nothing to do with oil and mining March 30, 2016 Australia has the enviable honour of avoiding recession for nearly 25 years. It’s well known for having plentiful natural resources and a thriving oil and mining sector, and its proximity to China made it the chief supplier of commodities to the Asian giant during its manufacturing and construction boom. But the abundance of stuff to [...]
IPPR: Tata steel plant closure could lead to 40,000 job losses March 30, 2016 Failure to find a buyer for Tata Steel's UK business could lead to 40,000 job losses in Britain, a leading think tank said today. The IPPR warned the total figure was likely to be higher, when reduced spending from unemployed workers hits demand in local economies. This could result in more business closures and job losses outside of the steel sector. The [...]
World Wealth: The number of millionaires moving to London has slowed to a trickle March 30, 2016 The number of millionaires packing their bags and moving to London from overseas slowed dramatically last year, new research reveals, citing high property prices and the rising cost of living among the reasons. A net 500 millionaires moved into the capital in 2015 compared with 6,000 the previous year, according to wealth specialists New World Wealth's annual Millionaire Migration report. In 2014, around [...]
Brent crude and WTI: What $20 per barrel oil would mean for the global economy March 29, 2016 With oil prices trending lower again, what would Brent crude falling as low as $20 per barrel mean for the global economy? A whole host of investment banks, from Goldman Sachs to Morgan Stanley, have previously warned it could fall to this level. If we do get a renewed bout of oil weakness that keeps oil [...]