Putin pushes oil price higher as Russian oil firms agree not to increase output in 2016 March 1, 2016 The oil price has been sent sharply higher by comments from Russian president Vladimir Putin, promising Russian oil companies will not increase output this year. The price has soared to highs for 2016, with international benchmark Brent crude trading at $36.83 and West Texas Intermediate going for $34.26 dollars a barrel. Putin was speaking at a meeting with [...]
Share price in RSA Insurance Group rises as company completes disposal of Brazil operation to Suramericana in its bid to leave Latin America March 1, 2016 Share price in RSA Insurance Group rose today as the company waved goodbye to its Brazil operations, after completing on its disposal to Suramericana. RSA first announced that it would be selling its Latin American operations to Suramericana for roughly £403m last September. At the time of the September announcement, Stephen Hester, group chief executive of RSA, said: With RSA’s [...]
UK manufacturing growth slumps to lowest pace since 2013 – Markit PMI March 1, 2016 A gauge of the manufacturing sector's growth dropped to a 34-month low this morning. Markit's manufacturing purchasing managers' index – compiled from a survey of businesses – fell to a score of 50.8 for February. It is only slightly above the 50 mark that implies there was no growth on the previous month. Output growth eased sharply while the [...]
Saudi Arabia pushes oil price higher as it promises to stabilise the market February 29, 2016 The oil price was been pushed higher this afternoon after de facto Opec leader Saudi Arabia vowed it will try to limit volatility as it tries to stabilise the market. Oil investors are closely watching for any sign that Saudi may be weakening its previous commitment not to cut output even as it tries to broker a [...]
Researchers have found a way to predict future oil prices February 29, 2016 From its sensitivity to shocks in global supply and demand, to outside factors such as the weather, oil prices are notoriously difficult to predict. After all, hardly anyone foresaw the current rout which has wiped around 70 per cent off the value of crude since the middle of 2014. But companies around the world have been forced to [...]
Oil price nervous ahead of Opec mid-March meeting February 28, 2016 The oil price is set for another rocky week as tensions build ahead of a second round of historic talks to cap output levels. The Saudi Arabia led Organization of the Petroleum Exporting Countries (Opec) has been negotiating a deal with non-Opec Russia to freeze oil production at January levels and will meet again in mid-March. [...]
Venezuela: Oil rich nation is sinking deeper into crisis – and could be heading for a default on its debt February 26, 2016 Once the leading light of Latin America, low oil prices and state overspending have left the economy shattered. Now it’s heading for default on its debts. “I don’t think the market’s in any doubt that it will default, they just don’t know when,” says Paul Wetterwald, chief economist of Indosuez Wealth Management. “It is impossible to [...]
Brent crude and WTI: Oil prices rise as traders close short positions February 26, 2016 Oil prices reversed earlier losses to inch into positive territory this morning, however traders warned that the gains were largely due to "technical" movements. Brent crude, the global benchmark, increased 1.3 per cent to $35.74 per barrel. Meanwhile, West Texas Intermediate crude, the US benchmark swelled 1.33 per cent to $33.51. But traders said the [...]
Fifa election 2016: What time is the presidential election? Who are the candidates? Where is it being held? And how does the vote work? February 26, 2016 It's all change at Fifa today as the scandal-hit organisation convenes in Zurich to elect Sepp Blatter's successor as president and vote on a raft of reforms to its structure and values. Five candidates are in the reckoning to up the mantle of leading football's governing body out of a period of continual corruption allegations, [...]
Ignore the scaremongers: America wouldn’t abandon Britain post Brexit February 26, 2016 Much as was the case for Harold Wilson in the 1970s, Prime Minister David Cameron accomplished next to nothing in terms of renegotiating the UK’s ties with the EU. Sadly, if predictably, Cameron’s allies have again copied the Wilson playbook, attempting to make up for their diplomatic failure by scaring the bejesus out of the [...]