Addison Lee is taking the fight against Uber to the Big Apple February 7, 2016 To an outsider Addison Lee might look like a company that’s losing momentum. Disruptive rival Uber has burst on to the scene, and defied recent attempts (in the UK, at least) to use the strong arm of regulators to clip its wings. But Addison Lee insists that it had a great Christmas, and the minicab giant [...]
UK steel crisis: Sajid Javid joins EU governments to warn steel industry risks collapse unless Europe steps up cheap import fight against Russia and China February 6, 2016 The UK and six other European steel producers have urged the EU to fight back against cheap steel imports, to stop the European industry “collapsing”. Business secretary Sajid Javid joined ministers from Germany, Italy, Poland, Belgium, France and Luxembourg in demanding the EU “ensure a global level playing field” for the industry. “The European Union [...]
Market volatility will continue as emerging markets pay off debt, warns Bank for International Settlements February 5, 2016 The volatility that has rocked financial markets since the start of the year is likely to continue, the ‘bank for central banks’ has warned. The strength of the dollar is leading many emerging market economies to start paying off their dollar debts – deleveraging – in response to the strengthening of the dollar. A strong [...]
How Andorra attracted wealthy property investors by relaxing residency laws February 5, 2016 The tiny Pyrenean principality of Andorra only fully opened its doors to international investment in 2012, in order to diversify its economy. It has also now relaxed residency laws in a move towards attracting wealthier citizens. As a result, the property market, which until last year was stagnating, has begun to see a significant rise [...]
Swiss commodity trader Trafigura’s chief released on bail amid fraud probe February 4, 2016 The head of one of the world's largest oil and metals traders, Trafigura, was released on bail after eight months in prison this week, as a probe into alleged fraudulent trading activity continues. Li Bo, who heads the company's operations in Beijing, has not been charged in the matter which relates to losses of $32m (£22m) in a gasoline trade [...]
Brent and WTI crude: Oil prices soar as the US dollar dives February 3, 2016 Oil prices surged today, helped by the tumbling US dollar following comments by a US Federal Reserve official and weak economic data. Brent crude, the international benchmark, rose 8.31 per cent to $35.44 per barrel. Meanwhile, West Texas Intermediate (WTI) crude, added 9.3 per cent to $32.66. "We're getting the rally in crude oil from the pounding [...]
Piercing the bitcoin veil: Businesses should beware the risks of trading with a sanctioned entity February 3, 2016 In January the EU and the US lifted economic and financial sanctions against Iran in a ground-breaking deal that unfroze billions of pounds of assets and opened up new markets for the first time since 2010. Despite the fanfare surrounding the deal, in the small print a warning remains: some EU and US financial sanctions [...]
US markets tumble on oil price woes February 2, 2016 The S&P 500 closed down 1.87 per cent to 1,903 points today, as the black stuff continued to fall on fading hopes of a deal to cut production between Opec and non-Opec producers. Oil prices careered lower, with Brent crude, the global benchmark, slumping around five per cent to $32.54 per barrel. Similarly, West Texas Intermediate crude, [...]
FTSE 100 closes back below 6,000 points on BP fourth quarter results and falling oil prices February 2, 2016 Britain's blue-chip index tumbled back below the 6,000 mark today, as BP reported its biggest loss in at least 20 years and oil prices continued to fall The FTSE 100 closed down 2.28 per cent to 5,922.01 points this afternoon, after touching a low of 5,892.87 points earlier in the day. Shares in BP fell 7.15 per cent [...]
US West Texas Intermediate crude oil price just went below $30 per barrel again as talks of a deal dwindle February 2, 2016 The US oil benchmark, West Texas Intermediate (WTI), has fallen under $30 per barrel for the first time in over a week as rumours of a production cut deal between Opec and non-Opec members diminished. Brent crude was trading around $32.61 when WTI dipped under the psychological $30 barrier. WTI, also known as Texas light sweet, came into price parity [...]