Aberdeen handed £250m government fund as oil price continues to fall January 28, 2016 One of the UK's most oil-focused cities has been handed a £250m fund by the government, as the price of oil continues to fall. This morning the government announced a £250m UK City Deal fund, which will support North Sea explorers to exploit reserves. The fund will also be put towards expanding Aberdeen harbour, meaning [...]
Brent and US crude: Oil prices rise above $30 per barrel on hopes of deal to ease supply glut January 26, 2016 Oil prices rose above $30 per barrel today, on hopes the world's oil producing nations could reach deal to tackle the global supply glut. Brent crude, the global benchmark, rose five per cent to as much as $32.24 per barrel this afternoon while West Texas Intermediate (WTI) crude, the US benchmark, ticked up to $31.89. The Organisation of the [...]
IAAF crisis: Qatar bids for 2017 and 2019 World Championships in Doha under scrutiny January 26, 2016 The bidding for the 2017 and 2019 world athletics championships has been placed under the scrutiny of the IAAF's ethics commission, UK Athletics boss Ed Warner has revealed. Speaking to a parliamentary select committee, Warner also called for Russia to be barred from competing at this year's Olympics and said British athletes will be asked [...]
US crude and WTI: Credit Suisse slashes oil price forecasts by more than $10 January 26, 2016 Credit Suisse has become the latest big bank to slash its oil price forecasts, to the tune of around $10 per barrel for 2016 and 2017, on high inventories and slower demand growth. The Swiss-based bank cut its 2016 price forecast for Brent crude to $36.25 per barrel from $58.00, while lowering its 2017 outlook to [...]
Opec begs others to join it in cutting production January 25, 2016 The standoff between Opec and its rivals came to a head today as the cartels secretary-general called on other oil producing countries to put a ceiling on output. Abdalla El-Badri warned that producers would continue to suffer without co-operation to end a supply glut. The call was echoed by a senior Russian oil executive, who said [...]
Iran’s economy gears up for $50bn investment boom: President Rouhani expects Western investment following the lifting of sanctions January 25, 2016 Hopes of a surge in trade between Iran and the West are high after the removal of nearly all economic sanctions which have left the country isolated. The hard-fought deal means the opening up of a $400bn (£280bn) economy, sitting on vast fossil fuel reserves, with a youthful population of close to 80m. “It is such a potentially [...]
JKX Oil & Gas blocks shareholders Eclairs and Glengary from vote over Proxima bid January 25, 2016 JKX Oil & Gas has blocked two of its biggest shareholders from attending or voting at a general meeting this week, at which the board risks being ejected. Eclairs Group and Glengary Overseas – who own 27.5 per cent and 11.4 per cent respectively – have been banned from taking part in the meeting on Thursday, [...]
Adidas ends sponsorship with IAAF four years early as doping scandal continues to dog athletics January 25, 2016 Adidas is pulling out of its sponsorship of athletics' world governing body IAAF four years before the contract was due to expire, as the doping scandal continues to dog the sport. The BBC reports that the sportswear giant told the IAAF of its plans – which will result in millions of dollars in lost income – earlier [...]
Australian Open 2016: Johanna Konta aiming to become Britain’s first woman to reach a grand slam quarter-final since Jo Durie in 1984 January 24, 2016 British No1 Johanna Konta could become the first woman from these shores to reach a grand slam quarter-final for 32 years when she meets Ekaterina Makarova at the Australian Open on Monday. Konta has already beaten former world No1 Venus Williams in Melbourne this month, one of the most recent highlights of the 24-year-old’s extraordinary [...]
The FTSE crash is not Armageddon – but investors should still be light on their feet January 23, 2016 We all know that "hindsight" is the most successful trader in the world. Its performance has always been exemplary since time immemorial. However, alarm bells should have started ringing after the Shanghai Composite had added 150 per cent in value between June 2014 and June 2015, just when it was becoming decidedly obvious that China’s economy [...]