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 [...]
Jessica Ennis-Hill interview: Jury is out on Lord Coe as world athletics chief January 22, 2016 Olympic champion Jessica Ennis-Hill believes the jury is out on whether Lord Coe is the right man to lead reform of crisis-hit governing body the IAAF and clean up athletics. A damning report into the doping crisis engulfing the sport published last week by the World Anti-Doping Agency’s independent commission concluded that “corruption was embedded [...]
Oil industry leaders bullish in Davos, BP boss and Saudi Aramco forecast recovery in price January 21, 2016 The chairman of Saudi Arabia controlled oil company Saudi Aramco Khalid Al-Falih labelled the current oil price as “irrational”, and said it should be higher than $30 a barrel. Speaking at the World Economic Forum in Davos, the chairman also made it clear if the oil price stays low Aramco would be able to endure [...]
Treasury to freeze assets of prime suspects in Litvinenko murder case January 21, 2016 Home secretary Theresa May has said the Treasury will freeze the assets of the two prime suspects in the murder of Alexander Litvinenko, following the publication of a report decisively naming Andrei Lugovoy and Dmitry Kovtun. The report, which said President Putin was "probably" involved in the operation, was "unequivocal," May said in the Commons this morning. [...]