Deutsche Bank, Uni Credit, Standard Chartered share prices drop: European bank shares are tanking February 3, 2016 Shares in leading banks tumbled throughout Europe today, with Deutsche Bank and Standard Chartered falling by 6.02 per cent and 4.29 per cent respectively. A sea of red engulfed the sector as fears spread of slowing economic growth and credit losses from energy companies hobbled by low oil prices. Brenda Kelly, head analyst at London Capital [...]
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 [...]
Bank of England’s Kristin Forbes: Pay growth is not high enough for an interest rate hike – but probably will be soon January 25, 2016 Wages are not yet growing fast enough to lift inflation, but are likely to accelerate soon, one of the Bank of England's rate-setters will say tomorrow. "Labour costs are not yet at the levels consistent with inflation meeting the two per cent target sustainably in the UK," Kristin Forbes will tell the Henry Jackson Society in Parliament. [...]
Bank of England’s Martin Weale says wage growth is too slow for an interest rate hike January 21, 2016 Another member of the Bank of England's rate-setting committee as flagged up slow wage growth as a reason they are likely to hold off on voting for an interest rate increase. "Whatever the causes of the recent weakness, inflation is unlikely to recover back to target without a marked improvement in wage growth," Martin Weale [...]
Another steelmaker Sheffield forgemasters is axing up to 100 jobs January 20, 2016 Sheffield Forgemasters, the UK's largest independent steel maker, is axing up to 100 jobs as the crisis engulfing Britain's steel industry deepens. It comes two days after Tata Steel, the UK's largest steel maker, said it would cut 1,050 jobs, mostly at Port Talbot in South Wales. "This is undoubtedly a long period of industry contraction, with major recovery seemingly [...]
Ofgem has helped make it easier for consumers to switch energy provider – now British businesses deserve a better deal too January 19, 2016 The Which? Energy survey this week exposed yet again the woeful customer service record of the ‘Big Six’ energy companies, with smaller suppliers head and shoulders above their larger rivals. Despite this, it is heartening to see consumers looking for better deals, and with four million switching supplier in 2015, Ofgem should be applauded for its sensible regulation of [...]
Tata Steel to cut another 1,050 jobs in Britain at sites in Port Talbot, Trostre, Corby and Hartlepool January 18, 2016 Tata Steel has confirmed it will axe another 1,050 jobs across the UK, including 750 job losses at the UK's biggest steel maker Port Talbot. Around 100 jobs will also go at its steel mills in Trostre, Corby and Hartlepool, alongside 200 support roles. It blamed the proposed changes on slumping European steel prices, largely due to a flood of cheap imports, [...]
Government on the defensive as North Sea suffers through another oil price slump January 13, 2016 The government was forced to defend its efforts to shore up the British oil industry yesterday, as record US stocks sent the price of Brent crude oil falling below $30 a barrel in late evening trading. During Prime Minister's Questions (PMQs), Sir Alan Duncan, a former oil trader, asked Prime Minister David Cameron to launch an [...]
Everybody panic: negative credit ratings for companies are at the highest level since the recession in 2009 and 2016 spells more defaults January 12, 2016 Investors didn't need another reason to be bearish going into 2016, but they have one: negative credit ratings for companies are at the highest level since the recession trough in 2009. At the end of 2015, 17 per cent of global corporate issuers had a negative outlook, compared to only six pr cent with a positive outlook, according to the latest data from Standard [...]
More pain for the UK steel industry: Union bosses meet Tata Steel over Port Talbot job losses January 11, 2016 Union bosses are preparing to meet with Tata Steel this week, following reports that there could be hundreds of job losses at the UK's largest steel works, signalling more pain for the embattled industry. It follows local reports that around a quarter of the 4,000 steelworkers at the plant in Port Talbot, south Wales could lose [...]