Brent crude oil falls below $50 January 7, 2015 The price of Brent crude oil has dipped below $50-a-barrel mark for the first time in five and a half years, marking a symbolic moment for oil. The black stuff fell another two per cent this morning to $49.99 a barrel. Yesterday Brent crude dipped to $51.12, following a six per cent fall on Monday, [...]
Force majeure stops shell’s Ukraine project June 11, 2015 Shell may pull out of its last exploration well in Ukraine as the project has been on hold for nearly a year due to the conflict between pro-Russian separatists and Ukrainian forces. The oil major said yesterday it has been unable to perform its commitments due to a force majeure.
Russian rouble sinks to record lows as oil prices tumble October 13, 2014 Vladimir Putin was enjoying himself at Russia’s first Grand Prix for a century yesterday, but the party was quickly over as the Russian president woke up to further falls in oil prices and a weakening rouble. The Russian currency hit record lows against the dollar and the euro on Monday morning, as tumbling oil [...]
Rouble, ringgit and won: Emerging market currencies are getting hammered August 23, 2015 Emerging market currencies continued to slide today, amid growing anxiety over China's slowing economy. The selloff accelerated after a purchasing managers survey released early this morning showed China's factories contracted at the fastest rate in almost six-and-a-half-years in August. Malaysia's ringgit fell nearly one per cent against the dollar, while South Korea’s won shed 0.8 [...]
Russian central bank slashes key interest rate June 15, 2015 The Central Bank of Russia has slashed its main interest rate by one percentage point to 11.5 per cent, amid a strengthening currency and inflation risks. It's slowed the pace at which it was cutting rates – the central bank cut the main interest rate by two percentage points in January, one percentage point in March and [...]
A lesson from Putin: Three Ps to stay in power – pride, propaganda and perspective July 17, 2015 Western sanctions over the Ukraine crisis, the tumbling price of a vital commodity, and a currency in freefall with record high interest rates. Russia’s economy has leaped from one catastrophe to another. Yet one thing remains: President Vladimir Putin holds the reigns. Putin’s approval rating is now at a record 89 per cent. And while [...]
Oil prices sink below $50 a barrel as petrol costs tumble January 5, 2015 Boost for motorists and airlines as petrol costs tumble… yet the speed of black gold’s collapse spooks global markets. The price of oil slid further yesterday, providing a boon to motorists and fuel-dependent industries, yet contributing to market turbulence throughout the world. American crude crashed below $50 a barrel during trading, while benchmark Brent tumbled under [...]
Shoreditch, the Cereal Killer cafe and why everything you think you know about gentrification could be wrong September 27, 2015 One of London's most controversial shops the Cereal Killer cafe has been targeted by protesters marching against gentrification. The shop which serves up only dishes of breakfast cereal for around £3.20 a pop was graffitied with the word "scum", while protesters shouted and threw cereal and paint at the store front on Brick Lane. Cereal [...]
Apple is now worth more than the entire Russian stock market November 14, 2014 An interesting viewpoint from Bloomberg this afternoon, whose chart of the day shows how Apple is now bigger than the whole of the Russian stock market. (Source: Bloomberg) Thanks to various factors, including sliding oil prices and sanctions from Western economies against Russian companies, the value of Russian shares has fallen $234bn (£150bn) this year, reckons Bloomberg. [...]
L1 Energy looks into UK North Sea asset sale May 10, 2015 THE NORTH Sea is likely to undergo significant change over the next few years, as a number of the big players move to offload their interests in the region. L1 Energy, a subsidiary of Russian tycoon Mikhail Fridman’s Letter One Group, is reported to have appointed Morgan Stanley to advise on the sale of its [...]