What’s behind the recent surge in oil prices? March 8, 2021 Global oil prices briefly rose above $70 today, their highest levels since January 2020, as the recent market rally continued apace. Although cooling later in the day, the spike saw prices hit peaks not seen since the US assassinated Iranian general Qassim Soleimani at the beginning of last year. And once again, it was security [...]
Claims against top City law firm Dechert ‘the stuff of conspiracy theories’ May 25, 2021 Allegations that a top City lawyer leaked confidential information about a Kazakh mining giant under investigation for alleged corruption are “the stuff of conspiracy theories”, the High Court has heard. Eurasian Natural Resources Corporation (ENRC) is suing its former lawyers and the Serious Fraud Office over an SFO investigation into claims of bribery, corruption and [...]
Markets shift into neutral gear ahead of heavyweight data April 13, 2021 Financial markets look to be shifting into neutral gear ahead of heavyweight data starting with China’s Trade Balance due shortly, UK GDP this morning, US CPI this evening, and the start of earnings season in the US, led by big banking. “Wall Street went nowhere overnight, the US 10-year Note auction passing without incident, leaving [...]
Behind the OPEC standoff: Saudi Arabia, the UAE and the rush to decarbonise in the Middle East July 13, 2021 The breakdown of talks between the OPEC+ group of oil producers last week came down to disagreements between Saudi Arabia and the UAE. The two often time allies have found themselves on opposite sides of the fence over production levels of oil, a running source source of tension that has come to the fore more [...]
‘Memory affected by long Covid’: Top City lawyer denies lying under oath July 9, 2021 City lawyer Neil Gerrard rejected the notion he lied under oath during a multimillion-pound High Court trial after text messages emerged suggesting he knew one of his client’s senior employees was secretly giving evidence to investigators. Gerrard and his firm Dechert represented Kazakh mining giant Eurasian Natural Resources Corporation (ENRC) between 2011 and 2013, investigating [...]
George Osborne hits out at Tory ‘hotheads’ who want UK-China ‘Cold War’ March 17, 2021 George Osborne has praised Boris Johnson for “seeing off the hotheads” in the Tory party who are calling for a more aggressive UK stance toward China. Osborne said he saw “a lot of continuity” between Johnson’s China policy, announced in yesterday’s integrated defence and foreign policy review, and his and David Cameron’s, which built stronger [...]
All the amber list countries you can now summer holiday in (if you’re vaccinated) July 8, 2021 Summer holidays are back on for millions of Brits as the government today scrapped the need for those who have been fully vaccinated to quarantine on return from “amber list” countries. The widely-trailed change to the international travel rules, which transport secretary Grant Shapps confirmed in a statement to Parliament today, opens up the chance [...]
World Uyghur Congress hits out at City of London Corporation’s China stance May 14, 2021 A non-profit group representing the world’s Uyghur Muslims has accused the City of London Corporation’s bosses of siding “with oppressive Chinese forces” for not holding Beijing to account for its human rights abuses. The World Uyghur Congress sent a letter, seen by City A.M., to City of London Lord Mayor William Russell and the powerful [...]
North Sea explorers get boost as US clamps down on Iran oil exports April 23, 2019 Toughened sanctions against Iran helped push up oil prices over the weekend, lighting a fire under London-listed exploration companies today. The cost of international standard Brent crude has risen 2.9 per cent over since Friday, hitting $74.68 per barrel – its highest point since October. Read more: FTSE 100 climbs to fresh six-month high as [...]
Oil prices rise as Saudi oil tankers attacked near volatile Iran-monitored shipping route May 13, 2019 Oil prices ticked up this morning as one of the world’s largest producers, Saudi Arabia, said two tankers carrying its oil were attacked in the Gulf of Oman, despite tensions between the US and China exerting downward pressure. On Sunday Emirati authorities confirmed that four ships had been sabotaged at a port near the Straits [...]