It’d be a Christmas miracle if the chancellor delivered on these three festive reforms December 16, 2016 While Philip Hammond hasn’t been chancellor for long, he has already adopted George Osborne’s style of giveaways – the gifts aren’t simply bought by taxpayers, but are often funded by taxpayer money that hasn’t been raised yet. Of course, this kind of gift-giving rarely places the goods in the hands of the people who need [...]
Net profit at Rosneft plunges more than 70 per cent as weak Brent crude oil price continues to bite November 11, 2016 Russia's largest oil producer, Rosneft, has become the latest firm to report a hit from weak oil prices in the third quarter as net profit at the group plummeted 71 per cent. The figures Net income attributable to Rosneft's shareholders in the third quarter slid to 26bn roubles (£325m), driven by lower operating profit, while earnings before [...]
E-cigarettes: British Medical Journal study links vaping to quitting smoking September 14, 2016 The vaping community has been given another boost after a study published by the prestigious British Medical Journal has said the growth of e-cigarettes in England has been associated with a higher rate of successful attempts to quit smoking. Last year, e-cigarettes may have resulted in around 18,000 people becoming long-term tobacco quitters. "Although these numbers [...]
Oil price gush lifts FTSE close to a record high October 11, 2016 Oil prices hit a 14-month high and the FTSE 100 recorded its second-highest close on record yesterday after Vladimir Putin suggested Russia would take part in a production cut alongside the Organisation of the Petroleum Exporting Countries (Opec). The Russian President told the World Energy Congress in Istanbul he supported the agreement reached by Opec [...]
IEA oil prices: Demand for oil is falling lower than expected October 13, 2015 Oil’s slump could be deeper than forecast, as oil demand is set to plunge further than previously expected. More bad news for oil producers: Until now, crashing oil prices have kept demand afloat. But that’ll come tumbling down too by next year, according to a new forecast from the International Energy Agency. The agency is [...]
Oil shakes off losses after Saudis hint at action to stabilise crude market August 11, 2016 Oil prices jumped today after Saudi Arabia said Opec could take action to stabilise crude markets. Saudi energy minister Khalid al-Falih said the Organisation of Petroleum Exporting Countries and non-Opec members would discuss the current situation, and whether there was a need to stabilise prices, at an informal meeting on 26-28 September. Fears that the market [...]
Think tank’s report slams UK’s obsession with inequality, saying it is based on misconceptions May 23, 2016 The UK's obsession with inequality is in our collective imagination, as many people are far better off than they were just a few decades ago, a report out today argues. The research paper by the Institute of Economic Affairs (IEA) illustrates that income equality has been relatively stable for the last 25 years, while wealth [...]
OPEC’s celebrated and unexpected deal has papered over the market’s cracks December 8, 2016 The outcome of the Vienna meeting came as a pleasant surprise to oil markets. A deal had been hammered out and, despite the resistance, OPEC and Non-OPEC producers had agreed to cut a total of 1.8mbpd. Saudi Arabia − suffering from a major dent in its economy− has agreed to the largest cut. OPEC producers [...]
Oil prices: IEA suggests global oil stockpile has hit record high as demand soars to five-year high November 13, 2015 The world’s oil inventory has soared to new record levels, according to the latest report from leading energy forecaster International Energy Agency (IEA), which shows stockpiles reaching an unprecedented 3bn barrels. The record high comes as plunging oil prices have sent demand soaring to a five-year high, the forecaster writes in its monthly report: Stockpiles [...]
Investors suddenly think that we’ve seen the worst of the oil price slump October 19, 2016 Oil speculators and a few major investment banks have suddenly turned bullish on crude prices, betting that the rally above $50 per barrel has more room to run. "Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4Q14, confirming that inventory [...]