Brexit vote live: MPs vote to delay Brexit by extending Article 50 beyond 29 March March 14, 2019 Hello and welcome to City A.M.’s Brexit live blog for the second of potentially three huge votes on the UK’s departure from the EU. Prime Minister Theresa May was defeated in the House of Commons in a second vote on her Brexit deal on Tuesday, losing by 391 votes to 242. Last night, MPs voted [...]
Central bank gold buying hits highest level since 2015 amid market volatility and currency weakness November 1, 2018 Central bank gold buying hit its highest level since 2015 in the third quarter as demand rose on stock market volatility and currency weakness. The World Gold Council reported that central bank gold reserves grew 148.4 tonnes, up 22 per cent year-on-year as more countries bought the commodity. A four-month trend of gold outflows was [...]
UK at ‘maximum uncertainty’ over Brexit but businesses ready to ‘unleash’ demand rebound, Carney says November 1, 2018 The UK has reached the "maximum point of uncertainty" on Brexit but businesses could "unleash" a rebound in demand and investment once clarity arrives, the Bank of England governor has said. His comments came after the bank's monetary policy committee (MPC) indicated interest rates may rise at a quicker pace in the coming year in the [...]
Bank of England’s monetary policy committee keeps interest rates unchanged November 1, 2018 The Bank of England's monetary policy committee has decided to keep interest rates unchanged as expected. The rate-setting committee, which raised rates to 0.75 per cent in August, unanimously voted to hold its monetary policy following a meeting on Thursday, meeting the predictions of economists. The MPC signalled that an "ongoing tightening of monetary policy" may be [...]
UK manufacturing orders fall for first time since aftermath of Brexit referendum and growth slows November 1, 2018 New orders and employment in the UK manufacturing sector have dropped for the first time since July 2016 in a “worrying turnaround” in October. Conditions in the sector “slowed sharply” as output growth weakened and new order inflows and employment declined for the first time since the aftermath of the EU referendum, according to the [...]
Shale fail: BHP to return $10.4bn to shareholders after selling US shale assets to BP November 1, 2018 BHP has revealed plans to return $10.4bn (£8.1bn) to shareholders after the sale of its US shale assets to BP. The deal – BP's largest acquisition in two decades – was confirmed on Wednesday after being agreed in July. Anglo-Australian miner BHP announced its arrival on the shale market in 2011 buying fields in Texas [...]
Shell enjoys one of its ‘strongest ever quarters’ on oil price rise November 1, 2018 Shell reported a 37 per cent profit rise to $5.6bn (£4.35bn) as higher oil prices helped the company to one of its strongest ever quarters. The figures The oil giant reported cash flow of $12.1bn from its operations in the three months to the end of September, a 59 per cent on the previous same [...]
City A.M. shadow MPC unanimously votes to hold rates amid ‘Brexit fog’ October 31, 2018 Economists have urged the Bank of England to keep interest rates on hold at least until the “Brexit fog” has cleared. The bank's monetary policy committee (MPC) will meet on Thursday and is expected to leave rates unchanged at 0.75 per cent despite stronger-than-expected GDP growth and pay growth at its highest in almost a [...]
Book to inspire women into UK’s offshore oil and gas industry October 31, 2018 A book to inspire young women to pursue a career in the UK's offshore oil and gas industry will be published later this week. The book contains profiles and interviews with high profile women across the sector to encourage young women to move into the sector. It is written by Katy Heidenreich, the operations optimisation [...]
Global stock markets rise from the dead as Halloween surge raises spirits October 31, 2018 Global stock markets have risen from the dead as a Halloween surge treated investors at the end of a terrifying month of losses. The FTSE 100 climbed 1.6 per cent to a three-week high on Wednesday to raise spirits after an October which has spooked investors. The pan-European STOXX 600 index rose 1.7 per cent [...]
