Nearly 20 per cent of London households are in debt after paying for essentials February 24, 2016 Nearly one in five London households end up in the red on a monthly basis after paying for essentials, according to new data. Figures from Scottish Friendly also found that after buying essentials such as housing, energy, water, groceries and transport, the average London household has just £934 left per month to save or use [...]
North Sea oil on the “edge of a chasm” as plunging oil prices mean half will operate at loss this year, Oil & Gas UK warns February 23, 2016 North Sea oil firms are operating on the brink of collapse, with nearly half of all oil fields on the continental shelf likely to operate at a loss this year, a new report has warned. Oil & Gas UK's annual survey of the sector found that while operating costs have been driven down, it is [...]
Oil prices: Is the age of oil coming to a close? Some say Saudi Arabia’s pumping out black gold because it knows its days are numbered February 18, 2016 It's the conspiracy theories around why Saudi Arabia is keeping oil prices low that make the saga so intriguing. Data shows the Saudis have raised their monthly production levels throughout this spell of cheap oil. The desert kingdom has been blessed with abundant, easy to access reserves of black gold, which are believed to cost around [...]
Saudi-Russian pledge to freeze oil production may be smoke and mirrors February 16, 2016 Stop press!! Saudi Arabia and Russia have agreed to freeze oil output!! At first glance, the remarks at today's meeting in Doha were hugely significant, coming both from the notoriously stubborn leader of the Opec cartel and one of the largest non-Opec producers in the world. Opec members Qatar and Venezeula, who were also at [...]
ONS consumer price index: Motor fuel helps send UK inflation up by 0.3 per cent in January February 16, 2016 Petrol prices helped Britain's annual inflation rate inch up to a 12-month high in January, figures released by the Office for National Statistics (ONS) today showed. The consumer price index (CPI) rose 0.3 per cent in the year to January, up from 0.2 per cent in December, and in line with economists' expectations. This means prices rose 7.9 per cent [...]
George Osborne’s National Living Wage is a tax on employers hiring low-skilled workers February 16, 2016 A tip for the chancellor: if you want to save some easy money, slash your own propaganda budget. In London, we seem to be inundated with bus station ads championing what many consider to be misguided housing policies and by others highlighting the introduction of the new “National Living Wage” of £7.20 from April. It [...]
UK steel crisis: Steel industry attacks business secretary Sajid Javid, saying it was “galling” to rule out higher tariffs for Chinese steel February 10, 2016 Business secretary Sajid Javid rejected calls for higher tariffs on Chinese steel today, less than one week after signing a letter with his counterparts from France, Italy, Germany, Poland, Belgium and Luxembourg demanding that the European Commission "use every means available and take strong action" in response to "unfair trade practices". Javid told MPs on the Business, Innovation [...]
Tullow Oil’s share price falls despite losses narrowing last year in the midst of falling oil prices February 10, 2016 Tullow Oil shares fell today, despite the company reporting that losses narrowed last year as the company said it's begun to renegotiate its debt with lenders. The Africa-focused oil group's share price was 7.43 per cent down, at 149.5p in mid-morning trading. [charts-share-price id="81"] Tullow warned that "banking discussions with regard to March 2016 re-determination have begun," as it reported that it finished [...]
Britain needs a free market energy revolution to keep the lights on February 5, 2016 Over the past decade and a half, Britain’s energy bills have soared. When wages stagnated and demand fell, electricity prices kept going up. Even the recent oil price collapse has barely cut household bills. Why? Politicians like to point the finger at the big six energy providers. They accuse the suppliers of acting like a [...]
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 [...]