Brent crude oil just broke $55 for the first time since July 2015 December 5, 2016 Brent crude oil shot above $55 per barrel today as oil traders continued to celebrate Opec's agreement, after months of in-fighting, to put a cap on production. Global benchmark Brent crude rose as high as $55.33 per barrel in late morning trading, up more than 1.4 per cent, though it dipped 0.3 per cent to $54.30 by the [...]
Venezuela introduces new higher-value notes in response to the world’s highest rate of inflation December 4, 2016 Venezuela’s central bank has announced that it will introduce a new set of coins and notes as the country with the world’s highest inflation struggles to make its currency usable. Six new bills will enter circulation from 15 December, ranging in value from 500 Venezuelan bolivars up to 20,000 bolivars. This means the highest-value note [...]
China has hit supercar owners with a 10 per cent tax as it cracks down on luxury December 1, 2016 China's crackdown on luxury just went up a gear. It's imposed an additional 10 per cent tax on super cars, so the likes of Bentley, Rolls-Royce, Aston Martin and Ferrari are all affected. The tax will be applied to cars costing more than 1.3m yuan (£151,024) and is part of an effort to clamp down [...]
Autumn Statement TL;DR? Here’s our at-a-glance guide November 23, 2016 Chancellor Philip Hammond spoke for around an hour while delivering today's Autumn Statement. If you don't have time for that, here's our at-a-glance overview of the announcements you need to know: Economics, public spending and politics The Office for Budget Responsibility (OBR) forecast for growth increased to 2.1 per cent, up from two per cent, for 2016, but [...]
Autumn Statement 2016: Here’s how analysts have reacted to Philip Hammond’s speech November 23, 2016 Here's how analysts have reacted to chancellor Philip Hammond's first – and last – Autumn Statement. National Living Wage hike Guy Stallard, director at KPMG, said: Today’s announcement will see a significant number of workers aged 25 and above get a pay rise of 30p an hour to £7.50 from next April. This may seem [...]
No new support for North Sea oil and gas industry announced in Philip Hammond’s Autumn Statement November 23, 2016 The government will continue to deliver its pre-existing commitments to the North Sea oil and gas industry, but has not made any significant new pledges to boost the ailing sector. To help provide a "stable tax regime" to the UK's biggest oil-producing region, the government said it "recommits" to its long-term 'Driving Investment' plan for the [...]
Five of the Big Six energy firms have hiked their cheapest fixed-rate tariffs since September, according to uSwitch November 23, 2016 Five of the UK’s Big Six energy suppliers have hiked the price of their cheapest fixed-rate tariffs since September, according to data from uSwitch. On average, the UK’s major energy companies have increased their rates by an average of £129, around 16 per cent, driven by a rise in wholesale prices. The Big Six firms consist [...]
The growth of electric vehicles won’t make much impact on the global demand for oil November 22, 2016 Chevy is about to release its all-electric Bolt. Tesla will soon put its Model 3 on sale. More than a dozen additional EV models will be launched in the next few years. Battery costs are falling fast, making EVs close to becoming cost-competitive with the internal combustion engine. Yet, oil demand will continue to rise, [...]
Fuel duty should be cut, not frozen, in the Autumn Statement, urges campaign group FairFuelUK November 22, 2016 An expected fuel duty freeze in tomorrow's Autumn Statement should be switched to a 3p-per-litre cut that would add £850m to the UK economy next year, campaign group FairFuelUK has urged. Chancellor Philip Hammond is thought to be scrapping a planned 2p-per-litre rise in fuel duty, due to come into force in April, and will [...]
Prime Minister Theresa May is taking aim at the wrong energy target in tariffs: she should go after green levies and smart meters November 22, 2016 Prime minister Theresa May appears to be limbering up for a three-pronged attack on “rip-off” energy firms, broadband providers and housebuilders that stockpile land. On the energy front, speculation has been mounting that the so-called big six energy firms will soon be told to offer fewer, simpler tariffs and make switching suppliers easier for families [...]