Brent tumbles after Opec fails to agree an oil production ceiling June 2, 2016 Oil tumbled after the Organisation of Petroleum Exporting Countries (Opec) failed to agree a production ceiling at a widely watched meeting in Vienna today. Brent crude, the international benchmark, plunged 1.3 per cent to $49.1 per barrel. It had climbed above the $50 mark this morning, hitting its highest level in a week. West Texas [...]
EasyGroup boss Sir Stelios Haji-Ioannou slams Fastjet for reporting 2015 results “two months late” June 2, 2016 Entrepreneur Sir Stelios Haji-Ioannou has issued another attack on African budget airline Fastjet, over its financial results for 2015, which were released earlier today. The low-cost carrier reported that revenue grew 21 per cent to $65.1m (£45.1m) from $53.8m in 2014, and also said it had narrowed its post-tax loss for the year to $16.9m from $58.5m. Haji-Ioannou, whose [...]
Turbulent year hits African budget airline Fastjet June 2, 2016 London-listed African budget airline Fastjet said a poor financial performance in 2015 had overshadowed its progress with plans to dominate the region's low cost air travel market. The figures Revenue grew 21 per cent to $65.1m (£45.1m) from $53.8m in 2014. The company narrowed its post-tax loss for the year to $16.9m from $58.5m. Fastjet also [...]
Iran says it won’t support a production cap as tensions mount ahead of Opec meeting June 2, 2016 Tensions are mounting ahead of today's meeting of the Organisation of Petroleum Exporting Countries (Opec), as Iran and Saudi Arabia look set to battle it out over a proposed new cap on oil production. According to Opec sources, Saudi Arabia will propose a new output ceiling at today's meeting in Vienna, in an attempt to [...]
As North Korea hails him as wise and far-sighted, does Donald Trump pose a threat to world peace? June 2, 2016 Chad Wilcox, chief operating officer at the Institute of Economic Affairs, says Yes. Donald Trump certainly poses a threat to world peace, though not for the reasons you might initially think. Libertarian political satirist PJ O’Rourke endorsed Hillary Clinton purely out of fear of Trump, warning, “they’ve got this button, you know? It’s in a briefcase. [...]
Brits splash out two and a half months’ salary on family hols June 2, 2016 The average British family will spend two and half months’ wages on their summer holiday, according to new research. A family of four will spend an average of £1,074.40 per person on an annual break – equal to one breadwinner’s after-tax pay total for two and a half months’, based on the average wage of [...]
Donald Trump is coming to visit the UK later this month – and his timing couldn’t be more awkward June 1, 2016 Donald Trump is to visit the UK this month as part of a trip marking the opening of his Scottish golf resort – with pretty awkward timing. Now the presumptive Republican nominee for the US presidency, Trump will visit on June 24 – one day after the EU referendum. City A.M. understands there no plans for [...]
Could champagne hold up TTIP? Francois Hollande has vowed not to sacrifice protected status as part of the deal June 1, 2016 French wines and cheeses could prove to be a sticking point in the Trans-Atlantic Trade and Investment Partnership (TTIP), according to the French President Francois Hollande. The president insisted France will not sacrifice any of its geographically protected labels, which include sparkling wine produced in the region of Champagne, as part of the free trade [...]
There are 2m barrels of oil stuck in the Caribbean sea because Venezuela can’t afford to pay BP June 1, 2016 Four oil tankers carrying more than 2m barrels of oil are stuck in the Caribbean sea because of cash-strapped Venezuela. The cargo of US crude oil cannot discharge at a terminal there until it’s been paid for by Venezuela's state-owned oil company, PDVSA. The firm initially offered to pay for the imports with Venezuelan oil, but negotiations [...]
As France’s dispute over labour market reform intensifies, has the country become ungovernable? June 1, 2016 Dr Dylan Kissane, who works at DOZ in Lyon, France, says Yes. France is in the midst of a fuel shortage, widespread transport shutdowns, and a wave of increasingly violent anti-reform protests culminating recently in the firebombing of an occupied police vehicle. Clashes between riot police, masked demonstrators, and burning cars are now commonplace on the [...]