Russia’s Gazprom moves to quash Saudi-style gas price war speculation May 31, 2016 Russian export monopoly Gazprom has moved to quash speculation that it could start a price war in the European gas market. Analysts, industry experts and commentators have argued Russia, which supplies about a third of Europe's gas via pipelines, could cut its prices in response to higher cost US liquefied natural gas shipments. Such a move would [...]
EU court opinion supports corporate headscarf ban May 31, 2016 Companies can ban Muslim staff from wearing headscarves if the rules are part of a general prohibition on religious symbols in the workplace, according to the European Court of Justice. The court has published the non-binding opinion in connection with a case taken by former G4S employee Samira Achbita, a Muslim woman who was fired by [...]
European business leaders sign letter in support of EU May 31, 2016 The leaders of some of Europe's biggest businesses have today issued a letter in support of the European Union, ahead of the upcoming UK referendum. All 51 members of the European Round Table of Industrials signed the letter, which said that an unravelling of the Single Market and the rules governing 28 countries "would reduce, [...]
EU Commission president Jean-Claude Juncker to visit Russia one week before EU referendum May 30, 2016 Europe's top official, Jean-Claude Juncker, is set to meet the Russian president Vladimir Putin in June during his first visit to Russia since the Ukraine crisis, it was confirmed today. Juncker, president of the European Commission, is set to attend the St Petersburg International Economic Forum on 16 June – just one week before the UK's referendum – where he will [...]
Donald Trump could pick a fight with Opec and the Paris climate deal May 27, 2016 From oil to greener energy sources, Donald Trump is unimpressed with the depth and breadth of the energy world, taking issue with both Opec and COP 21, the climate change agreement struck in Paris last year. Trump's advisors have suggested that he examine the Organisation of the Petroleum Exporting Countries' (Opec) role in the oil price slump [...]
China raises £300m in London as part of first ever overseas RMB bond May 26, 2016 China's finance ministry today issued a three billion yuan (£312m) international bond, its first ever outside China or Hong Kong. The bond, set to be listed on the London Stock Exchange, was managed by HSBC and China's finance ministry. In October last year, China's central bank debuted on London markets with the sale of its first [...]
What Saudi Arabia’s new economic vision means for Opec’s June meeting May 26, 2016 Is Saudi Arabia likely to unshackle itself from oil dependency any time soon? Our view is — not. Determined to overcome its oil revenue dependency, the gulf state's deputy crown prince, Mohammed bin Salman, has pledged to implement Vision 2030. It includes an ambitious programme to diversify Saudi’s economy, treble non-oil revenues to $100bn (£68bn) by [...]
French strikes spark confrontations between police and protestors May 26, 2016 Tens of thousands of demonstrators took to the streets, smoke bombs were thrown and arrests made amid protests over new labour laws by the French government. Their grievances centre on the government's proposed reforms to employment laws, which make it easier for firms to hire and fire. Prime Minister Manuel Valls said some tweaks could be [...]
Hillary Clinton is the favourite, but one in six UK investors back Donald Trump May 26, 2016 Donald Trump has left audiences aghast at his plans for what would happen should he win the keys to the White House later this year. Economically, politically and philosophically, analysts have said he is all over the place. A low-tax, small-government candidate, with a curiously protectionist economic agenda that would build metaphorical and literal walls around bits of the United States, [...]
Danish utility and wind farm developer Dong Energy sets IPO price range May 26, 2016 Dong Energy, the Danish state-controlled utility, has set its indicative price range for its planned initial public offering (IPO). The firm's float price of 200 Danish crowns to 255 Danish crowns implies a market value of up to 106.5bn Danish crowns (£10.9bn). The flotation was previously expected to value the company around 80bn Danish crowns. Dong, which also develops [...]