Tumbling brent crude prices plunge UK oil services sector into “unknown territory” February 9, 2016 Tumbling oil prices have plunged the UK oil services sector into "unknown territory", leading many companies to forecast a significant fall in earnings. Advisory firm E&Y's fifth annual review of the UK oilfield services sector said growth gave way to decline last year. The top 100 oilfield services companies are forecast to have shrunk by 18 per cent [...]
Brexit may push UK into recession and lower house prices, City economists warn February 9, 2016 A BREXIT could push Britain into recession, cause inflation to skyrocket and slash house prices, City analysts warned today. Nomura economists said that an exit from the European Union could drastically damage investor perception of the country and thus weaken the economy. In the event of a Brexit, overseas investors could shy away from financing [...]
Insurers are getting better at looking after data but there’s still some way to go, finds Prudential Regulation Authority report February 9, 2016 Insurance companies are getting better at the way they handle and protect data, but there are still some areas they fall short in. According to a report released today by the Prudential Regulation Authority (PRA), the insurance industry has seen "steady" improvement since the financial services watchdog published a study on the issue of data use [...]
Goldman: Aluminium, copper and gold prices to recover more slowly than oil prices February 9, 2016 Goldman Sachs has warned metal markets will recover more slowly than the stricken oil sector, despite metal prices outperforming crude over the past 20 months. The Wall Street stalwart said metals have higher closure costs, slower "decline" rates and near infinite storage capacity, meaning supply side adjustments take longer compared to shale gas. Metals are also more heavily exposed [...]
Two more years for Serious Fraud Office’s director David Green: Attorney general announces contract extension and legal experts share their thoughts February 9, 2016 The director of the Serious Fraud Office (SFO) has today had his contract extended by two years, despite the varying successes of his department over the last year. David Green, who was appointed to his position in April 2012, would have seen his fixed-term role end this April had it not been extended until 2018. "I am [...]
Brent crude and WTI: IEA warns of “false dawn” over oil price optimism February 9, 2016 The International Energy Agency (IEA) has warned that recent optimism over the future direction of oil prices could in fact be a “false dawn”. The Paris-based organisation said it has “major doubts” over the five drivers of a recent bounce in oil prices, leading to a revision of its forecast for future oil output. It trimmed [...]
Worries over German economic growth after industrial production dives February 9, 2016 German industrial production suffered a sharp dip in December, raising fears over economic growth in the Eurozone's biggest economy. Industrial production dropped by 1.2 per cent in December compared with the previous month, German statistical office Destatis said this morning. Manufacturing output contracted by 1.1 per cent, with a big decline in capital goods – goods [...]
UK trade deficit widens in 2015 but outlook is bright for exports February 9, 2016 The UK's trade deficit – the amount it imports over what it exports – widened last year. The deficit widened by £0.3bn to £34.7bn, the Office for National Statistics said this morning. Britain ran a £125bn trade deficit in goods compared with a £90.3bn surplus in services. However, the widening in the trade deficit was [...]
Interest rate hike more unlikely as Bank of England’s Sir Jon Cunliffe signals lending restrictions February 9, 2016 The Bank of England is likely to tighten lending restrictions rather than raise interest rates if the growth rate of credit exceeds that of GDP, a Bank official has said. Sir Jon Cunliffe said: “Given the vulnerability that already exists and the powerful drivers in the UK, particularly in the housing market, if credit began again to [...]
Mind the skills gap: Skills shortages mean just three per cent of companies are capable of delivering their own strategies with their existing in-house team, hindering growth February 9, 2016 Skills shortages are now so serious at UK companies that less than one in 20 are able to successfully keep pace with their own strategy. According to a study released today by business transformation consultants Moorhouse, 97 per cent of the FTSE 250 board members and direct reports surveyed felt they needed new or additional skills [...]
