Gatwick Gusher confirms “particularly valuable” licence extension July 5, 2016 UK Oil & Gas (UKOG) today confirmed a series of licence changes that will pave the way for further exploration across four of its UK sites. The company behind the Gatwick Gusher announced that the Oil and Gas Authority had approved the widely-expected changes. It was a decision that executive chairman Stephen Sanderson described as [...]
Before the bell: What you need to know before the US market open July 5, 2016 The Bank of England has slashed its capital requirements for UK banks, the pound is at a new 31 year low, and Australia's central bank has held interest rates unchanged at 1.75 per cent. Here's what you need to know before the US open at 2.30pm London time. US futures are pointing south after coming back from [...]
Oil slips below $50 per barrel as global economic storm clouds gather July 5, 2016 The oil price has dipped below $50 per barrel as investors fret over a potential slowdown in global economic growth. It's feared that a global slowdown could result in a slackening in demand and recent supply outages in Nigeria and other exporting nations have not been enough to offset fears. At pixel time Brent crude was [...]
Strong demand for government debt in first post-referendum bond auction July 5, 2016 The UK government dipped its toe back into the waters of the global debt markets today, selling £2.5bn of bonds at record low interest rates in the first auction since the referendum. The debt, which came with a five-year maturity, will yield just 0.38 per cent in a sign investors are still keen to lend to [...]
Carney loosens grip around banks and unlocks £150bn for UK economy July 5, 2016 The Bank of England has slashed its capital requirements for UK banks, paving the way for an extra £150bn to be pumped into the UK economy, in its latest efforts to stop the UK spiralling into a post-referendum crisis. In a widely expected move, the Bank’s Financial Policy Committee (FPC) cut one of its extra [...]
At the open: Sterling sell-off starts again as weak economic data trickles in July 5, 2016 After a week-long hiatus, sterling resumed its downwards drift again this morning, tumbling against the dollar and the euro overnight as the post-referendum rally showed signs of faltering. The pound lost 0.7 per cent against both the major currencies to stand at $1.3187 and €1.1832 as the markets opened in London. That's a fresh 31-year low [...]
The Libor trial could be a turning point for SFO July 5, 2016 The UK's fraud squad has had a rough ride in recent years. Wave after wave of criticism has battered its modest West End headquarters, especially since the botched investigation into property tycoon Vincent Tchenguiz. Just over four years have passed since the Serious Fraud Office (SFO) admitted that there were “no longer reasonable grounds” for pursuing [...]
Brexit has driven down bond yields – and it’s hurting pension funds and banks July 5, 2016 The idea of loaning a government money for no return is absurd. But that’s what’s happening in five European countries, and at some multi-nationals. Investors have been loaning them money for next to nothing, and in some cases even paying for the privilege of buying up the debt. So-called negative yields have been creeping across Europe [...]
Business confidence falls “off a cliff” in wake of EU vote July 5, 2016 Business confidence has been rocked in the aftermath of the EU referendum, with the number of firms feeling down about the economy doubling in the week after the vote. Almost half of all firms – 49 per cent – told YouGov and the Centre for Economics and Business Research (CEBR) they were pessimistic about short-term [...]
Big firms suffer as investment banking fees plunge 23 per cent in first half of 2016 July 4, 2016 Investment banking (IB) fees plunged by more than a quarter in the UK and Ireland in the first half of 2016, new figures show. Global fees for the six-month period were $37.1bn (£27.9bn), down 23 per cent on the same period in 2015, according to Thomson Reuters. This was the lowest first-half figure since 2012. And the [...]
