Sterling could lose its reserve currency status after Brexit May 25, 2016 Sterling could lose its reserve currency status if the UK votes to leave the European Union, ratings agency Standard and Poor’s (S&P) has said today, in the latest warning about a currency crisis after Brexit. Analysts said that governments would turn away from the pound as a store of value if Britain votes to break [...]
Ashurst: Oil and gas firms gear up for wave of M&A activity as oil prices stabilise May 25, 2016 Oil and gas firms are gearing up for a wave of mergers and acquisitions activity which will sweep across the world this year. The industry expects deal volumes to swell by 50 per cent year-on-year in 2016, rising substantially on a three to five year horizon, according to a report released today by City law firm [...]
US crude oil inventories dropped sharply last week, data from the US Energy Information Administration shows May 25, 2016 US crude inventories dropped by 4.2m barrels in the week ending 20 May, a much bigger loss than was previously expected. Traders had been gearing up for a drop of around 1.7m barrels. Oil has been trading up all day, with US crude hitting a seven-month high overnight, and global benchmark Brent up 0.89 per cent [...]
The pound’s looking sound as it gains even more ground May 25, 2016 There's no doubt about it – the pound is tearing it up this week. Sterling smashed through another barrier this afternoon to stand at $1.4708, up another 0.5 per cent against the US dollar on the day and approaching one of its highest levels for the year. Read more: Sterling volatility just hit a seven-year high Against the euro, the quid [...]
Greek bailout deal: Details, reaction and next steps May 25, 2016 At 2am this morning, the final 'i's were being dotted and 't's being crossed on the latest stage of the multi-billion euro bailout of Greece. It may have felt like a slog for the finance ministers gathered in Brussels, but they have long memories, and the events of last summer – endless nights, referendums, broken promises [...]
Before the bell: What you need to know before the US market open May 25, 2016 Oil is climbing and China has fixed the yuan at its weakest level in five years. Here's what you need to know before the market open at 14:30 London time. The pre-market is pointing to a strong rise at the open. The S&P is up by 0.36 per cent, while the Nasdaq is up by 0.44 per cent. [...]
Calculator: How much does the UK contribute to the EU budget? May 25, 2016 Statisticians have fired another shot in the war with Brexit campaigners over how much the UK contributes to the European Union – with an online calculator. The Office for National Statistics (ONS) has this morning published a guide outlining what they feel are responsible estimates of how much the UK pays into the EU, one of the key battlegrounds [...]
Shell cuts 2,200 more jobs after its takeover of BG Group May 25, 2016 Royal Dutch Shell said today that it will cut an additional 2,200 jobs due to low oil prices and in the wake of its £35bn takeover of BG Group. This takes the total job cuts resulting from the integration of its smaller rival to at least 5,000 globally, including 475 job losses in the UK. Shell recently reduced its 2016 spending [...]
Opec boss warns world needs $65 oil to avoid price shocks May 25, 2016 The head of Opec has warned that the world "badly" needs $65 oil to avoid any future price shocks. Low crude prices have left firms with less cash to fund exploration, while producers pumping to the hilt has shrunk the global spare capacity margin. The has left markets increasingly vulnerable to production outages and soaring prices. [...]
This group of economists is scandalised by the IFS’ “£40bn fiscal black hole” Brexit report May 25, 2016 The Institute of Fiscal Studies (IFS) is generally regarded as pretty impartial, so the fact it issued a strong warning on the potential impact of Brexit – warning it could leave the Treasury with a £40bn fiscal black hole – has surprised some. Not least the esteemed members of Economists for Brexit, which this morning slammed the report. [...]
