Weak Chinese inflation points to more government stimulus April 11, 2016 At the start of a data-heavy week for the Chinese economy, the latest inflation figures, released this morning, provided few clues about the health of the world’s second largest economy. Prices for Chinese households grew by 2.3 per cent on the consumer prices index (CPI) measure of inflation over the 12 months to March, “a [...]
Row over BP boss Bob Dudley’s pay ramps up April 11, 2016 The row over BP chief executive Bob Dudley's pay packet stepped up a gear today, after shareholder advisory group ShareSoc urged its members to vote against the oil major's remuneration report. It comes amid rising ire among shareholders and advisors about Dudley's $19.6m (£13.9m) compensation package for last year. Read more: BP's Bob Dudley banks $19.6m despite losses BP wants to [...]
City workers warned over looming job losses, bonus cuts, and hard times in the square mile April 11, 2016 Workers in the square mile should brace for deep cuts to both bonuses and jobs with economists warning that faltering deals, stalled IPOs and market difficulties will take an extreme toll on the City over the coming months. No fewer than five separate bodies have issued downbeat forecasts about the state of London's dominant banking [...]
Qatar invites all Opec members to April talks April 10, 2016 Qatar has extended invitations to all members of the Organization of the Petroleum Exporting Countries (Opec) to join talks over freezing output at January levels. The meeting, set for 17 April, will also be attended by non-Opec Russia, with other major producers also invited. “The need has become an urgent matter to bring back balance [...]
IMF: Global economy needs negative interest rates, despite massive side effects April 10, 2016 Negative interest rates are the right policy for the world economy, the International Monetary Fund (IMF) has said, though it has warned central bankers and policymakers to stay vigilant about the potential for the “unprecedented” policy to cause significant side effects. A study published ahead of the IMF’s spring meeting in Washington DC alongside the [...]
Bank of England set to keep interest rates at 0.5 per cent – again – this week April 10, 2016 The Bank of England will keep interest rates on hold for the 85th month in a row when it meets on Thursday, economists and analysts have predicted. Interest rates, which are set by the nine-strong Monetary Policy Committee (MPC), made up of governor Mark Carney, a number of senior Bank officials and some external figures, [...]
Moody’s downgrades Shell due to BG acquisition April 9, 2016 Moody's has slashed Royal Dutch Shell's credit rating, citing the impact of its £36bn acquisition of smaller rival BG on its leverage. The two companies merged on February 15, creating the world's second-biggest publicly-traded oil and gas company measured by market cap. But the credit ratings agency warned today that it has left Shell with increased leverage, leading [...]
FTSE 100 closes at a new 2016 high after commodities rally April 8, 2016 The FTSE 100 caught the Friday feeling today, closing at a high for the year after bouncing off some upbeat commodities stocks. The bluechip index clocked out for the week at 6,204, up 1.1 per cent and its highest close since jolly New Year's Eve traders-cum-revellers saw it hit 6,242 on the final day of last [...]
Tullow Oil share price slides as it confirms damage to Ghana field April 8, 2016 Tullow Oil will suffer reduced oil output due to a damaged ship at its Jubilee field in Ghana, however the company assured it won't have a "material impact" on revenue. The FTSE 250-listed oil explorer expects production to restart in two weeks, but under revised conditions. And it'll still take time to ramp up, Tullow added. The company will re-issue [...]
Bank of England insider appointed new chief executive of the Prudential Regulation Authority (PRA) April 8, 2016 Sam Woods has been appointed the new chief executive of the Prudential Regulation Authority (PRA), the Bank of England announced this afternoon. Woods, who is currently executive director for the Bank's insurance division, will take over from the outgoing Andrew Bailey on 1 July 2016, and will have ultimate responsibility for supervising banks, building societies, insurers and investment [...]
