Member Info for MY21

Exxon eyes deals after oil price falls US group “alert” to acquisitions despite 21% fall in earnings

Oil advances on US slowdown hopes Brent adds to Friday’s powerful surge in price

Official figures show that more than 77,000 homes had been bought under the Help to Buy scheme up to December 2014, with first-time buyers continuing to be the core beneficiaries of the support. According to the figures, 41,533 new build homes were bought through the equity loan element of the scheme, with 34,419 (83%) of those purchasers being first-time buyers. The mortgage guarantee element of the scheme helped 30,269 homeowners move on or up the ladder, while 5,588 sales were made through the NewBuy scheme. Sales have been strong across the country, with Wiltshire (748) seeing the highest number of Help to Buy purchases, followed by Leeds (669), Central Bedfordshire (650), Milton Keynes (567), Peterborough (564), and Birmingham (527). In total, 94% of all Help to Buy sales were outside London, indicating that the support is largely going to where it's needed. The scheme has also helped fuel housebuilding activity, said housing minister Brandon Lewis, with housebuilding up 20% in the last year, standing at the highest levels seen since 2007. "The figures today show clearly that Help to Buy supports aspiring homeowners and is a key part of our drive to help hardworking people who want a home of their own," he said. "This, and today's industry figures showing 100,000 new housebuilding jobs created in just the last 18 months, show clearly that Help to Buy is a success."

Race to the bottom as mortgage rates dip closer to 1%: HSBC is set to introduce the cheapest fixed-rate mortgage on the market as intense competition continues to push down interest rates.

Property developers allowed to reduce affordable housing commitments: Housing developers in the U.K. could gain hundreds of millions of pounds in windfall profits under a new policy that lets them reduce contributions to building affordable housing or even avoid paying altogether, a council has claimed

BP to follow Shell in cutting spending: BP will on Tuesday unveil plans to slash billions of pounds off its capital spending programme in a bid to counter the impact of plunging oil prices and a 40% fall in its fourth quarter profits

Cheaper oil and food aid U.K. recovery: The U.K. economy has started the year on solid ground, as falling oil prices and benign inflation helped to end a period of slowing momentum, according to a respected business survey

Genel to part with founding CFO: Genel, the energy group led by former BP Chief Tony Hayward, is set to part ways with one of its Founders at a time when falling oil prices are hitting companies in the sector. Refiners say Keystone is route to oil independence: Republicans backing the Keystone XL oil pipeline say it would create thousands of jobs in an economy grappling with slow wage growth, but U.S. refiners supporting the project argue a more fundamental concern is at stake: American energy security.

The towns playing catch-up with London house prices: Towns and cities across Britain are suffering from an identity crisis, with their housing markets behaving as if they were in London or one of the other affluent parts of the country.

UK M4 money supply advanced in December On a MoM basis, M4 money supply in the UK advanced 0.10% in December. M4 money supply had registered a revised similar rise in the prior month. UK net consumer credit advanced less than expected in December Net consumer credit registered a rise of £0.60 billion in the UK in December, compared to a revised advance of £1.20 billion in the previous month. Markets were expecting net consumer credit to advance £1.20 billion. UK number of mortgage approvals for house purchases recorded an unexpected rise in December In December, number of mortgage approvals for house purchases registered an unexpected rise to 60.30 K in the UK, compared to market expectations of a steady reading. In the previous month, number of mortgage approvals for house purchases had registered a level of 59.00 K. UK net lending to individuals advanced less than expected in December In the UK, net lending to individuals recorded a rise of £2.20 billion in December, compared to a revised advance of £3.10 billion in the preceding month. Markets were anticipating net lending to individuals to climb £3.20 billion.

At 0430GMT today, Brent crude oil one month futures contract is trading 2.87% or $1.52 lower at $51.47 per barrel, amid reports of strikes in US refineries. On Friday, the contract surged 7.86% or $3.86, to settle at $52.99 per barrel, after supply concerns rose following news of violence in Iraq.

Chevron Chief says oil price to rebound after investment cuts: Very few large oil projects will go ahead if crude stays below $50 per barrel, setting the scene for a rebound in prices, the Chief Executive of Chevron of the U.S. has said.

Americans line up £2billion bid for Auto Trader: An American private equity giant is preparing a £2 billion takeover bid for Auto Trader, Britain’s biggest used-car marketplace.

BP and BG to slash jobs as profits are halved by oil price slump: BP and BG will reveal billions of pounds in spending cuts, redundancies and plummeting profits this week as they struggle to cope with the collapse in the price of crude oil.

Crude Oil Oil prices ended higher, after swinging between gains and losses throughout the week. Prices came under pressure earlier during the week after OPEC’s Secretary-General Abdalla El-Badri stated that the oil market was oversupplied by 1.5 million barrels per day. Additionally, oil prices further fell after the EIA reported that the US weekly crude oil inventories rose to their highest level in 80 years last week. Brent crude oil prices rose 8.6% to $52.99/barrel.

BP will this week report a shock 50 per cent slump in profits in the last three months of 2014, due mainly to its controversial tie-up with Russian energy giant Rosneft.

Sky is set to report a big rise in customers signing up for its pay-TV service at its half-year results this week, which will also include figures for Sky Italia and Sky Deutschland for the first time.

Total lending to individuals increased by 0.1% month-on-month, or by £2.2bn, in December to reach £1.466bn, the most recent data from the Bank of England revealed. Mortgage lending grew by £1.6bn or by 0.1% versus the prior month to reach £1.297bn. Analysts had been expecting a reading of £1.9bn. In the same month the number of mortgages approved for home purchase reached 60,275, up from 58,956 in November and compared to the 59,000 forecast by economists. Last month consumer credit improved by £600m or 0.3% month-on-month to reach £168.8bn. This was also less than the £1.2bn projected by the number crunchers in the City. The amount of net finance raised by private non-financial corporations (PNFCs) increased by £0.7bn in December, slowing down from the previous month's rise of £2.6bn as the amount of bonds issued decreased by £700m. Bond issuance in November was at £3.2bn. Loans to non-financial businesses slowed to £435.3bn from £442.1bn. The amount of those going to small and medium-sized enterprises decreased to £167.1bn from £170.6bn or by 2.1% year-on-year.

Qatar Airways has bought a 9.99% stake in British Airways and Iberia owner International Airlines Group (IAG). "We're delighted to have Qatar Airways, one of the world's premier airlines, as a long-term supportive shareholder. We will talk to them about what opportunities exist to work more closely together and further IAG's ambitions as the leading global airline group," said chief executive Willie Walsh.

Sky moves into mobile market in O2 agreement: Sky threw its hat into the increasingly turbulent U.K. mobile phone market in a deal with O2 operator Telefonica, the latest in a series of manoeuvres shaking up the industry.