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At 0330GMT today, Brent crude oil one month futures contract is trading 0.63% or $0.40 lower at $63.47 per barrel. On Friday, the contract declined 1.90% or $1.24, to settle at $63.87 per barrel, amid concerns that higher oil production from Saudi Arabia would fuel the global glut in oil supply. Meanwhile, latest data showed that US rigs actively drilling for oil declined for a 27th consecutive week to 635 for the ended 12 June.

Standard Life eyes drawdown market: Retirees who don’t want financial advice or can’t afford it are being targeted by pension firms launching new “drawdown” plans in the wake of recent rule changes.

Major investment in Grangemouth capacity: Forth Ports announced a £1.5 million investment programme to boost container capacity at Grangemouth

Commercial construction ‘buoyant’ as new starts soar: The commercial construction sector in Scotland out­performed almost every other region in the U.K. in the first quarter of the year, new figures have revealed.

U.K. growth outlook brighter after new construction data: Britain’s economy grew faster than previously thought in the opening months of this year, according to estimates from the Office for National Statistics, after it emerged that the construction sector had a better start to 2015 than feared

Sainsbury’s shares gained almost 7 % last week despite Britain’s third largest supermarket reporting its sixth consecutive fall in quarterly sales for the 12 weeks to June 6. City analysts suggested that the figures showed the worst was over, but Questor isn’t so sure and believes the ongoing price war with the discounters Aldi and Lidl will be a painful and long-drawn-out affair. But several analysts are optimistic, claiming that the “Big Four” may be close to the bottom of the cycle, with the volume of products bought starting to recover. Sainsbury’s has tempted shoppers back by reducing prices, simplifying deals and special offers, and improving its quality of own-brand premium products. J Sainsbury at 260.8 p, Questor says AVOID.

Robots, migrants and millenials to build much-needed British homes: The housebuilding industry needs to recruit one million more construction workers in the next five years if Britain is to stand a chance of tackling the housing crisis, according to a new report.

Neptune offers Laidlaw chance to hunt the North Sea: The freshly-minted business cards for Neptune Oil and Gas, the $5 billion private equity vehicle unveiled this week to hunt for acquisitions in a battered energy industry, feature a discreet trident amid the boldface and Mayfair postcode

Airline margins widest since mid-1960s but rivalry casts shadow: IATA projects that airlines will collectively earn net income of $29.3 billion on revenues of $727 billion — generating the strongest profit margins since the mid-1960s. Returns on capital are expected to exceed cost of capital for the first time since IATA started studying the metric in the early 1990s.

Aviva sells Property Empire: Aviva has kicked off a mammoth sale of £2.5 billion of property loans, including debt secured against the House of Fraser store in Manchester and a Rolls-Royce depot in Derby.

Vedanta set for Cairn India tie-up: Mining billionaire Anil Agarwal looks set to push ahead with the merger of two giant resources companies he controls London-listed miner Vedanta and the oil producer Cairn India.

Make-or-break verdict on fracking: Britain’s shale gas industry faces a day of reckoning when planners decide whether to allow fracking in Lancashire.

Oil prices ended higher last week, after the EIA raised its WTI prices as well as its global oil demand growth projections for 2015. Separately, OPEC stated that it anticipates no further increase in demand for its oil this year, but expects the current supply glut to ease, while the IEA boosted its oil demand forecast to 94 million per day this year, but expects oil supply growth to persist. Brent crude oil prices rose 2.8% to $65.11/barrel

Project delays and spending cutbacks in the oil industry pose a risk to future supplies, according to the Organisation of the Petroleum Exporting Countries (Opec) Speaking at the conclusion of the group’s recent meeting in Vienna, acting group president Mohammed Saleh al-Sada said that the impact of cost cutting across the industry needed to be assessed to ensure that enough new production would come on stream to replace natural declines. “The degree of investment cuts is substantial due to the oil price of today,” warned Al-Sada who is also the oil minister of Qatar. He said that countries in Opec that pump a third of the world’s oil had to invest heavily to replace an average 5pc-6pc natural decline in oil production from existing wells. His remarks were echoed by Abdalla Salem el-Badri, the group’s secretary general, who said: “If we don’t have investment now will have problems in the future.”

At Proactive event next Thursday 18th June which is held at The Chesterfield Mat Mayfair Hotel, Charles Street, London W1 Nearest tube station is Green Park; 6 minutes walk away from the Hotel. Arianna and 2 other companies presenting as well. Starts at 6-8.30pm

Britain's economy grew more than previously estimated in 2014 and in the first six months of the year, the Office for National Statistics (ONS) said. According to figures released on Friday, gross domestic product rose 3.1% in 2014 compared with a previous estimate of 2.8%. ONS said it has changed the way it calculates price changes in the construction sector and its method for seasonal adjustments to the data. Construction output in the first three months of the year was revised to a 0.2% decline compared with an initial reading that had estimated a 1.1% drop. In April, construction output fell 0.8% month-on-month, while it rose 1.5% year-on-year, a sharp decline from a 5% increase in March. The slowdown in the first quarter of 2015 was largely attributed to the uncertainty surrounding the outcome of the General Election on 7 May, while last week the Bank of England lowered its growth forecasts on the back of a weaker outlook for house-building. Figures released on Friday showed that housebuilding rose 5.4% month-on-month in April after declining by a revised 2% in the first quarter, the biggest drop in almost three years.

Supply & demand further imbalanced The latest RICS Residential Market Survey has revealed growing imbalance between supply and demand, which has helped to further accelerate house price inflation over the month. The headline balance edged up to +34 from +32 last month, with the rate of price growth having quickened for the fourth consecutive month. Tight supply conditions continue to be a key factor with fewer new instructions to sell, and average stocks per surveyor have fallen to a new record low (52 properties) - down by 12% since the start of the year. Meanwhile, new buyer enquiries increased in May after several months of remaining broadly flat, with 10 out of 12 areas surveyed registering a pick-up in enquiries. This could have fuelled the substantial uptick in near-term price expectations, with the net balance of surveyors expecting prices to rise (rather than fall) over the next three months increasing to +38 from +17 previously.

CBRE says U.K. exit of European Union will hurt property sector: An exit from the European Union could hurt property investment to the U.K. and damage London’s status as a world financial centre, a survey of investors has warned.

Tobacco giant sets bond price: British American Tobacco said it had successfully priced around $4.5 billion (£2.9 billion) of dollar-denominated notes in a bond issuance, set to run until 15 June, it confirmed.

Investment bank warns: Cairn Energy may face heavy loss in India: Cairn Energy could see the $780 million (£500 million) value of its remaining investment in India wiped out amid a tax dispute in the country that could drag on for ages, an investment bank has warned.