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Tchenguiz saves empire with bank deal: Property tycoon Vincent Tchenguiz has settled a legal fight with Bank of America Merrill Lynch, saving a huge residential portfolio from the clutches of his lenders
BP’s oil trading ‘king’ abdicates: One of the world’s most influential oil traders is to retire next year after a career in which he has brought in huge profits for his employers at BP and earned hundreds of millions for himself
Brent oil prices dropped last week, after the Energy Information Administration reported that the US crude stockpiles rose 7.6 million barrels for the week ended 09 October. Additionally, the International Energy Agency stated that supply glut will persist in 2016. Brent crude oil prices fell 4.2% to $50.46/barrel
British American Tobacco said its Brazilian unit has completed the tender offer to acquire the remaining shares in Souza Cruz SA and said the target company will now start the process of cancelling its listing. The company said its BAT Prestação de Serviços Ltda unit will acquire a further 22.4% of Souza Cruz's shares under the offer, increasing BAT's total ownership of the company to 97.7%
U.K. banks could be forced to hold £3.3 billion under ringfencing plans: The Bank of England has warned major banks they could be required to hold £3.3 billion of extra capital as a result of proposals to separate high street banking from riskier investment banking operations.
Schlumberger says oil outlook in ‘increasingly challenging’: A recovery in the oil and gas industry has been delayed and companies will continue to cut their spending next year, the Chief Executive of the oil services group Schlumberger has warned
At 0330GMT today, Brent crude oil one month futures contract is trading 2.81% or $1.37 higher at $50.08 per barrel. Yesterday, the contract declined 0.9% or $0.44, to settle at $48.71 per barrel, after the Energy Information Administration reported that the US crude inventories advanced by 7.6 million barrels for the week ended 09 October.
London’s creative industries provide more jobs than the financial services sector - GLA: London’s creative industries provide almost 800,000 jobs – more than the financial services sector – and boost the economy by a whopping £35 billion.
Cain Hoy and Sager secure loan for £400 million luxury Islington scheme: Cain Hoy, the U.S. private equity firm that fleetingly considered buying Tottenham Hotspur last year, is pushing ahead with the £400 million luxury development of a landmark Islington site after securing a £190 million loan.
Russia abandons hope of oil price recovery and turns to the plough: Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as U.S. shale production transforms the global energy market
Alaska Governor wants to drill for oil in protected lands – because of climate change: The Governor of Alaska has said that he wants to drill for oil in protected lands to pay for the damage caused by climate change.
Number of unemployment benefits claimants in the UK recorded an unexpected increase in September Number of unemployment benefits claimants recorded an unexpected increase of 4.60 K in the UK, in September, following a gain of 1.20 K in the previous month. Markets were anticipating number of unemployment benefits claimants to fall 2.20 K. UK average earnings including bonus rose as expected in the June-August 2015 period On a YoY basis, the average earnings including bonus rose 3.00% in the June-August 2015 period, in the UK, compared to a rise of 2.90% in the May-July 2015 period. Market anticipation was for the average earnings including bonus to climb 3.00%. Employment in the UK recorded an increase in the June-August 2015 period Employment recorded an increase of 140.00 K in the UK, in the June-August 2015 period, meeting market expectations 140.00 K. Employment had recorded a gain of 42.00 K in the May-July 2015 period. UK average earnings excluding bonus advanced less than expected in the June-August 2015 period The average earnings excluding bonus advanced 2.80% on an annual basis in the UK, in the June-August 2015 period, compared to an advance of 2.90% in the May-July 2015 period. Market anticipation was for the average earnings excluding bonus to rise 3.10%. UK ILO unemployment rate declined unexpectedly in the June-August 2015 period In the June-August 2015 period, the ILO unemployment rate in the UK fell unexpectedly to 5.40%, lower than market expectations of a steady reading. In the May-July 2015 period, the ILO unemployment rate had recorded a level of 5.50%.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.31% or $0.15 higher at $49.30 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled for released later today. Yesterday, the contract declined 0.18% or $0.09, to settle at $49.15 per barrel, after the American Petroleum Institute reported that the US crude stockpiles advanced more than expected by 9.4 million barrels to 465.96 million in the week ended 09 October.
Britain’s Buy-To-Let boom gathers pace: Lending to landlords continues to rocket with the amount of buy-to-let mortgages jumping by a huge 40% year on year, trade figures released reveal.
First-time buyers must find another £8,000 to buy a home compared with last year as property prices hit a record £284,000: First-time buyers hoping to get on the property ladder must come up with an extra £7,870 this year compared to last, new figures reveal
Russia abandons hope of oil price recovery and turns to the plough: Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as U.S. shale production transforms the global energy market
House prices for first-time buyers rise to record high as supply dwindles: House prices for first-time buyers surged to a record high in August, with the typical first-time buyer paying 3.8% more than they would have done a year earlier
Oil market glut will persist through 2016, says IEA: Higher oil output from Opec and a slowdown in world economic growth means the crude oil glut will persist through next year, the world’s leading energy forecaster said
Bellway continues to benefit from Help to Buy: Bellway has reported a 44% jump in profits on the back of the government’s Help to Buy scheme.
BP Chief economist: ‘We will never run out of oil’: The Chief economist of global oil giant BP has said that it is unlikely we will ever run out of oil.