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Friday HeadlinesBack

The Financial Times  crude-oil-prices

 

Oil tops $50 a barrel for first time this year

Brent Crude rose 1 per cent to $50.51 a barrel yesterday in London and US benchmark West Texas Intermediate rose 0.7 per cent to $50.21, Crude has almost doubled since hitting 12-years lows in January. Wildfires are estimated to have knocked out about 1m barrels a day of Canadian production in May, while output in Nigeria has been cut to less than 1.4m b/d, 40 per cent down from its recent peak.

 

KKR enters buyout talks for crisis-hit Takata

Shares in Takata surged more than 20 per cent after US private equity group KKR offered to support the turn round of the Japanese airbag maker embroiled in the largest automotive safety recall in history. However, a deal is unlikely anytime soon, with some carmakers citing concerns about handing over control of the lossmaking Japanese group to foreign funds.

 

 

The Times

 

Brexiteers seize on new surge in migrants coming for work

A record number of immigrants arrived in the UK last year for work, according to figures from the Office for National Statistics. Figures showed that net migration rose by 20,000 to reach 333,000 in the 12 months to December. About 184,000 came from the EU, equalling the previous record in March 2014.

 

Treasury puts fear into pensioners

Millions of pensioners and those planning for retirement will lose out if Britain leaves the EU, the Treasury claimed last night. The combination of rising inflation, financial market turmoil and a fall in house prices will affect pensioners, according to the latest report by George Osborne. For an average person aged over 65, who has property and non-pension assets, officials estimated the loss pf wealth to be £18,000 to £32,000.

 

Shoppers prop up economy as Brexit uncertainty stalls GDP

Companies reduced investment in the first quarter of the year due to uncertainty over the EU referendum, holding economy growth to just 0.4 per cent, the economy had expanded by 0.6 per cent in final three of the months of the year. The Bank of England has cut its forecast for second-quarter growth to just 0.3 per cent. Trade was another factor which dragged growth down by 0.4 percentage points as imports outstripped exports. Year-on-year GDP growth came in slightly below forecasts at 2 per cent, down from first estimate of 2.1 per cent.

 

News in brief – Black hole for oil taxes

North Sea oil and gas tax receipts have sunk to their lowest levels since records began. The government booked a loss of £24 million compared with a positive £2.15 billion for 2014-15 according to her Majesty’s revenue and Customs, the worst result since 1968-69, when relevant records started.

 

News in brief – Many unhappy owners

The car dealership Inchcape is one of the latest companies to face a shareholder revolt over its pay policy. Inchcape said yesterday that 36.50 per cent of investors voted against the remuneration report, the shares closed 22p lower at 69lp.

 

 

The Guardian

 

Fewer young people in work or education

The number of young people in Britain not in education, employment or training increased for the second consecutive quarter between January and March, to 865,000. The proportion of so-called Nets aged 16 to 24 grew by 0.1 percentage points to 12 per cent compared with the previous quarter according to the Office for National Statistics. The annual trend was more positive, showing a 69,000 drop in in the first quarter compared to last year.

 

 

The Daily Telegraph

 

Car dealer Marshall moves up a gear with purchase of rival

Car dealership Marshall motor Holdings has strengthened its presence through the £106.9 million acquisition of Ridgeway Garages. The acquisition extends Marshall’s foothold across England from 19 to 25 counties, and makes the group the seventh-largest car dealership in the UK. The purchase follows the £24.4 million acquisition of the Surrey, Kent and London- based SG Smith dealership in November. Ridgeway’s revenue for the 2015 financial year totalled £722.6 million.

 

Credit card spending reaches record high as personal debt rises credit card image

British consumers spent a record £9.6 billion on credit cards last month as Brexit might hurt the UK economy. The figure was an increase of £300 million on April 2015 and indicates growing confidence among consumers, despite government claims that the EU referendum in June is creating uncertainty.  Overall, credit card debt didn’t grow as borrowers paid back what they owed. Over the past year, however, the debt has risen to £41.9 billion. Up 2 per cent from last April.

 

 

The Sun

 

Vauxhall fire crash

Vauxhall has started offering compensation to Zafira B owners whose car caught fire despite being supposedly fixed. Vauxhall offered to pay for personal items lost in the blazes not covered by any insurance and any excess charged on claims.

 

Posted by Paul Carpenter on 27/05/2016