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Tuesday NewsBack

UK inflation rate falls to 0.3%

The UK’s inflation rate, as measured by the Consumer Prices Index, fell to 0.3% in April, according to the Office for National Statistics (ONS). The fall, from March’s rate of 0.5%, is the first since September.

“Falls in air fares and prices for clothing, vehicles and social housing rent” were the main reasons for the drop in the rate, the ONS said. The Bank of England said last week that it expected inflation to increase in the second half of the year.

Total’s boss says North Sea oil and gas ‘has a future’

The boss of one the world’s largest oil companies has said it will continue to invest in the UK and that oil and gas production in the North Sea has a future. His comments follow an estimated 65,000 job losses in the industry and warnings about a collapse in investment.

“There is a future for the North Sea, no doubt about it,” said Patrick Pouyanne, chief executive of Total at the official opening of a new gas plant in Shetland.


The Financial Times

Oil pressure Threats to Nigerian pipelines push price towards $50

The oil price moved closer yesterday to the $50-a-barrel mark for the first time since November, boosted by worries over supply disruption in Nigeria, a key Opec producer. Brent, the global benchmark for oil, jumped more than 3 per cent to $49.47, a six-month high. The benchmark will average $45 per barrel in the second quarter, up from an earlier estimate of $35 in March, according to the latest Goldman Sachs predictions.

Seoul accuses Nissan of cheating on emissions

South Korea is to fine the Japanese carmaker Nissan Won330m ($280,000) a file a criminal complaint against its local head of operations for allegedly manipulating emissions tests.

The investigations conducted on 20 models of diesel cars found that Nissan used a so-called defeat device on its Qashqai sport utility vehicle that turned off the emissions management system under regular driving conditions. Nissan denied wrongdoing and said it will continue to work with Korean authorities.


The Times

Banks hold daily talks on Brexit chaos plans

The Bank of England is having “daily conversations” with banks to ensure they could cope with any market turmoil in the event of a vote in favour of Britain leaving the European Union. A decision to leave could lead to very sharp movements in currencies, bonds and shares, according to some forecasts, and even a repeat of the paralysis in financial markets of 2008 when banks lost trust leading to liquidity shortages. Fitch, the rating agency said that the pound could drop by a third.


The Guardian

Brexit could harm other EU members, says Fitch

A vote for Brexit in next month’s referendum could lead to disharmony across the remaining 27 members in the bloc, strengthen anti-EU groups and dent other European economies, a leading credit ratings agency has warned.


Daily Mail

The driving licence you keep on your smartphone

The photo card driving licence came a step closer to being replaced with a digital version on smartphones yesterday. Officials at the Driver and Vehicle Licensing Agency unveiled a prototype on Twitter. The licence as a ‘pass’ in the Wallet app on iPhone. It would be an ‘add-on’ for now rather than a replacement.

Living Wage ‘is stopping firms from hiring’

Many firms have stopped hiring because of the living wage and the EU referendum, a report claims today. Job vacancies have slumped by 12 per cent this year. There was a 9 per cent fall in April. Mainstream firms have slashed staff perks such as special weekend rates to offset the rise in wage bills.

Posted by Lois Hardy on 17/05/2016