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Oil slide puts more than $100bn of projects on ice as majors retreat
More than $100bn of spending on new projects by the world’s energy companies has been slowed, postponed or axed following the oil price plunge, evidence of the drastic industry action that will curb output in coming years.
Premier warned on dangers of ‘fast’ settlement
David Cameron, the prime minister, has been urged not to press ahead at breakneck speed to negotiate a new British deal in the EU, amid fears it could undermine his chances of securing genuine reform.
Companies and Markets
Rolls-Royce to cut 600 jobs at marine division
Rolls-Royce is to cut a tenth of its 6,000-strong marine workforce as the British engineering group grapples with falling oil prices. The company yesterday announced proposals to cut 600 jobs at its marine engine business, adding to plans unveiled last November to reduce the group workforce by almost 5 per cent through the removal of 2,600 roles.
Rushing EU vote ‘puts chance of real reform at risk’
David Cameron will undermine his ambition to achieve significant reforms in Europe if he brings forward the referendum to next year, according to a leading think-tank.
SNP stages sit-in to claim front-row seats
The SNP launched an offensive yesterday to claim one of the Commons opposition front benches from Labour in a sign that the party demands to be taken seriously in parliament.
Miliband allies condemn leadership ‘stitch-up’
Allies of Ed Miliband accused Britain’s biggest trade union of trying to keep modernisers off the ballot paper in the Labour leadership election amid fears that it could be limited to a two-horse race between Andy Burnham and Yvette Cooper.
First day marked by jostle for seats and even deference to a Speaker the Tories couldn’t budge
Outwardly a happy, even euphoric, first day in the House of Commons. Amiable speeches by the great and good from David Camerin down. John Bercow elected unanimously as Speaker amid acclaim. Warm welcome for the new MPs in this transformed new Parliament.
Saudi’s exports at highest level since late 2005
Saudi Arabia’s crude oil exports rose to 7.9 million barrels a day in March, the highest level since November 2005, underlining the state’s determination not to cede market share to higher-cost producers such as US shale drillers.
Drink-drive limit ‘should be halved’
The legal drink-drive limit should be almost halved, police rank-and-file leaders have said, amid concerns over a doubling in the number of female drink-drivers. The Police Federation of England and Wales has called for tougher laws on alcohol that would mean drivers could be over the limit after just one pint.
Business is split down the middle over EU
Both slides in the European Union in-out debate have claimed the “voice of business” in support of their case – but what is becoming progressively more obvious is that, actually, “business” is a split down the middle as the rest of the country.
PM puts Euro referendum Bill at top of Queen’s speech
David Cameron will signal his intention to fast-track negotiations on Europe next week by putting the EU Referendum Bill at the top of the Queen’s speech. A Cabinet source said legislation paving the way for an in/out vote is likely to be the first Bill published after the new Government sets out its programme next Wednesday.