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Archive for December, 2014

Wage growth picks up as UK unemployment falls

December 18, 2014

Wage growth in the UK is picking up, figures from the Office for National Statistics (ONS) indicate. In the August-to-October period, average earnings excluding bonuses were up 1.6% from a year earlier. Including bonuses, earnings rose by 1.4%. It is the first time for six years that both measures of earnings growth have been above […]

Putin seeks to ease fears over Russian economic crisis

President Vladimir Putin has sought to ease fears over Russia’s economy, insisting that the dramatic fall in the rouble will stabilise. Speaking at his end-of-year news conference, which lasted over three hours, he blamed “outside factors” for the currency hitting an all-time low. But he admitted Russia’s central bank could have acted more swiftly. Russia […]

Retail sales boosted by Black Friday

UK retail sales rose at their fastest annual rate in more than 10 years in November, thanks to the effects of Black Friday, official figures show. Sales rose 6.4% compared with November last year, the highest annual increase since May 2004. On a monthly basis they rose by 1.6%, with growth in all areas for […]

North Sea oil industry ‘close to collapse’

The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC. Oil companies and service providers are cutting staff and investment to save money. Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that the industry was “close to collapse”. Almost no new projects in […]

Swiss National Bank will cut interest rate to minus 0.25%

Switzerland’s National Bank (SNB) will bring in a negative interest rate cutting the value of large sums of money left on deposit in the country. The Bank is imposing a rate of minus 0.25% on “sight deposits” – a form of instant access account – of more than 10m Swiss francs ($9.77m). It is trying […]

Falling oil prices threaten to transform the industry

December 12, 2014

News that oil giant BP is to accelerate its redundancy programme underlines how the industry is being squeezed by the tumbling price of crude. Companies that had been riding the crest of $100-plus oil are facing a reality check. What looked like a good investment at $100-a-barrel doesn’t look so profitable at $60. Across the […]

US Senate takes up contentious $1.1tn budget bill

The $1.1tn bill includes a provision to loosen regulations on financial instruments, angering Democrats The US Senate is set to vote on a $1.1tn (£700bn) budget a day after it cleared the House of Representatives in a close and contentious vote. The measure passed by 219-206 after President Barack Obama urged Democrats to support it […]

UK sports attendances top 67m in 2014, says Deloitte

The Commonwealth Games was Scotland’s biggest-ever sporting event Attendances at professional sports events in the UK topped 67 million in 2014, according to analysis by Deloitte’s sports business group. Football was the overall winner in the attendance stakes (42.8 million), but five of the 10 best attended showpieces were horseracing and equestrian events. Meanwhile, the […]

London airspace closed after computer failure

London airspace has been closed until 19:00 GMT after a computer failure, air traffic controllers have said. The news was announced in a brief message on flight safety body Eurocontrol’s website. UK air traffic controllers Nats confirmed a “technical problem” at its Swanwick control centre in Hampshire. It said in a statement “every possible action” […]

Oil price falls further on IEA energy forecast

The price of oil has fallen further after the International Energy Agency forecast weaker demand in 2015. The IEA, a consultancy to 29 countries, said supply and demand would take “some time” to respond to sharp falls in oil prices. It said it was too early to expect low oil prices to start constricting a […]

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