Business news and markets: live

Business news and markets: live

08.12 As James Titcomb notes in the City Briefing email, Tullow Oil has made a breakthrough in Norway – its first oil discovery at its site in the Barents Sea, off the north coast. “This is a major frontier light oil discovery for Norway, Tullow Oil and our co-venturers,” says exploration director Angus McCoss.

08.11 Markets in Asia were mixed overnight, ahead of big jobs data out of the US today – the outcome of which could signal the likelihood of the US Federal Reserve kicking off its taper later this month. The Nikkei closed down 1.45pc, largely driven by profit-taking from a recent rally on construction and real estate shares as doubts were cast over Japan’s chances of winning its bid to host the 2020 Summer Olympics.

Hong Kong’s Hang Seng is up 0.29pc and the Shanghai Composite climbed 0.8pc.

07.46 Germany, historically an export-driven economy, looks to be adjusting to a new normal after July data showed that imports rose while exports dropped in the month. The EU powerhouse economy’s exports have ben hit in recent months due to continued weakness in its trading partners in the rest of the continent and China. But domestic demand is picking up.

07.15 The G20 is underway at St Petersburg, and while leaders have put on a show of economic unity by signing agreements on jobs and growth, tackling international tax evasion and tighter financial regulation, the emerging market struggle at the behest of the US Federal Reserve’s imminent “tapering” of stimulus has not gone unmentioned.

While they refrained from pointing the finger at the Fed, the emerging market members of the G20 last night did fire a warning shot at their developed counterparts. Here’s a line from the statement by Brazil, Russia, India, China and South Africa:

Quote The eventual normalisation of monetary policies needs to be effectively and carefully calibrated and clearly communicated.

G20 host Vladimir Putin also weighed in with pointed comments on the uneven pattern of global recovery – while the US has pulled ahead, European countries are lagging behind and the emerging markets appear to be stalling:

Quote Our main task is returning the global economy towards steady and balanced growth. This task has unfortunately not been resolved.

Systemic risks, the conditions for an acute crisis relapse, persist.

07.10 The Financial Times reports that EU business leaders operating in China have hit out at the “unfair” targeting of foreign groups in the country.

Unions are posised to demand the revival of wage councils at the TUC’s annual conference in Bournemouth today, reports the TImes.

The Guardian reports that there has been a sharp rise in the number getting on the property ladder and the number of new car purchases, in another sign the British economy has enjoyed a “summer mini-boom”.

07.05 Top story on our finance page this morning is news that the former chairman of the Olympic Delivery Authority has told the Government that it could break the log-jam over new nuclear power plants by setting up a similar body to build them. Alistair Osborne has the story.

Elsewhere, Sir Mike Rake has used his first speech as CBI president to warn that the break-up of the UK would be expensive and create “economic dislocation”, writes Andrew Trotman.

Emily Gosden reports that experts have warned an extensive programme of repairs could be needed across North Sea oil and gas operations in light of emerging evidence of causes of last year’s Elgin gas leak.

07.00 Good morning and welcome to our daily business and markets live blog, your one stop shop for all the breaking business stories of the day.

Finance News – Business news from the UK and world


Uncategorized

Leave a Reply

Your email address will not be published.