Author: LoveWorld UK

Saudi Arabia said on Wednesday it plans to boost oil production capacity for the first time in more than a decade, a day after it announced a record high hike in crude supply in a battle for market share that has hammered global prices this week. Saudi Arabia’s energy ministry has directed oil producer Saudi Aramco (2222.SE) to raise its output capacity to 13 million from 12 million barrels per day (bpd), CEO Amin Nasser said in a statement on Wednesday. “The company is exerting its maximum efforts to implement this directive as soon as possible,” Nasser added. No timeframe…

The Bank of England slashed interest rates by half a percentage point on Wednesday and announced support for bank lending just hours before the unveiling of a budget splurge designed to stave off a recession triggered by the coronavirus outbreak. In what amounts to a choreographed double-barrelled stimulus programme, the BoE announced its unanimous emergency rate cut as London markets were opening and before Prime Minister Boris Johnson’s government sets out its spending plans after midday. Mark Carney’s parting shot as governor, which returns the main interest rate to a record low of 0.25%, comes as COVID-19, the flu-like infection…

LoveWorld President inaugurates the Dr. Chris Oyakhilome Faculty of Engineering at the dedication of Benson Idahosa University’s Legacy Campus. Today, Tuesday March 10th, the President, LoveWorld Inc., Reverend (Dr.) Chris Oyakhilome, commissioned the newly constructed Faculty of Engineering, which he donated to the Benson Idahosa University in Edo State, Nigeria. In 2018, Pastor Chris donated the sum of 1 billion Naira for the construction of the state-of-the-art faculty building. The grand occasion was graced by high profile dignitaries from across Nigeria, including ministers of the Gospel, top government functionaries, the Oba of Benin Kingdom (Oba Ewuare 2), other royal fathers…

London stocks climbed on Wednesday after the Bank of England joined other major central banks in cutting interest rates to buffer the economy from the fast-spreading coronavirus. Housebuilders – particularly sensitive to the domestic economy – led gains on the STOXX 600, with Taylor Wimpey (TW.L), Berkeley (BKGH.L) and Persimmon (PSN.L) all up about 4%. The banking index .FTNMX8350 rose 2.4%, with shares in Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Royal Bank of Scotland (RBS.L) adding between 1% and 2%. The central bank cut rates by 50 basis points to 0.25%, following a similar move from the U.S. Federal…

– Prime Minister Boris Johnson on Tuesday defeated his first party rebellion over a government decision to allow China’s Huawei [HWT.UL] to have a role in building Britain’s 5G phone network. Huawei, the world’s biggest producer of telecoms equipment, has been caught in a stand-off between Washington and Beijing after the United States accused it of spying on Western secrets, allegations which the company has denied. Britain decided in January to allow Huawei into what the government said were non-sensitive parts of the country’s 5G network, capping its involvement at 35%. This angered the United States, which wants to exclude…

Russian President Vladimir Putin on Tuesday opened the door to constitutional changes that would allow him to remain in power until 2036, but said he favoured term limits once the country became politically “mature”. Putin, who in January unveiled a major shake-up of Russian politics and a constitutional overhaul, is required by the constitution to step down in 2024 when his second sequential and fourth presidential term ends. But addressing the State Duma, the lower house of parliament, he gave his qualified blessing to a proposed change to the constitution that would formally reset his presidential term tally to zero.…

Britain’s Oil and Gas Authority has halted its licensing rounds for offshore exploration acreage in the North Sea at least until next year, it said on Tuesday. “The OGA have temporarily paused Licence Round activity… There will be no Round in 2020/21, which will allow relinquishments to take place so more coherent areas can be reoffered in future and give industry time to deliver on work commitments in the existing portfolio of licences,” it said. “The OGA is planning for a 33rd Round and will confirm the timing as soon as it is finalised.”

Two of Britain’s biggest banks, RBS (RBS.L) and Lloyds (LLOY.L), are offering support to customers affected by the coronavirus outbreak as it spreads in the country. State-backed RBS said on Tuesday that affected borrowers would be able to defer mortgage and loan repayments by up to three months, as part of its policy of supporting customers who suffer financial hardship from unexpected events. It will also waive early closure charges on fixed savings accounts and offer refunds on credit card cash advance fees so customers can access cash without penalty. Its announcement comes a day after NatWest, part of RBS,…

Oil prices jumped by around 10% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with OPEC remained possible. U.S. President Donald Trump on Monday said he will be taking “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak, while Japan’s government plans to spend more than $4 billion in a second package of steps to cope with the virus. Brent crude futures LCOc1 were up $3.36, nearly 10%, to $37.72 a barrel by 1041 GMT, after hitting…

Britain needs to think about what trade-offs it wants to accept in trade talks with the European Union, the bloc’s chief executive said on Monday. As Britain and the EU started talks on their new relationship after Brexit, the bloc said there were serious gaps but an agreement was still possible by the end of the year. “We want to be very ambitious, we want to have a very good relationship with our British friends,” said the head of the EU’s executive Commission, Ursula von der Leyen. “It will be important that the United Kingdom makes up its mind. The…