The International Energy Agency boosted its forecast for global oil demand growth this year as soaring natural gas prices and heatwaves spur industry and power generators to switch their fuel to oil.

World oil consumption will now increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast, the Paris-based agency said in its latest monthly report. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.

One in four shop workers are skipping meals each month to meet bill payments, according to research from a trade union.

This figure has leapt from 1 in 20 last year, as Britain’s lowest paid workers struggle amid the throes of cost of living crunch, according to a survey by Usdaw union.

Inflation is anticipated to soar past 13 per cent this autumn, according to predictions from the Bank of England.

The survey of more than 5,500 retail staff has revealed how the surging prices of petrol prices and other household costs have hit workers.

Nearly half of respondents said their ability to travel to their workplace had been impacted by heightened petrol prices and travel costs.

What’s more, seven in 10 retail workers said they had been reliant on insecure borrowing with six in 10 finding difficulties with making repayments.

“Many respondents talked of how increased fuel prices were leading them to cut down on shifts, to ask for a...

And yet 2 million people follow Marr on social media, and he’s attracted big brands looking to drive sales by partnering on his posts, including International Business Machines, Microsoft, and Alphabet’s Google. “It’s always been companies coming to me saying, ‘Do you want to work together? We’ve got these interesting stories to share, and you’ve got an audience,’” says Marr, whose social media content creation takes up a third of his working hours and contributes as much as half of his income.

OUR great city works well because we Londoners muddle through together without too much friction. “Live and let live”’ has a claim to be the defining London motto. 

But there have been times where that harmony has shattered. I remember the shock of Tottenham and Croydon burning in August 2011 and of shops being boarded up all over London in 1981 as Brixton erupted. At those times London suddenly felt vulnerable, and society fractured. 

Many of the causes of similar civil unrest are developing again. The right actions now can reduce the chance of reaching boiling point in London.

Academics agree that the most common causes of civil unrest are economic hardship (especially rises in food and fuel prices) plus a sense of social or political injustice.  

Economic hardship is with us and getting worse. Food inflation has been at 9.8 per cent in recent months, energy prices have risen and have been predicted by consultancy...

Sudan secured Chinese backing to begin a $640 million restoration of its railway network, pressing ahead with the ambitious project despite an economic crisis worsened by last year’s coup.

Authorities this week took receipt of freight-train carriages from China’s

HONG KONG, Aug 11 (Reuters) - Chinese insurer Ping An Insurance Group (601318.SS) believes HSBC (HSBA.L) has overstated the challenges and difficulties of spinning off the bank, said a source with direct knowledge of the thinking of the Asia-focussed bank's biggest shareholder.

The bank came under pressure from Ping An in April to explore options including spinning off its mainstay Asia business to increase shareholder returns. read more

Details of Ping An's internal discussions come after HSBC on Aug.1 pushed back on the Chinese investor's proposals while reporting its half-year earnings.

It’s only taken the best part of 10 months and two attempts, but the England and Wales Cricket Board’s search for a new chair has at last come up with the outcome that the counties identified for it from the off. 

Richard Thompson, until now chair at Surrey, is clearly the best person for the job. What a shambolic process though, one in which Thompson’s two competitors in the final round were laughably both existing ECB board members.

Just how hard this organisation must have been trying to resist the overhaul that the leader of the most successful county threatens. 

“Thank God for that! He will save English cricket,” was the response of one Surrey member, who added that Thompson’s first action should be to sack Sir Andrew Strauss, currently leading the ECB’s high performance review. And there in a nutshell is Thompson’s challenge. 

His wide spread of supporters will all have different perspectives on what needs to be done to...

SEOUL, Aug 10 (Reuters) - Samsung Electronics (005930.KS) unveiled its latest high-end foldable smartphones on Wednesday, keeping prices at the same level as last year's in a bid to cement its leadership in an expanding niche market.

The smartphone maker priced its clamshell Galaxy Z Flip4 at $999.99, and the 5G-enabled top-line Galaxy Z Fold4 with a 7.6-inch main screen to start at $1,799.99 in the United States, the same as the launch prices of last year's models.

"We've successfully transformed this category from a radical project to a mainstream device lineup enjoyed by millions worldwide," said TM Roh, president and head of mobile experience at Samsung Electronics.

Four?million Russians are set to lose their jobs due to the impacts of Western sanctions, according to new research from the Kyiv School of Economics.

The sanctions are set to see Russia’s economy contract by up to 9.5 per cent this year, the study shows.

High oil and gas prices have shielded Russia from the worst impacts of sanctions so far as the country’s economy has been buoyed up by its energy industry.?

However, Russia’s energy exports are set to decline in coming months, as Europe strengthens its oil and gas embargoes.

The drop in?Russia’s energy export revenues will in turn lead to widespread cuts in public spending, as funding is instead redirected towards bailing out Russia’s banks and bankrolling the country’s military.  

Russia is already selling its oil at discounted prices of $80 per barrel, the study says, as it notes the $35 per barrel discount has cost Russia $20bn in the past quarter alone.

The sanctions...

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VIX - welcome to inverse panic

We are finally reaching the volatility puke we have been writing about for the past two weeks. VIX has not closed here in a long time. Reversal strategists are pointing out the VIX vs SPX gap, but these people do not trade volatility, nor do they understand what volatility is. Volatility is mean reverting by "nature", so don't buy into the "last time VIX was here..." arguments. Time to get busy when it comes to using cheap(er) volatility in your overall strategy.

Entertainment giant Disney said late last night it has taken over streaming rival Netflix in the total number of subscribers for the first time ever.

Having gained 14.4m subscribers to its Disney+ the franchise now maintains a 221m total subscriptions across its streaming offerings.

This is compared to Netlfix’s reported 220.67m total global subscribers.

It is the first time any competitor has passed the streaming giant on the number of total subscribers.

“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services,” said Disney chief executive Bob Chapek.

“With 14.4m Disney+ subscribers added in the fiscal third quarter, we now have 221m total subscriptions across our streaming offerings,” he continued.

“We continue to transform entertainment as we...

Ryanair’s chief said this morning that the airline’s trademark 10 euro fares will not be seen for a “number of years” due to soaring fuel prices.

In an interview with BBC Radio 4’s Today programme, Michael O’Leary said he expected Ryanair’s average fare to rise by about 10 euros over the next five years, from around 40 euros (£33.75) last year to roughly 50 euros by 2027.

He told the broadcaster: “There’s no doubt that at the lower end of the marketplace, our really cheap promotional fares – the one euro fares, the 0.99 euro fares, even the 9.99 euro fares – I think you will not see those fares for the next number of years.”

Although the soaring fuel prices which are impacting the airline’s fares are also wreaking havoc on people’s disposable incomes, Mr O’Leary is confident the number of customers will remain steady.

Instead, he believes travellers will flock en masse to lower-cost alternatives such as Ryanair and EasyJet.

“We think...

LONDON, Aug 11 (Reuters) - Shell (SHEL.L) has launched a sale process for its 30% stake in the Cambo oil prospect in the British North Sea, potentially paving the way for the field's controversial development, industry sources said on Thursday.

The London-based company hired investment bank Jefferies to run the sale process for the stake in Cambo, which has become a lightning rod for climate activists seeking to halt the development of new oil and gas resources.

The British government has, however, come out in support of developing North Sea oil and gas resources following Russia's invasion of Ukraine as Western countries focus on energy security despite commitments to slash greenhouse gas emissions in the coming decades.

China’s coal industry has come roaring back since last year’s supply crunch saw Beijing prioritize energy security, but a recent spate of accidents is now ringing alarm bells.

Production of the fossil fuel in Asia’s largest economy is up markedly this year, but that’s come at a horrible cost. Some 129 coal miners have died in accidents in the first seven months of 2022, according to figures from the National Mine Safety Administration.

Hours after Buhari’s office approved Seplat’s acquisition of Exxon’s shallow-water business on Aug. 8, the Nigerian Upstream Petroleum Regulatory Commission contradicted the head of state, who also serves as oil minister. The agency’s chief executive officer, Gbenga Komolafe, said in a statement that its previous rejection of the proposed transaction remained in place.

The International Energy Agency boosted its forecast for global oil demand growth this year as soaring natural gas prices and heatwaves spur industry and power generators to switch their fuel to oil.

World oil consumption will now increase by 2.1 million barrels a day this year, or about 2%, up 380,000 a day from the previous forecast, the Paris-based agency said in its latest monthly report. The extra demand that prompted the revision is “overwhelmingly concentrated” in the Middle East and Europe.

BEIJING/HONG KONG, Aug 11 (Reuters) - A Chinese property think tank owned by KE Holdings apologised on Thursday for sparking a "heated public discussion" with its report on rising housing vacancy rates in China, and said its assessment may not be sufficiently accurate.

The apology comes at a time when policymakers are urging banks to extend loans to property firms and local governments are relaxing downpayment rules for home purchases as sales and confidence sag amid weak macroeconomic conditions.

A growing debt crisis in the real estate sector, which accounts for a quarter of the world's second-largest economy, has also raised risks of social instability. read more