Markets

Petrol prices could soar by 7.5p per litre over the next six weeks in the wake of unprecedented drone strikes on Saudi Arabian oil facilities on Saturday. The blasts knocked out 5.7million barrels of daily production, more than half of Saudi's output and five percent of the world's oil production. Oil prices were up by 20 percent at one point today, the biggest intra-day jump since the First Gulf War in 1991, before stabilising as Donald Trump authorised the use of America's emergency stockpiles. Goldman Sachs predicted the price of Brent could climb to $75 in the next six weeks, which would result in price hikes of 7.5p per litre ($34 per gallon). Comparison of the loss of oil as a result of Saturday's drone strikes as compared with past conflicts and natural disasters Smoke from a fire at the Abqaiq oil processing facility fills the skyline, in Buqyaq, Saudi Arabia on Saturday Experts have warned the price per barrel could rise to $75 after jumping to $66 on Monday - moving 20 … [Read more...] about Petrol prices could soar by 7.5p per litre after the biggest spike on the oil market since the First Gulf War in 1991 following drone strikes on Saudi oil facilities

Volkswagen's chief executive and chairman have been charged with manipulating the company's share price in connection with the diesel emissions scandal.  Prosecutors accuse Herbert Diess, Hans Dieter Poetsch and the carmaker's former boss Martin Winterkorn of waiting too long to tell shareholders about billions of dollars of liabilities linked to the scandal. Lawyers in the north German city of Brunswick say this illegally affected the company's share price. Volkswagen chief executive Herbert Diess (right) and chairman Hans Dieter Poetsch (left) have been charged with market manipulation after allegedly failing to inform shareholders of liabilities the company was facing because of the diesel scandal, influencing the share price   The new charges were revealed in a 639-page indictment filed on Tuesday. The move means the trio are on the threshold of a full trial, with judges now poised to decide whether the case will be heard, and when.  Car behemoth … [Read more...] about Volkswagen’s chief executive and chairman are charged with ‘market manipulation’ in Germany over the diesel emissions scandal

The UK competition watchdog has launched an investigation into the way Google and Facebook collect and exploit personal data and have used their power to dominate the £13bn UK digital advertising market. The Competition and Markets Authority’s wide-ranging investigation into online advertising will focus on the sector’s two biggest players, Google and Facebook, and look at whether “consumers are able and willing to control how data about them is used and collected”. The CMA said it planned to examine concerns about how online networks were using people’s personal data – Facebook has faced heavy criticism and scrutiny over both the Cambridge Analytica data scandal and its role in the dissemination of “fake news” – including “whether making this data available to advertisers in return for payment is producing good outcomes for consumers”. The CMA chair, Andrew Tyrie, said: “Much about these fast-changing markets … [Read more...] about Google and Facebook under scrutiny over UK ad market dominance

An Oxfordshire-based cyber security company has been valued at just over £1bn in the first of what is expected to be a series of tech flotations on the London Stock Exchange this year. Sophos shares were priced at 225p when it started trading on Friday, which will raise $125m (£80m). The flotation - the third time Sophos has attempted an IPO - puts Sophos alongside large-scaled listed UK tech businesses including ARM Holdings and Sage, the Newcastle-based software firm. The company makes security software and hardware products. It was founded in 1985 by Jan Hruska and Peter Lammer, who stepped down as joint chief executives in 2005. The company is now majority owned by the private equity group Apax Partners, which bought a stake in 2010. The value of the company reflects the necessity for cyber safety at a time when attacks on personal computer security are hitting the headlines, said analysts. “There is certainly a premium to be placed on security companies at the … [Read more...] about Sophos plans £1bn stock market flotation

A top-secret World War II bunker has hit the market as a unique four-bedroom underground home.  The Royal Australian Air Force built the 8mm-thick steel bunker into the side of a hill and covered it with dirt in 1941, to keep it hidden from the Japanese.  It was used to store fuel for the nearby Mildura base, alongside the Murray River, in Victoria.  The Royal Australian Air Force built the 8mm-thick steel bunker into the side of a hill and covered it with dirt in 1941 The former WWII bunker also has a modern kitchen with gas cooking and a dishwasher RELATED ARTICLES Previous 1 Next Home Sweet Home: Adorable 1920s cottage that couple turned... It's a zinger of a deal! Luxurious two-bedroom apartment... Share this article Share Stephen Gooding purchased four bunkers 30 years ago and renovated them into homes for himself and his family.  'They were top secret back in those days — there was barbed wire everywhere,'  he told … [Read more...] about Your own bomb-proof house: Top-secret World War II bunker hits the market as a unique four-bedroom underground home – and there is still room for improvement