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.... . Before the international banking crisis broke in 2007, the total face value of outstanding derivatives contracts was many times larger than the world economy itself. ... [Read full article on BBC ]
Monday 20th of March 2017 12:02:25 AM
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. Consider Wednesday's Budget as part of a box set - the latest episode in a financial drama that began with the banking crisis. ... [Read full article on BBC ]
Saturday 4th of March 2017 01:17:34 AM
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Latest Finance News related to Banking Crisis

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Source : BBC [Read Article] Monday 20th of March 2017 12:02:25 AM
.... . Before the international banking crisis broke in 2007, the total face value of outstanding derivatives contracts was many times larger than the world economy itself. ...
Low key Budget?  image
Source : BBC [Read Article] Saturday 4th of March 2017 01:17:34 AM
. Consider Wednesday's Budget as part of a box set - the latest episode in a financial drama that began with the banking crisis. ...
Barclays' profits almost triple but chairman says many challenges await image
Source : Guardian [Read Article] Thursday 23rd of February 2017 09:10:57 AM
....The bank, which has been scrambling to repair its reputation since the 2012 Libor rate-fixing scandal, is fighting the US Department of Justice over a decade-old mortgage bond misselling scandal. It is also awaiting the outcome of an investigation by the UK’s Serious Fraud Office into the way it raised funds during the height of the banking crisis. ...
We are unlikely to spot next financial crisis, Bank of England official says image
....Monetary policy committee member Gertjan Vlieghe said it was impossible for the Bank to forecast a recession, let alone the next crash, and no amount of fine-tuning models of the way the modern economy operates would change that harsh reality. Appearing before MPs, Vlieghe warned it was inevitable there would be forecasting errors, which could include missing a cataclysmic event such as the 2008 banking crisis. ...
City watchdog investigating HSBC over potential financial crime, bank reveals image
.... The dividend is held at 51 cents a share. But the bank’s shares, which have risen 55% since the EU referendum, endured one of their biggest one day falls since the depths of the banking crisis. ...
Steven Mnuchin, former Goldman Sachs exec, confirmed as treasury secretary image
Source : Guardian [Read Article] Tuesday 14th of February 2017 12:50:03 AM
....5bn. Senator Sheldon Whitehouse, a Democrat from Rhode Island, said, “I simply cannot forgive somebody who took a look at that banking crisis and took a look at the pain that Wall Street had sent in a wave across all of America, and thought, ‘Ah, there’s a great new way to make money, foreclosing on people. ...
Co-op CEO Richard Pennycook to step down image
Source : Guardian [Read Article] Tuesday 7th of February 2017 04:13:24 PM
. The Co-operative Group chief executive, Richard Pennycook, who rebuilt the company after its banking crisis, is to step down. ...
HBOS manager and other City financiers jailed over £245m loans scam image
Source : Guardian [Read Article] Thursday 2nd of February 2017 03:55:21 PM
.... His wife invited Dobson and the Scourfields to go on trips to Ascot, while Mills, Bancroft, Scourfield and their wives holidayed together in Barbados to celebrate her 40th birthday. Many of the victims said they were going to continue to press Lloyds Banking Group, which took over HBOS during the 2008 banking crisis, for compensation, claiming that the bank knew about the wrongdoing earlier and failed to investigate properly. ...
UK home to 80% of top-earning European bankers image
Source : Guardian [Read Article] Thursday 2nd of February 2017 11:00:28 AM
....”. The EBA’s pay disclosures follow rule changes introduced after the 2008 banking crisis, which also led to the introduction of the bonus cap in 2014. ...
UK chancellor rules out cutting stake in RBS after £3.1bn US hit image
Source : Guardian [Read Article] Thursday 26th of January 2017 07:14:10 AM
....”. McEwan, who took the helm in 2013, described that global ambition as misguided and admitted that the RMBS operation – which was a major moneyspinner for the US operations of Fred Goodwin’s RBS before the banking crisis – had only been shut down in 2015. ...
Lloyds Bank: UK government no longer top shareholder image
Source : BBC [Read Article] Monday 9th of January 2017 10:00:23 AM
....Royal Bank of Scotland (RBS) is still about 71%-owned by the government. In the aftermath of the 2008-2009 banking crisis the UK government had to spend a total of £115bn to rescue Lloyds Banking Group and RBS from imminent collapse. ...
Nearly 1,000 City staff  at four big US banks given €1m in pay deals in 2015 image
Source : Guardian [Read Article] Wednesday 28th of December 2016 05:34:51 PM
....The disclosures by Goldman, JP Morgan, Morgan Stanley and Bank of America Merrill Lynch show that 971 of their staff received €1m in 2015. The information was provided in regulatory disclosures instituted since the 2008 banking crisis, when it became apparent that bankers were being paid huge sums that could not be withheld when banks got into trouble. ...
Monte dei Paschi shortfall €8bn, ECB says image
Source : Guardian [Read Article] Tuesday 27th of December 2016 11:44:28 AM
....”. Monte dei Paschi has struggled to recover from the 2008 banking crisis, when it paid Santander €9bn (£7. ...
Monte dei Paschi bailout shouldn't be seen as a done deal, says ECB member image
Source : Guardian [Read Article] Monday 26th of December 2016 05:32:18 PM
.... State funds are only intended as a last resort, and that is why the bar is set high,” Weidmann told Bild. Monte dei Paschi’s problems have piled up since the 2008 banking crisis, when it paid €9bn (£7. ...
Italy approves bailout for Monte dei Paschi image
Source : BBC [Read Article] Friday 23rd of December 2016 01:12:18 AM
....The bank, which has been crippled by years of losses and loans that may never be repaid, could not be allowed to collapse. That could have triggered further failures in Italy, and potentially started a new European banking crisis. ...
US justice department accuses Barclays over mortgage mis-selling image
Source : Guardian [Read Article] Thursday 22nd of December 2016 10:59:23 PM
....The US department of justice has accused Barclays of jeopardising the financial position of millions of American homeowners over a decade-old mortgage bond mis-selling scandal. The DoJ is now taking the bank to court, in what was thought to be the first time an institution had failed to reached a settlement with the US authorities over the sale of residential mortgage-backed securities (RMBS) in the run-up to the banking crisis. ...
Paolo Gentiloni, Italian foreign minister, appointed PM image
Source : BBC [Read Article] Sunday 11th of December 2016 01:59:31 PM
.... . Mr Gentiloni faces a banking crisis and a rise in popular support for anti-establishment and eurosceptic parties. ...
Is property facing a meltdown in 2017? image
Source : Daily Express [Read Article] Sunday 11th of December 2016 10:10:00 AM
.... The more that borrowing costs rise, the more vulnerable the market will become. It could also get knocked by an Italian banking crisis or a eurozone meltdown next year, so a property shake-out cannot be completely ruled out. ...
Investors ready for the festive stock market ‘Santa rally’ image
Source : Daily Express [Read Article] Tuesday 6th of December 2016 06:45:00 PM
....Christmas is coming . Now analysts say markets could well end 2016 on a high, despite continuing problems in the stricken eurozone and fears of an Italian banking crisis. ...
The Guardian view on European politics: Italy’s turn on the brink | Editorial image
.... But the possibility that he will lose is strong, not least because he has threatened to resign if he does. That could trigger not just another new government but a bond market and banking crisis that may threaten the eurozone. ...
Pound gains against the euro amid fears over Italy's referendum image
Source : Guardian [Read Article] Friday 2nd of December 2016 06:24:55 PM
.... They are right to be concerned. “If the outcome results in another economic downturn, causing sovereign bond yields to spike, it could prove to be the straw that broke the camel’s back, triggering a banking crisis and eventually Italy’s exit from the euro area. ...
Bank of England to reveal stress test results for UK's biggest banks image
Source : Guardian [Read Article] Sunday 27th of November 2016 03:05:46 PM
.... The banks being tested are Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland, the UK arm of Spanish bank Santander and Standard Chartered, which is based in London but has most of its activities in emerging markets. The tests were introduced in the wake of the 2008 banking crisis and are based on hypothetical scenarios devised by the Bank. ...
Ex-Barclays banker alleges unfair dismissal after interview with SFO image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 05:49:44 PM
.... It took place as part of the SFO’s investigation into the bank’s £7. 3bn emergency capital-raising in 2008, at the height of the banking crisis. ...
Citi and JP Morgan top regulators' list of banks posing systemic risk image
Source : Guardian [Read Article] Monday 21st of November 2016 06:44:37 PM
.... Its role is to act a body coordinating policy towards the financial services sector around the world and monitor and assess vulnerabilities affecting the global financial system. It is playing a key role in trying to end the “too big too fail” problem that was highlighted by the 2008 banking crisis. ...
Savings protection limit to go back up to £85,000 image
Source : Guardian [Read Article] Monday 21st of November 2016 12:39:56 PM
....The limit was cut to £75,000 in July 2015, when sterling was stronger, to keep the UK banking system in step with the rest of the EU. The measure was introduced after the banking crisis to prevent savers moving their money across borders to chase the highest level of protection, as was the case when Ireland offered more generous insurance during the height of the crisis in October 2008. ...
SFO asks for private hearing in unfair dismissal claim by ex-Barclays banker image
....The Serious Fraud Office will on Monday ask a London employment tribunal to hear an unfair dismissal claim by a former senior banker at Barclays in private. The attempt to deter reporting of the case will be challenged by a number of news outlets – including the Guardian – and comes as the SFO continues its investigation into Barclays’ emergency cash call during the 2008 banking crisis. ...
Ed Balls enters stage left with decent idea on central bank independence image
Source : Guardian [Read Article] Thursday 17th of November 2016 07:42:37 PM
.... But the former shadow chancellor knows a thing or two about such matters, having been an architect of the Bank of England’s independence in 1997, and his nuanced take puts the crude populism of the likes of Michael Gove and William Hague to shame. Unlike them, Balls acknowledges the bleedin’ obvious: that the Bank did a decent job of preventing the post-banking crisis recession turning into a depression. ...
Bank of England given new powers to curb risky buy-to-let lending image
Source : Guardian [Read Article] Wednesday 16th of November 2016 07:20:51 PM
....”. The powers are technically being given to the Bank’s financial policy committee (FPC), which was set up following the banking crisis to look for the large risks to financial stability. ...
RBS may be fined more than $12bn to settle US mis-selling scandal image
Source : Guardian [Read Article] Wednesday 16th of November 2016 06:46:50 PM
....6bn) to settle a decades-old mis-selling scandal in the US, the body which controls the taxpayer stake in the bank has said. The bailed-out bank has not set aside any money for a settlement with the US Department of Justice (DoJ) over the mis-selling of residential mortgage-backed securities (RMBS) before the 2008 banking crisis. ...
Redfern review into housing: worth building on? image
Source : Guardian [Read Article] Tuesday 15th of November 2016 10:01:01 PM
.... The chief finding is exactly as you would expect: fewer young people could afford to buy. House prices rose rapidly before the banking crisis; then credit constraints kicked in; and a constant driver was the decline in incomes of those aged 28 to 40 relative to older people. ...
Pound has best fortnight in eight years after Trump win image
Source : Guardian [Read Article] Friday 11th of November 2016 07:10:37 PM
....On Wall Street, a Trump-driven rally petered out and after hitting a fresh record high on Thursday the Dow Jones industrial average eased back and was bobbing around the unchanged mark during Friday afternoon trading. Banking shares have benefited since the Trump victory as investors reminded themselves of his campaign pledge to tear up Dodd Frank – post-banking crisis reforms – and other regulations. ...
Taxpayer bailouts for banks 'too big to fail' to end by 2022 image
Source : BBC [Read Article] Tuesday 8th of November 2016 12:36:11 PM
....About 400 banks and building societies will have to hold a collective cushion of £223bn, raised by selling bonds (glorified IOUs) to investors, but the current shortfall is estimated at only £20bn. The new rules were first suggested in the aftermath of the 2008-2009 banking crisis when the UK government had to spend £115bn to rescue the Lloyds Banking Group and the Royal Bank of Scotland from imminent collapse. ...
RBS facing £400m bill to compensate small business customers image
Source : Guardian [Read Article] Tuesday 8th of November 2016 08:07:43 AM
. Royal Bank of Scotland has apologised to small business customers as it revealed a £400m bill to compensate them for poor treatment in the wake of the banking crisis. ...
Is government spending on roads and railways a good idea? image
Source : BBC [Read Article] Monday 3rd of October 2016 03:52:55 PM
...."It is possible to work out roughly what the right level of public spending is to sustain the growth of the economy and prevent bottlenecks," he says. "Before the banking crisis the right number was about 2. ...
Deutsche Bank chief Cryan tries to reassure on bank's strength image
Source : BBC [Read Article] Friday 30th of September 2016 07:30:36 AM
Osborne: Rich richer because of monetary policy image
Source : BBC [Read Article] Tuesday 27th of September 2016 02:36:35 PM
....Talking to Bloomberg TV, he said that UK monetary policy had made "life difficult for ordinary savers". The policies were brought in after the banking crisis of 2008 and the subsequent recession. ...
Global banking watchdog warns over Chinese banks image
Source : BBC [Read Article] Sunday 18th of September 2016 08:30:53 PM
. Risks of a Chinese banking crisis are mounting, according to a warning indicator from the banking industry's global watchdog. ...
Gold can be a big deal for small investors, but nothing is certain image
Source : Guardian [Read Article] Monday 8th of August 2016 06:00:25 AM
....He adds that its UK clients are primarily buying gold sovereigns and Britannia coins, which are exempt from capital gains tax. There are good reasons why investors are lusting for gold: Brexit, the Italian banking crisis, Chinese uncertainty, spiralling global debt and Donald Trump. ...
Barclays adds £400m to PPI payments as profits fall image
Source : BBC [Read Article] Friday 29th of July 2016 07:35:54 AM
.... . "If and when Barclays gets rid of its non-core businesses it should start to look more like an upstanding citizen of the banking sector, but that is still going to take until 2017 at least, a decade after the banking crisis kicked off. ...

Why Italy's banking crisis will shake the eurozone to its core
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Source : Telegraph [Read Article] Saturday 16th of July 2016 03:41:42 PM
...
Property market Brexit effect is simply short-term blip, say analysts image
Source : Daily Express [Read Article] Wednesday 6th of July 2016 09:22:00 AM
....He added the Brexit effect will disappear as political stability is re-established following the Tory leadership election and as Chancellor George Osborne and the Bank of England act to boost the economy. “Events such as the US slowdown, Chinese debt and Italian banking crisis will become the main worry. ...
Rupert Grint sues HMRC for potential £1m tax refund image
Source : Guardian [Read Article] Tuesday 28th of June 2016 11:32:15 AM
.... Outside court, his accountant confirmed that refusal to accept the changed date had meant an extra tax payment of about £1m. The 50p rate had been introduced in the last month of the Labour government as part of efforts to shore up the public finances following the banking crisis. ...
Regulator to investigate accountants  over BHS and HBOS failures image
Source : Guardian [Read Article] Monday 27th of June 2016 09:56:16 AM
....The Financial Reporting Council, responsible for overseeing UK accounting standards, began an investigation into PricewaterhouseCoopers over its audit of the collapsed high street chain BHS when it was owned by Sir Philip Green. It has begun a parallel investigation into whether KPMG should have signed off on the accounts of HBOS, which was bought by Lloyds as the banking crisis gathered pace in September 2008. ...
Market turmoil fears likely to force Mark Carney to abandon ECB meeting image
.... Even so, an analyst at Dow Jones indices had calculated that the $2tn (£1. 4tn) wiped off global markets on Friday was the worse on record, surpassing the losses on 29 September 2008 during the height of the banking crisis. ...
Hold your nerve, financial advisers tell small investors image
Source : Guardian [Read Article] Friday 24th of June 2016 08:14:16 AM
....Jason Hollands, managing director of wealth management group Tilney Bestinvest, said: “Investors are going to need to hold their nerve through the coming days. Although the scale and rapidity of the slide in sterling is enormous, the UK has previously endured sharp devaluations before, notably following the ejection of the pound from the European Exchange Rate mechanism (ERM) and in the aftermath of the banking crisis. ...
Bank of England in preparations for potential Brexit image
Source : Guardian [Read Article] Sunday 5th of June 2016 02:44:02 PM
....Related: Brexit forecasters miss everything that matters to real voters. There would be emergency meetings of both the Bank’s main decision-making bodies; the monetary policy committee that sets interest rates and the financial policy committee that is charged with ensuring there is no repeat of the near-meltdown that occurred during the banking crisis of eight years ago. ...
Jaguar Land Rover sells record half a million cars in a year image
Source : Guardian [Read Article] Monday 30th of May 2016 05:11:56 PM
....The company has doubled vehicle sales and staff headcount over the past five years, overtaking Nissan to become the UK’s largest car manufacturer by production. The growth represents a marked turnaround from 2009, when the company flirted with financial ruin following the banking crisis and subsequent recession. ...
Nationwide plans mortgages shakeup to help defend profits image
Source : Guardian [Read Article] Tuesday 24th of May 2016 07:53:20 AM
....3bn and a rise in the number of current accounts opened at the UK’s biggest mutually owned lender. It is unusual for Nationwide to appoint a chief executive from outside its own ranks and Garner replaced Graham Beale, who took the helm just before the onset of the 2008 banking crisis. ...
Shareholders revolt over executive pay at Foxtons and Paddy Power Betfair image
....In a speech to the New City Agenda thinktank, Haldane set out the importance of addressing the lack of trust in the finance industry after calculating that a “mind-boggling” £1. 8tn of national output had been lost in the eight years since the banking crisis. ...
BT is just coasting with £6bn wave of broadband investment image
Source : Guardian [Read Article] Thursday 5th of May 2016 06:48:30 PM
....How bad would a Donald Trump presidential victory be for financial markets? Whatever your guess, add a few percentage points after the presumptive Republican nominee said he would probably ditch Janet Yellen as chair of the US Federal Reserve when her first term finishes in 2018. Fed chairs normally have to screw up monumentally not to be granted a second term whoever is president (Ben Bernanke even survived the banking crisis). ...
Leicester won the league but the bookies were far from beaten image
Source : Guardian [Read Article] Tuesday 3rd of May 2016 06:22:26 PM
.... First, the US Department for Justice’s monitor is still prowling the premises and, at the last time of asking a few months ago, did not sound impressed by the bank’s progress in overhauling systems to combat financial crime. Second, the other legacy of the banking crisis is a vastly different capital and trading climate; HSBC’s current “progressive” – meaning upwards only – dividend policy may become an unaffordable luxury. ...
Leicester won the league but the bookies were far from beaten image
Source : Guardian [Read Article] Tuesday 3rd of May 2016 06:22:26 PM
.... First, the US Department for Justice’s monitor is still prowling the premises and, at the last time of asking a few months ago, did not sound impressed by the bank’s progress in overhauling systems to combat financial crime. Second, the other legacy of the banking crisis is a vastly different capital and trading climate; HSBC’s current “progressive” – meaning upwards only – dividend policy may become an unaffordable luxury. ...
Boom in UK spending to drive growth image
Source : Daily Express [Read Article] Sunday 17th of April 2016 04:48:00 PM
BP shareholders revolt against CEO’s £14m pay package image
Source : Guardian [Read Article] Thursday 14th of April 2016 11:41:50 AM
....Some 59. 29% opposed the remuneration report, a rebellion that has only ever been exceeded by one at Royal Bank of Scotland (RBS) in 2009 at the height of the banking crisis, when 80. ...
I'm the real-life Gordon Gekko and I support Bernie Sanders | Asher Edelman image
.... Only Bernie Sanders is committed to honest solutions to these problems. The way to avert the next banking crisis is the most clear. ...
Ten things we've learned from the Panama Papers image
Source : BBC [Read Article] Thursday 7th of April 2016 10:15:02 AM
....But the Icelandic prime minister has had to resign over accusations he hid millions of dollars in a company in the British Virgin Islands - a company that had a direct interest in the health and wealth of Iceland's banks - which as prime minister he was responsible for. Sigmundur David Gunnlaugsson has insisted he and his wife have followed Icelandic law and have paid all their taxes in Iceland but that is not really the point, not when your country was brought to its knees by a banking crisis. ...
City news: Pension pots deficit, BAE Systems and London breweries image
Source : Daily Express [Read Article] Tuesday 29th of March 2016 12:03:00 AM
....It comes as financial markets have become increasingly volatile in recent months amid falling commodity prices, low interest rates and a slowdown in economic growth in China. Financial stocks have also come under fire amid concerns from investors that they are not holding enough capital to withstand an economic shock on a par with the banking crisis of 2008. ...
Whistles bought by South Africa's Foschini Group image
Source : Guardian [Read Article] Thursday 24th of March 2016 12:46:46 PM
....Foschini bought Whistles from Mundur, an Icelandic investment company, Bloomberg said. Whistles was part of the retail empire controlled by Baugur, the Icelandic group that entered administration in 2009 during Iceland’s banking crisis. ...
How do companies cope with memory loss? image
Source : BBC [Read Article] Monday 21st of March 2016 01:17:53 AM
.... . This, he says, became very clear to him and to then Chancellor of the Exchequer Alistair Darling during the course of the 2008-09 crisis, when they realised "the vast majority of Treasury staff had never been through even a recession, let alone a banking crisis". ...
George Osborne’s austerity budgets show ever-diminishing returns image
Source : Guardian [Read Article] Sunday 20th of March 2016 08:59:35 AM
....More or less from his arrival in the Oval Office in 2009, Barack Obama’s first year was dominated by the financial crisis. And, curious though it may seem to the many who have swallowed Osborne’s propaganda, the banking crisis in the US, rather like the banking crisis in the rest of the developed world, was not caused by Labour. ...
The doomsayers are wrong – our debt is well-regulated, and sound | Stephen Koukoulas image
....It is only when too much money is carelessly lent to high-risk borrowers that problems unfold. This was the case in the lead into the banking crisis in 2008 when in the US, UK and other countries (not Australia) anyone on any income could get a mortgage. ...
Tom Scholar appointed as Treasury permanent secretary image
Source : Guardian [Read Article] Friday 11th of March 2016 06:36:23 PM
....He served as Brown’s principal private secretary from 28 in 1997 before moving to Washington as the UK representative at the International Monetary Fund and the World Bank. He then served as chief of staff for Brown, then prime minister, and returned to a senior post at the Treasury at the height of the banking crisis. ...
FCA chief denies new regime is soft on bankers image
Source : Guardian [Read Article] Monday 7th of March 2016 12:01:48 AM
....”. The senior managers and certification regime comes into force alongside a new criminal offence of failing to prevent a bank from collapsing, in an attempt to address the fallout of the 2008 banking crisis where senior bankers were not found culpable. ...
Stamp duty hike spurs buy-to-let spree from investors image
Source : Daily Express [Read Article] Sunday 6th of March 2016 12:01:00 AM
....Those fears culminated in the stock market crash at the start of the year. Bank shares in particular were hit, as fears about a new banking crisis grew. ...
India budget targets farmers and promises infrastructure upgrades image
Source : Guardian [Read Article] Monday 29th of February 2016 12:05:37 PM
....“At first sight, it’s a good budget, a fire-fighting budget,” said Amitabh Dubey, director of India research at Trusted Sources. “Rural demand is weak, private investment is dead in the water and, of course, we have a banking crisis,” he added. ...
RBS pays chief executive Ross McEwan £3.8m as it reports £2bn loss image
Source : Guardian [Read Article] Friday 26th of February 2016 07:34:49 AM
....McEwan – who has received the highest pay for a chief executive of the bank since the bailout – said further problems lay ahead for the bank, particularly from “big conduct” issues. Among these is a penalty, yet to be determined and which could run to billions of pounds, for the way it sold US mortgage bonds in the run-up to the 2008 banking crisis. ...
Brexit concerns rattle British stock markets – while US investors just shrug image
.... Emerging markets have suffered a meltdown, thanks to the collapse in commodity prices and contagion from China, among other factors. Europe has been battered by a succession of problems, from Greece’s economic collapse and the banking crisis, to the current political challenge posed by the wave of refugees flooding the region. ...
Standard Chartered makes first annual loss since 1989 image
Source : Guardian [Read Article] Tuesday 23rd of February 2016 10:24:29 AM
....Its shares have been languishing at 25-year lows, and other bank shares have been under pressure amid fears of a re-run of the 2008 crisis. But Winters said “this is not a banking crisis”, pointing to strong capital ratios and liquidity. ...
HSBC 'taking too long to tackle financial crime' image
Source : Guardian [Read Article] Monday 22nd of February 2016 05:36:04 AM
....In an attempt to quell lingering investor concerns about the impact of $30 a barrel oil on loans to oil and gas companies, HSBC revealed it had exposure of $29bn and had taken a charge of just $400m against losses. To put that into perspective, the bank said it had $106bn of subprime loans before the 2008 banking crisis. ...
Plunging oil price brings Saudi Arabia and Iran together in alliance of enemies image
....American production had been growing at 15% per annum when crude prices were racing along at over $100 per barrel but that growth has now stalled, despite attempts by US producers to keep going by cutting costs. Latest figures from industry specialist Baker Hughes show there are now around 540 US rigs operating – 800 fewer than a year ago – while bankruptcies have risen to above numbers seen at the height of the 2008-09 banking crisis. ...

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