Crude oil faced a bumpy session in US trading overnight on the back of the DOE’s Weekly Petroleum Status Report. As suggested in yesterday’s commodities report; another greater-than-anticipated drawdown in total stocks would likely prove insufficient to yield a recovery for WTI. Indeed, the benchmark seemed to take its guidance from the negative cues offered by the production and distillate readings. The rate of US crude production soared to its highest rate since 1986, lending credence to the idea of a supply glut in the world’s largest consumer of the commodity.
Since 2010, the Conservative government has subjected Britain’s public sector to an aggressive programme of deficit reduction to restore order to UK public finances. One consequence of this initiative is that the British public is easily exasperated by the thought of individuals and companies that avoid paying their fair share of tax. The UK government has responded to public concern with several reforms aimed at taking a more proactive position in relation to tax avoidance.
For several months now, George Osborne has been planning to make manipulation of foreign exchange, fixed income and commodities benchmarks a crime in order to maintain London’s status as an international banking and markets hub. The upcoming reforms will be informed by a review by the Bank of England, Treasury and Financial Conduct Authority (FCA) into the operation of financial markets and the scope of regulation of wholesale markets. With the FCA and other regulators investigating the FX markets amid rigging allegations, Osborne is eager to demonstrate that he is taking strong action as an election looms in 2015.
Kazakhstan is a land of near-mythical promise, brimming with its own vast mineral resources and blessed with natural bounty. The nation’s economy is already the largest in Central Asia, but as Kazakhstan develops, there are still plenty of diverse investment opportunities for the savvy entrepreneur.