Oil prices have surged by more than 6% after OPEC and other producers reached their first deal since 2001 to reduce output.
The price of a barrel of Brent crude climbed close to $58 overnight, its highest level since July 2015, before edging back a little to just under $57.
Oil prices had already been lifted after a deal reached a couple of weeks ago by the Saudi-dominated OPEC cartel to cut production by 1.2 million barrels per day from January.
That deal was the first of its kind since 2008.
A further deal over the weekend brought in producers outside OPEC - including Russia - who agreed to cut output by 558,000 barrels per day.
The moves, to take effect from January, are expected to see the global oversupply of oil to shift to a shortfall - pushing up the price.
Oil producers are acting because a glut of oil swilling around world markets - at a time of sluggish demand - has weighed heavily on the crude price.
Analysts at Bernstein said: "Once cuts are implemented at the start of 2017, oil markets will shift from surplus into deficit."
Despite the latest rises, the price of a barrel of Brent crude remains 50% lower than its level in mid-2014.
A higher oil price will pose concerns for UK motorists facing a rising cost of filling up their tanks.
They face a double impact because the recent slump in the pound will make imports including oil - which is priced in dollars - more expensive.
But an upturn in the oil market will ease some of the pressure on the North Sea oil and gas industry which has shed thousands of jobs amid the severe price downturn.
UK-based oil giants BP and Shell - mainstays of many British pension funds - stand to gain, along with a raft of companies providing services to the industry.
Shares in BP were up 2% in early trading on Monday while Shell climbed 3%.
Monday, December 12, 2016
Sunday, December 11, 2016
Bill English sworn in as New Zealand's new prime minister
New Zealand's ruling National Party has appointed Bill English as the country's new prime minister - a widely expected move.
It comes a week after John Key stepped down as prime minister in a shock decision at the height of his popularity.
Mr English, 54, who was alone in the race, has been officially sworn in at Government House in Wellington.
He told journalists after the announcement: "I am both excited and humbled by this opportunity."
Mr English, who comes from a conservative, Catholic family, has already lined up social housing minister Paula Bennett as deputy leader, and senior cabinet minister Steven Joyce will replace him in the finance ministry.
Mr English is expected to announce further Cabinet changes in the coming weeks and has also signalled a "stocktake" on policy.
Mr English, who 13 years ago oversaw a disastrous election loss for the National Party to the centre-left Labour Party, takes the reins of a country in good economic shape compared to much of the developed world.
On Monday, credit ratings firm Moody's said it expects New Zealand to remain among the fastest growing of triple-A rated economies.
Mr English has held several ministerial posts across education, health and finance since he joined parliament in 1990.
As finance minister, his key policies included moves to partly privatise several state-owned energy firms and Air New Zealand, cutting personal tax and corporate tax rates and increasing the goods and services tax.
It comes a week after John Key stepped down as prime minister in a shock decision at the height of his popularity.
Mr English, 54, who was alone in the race, has been officially sworn in at Government House in Wellington.
He told journalists after the announcement: "I am both excited and humbled by this opportunity."
Mr English, who comes from a conservative, Catholic family, has already lined up social housing minister Paula Bennett as deputy leader, and senior cabinet minister Steven Joyce will replace him in the finance ministry.
Mr English is expected to announce further Cabinet changes in the coming weeks and has also signalled a "stocktake" on policy.
Mr English, who 13 years ago oversaw a disastrous election loss for the National Party to the centre-left Labour Party, takes the reins of a country in good economic shape compared to much of the developed world.
On Monday, credit ratings firm Moody's said it expects New Zealand to remain among the fastest growing of triple-A rated economies.
Mr English has held several ministerial posts across education, health and finance since he joined parliament in 1990.
As finance minister, his key policies included moves to partly privatise several state-owned energy firms and Air New Zealand, cutting personal tax and corporate tax rates and increasing the goods and services tax.
Northumbria Police slammed over armed officers images
A police force has been criticised over pictures of armed officers smiling and posing with shoppers at a Christmas market.
The images, which show officers guarding the market in Newcastle city centre, attracted more than 2,500 comments after being published on Northumbria Police's Facebook page.
The force said the armed officers were deployed "purely for reassurance and to make people feel safe".
But the policy drew criticism on Facebook, with one person saying it indicated the UK was "one step closer to martial law".
One woman wrote: "I've got news for you, Northumbria Police; seeing heavily armed police officers at a Christmas market would NOT make me feel safe - quite the opposite.
"We do NOT NOT NOT want armed police to become the general rule on our streets. More weapons = more danger, not less. We do NOT want to end up like America."
Meanwhile, another Facebook user said "there's no call to wave guns about in public".
He added: "If they want to meet Joe Public, they can leave their guns at home. Terrorism is there to make people feel afraid, and responding to it with public displays of firepower is a terrible idea."
But one man responded, saying: "These officers are here for public protection. The world isn't the utopia we'd like it to be unfortunately. This is the real world boys and girls.
"If a terrorist armed with a firearm or knife started attacking shoppers, the people criticising wouldn't be moaning, I'm sure."
Explaining the images, Northumbria Police said: "These patrols have begun following the announcement from the Home Office last year that armed patrols would be stepped up across the country.
"Our FSU officers are just regular police at the end of the day and if you have any concerns make sure you go and have a chat."
The force said the armed officers were deployed "purely for reassurance and to make people feel safe".
But the policy drew criticism on Facebook, with one person saying it indicated the UK was "one step closer to martial law".
One woman wrote: "I've got news for you, Northumbria Police; seeing heavily armed police officers at a Christmas market would NOT make me feel safe - quite the opposite.
"We do NOT NOT NOT want armed police to become the general rule on our streets. More weapons = more danger, not less. We do NOT want to end up like America."
Meanwhile, another Facebook user said "there's no call to wave guns about in public".
He added: "If they want to meet Joe Public, they can leave their guns at home. Terrorism is there to make people feel afraid, and responding to it with public displays of firepower is a terrible idea."
But one man responded, saying: "These officers are here for public protection. The world isn't the utopia we'd like it to be unfortunately. This is the real world boys and girls.
"If a terrorist armed with a firearm or knife started attacking shoppers, the people criticising wouldn't be moaning, I'm sure."
Explaining the images, Northumbria Police said: "These patrols have begun following the announcement from the Home Office last year that armed patrols would be stepped up across the country.
"Our FSU officers are just regular police at the end of the day and if you have any concerns make sure you go and have a chat."
Trump denies CIA report that Russia intervened to help him win election
President-elect Donald Trump said he does not believe the CIA’s conclusion that Russia intervened in the election to help him win, attributing the assessment to Democrats who supported Hillary Clinton and claiming repeatedly that the U.S. intelligence community has “no idea” what might have happened.
“I think it’s ridiculous,” Trump said in an interview with “Fox News Sunday,” his first Sunday show appearance since the election last month. “I think it’s just another excuse. I don’t believe it . . . No, I don’t believe it at all.”
Trump also denied the importance of receiving the daily intelligence briefing, a tradition for presidents and presidents-elect. He has received the briefings only sporadically since winning the election.
“I get it when I need it,” he said. “I’m, like, a smart person. I don’t have to be told the same thing in the same words every single day for the next eight years.”
[Trump, CIA on collision course over Russia’s role in U.S. election]
Trump’s comments go against the conclusion of the CIA that individuals with connections to the Russian government provided the anti-secrecy group WikiLeaks with thousands of hacked emails from the Democratic National Committee and others to boost his chances.
“It is the assessment of the intelligence community that Russia’s goal here was to favor one candidate over the other, to help Trump get elected,” a senior U.S. official briefed on an intelligence presentation made to U.S. senators told The Washingon Post on Friday. “That’s the consensus view.”
Trump openly mocked the report on Friday evening, suggesting that the CIA had discredited itself by producing faulty assessments about Iraq’s weapons stockpile during the George W. Bush administration. “These are the same people that said Saddam Hussein had weapons of mass destruction,” he said in a statement.
The latest comments appear destined to exacerbate tensions between Trump and the intelligence community, which is already wondering how it will function under his administration given the president-elect’s skepticism of the agency’s expertise and his disinterest in receiving daily briefings.
[FBI and CIA give differing accounts to lawmakers on Russia’s motives in 2016 hacks]
Trump declined to confirm whom he will name secretary of state but lavished praise on his expected pick, ExxonMobil CEO Rex Tillerson, calling him a “world-class player” and even alluding to Tillerson’s ties to Russia, which are a source of concern for hawkish Republicans on Capitol Hill.
“He’s in charge of an oil company that’s pretty much double the size of his next serious competitor,” Trump said of Tillerson. “It’s been a company that’s been unbelievably managed. And to me, a great advantage is he knows many of the players, and he knows them well. He does massive deals in Russia. He does massive deals for the company.”
Secretary of state is the most powerful cabinet position that remains unfilled by Trump about a month after the election. For weeks, Trump has interviewed candidates, including former Massachusetts governor Mitt Romney (R), and deliberated about the decision.
Trump suggested in the “Fox News Sunday” appearance that he will retain a stake in his business as president, a possibility that has raised questions among ethics experts, and he questioned the idea that making deals for his company from the White House would represent a conflict of interest.
“When I ran, everybody knew that I was a very big owner of real estate all over the world,” Trump said, adding that he would not be involved in the day-to-day management of his company as president. “I’m not going to be doing deals at all. Now that would be — I don’t even know if that’s a conflict. I mean, I have the right to do it. You know, under the law, I have the right to do it. I just don’t want to do it.”
Trump is scheduled to give a news conference on Thursday to discuss how he will pass the reins of the Trump Organization to his three eldest children. “They’re not making deals, either, for my company,” he said.
“I think it’s ridiculous,” Trump said in an interview with “Fox News Sunday,” his first Sunday show appearance since the election last month. “I think it’s just another excuse. I don’t believe it . . . No, I don’t believe it at all.”
Trump also denied the importance of receiving the daily intelligence briefing, a tradition for presidents and presidents-elect. He has received the briefings only sporadically since winning the election.
“I get it when I need it,” he said. “I’m, like, a smart person. I don’t have to be told the same thing in the same words every single day for the next eight years.”
[Trump, CIA on collision course over Russia’s role in U.S. election]
Trump’s comments go against the conclusion of the CIA that individuals with connections to the Russian government provided the anti-secrecy group WikiLeaks with thousands of hacked emails from the Democratic National Committee and others to boost his chances.
“It is the assessment of the intelligence community that Russia’s goal here was to favor one candidate over the other, to help Trump get elected,” a senior U.S. official briefed on an intelligence presentation made to U.S. senators told The Washingon Post on Friday. “That’s the consensus view.”
Trump openly mocked the report on Friday evening, suggesting that the CIA had discredited itself by producing faulty assessments about Iraq’s weapons stockpile during the George W. Bush administration. “These are the same people that said Saddam Hussein had weapons of mass destruction,” he said in a statement.
The latest comments appear destined to exacerbate tensions between Trump and the intelligence community, which is already wondering how it will function under his administration given the president-elect’s skepticism of the agency’s expertise and his disinterest in receiving daily briefings.
[FBI and CIA give differing accounts to lawmakers on Russia’s motives in 2016 hacks]
Trump declined to confirm whom he will name secretary of state but lavished praise on his expected pick, ExxonMobil CEO Rex Tillerson, calling him a “world-class player” and even alluding to Tillerson’s ties to Russia, which are a source of concern for hawkish Republicans on Capitol Hill.
“He’s in charge of an oil company that’s pretty much double the size of his next serious competitor,” Trump said of Tillerson. “It’s been a company that’s been unbelievably managed. And to me, a great advantage is he knows many of the players, and he knows them well. He does massive deals in Russia. He does massive deals for the company.”
Secretary of state is the most powerful cabinet position that remains unfilled by Trump about a month after the election. For weeks, Trump has interviewed candidates, including former Massachusetts governor Mitt Romney (R), and deliberated about the decision.
Trump suggested in the “Fox News Sunday” appearance that he will retain a stake in his business as president, a possibility that has raised questions among ethics experts, and he questioned the idea that making deals for his company from the White House would represent a conflict of interest.
“When I ran, everybody knew that I was a very big owner of real estate all over the world,” Trump said, adding that he would not be involved in the day-to-day management of his company as president. “I’m not going to be doing deals at all. Now that would be — I don’t even know if that’s a conflict. I mean, I have the right to do it. You know, under the law, I have the right to do it. I just don’t want to do it.”
Trump is scheduled to give a news conference on Thursday to discuss how he will pass the reins of the Trump Organization to his three eldest children. “They’re not making deals, either, for my company,” he said.
Trump denies CIA Russia meddling report
President-elect Donald Trump has said he "doesn't believe" a CIA assessment that Russian hackers tried to sway the election in his favour.
In an interview with Fox News being broadcast later, he blamed Democrats for "ridiculous" news reports that said Russia was behind the hacks.
Russian officials have repeatedly denied the hacking accusations.
Senior Republicans have now joined Democrats in calling for a full investigation into the intelligence.
Republican Senator John McCain, chairman of the Senate Armed Services Committee, said in a joint statement with top Democratic Senator Chuck Schumer and others that the CIA's report "should alarm every American".
According to US media which have viewed the Fox interview in advance, Mr Trump also said:
he does not require daily intelligence briefings because he's a "smart person"
his children will run his company but will not "make deals"
the phone call with Taiwan that prompted protests from China was not planned in advance
he won't be bound by "One China" policy unless Beijing makes concessions on trade
a series of big environmental decisions including US participation in the Paris climate change deal will come quickly
Mr Trump, an outsider who stunned the political world by beating Hillary Clinton in last month's election, will assume office on 20 January.
Obama orders intelligence community review of 2016 election hacking
President Obama has ordered his intelligence agencies to conduct a review of hacking during the 2016 presidential election and present their findings before he leaves office, a top adviser said Friday.
Obama's counterterrorism adviser Lisa Monaco disclosed the review to reporters in Washington Friday morning.
"We maybe have crossed into a new threshold," Monaco said. Monaco did not say if the report would be made public.
The intelligence community already has probed suspected foreign intervention in the U.S. election, having concluded earlier that Russia-backed actors likely were involved in breaching and releasing Democratic Party emails during the 2016 cycle.
The final weeks of the White House race also were rocked by WikiLeaks’ publication of Hillary Clinton Campaign Chairman John Podesta’s hacked emails.
PRESIDENTIAL COMMISSION URGES BETTER CYBERSECURITY
At the time, WikiLeaks founder Julian Assange denied the Russian government or any other “state parties” were the source for the 50,000 emails, which fueled weeks of embarrassing coverage for the Clinton campaign detailing behind-the-scenes discussions and arguments among Clinton advisers and family members.
Obama’s directive to his intelligence agencies to conduct a full review and report to him before he leaves office on Jan. 20 could serve to fuel more questions about the integrity of the election – at a time when President-elect Donald Trump’s advisers and allies are battling with Clinton stalwarts still bitter over the race.
Many Democrats believe the disclosures in emails stolen from Democratic Party officials and Podesta’s account benefited Trump. Democratic senators on the Senate Intelligence Committee have asked Obama to declassify more information about Russia's role in the hacks.
Trump senior adviser Kellyanne Conway told “Fox & Friends” on Friday that Democrats “won’t learn the lessons” from the 2016 race.
"A little self-awareness would do for a team that is blaming everybody but themselves for this. It’s Bernie Sanders’ fault … It’s the alt-right’s fault," she said. "It’s … fake news’ fault. It’s Russian interference. It’s James Comey. ... How about you had no message?"
Trump allies also are still trying to fight attempts by Green Party candidate Jill Stein to seek a recount in key battleground states, though so far the recount efforts have sputtered and not made much of a difference in the final tally.
In a separate development, Georgia Secretary of State Brian Kemp confirmed to Fox News on Friday that there was an attempted cyber-breach on his state’s systems in mid-November – and an extensive forensic review linked the IP address to the U.S. Department of Homeland Security.
Kemp said he is unsure whether this was a rogue actor in the department, or an outside party that accessed DHS systems or was spoofing their address.
In a letter to DHS Secretary Jeh Johnson, Kemp asked whether DHS was aware of the attempt and, “if so, why DHS was attempting to breach our firewall.”
Kempt said the intruder was trying to scan “certain aspects of the Georgia Secretary of State’s infrastructure,” and the breach was unsuccessful.
Obama's counterterrorism adviser Lisa Monaco disclosed the review to reporters in Washington Friday morning.
"We maybe have crossed into a new threshold," Monaco said. Monaco did not say if the report would be made public.
The intelligence community already has probed suspected foreign intervention in the U.S. election, having concluded earlier that Russia-backed actors likely were involved in breaching and releasing Democratic Party emails during the 2016 cycle.
The final weeks of the White House race also were rocked by WikiLeaks’ publication of Hillary Clinton Campaign Chairman John Podesta’s hacked emails.
PRESIDENTIAL COMMISSION URGES BETTER CYBERSECURITY
At the time, WikiLeaks founder Julian Assange denied the Russian government or any other “state parties” were the source for the 50,000 emails, which fueled weeks of embarrassing coverage for the Clinton campaign detailing behind-the-scenes discussions and arguments among Clinton advisers and family members.
Obama’s directive to his intelligence agencies to conduct a full review and report to him before he leaves office on Jan. 20 could serve to fuel more questions about the integrity of the election – at a time when President-elect Donald Trump’s advisers and allies are battling with Clinton stalwarts still bitter over the race.
Many Democrats believe the disclosures in emails stolen from Democratic Party officials and Podesta’s account benefited Trump. Democratic senators on the Senate Intelligence Committee have asked Obama to declassify more information about Russia's role in the hacks.
Trump senior adviser Kellyanne Conway told “Fox & Friends” on Friday that Democrats “won’t learn the lessons” from the 2016 race.
"A little self-awareness would do for a team that is blaming everybody but themselves for this. It’s Bernie Sanders’ fault … It’s the alt-right’s fault," she said. "It’s … fake news’ fault. It’s Russian interference. It’s James Comey. ... How about you had no message?"
Trump allies also are still trying to fight attempts by Green Party candidate Jill Stein to seek a recount in key battleground states, though so far the recount efforts have sputtered and not made much of a difference in the final tally.
In a separate development, Georgia Secretary of State Brian Kemp confirmed to Fox News on Friday that there was an attempted cyber-breach on his state’s systems in mid-November – and an extensive forensic review linked the IP address to the U.S. Department of Homeland Security.
Kemp said he is unsure whether this was a rogue actor in the department, or an outside party that accessed DHS systems or was spoofing their address.
In a letter to DHS Secretary Jeh Johnson, Kemp asked whether DHS was aware of the attempt and, “if so, why DHS was attempting to breach our firewall.”
Kempt said the intruder was trying to scan “certain aspects of the Georgia Secretary of State’s infrastructure,” and the breach was unsuccessful.
Erdogan's AK Party submits bill to empower presidency
Turkey’s ruling Justice and Development Party (AK Party) has submitted to parliament a bill granting extended powers to the presidency and abolishing the prime ministry, among other major changes.
The 21-article constitutional change, if adopted, would take Turkey away from its current parliamentary system, and introduce an executive presidency, a move that worry critics of President Recep Tayyip Erdogan.
Saturday’s proposed constitutional changes are expected to be discussed at the relevant parliamentary commission first, before the bill is brought to a parliamentary hearing and if passed there, put to a referendum. Government officials have pointed at the spring of 2017 for a possible referendum.
Erdogan became Turkey's first president to be elected by popular vote in 2014, after serving three terms as prime minister.
He said numerous times that the popular vote had transformed his presidency compared to the past presidencies, which were seen as largely ceremonial.
The 21-article constitutional change, if adopted, would take Turkey away from its current parliamentary system, and introduce an executive presidency, a move that worry critics of President Recep Tayyip Erdogan.
Saturday’s proposed constitutional changes are expected to be discussed at the relevant parliamentary commission first, before the bill is brought to a parliamentary hearing and if passed there, put to a referendum. Government officials have pointed at the spring of 2017 for a possible referendum.
Erdogan became Turkey's first president to be elected by popular vote in 2014, after serving three terms as prime minister.
He said numerous times that the popular vote had transformed his presidency compared to the past presidencies, which were seen as largely ceremonial.
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