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Markets fall further amid global slowdown worries

European stock markets remained in the red as fears over banks and the global slowdown kept equities under pressure. The FTSE 100 Index fell 18.3 points to 5670.1, losing early session gains as European markets dropped following a punishing session in Asia where Japan’s market plummeted 5.4% in the face of the potential for more global economic gloom.


IMF cuts global growth forecasts amid China concerns

Slowing growth in China and rising geopolitical tensions has led the International Monetary Fund (IMF) to cut its growth forecasts for the next two years. In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year followed by 3.6% in 2017.

Oil & Gas

Oil market needs another month to see if rebound is for real

Even with oil prices possibly past the low point, and production falling from outside of OPEC, there aren’t enough signs to say a full recovery is in the works, Kuwait’s oil minister said. Oil ministers from the Organization of Petroleum Exporting Countries need until next month to decide if the rebound is for real, and if it’s not, any production cuts shouldn’t fall only on OPEC’s shoulders, Ali Al-Omair said in an interview in Riyadh on Wednesday. Brent crude rose 2.5 percent in October, after falling 11 percent the month before, amid signs production is falling in the U.S. As the U.S. wilts, demand for OPEC’s crude will grow in 2015, ending two years of retreat, the International Energy Agency estimates. OPEC meets Dec. 4 in Vienna.


Maersk cuts profit outlook for 2015 on weaker shipping market

A.P. Moeller-Maersk cut its profit outlook for 2015 citing a weaker global container shipping market. The owner of the world’s biggest shipping line said it now sees underlying profit of about $3.4 billion, compared with a previous forecast for $4 billion, according to a statement to the stock exchange on Friday. “Particularly the container shipping market deteriorated beyond the Group’s expectations especially in the latter part of the third quarter and October,” the company said. “The Group now expects no market recovery within 2015. Initiatives have been taken to adjust Maersk Line’s network accordingly.”

Oil & Gas

Chevron extends job cuts to global trading desks

Chevron Corp is cutting staff on its global energy trading desks this week, sources said on Thursday, making it the latest division to face reductions as part of a $3 billion cost-saving plan brought on by low crude oil prices. The Supply and Trading group, based in Houston, but with offices in Singapore, London and San Ramon, California, may be reduced by as much as 10 percent as part of a company-wide job reduction plan, according to two people familiar with the measures. Six other sources said they were aware of the cuts but could not say how deep they might be. While staff cutbacks are now commonplace across the energy industry as companies adjust to oil prices of $50 a barrel, half what they were a year ago, Chevron's moves this week appeared to be some of the largest to affect trading operations. Some companies have sought to protect the trading desks to help navigate choppy markets.

Oil & Gas

Ensco in further job losses as onshore jobs hit

Ensco will reduce its onshore support jobs by a further 14% in a bid to streamline costs amid the continued decline in oil price. The offshore driller previously said earlier this year it had halved its onshore workforce by 50%.

Oil & Gas

ION Geophysical to reduce global headcount by 25%

ION Geophysical Corporation said it plans to reduce its global headcount by 25% in a bid to streamline costs. The company said it has implemented an “aggressive” cost reduction initiative as part of an overall plan to align its operating expenses. ION said it expects to incur up to $6million in termination costs as a result of the move.


UAE to align fuel prices to global oil, removing subsidies

The United Arab Emirates, the third-biggest OPEC oil producer, will link gasoline and diesel prices to global oil markets as the government seeks to remove subsidies. Fuel prices will deregulated from August 1, state-run WAM news agency reported, citing a statement from the Ministry of Energy on Wednesday. The change was ratified by the cabinet.

Other News

Plans by Global Energy for harbour rejected by Scottish Government

Global Energy, who own the Nigg Fabrication Yard, have had their plans for their own harbour rejected by the Scottish Government. They had put forward plans to create their own harbour at the entrance to the Cromarty Firth. However the Scottish Government threw out the bid on a legal technicality.

Subsea Expo

Subsea Expo 2015: Guest Editor Neil Gordon says increasing overseas business is crucial

Focus turned to the international market today at Subsea Expo. Infield unveiled the detailed findings of their latest report into global subsea activity – underlining the tough times ahead but with a more promising outlook from 2017 onwards. The conference session on global markets, along with UKTI’s programme of one-to-one meetings matching UK expertise with demand from regions including Africa, Australia, Brazil and Mexico. The maturity and challenges of the North Sea make it even more crucial for UK subsea companies to increase their overseas business if they are to sustain their growth in the long-term.