The City roundup video: Falling oil prices leads to major job cuts
Video: Alex Lawson provides a run-down of the day's major news from the City
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.
The tumbling price of oil is causing a major headache for the world’s largest companies reliant on searching for and selling the black stuff.
The falling price of crude has led the North Sea’ biggest players including Shell, Chevron and BP to cut jobs and the latter is expected to reveal the impact of the sharp dive in price to $51 a barrel in its annual results tomorrow.
With Britons finally feeling like they have bit of extra cash jangling in their pockets post-recession, a cheaper tankful with come as a further boost.
The price dive has also affected the major airlines. Ryanair said today it has been able to slash prices by between 6 and 8 per cent and subsequently raised its profit forecasts after surging customer demand. However, those of you rushing to book your next swan off to the sunshine on Michael O’Leary’s airline be warned – it has already hedged for $92 barrels of oil next year so it might not be as rosier picture then.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments