LONDON (ShareCast) - (ShareCast News) - Oil prices climbed more than 2% on Monday morning in Asia as traders weighed the impact of wildfires continuing to rage in Canada's top oil-producing province and a change at the top in Saudi Arabia's energy ministry. Brent crude, the international benchmark, rose as much as 2.5 per cent to $46.68 a barrel while West Texas Intermediate, the US marker, gained as much as 2.9 per cent to $45.94. - Financial Times
Discoveries of new oil reserves have dropped to their lowest level for more than 60 years, pointing to potential supply shortages in the next decade. Oil explorers found 2.8bn barrels of crude and related liquids last year, according to IHS, a consultancy. This is the lowest annual volume recorded since 1954, reflecting a slowdown in exploration activity as hard-pressed oil companies seek to conserve cash. - Financial Times

Hopes of an economic resurgence in China have been dealt a blow by weak trade data that raise fresh concerns about the state of the global economy. Official figures released yesterday showed that both imports and exports in China fell by more than expected, painting a picture of weak demand at home and abroad. - The Times

One of the British motor industry's most senior executives has warned that volume carmaking will disappear from the country if the steelmaking crisis is not resolved. Nick Reilly, the former president of General Motors Europe and the man who saved Vauxhall's Ellesmere Port and Luton plants from closure during the financial crisis, says that the effect across industry of Tata Steel's decision to quit Britain is being badly underestimated by ministers and officials. - The Times

The prospect of train companies fighting a price war on the main line between London and Edinburgh has drawn closer after a report commissioned by the rail regulator said there was "irrefutable" proof that competition would bring significant economic benefits. Within days of deciding whether two companies will be allowed on the east coast main line to take on existing services operated by Virgin Trains [and Stagecoach], the Office of Rail and Road has been told that passengers would benefit from lower fares. - The Times

Saudi Arabia's new energy minister has signalled that his appointment will make no difference to the kingdom's aggressive policy of trying to drive rival producers out of business with cheap oil. Khalid al-Falih, chairman of Saudi Aramco, the state oil giant, was unveiled as Ali al-Naimi's successor at the weekend, making him the oil world's key power broker. - The Times

Saudi Arabia is planning a three-way foreign listing in London, Hong Kong, and New York for the record-smashing privatisation of its $2.5 trillion oil giant Aramco, anchored on a triad of interlocking ties with three foreign energy companies. The Saudi authorities hope to entice ExxonMobil, China's Sinopec, and potentially BP, into taking strategic stakes, offering them long-term access to upstream operations in return for cutting-edge technology or refinery deals, according to sources close to Saudi thinking. - Daily Telegraph

A German parcels expert is being lined up as the next chief executive of Royal Mail. An unpublicised internal restructuring of the group at the behest of Peter Long, the new chairman, has handed Rico Back, hitherto the head of the group's European business, unprecedented authority across all its parcel operations: UK domestic, continental and worldwide delivery. - The TImes

About £10m will be paid in compensation to more than 250 building workers who were "blacklisted" by some of Britain's biggest construction firms under a settlement to be announced on Monday. The total payout from the out-of-court deal secured from Sir Robert McAlpine, Balfour Beatty and six other building companies by the Unite union on behalf of almost 800 unfairly targeted workers could be as high as £75m. - The Guardian

Lloyds Banking Group could be the next major company to face a shareholder rebellion after governance groups said the boss's pay could be deemed "excessive." Chief executive Antonio Horta-Osorio received £8.8m in pay, bonuses and long-term incentives in 2015, down from £11.5m in 2014, but above his peers at HSBC and Royal Bank of Scotland. - Daily Telegraph

Leaving the European Union would hit house prices significantly and make mortgages more expensive, George Osborne has claimed, as the referendum campaign steps up a gear. The chancellor is due to publish Treasury research about the short-term costs of Brexit in the coming days, and has revealed that one key finding will be that property prices could fall if voters decide to leave the EU on 23 June. - The Guardian

More than $12tn (£8tn) has been siphoned out of Russia, China and other emerging economies into the secretive world of offshore finance, new research has revealed, as David Cameron prepares to host world leaders for an anti-corruption summit. A detailed 18-month research project has uncovered a sharp increase in the capital flowing offshore from developing countries, in particular Russia and China. - The Guardian

EasyJet is expected to take a hit from this year's spate of terrorist attacks after a fall in bookings led to "very tough" conditions for airlines. Analyst Wyn Ellis, of Numis, believes the bombings in Brussels, as well as renewed violence in Egypt, will have cost easyJet around £45m in the first half of its financial year. - Daily Telegraph

Facebook has won a Chinese trademark case against a company that registered the brand name "face book", in a sign that Beijing attitudes are softening towards the world's largest social networking site, which is blocked to China's 700m internet users. Mark Zuckerberg, Facebook's founder, has been at the forefront of a charm offensive apparently aimed at prying open the Chinese market. - Financial Times

Britain's mortgage lenders are tearing up longstanding restrictions on older borrowers as Nationwide became the second lender in a week to extend the age limit by which a home loan must be repaid. Nationwide is boosting the maximum age of "mortgage maturity" from 75 to 85 - the highest limit of any mainstream lender - as part of moves to "bring more flexibility and choice to older borrowers". - Financial Times

Domestic flights in Britain will all but disappear over the next decade because of falling demand, a senior airline boss has warned. Laurie Berryman, UK vice-president of Emirates, said that existing routes would continue to be squeezed because of a lack of space at Heathrow, combined with the rise of long-haul flights directly from regional airports. - The Times

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE