News GCHQ uses doctored websites including those from the business network LinkedIn to secretly install surveillance software on the computers of unwitting target companies and individuals it wants to spy on, the German news magazine Der Spiegel has reported

GCHQ uses doctored websites including those from the business network LinkedIn to secretly install surveillance software on the computers of unwitting target companies and individuals it wants to spy on, the German news magazine Der Spiegel has reported.

Hamish McRae: We must nurture the not-for-profit sector

Economic Studies

Goldman U-turn fuels surge in oil prices

Only weeks after calling the top of the oil market and advising clients to sell up, Goldman Sachs has performed a dramatic U-turn, pushing the price up to $112.10 a barrel in London yesterday.

Saudi Arabia says oil market is oversupplied

Saudi Arabia reduced its oil production in March, the Kingdom's oil minister, Ali al-Naimi, revealed yesterday, claiming the world oil market was oversupplied.

Fears over Middle East unrest send oil to pre-recession highs

The oil price shot through the $121 per barrel mark yesterday, returning to heady levels not seen since August 2008.

Business Diary: Walsh's wings clipped by office

Life isn't always glamorous for the chief executives of our biggest companies.

Oil prices fall back on Opec hopes

Oil prices eased off highs last night amid signs that the Opec oil cartel was mulling a supply boost to smooth out the volatility in production and prices caused by the turmoil in Libya.

Osborne hits back in row over petrol prices

Chancellor George Osborne has refused to take the blame for rising petrol prices - rejecting claims by world oil producers that taxes were responsible.

David Prosser: Mixed message lets Opec off the hook

Outlook How serious is the oil price spike? Here's what the International Energy Agency's chief economist, Fatih Birol, said in an interview on Wednesday: "I don't see much destruction to the world economy from the current high oil prices". Phew. But hang on a moment. If prices do not come down, "an 'oil burden' could put a drag on the world economy," Richard Jones told a US Congressional hearing yesterday. Mr Jones is the deputy executive director of the IEA.

Hamish McRae: Let's get real: cheap oil is never coming back

Economic Studies

Opec's grip on oil market to return to 1970s levels

World oil prices remained close to the $100-per-barrel mark last night as BP said Opec was set to increase its share of global oil production to levels not seen since the oil shocks of the 1970s.

'$100 oil is threatening economic recovery,' says IEA

Oil prices back near $100 are threatening the global recovery, the International Energy Agency (IEA) said yesterday, raising the pressure on the Opec producers' cartel to increase supply.

No Opec action as $100 oil looms

Iran, which holds the rotating presidency of Organisation of the Petroleum Exporting Countries (Opec), says it sees no need for oil exporters to hold an emergency meeting if crude prices rise to $100 a barrel. Amid mounting fears about the impact on Western economies, Iran's Oil minister, Masoud Mir-Kazemi, said: "The increase toward $100 is not worrisome enough to warrant an emergency meeting. None of the Opec members considers this figure as being unreasonable."

Leading article: An opportunity to kick our fossil-fuel addiction

Pressure on Opec, which has a vested interest in a high oil price, offers no long-term solution

David Prosser: Britain cannot afford to turn its back on deepwater drilling

Outlook In the end, of course, it is all about the money. The Energy and Climate Change Committee's announcement today that a moratorium on deep-water drilling off the coast of the UK should not be imposed does not imply there is no risk of the sort of disaster seen in the Gulf of Mexico last summer. Whatever your views about the safety record of oil and gas explorers, that risk can never be entirely discounted. No, this is a decision based on a head-headed economic view: that such is the demand for oil and the cost of switching to less risky alternative sources of energy, deepwater drilling needs to continue.

IEA raises oil demand outlook

Global oil demand will be higher than expected next year, the International Energy Agency said yesterday.

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