The Business Matrix: Tuesday 7 April 2015

Futures gain after Saudi price rise

Oil futures climbed more than $1 a barrel yesterday after Saudi Arabia raised its prices for sales of the kingdom’s crude oil to Asia for the second month running, signalling improved demand. Benchmark Brent crude prices regained ground after falling by up to 5 per cent last Thursday as a nuclear accord was reached with Iran.

Pace of recovery will rise, says CBI

Britain’s economic recovery is expected to gain momentum during the second half of the year despite problems in the manufacturing sector, the CBI has claimed. The business lobby group said its survey of 764 businesses across the country showed that the private sector was set to strengthen in the three months to the end of June.

New face on board of building firm

Retirement homebuilder McCarthy & Stone yesterday appointed Thames Valley Housing Association boss Geeta Nanda as non-executive director. John White, McCarthy & Stone chairman, said the appointment will help the company “to address the acute lack of specialist retirement housing across the UK”.

Vivendi makes Dailymotion bid

Vivendi has made a €250m (£184m) bid for the French online video group Dailymotion, owned by the telecoms group Orange. Yahoo and the Hong Kong group PCCW had previously held talks about buying the YouTube rival, in the face of French concerns about a promising start-up falling into foreign hands.

Fed keeping eye on jobs weakness

Weak US jobs data and softer manufacturing and retail sales in March were a surprise, the New York Fed president William Dudley said. “It will be important to monitor developments” to see if a more substantial slowing of the labour market threatened the recovery, he added.

Cyprus lifts last capital controls

Cyprus is lifting the last of the capital controls it imposed on its banking system during its 2013 financial crisis. The country was the only crisis-hit eurozone member to restrict capital transfers. It is lifting a €20,000 (£14,000) monthly cap on transfers overseas, and limits on cash held by travellers.