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Monday newspaper round-up: Oil price, Help to Buy, Barclays

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01/07/2013
Shale revolution could 'halve oil price' within a decade; Help to Buy 'could be hazard to economy'; Barclays backs 'big four' accountants.

Industry experts say the price of oil could halve within the next decade because of a shale revolution, The Times reported. Former head of international forecasting at the Organisation for Economic Co-operation and Development, John Llewellyn, believes most oil price predictions have underestimated the impact of new extraction techniques for shale oil and gas on supply.

Taylor Wimpey’s chief executive officer, Pete Redfern, has warned that the Government’s Help to Buy scheme could be a “genuine hazard” to the economy unless a time limit is imposed on the scheme immediately, according to The Telegraph.

Onyx Pharmaceuticals, which makes cancer drug Nexavar, has rejected an unsolicited $10bn takeover proposal from Amgen, the Financial Times said.

The British Chambers of Commerce said new Bank of England Governor, Mark Carney, must act to support UK businesses, the Daily Mail reported. The Canadian has taken over the helm of the central bank following the departure of Mervyn King.

Barclays has backed the ‘big four’ accountants as they face the threat of an audit shake-up from the Competition Commission, The Independent reported. The bank warned the regulator that a proposal to introduce stricter rules, could detriment shareholders.

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