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Brent price jumps on pipeline closure

Brent price jumps on pipeline closure

Business
One of the UK's most important oil pipelines is being closed after a crack was discovered in Aberdeenshire.The Forties pipeline carries crude North Sea oil across land for processing at Grangemouth.The crack was discovered last week at Red Moss near Netherley.The pipeline's owner Ineos said on Monday that, despite pressure being reduced, the crack had extended. The Forties pipeline carries about 40% of North Sea crude oil.More than 80 platforms will have to suspend production. The price of Brent crude rose about 2% to $ 64.69 a barrel amid surprise that the pipeline could be shut for about three weeks - far longer than expected.Ineos said there would be a big impact on the industry but not on consumers.'Suitable repair method'Ineos said in a statement: "Last week during a routine inspectio...
Raytheon forms new company in United Arab Emirates

Raytheon forms new company in United Arab Emirates

Business
Dec. 8 (UPI) -- Raytheon has started a subsidiary in the United Arab Emirates that will focus on cybersecurity, effectors, air defense and sustainment, and advanced technology.Named Raytheon Emirates, the new wholly-owned subsidiary coincides with Raytheon's 30th anniversary of partnership with the UAE, the company announced on Thursday."The establishment of Raytheon Emirates is a strong step forward in our longstanding alliance with the United Arab Emirates," Thomas A. Kennedy, Raytheon's chairman and chief executive officer, said in a press release. "Through partnerships with government, industry and academia, Raytheon is committed to helping the UAE achieve its economic goals while providing trusted, innovative solutions that support the nation's defense and security requirements."The n...
Qatar buys 24 Eurofighter Typhoon jets in £6bn deal

Qatar buys 24 Eurofighter Typhoon jets in £6bn deal

Business
A £6bn deal to sell Eurofighter Typhoons to Qatar will help safeguard thousands of UK jobs.BAE Systems employs about 5,000 people in the UK to build the fighter jets, mainly at Warton in Lancashire.Qatar's purchase of 24 jets includes a support and training package from BAE, with deliveries due to start in 2022.The deal was announced in Doha by Defence Secretary Gavin Williamson and his Qatari counterpart, Khalid bin Mohammed al Attiyah. Mr Williamson said it was a "massive vote of confidence, supporting thousands of British jobs and injecting billions into our economy".BAE chief executive Charles Woodburn said the contract, worth £5bn to the company, was the start of a long-term relationship with Qatar and its armed forces. "This agreement is a strong endorsement of Typhoon's leading capa
Apple 'to buy Shazam for $400m'

Apple 'to buy Shazam for $400m'

Business
Apple is close to buying the music recognition app Shazam for about $ 400m (£300m), media reports say.Shazam, a UK company founded in 1999, allows people to use their smartphone or computer to identify and buy music through a snippet of sound.Shazam, which says it has more than 100 million monthly users, makes most of its revenue from commissions paid on referrals to Apple's iTunes Store.Neither Apple nor Shazam have commented on the reports on the TechCrunch site.If the deal is confirmed, Shazam will become the latest in a string of UK technology firms to be bought up by larger businesses. Shazam - a billion dollar London successThe influential Music Business Worldwide site points out that the reported price is significantly lower than the $ 1bn valuation placed on Shazam during its last
Bitcoin: 'I'm part of a crazy wave'

Bitcoin: 'I'm part of a crazy wave'

Business
In its early days, Bitcoin might have been dismissed as a quirky tech sector fad. But it is rapidly evolving into the mainstream and has already made some people rich.If once Bitcoin was seen as a tool for money launderers and drug dealers, it has recently become as commonplace a topic at middle-class dinner parties as house prices.There are advertisements on the London Underground proposing ways to invest. It's been on the newspaper front pages. There are anecdotes of taxi drivers who say they've borrowed money to buy Bitcoin. And every day, another expert cautions investors that these are just the kinds of things to watch out for if you want to avoid investing in a bubble that's about to burst.So who is still holding onto their Bitcoins, as the price continues to fluctuate?'It's been rea...