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Govt insists 'no chaos' amid Carillion collapse

Govt insists 'no chaos' amid Carillion collapse

Business
A top minister has insisted there's "no evidence of chaos" amid the collapse of Carillion as he defended the Government's awarding of contracts to the now-bust construction firm.Cabinet Office minister David Lidington chaired a meeting of the emergency COBRA committee on Monday night following the collapse of the major public service provider.Ministers were forced to respond after the crisis-stricken firm plunged into liquidation early on Monday morning amid £900m of debt and a £587m pension deficit.Carillion, which employs 20,000 workers across Britain, held multi-million pound contracts across the work of Government before banks pulled the plug on the 200-year-old firm.These included work on the HS2 railway, the construction of new schools and hospitals, the building of the Aberdeen bypa
Why Carillion's work has touched all our lives

Why Carillion's work has touched all our lives

Business
Carillion is one of the UK's largest construction companies but it is also a provider of many services that help the country function.Its collapse through an application for compulsory liquidation means the company will eventually be dissolved, with creditors sharing any money from the sale of its assets.The decision to effectively declare itself bust leaves 43,000 jobs worldwide hanging in the balance though there is some hope that many in the sprawling business will keep their jobs, albeit through Carillion's work being transferred.The Government has committed to funding contracts, for the moment at least, and has asked all staff to turn up for work as normal.:: BackgroundCarillion was created in 1999 by the famous road surfacing business Tarmac in a demerger.Image:Carillion built GCHQ's...
The oil trade is no longer intriguing, T. Boone Pickens says

The oil trade is no longer intriguing, T. Boone Pickens says

Business
Jan. 12 (UPI) -- After a "roller coaster ride" that saw $ 100-per-barrel swings in crude oil prices, tycoon and former oil man T. Boone Pickens said he's bored with trading oil.The 89-year-old investor, who nine years ago launched The Pickens Plan, designed to drive the U.S. energy sector away from its dependence on foreign oil, said in a statement he was shutting down his oil- and gas-commodity focused BP Capital.Launched after he left Mesa Petroleum in the 1990s, Pickens said he's seen oil move from $ 10 per barrel, up to the $ 150 range and as low as $ 26 per barrel in early 2016. The price for Brent crude oil, the global benchmark, hit $ 70 per barrel for the first time since December 2014 in Thursday trading, but is now back below $ 69 per barrel."It has been one hell of a roller coas...
Oil retreats from $70 ceiling on fading geopolitical risk premium

Oil retreats from $70 ceiling on fading geopolitical risk premium

Business
Jan. 12 (UPI) -- Crude oil prices dipped into negative territory on Friday on signs Washington would indeed extend waivers that let Iranian oil flow on the global market.The price for Brent crude oil, the global benchmark, hit $ 70 per barrel for the first time since December 2014 partway through the trading day Thursday, but gave up nearly all of the gains by the close. The bounce-back from the flirtation with the psychological ceiling at one point in overnight trading left the U.S. benchmark, West Texas Intermediate, down more than 1 percent.Traders and market watchers for much of the week said they expected U.S. President Donald Trump to go against the principles of the Joint Comprehensive Plan of Action and not extend waivers to Iran. The president must regularly weigh sanctions and no...
Pentagon awards contract to Gulfstream for service on C-20, C-37

Pentagon awards contract to Gulfstream for service on C-20, C-37

Business
Jan. 12 (UPI) -- The U.S. Air Force has awarded Gulfstream Aerospace a contract for two different twin-engine, turbofan aircraft used for transporting high-ranking government and Defense Department officials.The terms of the agreement were announced Thursday by the Department of Defense, awarding Gulfstream Aerospace with a deal not-to-exceed more than $ 118.2 million.The contract modifies a previous award under the terms of a firm-fixed-price contract with a five-year option period in support of the C-37 and C-20 aircraft, which aims to provide uninterrupted contractor support and logistics for the aircraft.The C-37 and C-20 are both twin-engine, turbofan aircraft, sporting engines made by BMW and Rolls Royce, and have the same 20-person passenger capacity. The C-20 cost around $ 37 milli...