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Crude oil prices retreat in sell-off action

Crude oil prices retreat in sell-off action

Business
March 22 (UPI) -- Crude oil prices retraced steps Thursday after two consecutive days of gains as traders cashed in with a focus on the Bank of England's static rate decision.By Thursday morning, the price for Brent crude oil was up about 6 percent from the start of a week burdened by geopolitical risk and concerns of a trade war. U.S. President Donald Trump on Thursday is expected to add to the pressure with an announcement on new multi-billion dollar tariffs on China.Economists for the Organization for Economic Co-operation and Development said last week the global economy is projected to grow by 3.9 percent for both this year and 2019. Acting Chief Economist Alvaro Pereira, however, added that an escalation of trade tensions would be damaging for growth and jobs.The Bank of England said...
Army orders night vision goggles, thermal weapons sights from BAE

Army orders night vision goggles, thermal weapons sights from BAE

Business
March 22 (UPI) -- BAE Systems was tapped by the U.S. Army for night vision goggles and thermal weapon sights in an effort to bolster combat marksmanship during night operations.The company announced the two-order five-year contract, valued at more than $ 97 million, on Wednesday. The contract is a part of a $ 434 million contract awarded to BAE Systems in 2015 by the U.S. Army.The agreement enables BAE Systems to provide U.S. Army soldiers with the newly minted, third generation enhanced night vision goggles, or ENVG.The new ENVG's will be wirelessly linked to the new Family of Weapon Sight-Individual weapon sight, or FWS-I, which is an infrared laser sight, meaning that the laser can only be seen through night vision goggles.The combination of the ENVG and the FWS-I makes up BAE Systems' ...
Electric vehicle use in Norway accelerating

Electric vehicle use in Norway accelerating

Business
March 22 (UPI) -- The number of electric vehicles registered by Norwegian drivers has increased by more than 40 percent from the previous year, the government said.Statistics Norway, the government's record-keeping agency, reported there were 142,490 total electric cars registered in the country at the beginning of the year, up more than 40 percent from one year ago. Passenger vehicles made up 97 percent of that total.Data for members of the European Union show the market share of hybrid and battery-powered electric vehicles make up about 1 percent of the total market, though trends are accelerating as consumer interest grows.The Norwegian government said electric vehicles make up about 5 percent of the passenger fleet, compared with 3.7 percent at the end of 2016."The increase seems set t...
Facebook's Zuckerberg admits mistakes over Cambridge Analytica

Facebook's Zuckerberg admits mistakes over Cambridge Analytica

Business
Facebook founder Mark Zuckerberg has admitted the giant social network "made mistakes" over the Cambridge Analytica scandal and a "breach of trust" had occurred between it and its users.The CEO's statement follows allegations that 50 million Facebook users' private information was misused by the political consultancy firm.Mr Zuckerberg pledged to introduce a series of changes.These would make it far harder for apps to "harvest" user information, he said.A breach of trust between app creator Aleksandr Kogan, Cambridge Analytica and Facebook had occurred, Mr Zuckerberg said in a statement on his Facebook page - his first public comments since the scandal broke.But he added it was also a breach of trust "between Facebook and the people who share their data with us".He continued: "We have a re...
Household squeeze shows signs of easing as wages rise

Household squeeze shows signs of easing as wages rise

Business
Wages grew by 2.6% in the three months to January while the unemployment rate fell, according to new data. The Office for National Statistics said that earnings growth was slightly higher than the 2.5% rate in the previous period.It adds to evidence that the squeeze on household income may be coming to an end after inflation fell to 2.7% in February.Meanwhile, the unemployment rate ticked lower to 4.3% from 4.4%. A small estimated increase in the number of unemployed people during the quarter did not dent the overall rise in employment over the last year. Matt Hughes, senior statistician at the ONS, said: "Employment and unemployment levels were both up on the quarter, with the employment rate returning to its joint highest ever."He said: "Total earnings growth continues to nudge upwards i...