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Tag: price

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...
Drug companies sue to block California drug price law

Drug companies sue to block California drug price law

Health
Pharmaceutical companies on Friday sued to block a new California law that would require them to give advance notice before big price increases. The law was approved this year in response to consumer outrage over a rise in drug spending and high costs for some prescription treatments, including new Hepatitis C medications and EpiPens to control allergic reactions. The Pharmaceutical Research and Manufacturers of America, a trade group for drugmakers, said in its lawsuit that California's law illegally tries to dictate national health policy. Because the law is tied to a national measure of drug prices, PhRMA argues that California's advance notification requirement could restrict drugmakers' ability to raise prices in other states. The group also argued the law is unconstitutionally vague...
Putting a price on Bitcoin

Putting a price on Bitcoin

Finance
SCENE: A pet shop with a bored looking proprietor. A customer approachesCUSTOMER: I’d like to buy a parrot.Upgrade your inboxReceive our Daily Dispatch and Editors’ Picks newsletters.OWNER: Certainly, sir. How about this one? It’s a Norwegian Blue. Beautiful plumage.CUSTOMER: It’s not moving muchOWNER: It is tired and shagged out after a long squawkCUSTOMER: Fair enough. How much is it?OWNER: $ 20,000CUSTOMER: I’ll pay with this BitcoinOWNER: Sorry, sir. On WavesDEX, the Bitcoin is only worth $ 13,500CUSTOMER: But on LocalBitcoins, it is over $ 21,500! Look at the news headlines. OWNER: Sorry, sir, but I can’t afford the risk. My rent, heat and light are all payable in dollars.CUSTOMER: But the dollar has ceased to be, it has shuffled off this mortal coil, it is an ex-currencyOWNER: S
Just Eat set to join blue chip index after share price jump

Just Eat set to join blue chip index after share price jump

Business
An online takeaway firm is set to join the ranks of Britain's biggest businesses this week.Just Eat is expected to be promoted to the FTSE 100 on the back of its soaring share price, and comes just three years after its stock market debut.Its elevation would make it the first such firm to join the blue chip index.The next FTSE reshuffle is based on closing share prices on Tuesday, with engineer Babcock and Alton Towers-owner Merlin at risk of demotion.Just Eat's shares have soared 43% this year on the back of revenue growth and acquisitions. It's £5.5bn market value makes it bigger than Sainsbury's.Just Eat takes online orders from customers and acts as delivery middle man between them and restaurants.Nicholas Hyett, equity analyst at Hargreaves Lansdown, said Just Eat's growth underlines
Oil price tops $60 for first time since 2015

Oil price tops $60 for first time since 2015

Business
The price of a barrel of oil has topped $ 60 for the first time in more than two years on rising expectations of a renewed deal to cut supplies.Brent crude reached its highest level since July 2015 amid signs that oil-producing countries will extend efforts to combat a supply glut.Oil has been gradually recovering since the start of last year when it crashed close to $ 27 - a slump caused by weak global demand combined with an oversupply of the commodity.The weakness of the price has badly hurt producers and prompted a major shake-up of the industry including the loss of thousands of jobs in the North Sea.The latest milestone marks another step for the sector getting back on an even keel.FTSE 100 stalwarts BP and Shell, mainstays of many UK pension funds, are key beneficiaries of a recover...