16 NEWS WEDNESDAY 8 JUNE 2016 CITYAM.COM Crude gushes to 2016 high on softer dollar, strikes and supply outages JESSICA MORRIS @jssmorris OIL PRICES raced to a fresh 2016 high yesterday, energised by a weaker US dollar and supply outages. Brent crude, the global benchmark, rose 1.2 per cent to $50.91 per barrel, after gushing to an intra-day peak of $51.30 earlier, its highest since October. West Texas Intermediate crude, the US benchmark, jumped one per cent to $50.22. It touched a fresh 2016 peak of $50.37, also its highest since last October. “With Brent staying above $50, oil is on an upward momentum with the restart of French refineries that were shut during strikes and pipeline attacks in Nigeria,” Kaname Gokon, an analyst at brokerage Okato Shoji, said. Crude received support from falling Nigerian output following a state of attacks on oil infrastructure there. Nigeria’s Bonny Light crude output is down by an estimated 170,000 barrels per day (bpd) following attacks on pipeline infrastructure, according to one source. Commodities are also being lifted by the US dollar which sank Friday after a worse-than-expected US jobs report pushed back expectations for an interest rate rise by the Federal Reserve. Oil has swelled by more than 80 per cent since hitting a 12-year low earlier this year due to supply disruptions and declining US output. Oil prices are gaining momentum after falling from $110 a barrel in 2014 Covert defence procurement raises concerns JAMES NICKERSON @nickersonjw UNITE the union yesterday raised concerns over the defence secretary’s decision to buy American without competitive tendering. The union said it was worried about the lack of “offset agreements” in a proposed Boeing deal, work that could be earmarked for UK defence firms to safeguard skilled jobs. The deal to buy nine Boeing Poseidon P-8A patrol aircraft, estimated to be worth £2.2bn, is expected to be signed at next month’s Farnborough air show, the union said. Unite assistant general secretary for manufacturing Tony Burke said: “At a time of increased international tension and security concerns, defence secretary Michael Fallon needs to come clean with the British public on the secretive nature of the UK’s arms procurement policy. “As a first step, the government needs to ensure that a substantial amount of P-8A production work is undertaken in the UK, with all the support work to maintain these aircraft in the years ahead. “Apparently, the P-8A will not be using UK weapons, which is a disgrace.” The new generation of planes is to bulk up the UK’s maritime surveillance capabilities. The Ministry of Defence hit back at Unite’s claims, when it said negotiations are still yet to be finalised. A Ministry of Defence spokesperson said: “Procuring the Boeing P-8A Poseidon through a Foreign Military Sales arrangement allows us to get the capability we need and in the timeline we want.” The plans began in November, when the government said in its national security and defence review that Boeing P-8A maritime patrol aircraft will “increase further the protection of our nuclear deterrent and our new aircraft carriers. These aircraft will be based in Scotland and will also have an overland surveillance capability”. Unite was further incensed as it comes after reports that Boeing could sign a deal for as many as 50 Apache helicopters,without specifying whe - ther they will be serviced by Yeovilbased AgustaWestland. While the original Apaches were also bought from the US, they were previously fitted out and serviced by AgustaWestland. More than 40 per cent of people who charter a private jet fly the same day London and Paris top the list of popular private jet destinations JAMES NICKERSON @nickersonjw LONDON, Paris and Las Vegas rank among the most popular global destinations for private jet customers, new research has found. Data from PrivateFly, which compiled all its booking, enquiries and search data for the first three months of this year, also found 132 different airports were used in Europe. More than 75 airports were used in North America and 237 were used worldwide. “The last eight years have seen the shutters come up in order for the industry to recover from the econ - omic downturn,” PrivateFly chief executive Adam Twidell said. “A surge of innovative companies are using technology to push for ward for growth, and with this technology comes greater unders tanding and insight.” The data also revealed that the average price of chartering a jet was £52,000 per flight for long-range and £8,750 for a small plane. Mean - while, 44 per cent of people chartering a private jet fly the same day. GE snaps up stake in lithium battery maker JESSICA MORRIS @jssmorris GENERAL Electric has bet on renewable energy storage by snapping up a stake yesterday in a lithium battery startup. GE Ventures, the engineering giant’s venture capital arm, paid a “double-digit million sum” for a slice of Bavaria-based startup Sonnen, which has become Europe’s largest maker of lithiumbattery energy storage systems. Sonnen, formerly Sonnenbat - terie, competes with the likes of Elon Musk’s Tesla and Samsung to manufacture lithium home solar battery packs. Battery technology helps overcome the intermittency of renewable energy by allowing it to be stored. While storage solutions are becoming cheap enough to be used by households, they are still too expensive for widespread adoption. The company has sold 11,000 lithium battery units to date, making it the European market leader in the segment, Philipp Schroeder, one of Sonnen’s managing directors, said. “Sonnen is helping to reshape the energy industry,” Jonathan Pulitzer, managing director at GE Ventures, added. “We believe in Sonnen’s vision and that is why we are excited to partner to provide clean and affordable energy for all.” UberPool notches up 1m passengers in the capital in its first six months UberPool is designed to reduce congestion and pollution through sharing rides LYNSEY BARBER @lynseybarber UBER’S ride-sharing service UberPool has hit a milestone in London, with more than a million people making journeys via the service in the six months since its launch. The billion-dollar startup which recently landed billions more in funding from Saudi Arabia’s sovereign wealth fund, claims more than 700,000 driving miles have been saved by UberPool in the capital since it was introduced in November last year. The service reduces the number of journeys made by each car as they are shared by people travelling in the same direction and offers customers cheaper fares than the basic UberX solo journey. The firm revealed the figures on its uptake in London for the first time yesterday, adding that it had saved 52,000 litres of petrol and more than 124 metric tons of CO2 – the equiv - alent of over 132,000lbs of burnt coal. “We’re really pleased so many Londoners have chosen to share their journeys in the first few months of this new service. Not only does carsharing save consumers money, it’s also good for our city as it means fewer miles driven and less air pollution,” said Uber’s Jo Bertram.
Maggie’s Culture Crawl Walk through the night for people affected by cancer Friday 16 September 2016 Join us as we walk 10 miles through London at night, experiencing amazing architecture and cultural surprises. Register now: www.maggiescentres.org/cclondon Maggie Keswick Jencks Cancer Caring Centres Trust (Maggie’s) is a registered charity, No.SC024414
Change language