Tanker Rates Skyrocket To Fill Colonial Pipeline Shortages
By Elizabeth Low (Bloomberg) Oil tanker charter rates skyrocketed in the U.S. with refiners scrambling for ships to store fuel that has nowhere to go due to a cyberattack on...
Britain may be denied full access to the EU’s Galileo satellite navigation system on security grounds after Brexit and this may cost UK firms billions of pounds, hundreds of jobs and create national security problems for the nation. In light of this the British government announced that it will spend over $100 million to study launching a GPS alternative of its own.
In a UK Government statement released yesterday officials announced they plan to use £92 million ($119.69 million) from a £3 billion brexit readiness fund to pay for the study.
“The danger space poses as a new front for warfare is one of my personal priorities.” said Gavin Williamson, U.K. defense secretary, in the statement. “It is absolutely right that we waste no time in going it alone if we need an independent satellite system to combat those emerging threats,”
Space News reports that British government officials have hinted for months that the country could seek to develop its own satellite navigation system if it’s unable to work out an agreement with the E.U. on continued participation in Galileo.
After Brexit, British companies could be denied contracts and barred from working on Galileo development. The British military could also be locked out of Galileo’s military-specific services if an agreement is not reached between the UK and EU.
Join the 68,628 members that receive our newsletter.
Have a news tip? Let us know.