FILE PHOTO: Britain’s Chancellor of the Exchequer, Rishi Sunak, leaves a television studio in London, Britain, October 6, 2020. REUTERS/Toby Melville

(Reuters) – British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported bit.ly/33FH8yg.

“Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed,” the newspaper’s deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots plunged into local lockdowns next week.

Britain has already suffered the highest death toll in Europe and the worst economic contraction of any leading nation from the coronavirus outbreak.

Its parliament will vote on Tuesday on the imposition of a 10 p.m. closing time for English pubs, bars and restaurants, a measure the government says is necessary to tackle COVID-19, but which the hospitality industry says is destroying businesses.

More restrictions are being considered for parts of northern England, Communities Secretary Robert Jenrick said on Thursday.

Local media reported on Wednesday that Prime Minister Boris Johnson will soon launch a simplified three-tier local lockdown code.

Areas in Tier 1 will continue with the current social distancing measures while areas in Tier 2 will have a ban on households mixing. The worst-affected areas in Tier 3 will have to close hospitality.

Reporting by Kanishka Singh in Bengaluru; editing by Chris Reese

OSLO (Reuters) – Norwegian oil workers could end their 10-day strike later on Friday if a set of new proposals from the oil industry proves satisfactory, the head of the Lederne trade union told Reuters.

Oil firms and union officials were meeting on Friday with a state-appointed mediator to try to end the strike, which threatens to cut output from western Europe’s biggest oil and gas producer by some 25%.

The Norwegian Oil and Gas Association (NOG), which is leading negotiations on behalf of companies, was not immediately available for comment.

Six offshore fields shut on Monday and a further seven are scheduled to halt operations in the coming days. The oil and gas outage is set to grow to 966,000 barrels of oil equivalent per day (boed) by Oct. 14, according to the NOG.

“We are getting a new proposal from the NOG, and I hope that we can have a deal today,” Lederne leader Audun Ingvartsen told Reuters.

He did not disclose the contents of the proposal, which he said would take some time to review.

Lederne wants to match the pay and conditions of workers at onshore remote control rooms with offshore workers, as well as higher wage rises this year than proposed by oil companies.

Friday’s meeting is the first with the state mediator since the strike was announced on Sept. 30, although informal talks have been taking place.

The strike has helped support oil prices this week, with benchmark Brent crude

rising sharply. At 1150 GMT, it was trading down, however, at $43.02.

Gas prices, which also rose earlier in the week, also traded lower.

Norwegian oil workers are among the highest paid in Europe but earn less than those in Australia or North America, a review of the latest available data shows.

If the

Here are five things you must know for Friday, Oct. 9:

1. — Stock Futures Rise as White House Open to Bigger Aid Bill

Stock futures traded higher Friday after President Donald Trump signaled he wants a comprehensive aid package, reversing a decision he made earlier this week to call off U.S. stimulus negotiations.

Contracts linked to the Dow Jones Industrial Average rose 114 points, S&P 500 futures were up 15 points and Nasdaq futures gained 37 points.

Treasury Secretary Steven Mnuchin has told House Speaker Nancy Pelosi that Trump wants agreement on a large-scale stimulus package, a Pelosi spokesman said. Trump had ordered his representatives on Tuesday to halt talks until after the Nov. 3 presidential election because he said Pelosi was negotiating in bad faith. 

“The on-and-off nature of the fiscal stimulus discussion in the U.S. hardly inspires lasting confidence,” said Mizuho Bank. “Uncertainty around the presidential election on 3 November will likely persist not only through to polling day but possibly after.”

Stocks ended higher Thursday as Wall Street parsed the mixed signals about a stimulus package from Trump and Pelosi. Pelosi said Thursday she wouldn’t agree to a stand-alone relief bill for airlines without a guarantee that a more comprehensive package would be addressed.

2. —  AMD Reportedly in Advanced Talks to Buy Xilinx

Advanced Micro Devices  (AMD) – Get Report is in advanced talks to buy rival chipmaker Xilinx  (XLNX) – Get Report in a takeover that could be valued at $30 billion, according to reports.

The deal could come together as early as next week, though things remain in flux, people familiar with the matter told Bloomberg. The Wall Street Journal said there’s no guarantee the companies will reach an agreement given that the talks had stalled before recently restarting.

Adds COVID-19 background, remarks from minister cited by The Times

Oct 9 (Reuters)British Finance Minister Rishi Sunak will announce a local furlough scheme on Friday in which the government will subsidise two thirds of the wages of workers in pubs, restaurants and other businesses that are forced to close to stop the spread of the coronavirus, The Times newspaper reported.

“Employers will be able to access the scheme for as long as pubs, restaurants and other businesses are closed,” the newspaper’s deputy political editor, Steven Swinford, said on Twitter.

The Times quoted an unidentified minister as saying there was frustration in government at the failure of the Treasury to bring forward the measures sooner.

The Daily Mail newspaper reported earlier that Sunak was putting together a new support package for jobs in a furlough-style bailout for coronavirus hotspots plunged into local lockdowns next week.

Britain has already suffered the highest death toll in Europe and the worst economic contraction of any leading nation from the coronavirus outbreak.

Its parliament will vote on Tuesday on the imposition of a 10 p.m. closing time for English pubs, bars and restaurants, a measure the government says is necessary to tackle COVID-19, but which the hospitality industry says is destroying businesses.

More restrictions are being considered for parts of northern England, Communities Secretary Robert Jenrick said on Thursday.

Local media reported on Wednesday that Prime Minister Boris Johnson will soon launch a simplified three-tier local lockdown code.

Areas in Tier 1 will continue with the current social distancing measures while areas in Tier 2 will have a ban on households mixing. The worst-affected areas in Tier 3 will have to close hospitality.

(Reporting by Kanishka Singh in Bengaluru; editing by Chris Reese and Richard Pullin)

((Kanishka.Singh@thomsonreuters.com; +91 8061822801;))

The views

A man checks his phone outside the Reserve Bank of India (RBI) headquarters in Mumbai, India, April 5, 2018. REUTERS/Francis Mascarenhas/Files

MUMBAI (Reuters) – The Reserve Bank of India is widely expected to keep rates steady when its two-day monetary policy committee (MPC) meeting concludes on Friday.

The RBI said it will hold the MPC meeting from Oct. 7 to OCt. 9, having delayed it by a week in order to give the government time to appoint three new external members to the panel.

The government named its nominees late on Monday. Ashima Goyal is currently a member of Indian Prime Minister Narendra Modi’s economic advisory council, while Shashanka Bhide is a senior advisor at the National Council for Applied Economic Research – a New Delhi-based think – and Jayanth Varma is currently a finance and accounting professor at the Indian Institute of Management, Ahmedabad.

They will join three RBI members on the panel.

“We do not believe the new appointments dramatically change the near-term monetary policy outlook,” said Rahul Bajoria, economist with Barclays.

“Given our new inflation forecast trajectory, we believe that room to cut rates further will likely open up only in Q1 2021,” he added.

All 66 respondents in a Reuters poll conducted ahead of the originally scheduled MPC meeting said they expect the repo rate to remain unchanged at 4.0% and a large majority saw no cuts until the January-March quarter.

It has so far slashed rates by 115 basis points in response to the COVID-19 pandemic since late March.

The RBI however is expected for the first time since February provide guidance on how the economy is performing amid the coronavirus pandemic and give its outlook on inflation and growth.

Reporting by Swati Bhat; Editing by Simon Cameron-Moore

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