OSLO (Reuters) – Norway’s Lederne labour union will expand its ongoing oil strike from Oct. 10 unless a wage bargain can be reached in the meantime, it said on Tuesday, confirming a statement from the country’s state-appointed wage mediator.

Six offshore oil and gas fields shut down on Monday as Lederne ramped up its strike, cutting output capacity by 8%, or around 330,000 barrels of oil equivalent per day (boed), according to the Norwegian Oil and Gas Association (NOG).

The planned Oct. 10 escalation would hit four additional fields operated by Equinor

and ConocoPhillips

but it was too early to say how it would affect oil and gas output, a spokesman for the NOG said.

The dispute began on Sept. 30 when wage talks between Lederne and the NOG collapsed, but the first production outages only started on Oct. 5.

Lederne earlier on Tuesday sent a proposal for a solution to the NOG, but its terms were not met, it later said.

“We received a reply from the NOG to our proposal, but it was not specific enough, and we have decided to escalate the strike,” Lederne union chief Audun Ingvartsen told Reuters.

“I hope that the escalation could still be avoided if the NOG comes back with a better proposal,” he added.

An escalation of the strike would add 93 more workers to the 169 who are already part of the conflict, out of a total 1,003 offshore members represented by Lederne.

Equinor’s Oseberg South, Oseberg East and Kristin fields, as well as the ConocoPhillips-run Ekofisk Bravo/Kilo installation would be added to the strike, the NOG said.

The conflict gave a boost to global oil prices for a second straight day on Tuesday.

Gas supplies from Norway to the rest of Europe were recovering some lost ground on Tuesday,

Oct 6 (Reuters)Australian gold miner Newcrest Mining NCM.AX said on Tuesday it has received conditional approval to list on the Toronto Stock Exchange (TSX) and will begin trading on Oct. 13.

The listing comes after Newcrest last year acquired a 70% joint venture interest in the Red Chris mine in British Columbia, Canada from Toronto-listed Imperial Metals Corp III.TO.

“A North American listing is part of our strategy of pursuing growth in the Americas,” Chief Executive Officer Sandeep Biswas said in a statement.

Newcrest, which also has investments in Ecuador, had seen increased interest from North American investors in the gold sector over the last six months, Biswas added.

“It makes sense for Newcrest stock to be able to be traded in this time-zone,” he said.

Gold miners have benefited from rising bullion prices, which have jumped 30% this year to around $2,000 an ounce, as central banks dial up stimulus measures in response to the coronavirus pandemic.

Newcrest will retain its primary listing on the Australian Securities Exchange and its secondary listing on PNGX markets, under the trading symbol “NCM”.

The Toronto listing does not include an equity offering.

(Reporting by Nikhil Subba in Bengaluru; editing by Richard Pullin)

(([email protected]; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

gettyimages-1207531288

Regal Cinemas parent company Cineworld announced on Oct. 5 that it would temporarily close its 536 US theaters as a result of the ongoing COVID-19 pandemic.


Photo by Victor J. Blue/Getty Images

The COVID-19 pandemic’s impact on the movie business is leading to the temporary closure of Regal’s 536 US theaters, the theater chain’s parent company Cineworld announced on Monday. 

“This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the U.S.– from putting in place robust health and safety measures at our theatres to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives,” Mooky Greidinger, CEO of Cineworld, said in a statement. 

“We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was.”

The company attributed the decision to the closure of theaters in major markets like New York and the decision of studios to push off major new releases until next year. Recent postponements include Marvel Studios’ Black Widow being pushed to May 7, 2021, while this past Friday saw the next James Bond film, No Time to Die, getting delayed until next April

“Despite our work, positive feedback from our customers and the fact that there has been no evidence to date linking any COVID cases with cinemas, we have not been given a route to reopen in New York, although other indoor activities – like indoor dining, bowling and casinos were

American Airlines flight attendant Aaron Cuevas doesn’t know if he’ll have a job next week. He doesn’t even know if he should look for a new one or wait to find out how long unemployment might last.

Starting this week, American Airlines could begin furloughing 17,500 flight attendants, pilots, mechanics, ramp workers and other employees.

Across the airline industry, about 80,000 workers are holding notices telling them time is coming due for carriers to say goodbye if Congress doesn’t pass another payroll extension grant. Airline executives and union leaders say they are still hopeful to get a deal done by the end of September, but time is running out.

The changes are coming the fastest at Fort Worth-based American Airlines, which is staring at more debt and more overhead than its competitors.

What could happen after Thursday and in the weeks to come, will change flying for both passengers and employees.

“It stressful,” said Cuevas, who got a job with American four years ago after eight years in the U.S. Army. “Do you move forward with life?”

Thursday is the day when the restrictions end that came with the $25 billion in CARES Act funding from late March. That prohibited airlines from laying off or furloughing employees and cutting pay. American Airlines took $4.1 billion in grants and nearly $7.2 billion in loans. Dallas-based Southwest Airlines got $2.2 billion in grants and another $947 million in loans.

As those restrictions are about to lift, airlines are in worse condition than they thought they would be in spring or early in summer.

Congress is deadlocked on an extension amid a larger fight over a multitrillion-dollar stimulus package that includes funding for small businesses, unemployment aid and relief for cash-strapped states.

This week, joining American’s workers at risk are 13,000 employees of

DENHAM SPRINGS — Property owners in Denham Springs who subscribe to federal flood insurance policies will see a 10% discount in their insurance premiums after Oct. 1, following a recent positive verification of the city’s Community Rating System field verification.

Mayor Gerard Landry was notified Sept. 17 that the National Flood Insurance Program had reviewed its earlier findings based on a five-year verification system and that the results were the lowering of the flood insurance premiums.

The notification read in part, “Congratulations! The Department of Homeland Security, Federal Emergency Management Agency, has determined that the City of Denham Springs will increase to a Class 8 in the National Flood Insurance Program Community Rating System. The floodplain management activities implemented by your community qualify it for a 10 percent discount on flood insurance premiums for NFIP policies issued or renewed in special Flood Hazard Areas on or after Oct. 1.”

The communication continued, “This savings is a tangible result of the flood mitigation activities your community implements to protect lives and reduce property damage.”

Landry said evaluations by the NFIP is an ongoing process, and the city has expended considerable effort to earn the Class 8 level of NFIP ratings.

“Our staff has to work with a huge manual of instructions on how to deal with the problems associated with potential flooding,” Landry said. “This is a complicated process that involves flood elevations, drainage systems, requirements in the building codes, flood remediation efforts and a host of other things that we do to mitigate the possible effects of flooding. It is a tribute to our staff that we have earned the Class 8 level of flood insurance premiums,” Landry said.

Landry said, after the flood of August 2016, Denham Springs was elevated to a Class 9 rating. But through the city’s