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Norway Oil Strike Ends After Wage Agreement | Investing News

October 9, 2020

OSLO (Reuters) – Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output by close to 25% next week, negotiators for each side told Reuters.

Brent oil prices fell by more than 1% on the news to $42.67.

Six offshore fields shut on Monday and a further seven had been scheduled to follow in the coming days, with the oil and gas outage set to grow to 966,000 barrels of oil equivalent (boed) by Oct. 14, the industry had said.

“We have a deal, there will be no (more) strike (action),” negotiator Jan Hodneland of the Norwegian Oil and Gas Association (NOG) said after the talks ended.

The Lederne trade union confirmed the news.

“The strike is over,” union chief Audun Ingvartsen said.

Oil firms and union officials met on Friday with

Union, Cerrejon deadlocked over benefits, ‘death shift’ as strike rolls on

October 9, 2020

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By Julia Symmes Cobb

BOGOTA, Oct 9 (Reuters) – Proposed changes in benefits, a new schedule referred to as the ‘death shift,’ and job losses are the sticking points in talks to end a more than five-week-long strike at Colombian coal mine Cerrejon, the company and its largest union say.

The two sides this week held individual talks with the labor ministry, the first phase in a plan proposed by the government to break the impasse as the stoppage approaches its fortieth day.

The company, owned equally by BHP Group BHP.AX, Anglo American AAL.L and Glencore GLEN.L, has denied mass job cuts and benefit eliminations. The prospective shift change is key to keeping Cerrejon competitive amid its lowest export figures in 18 years and prices equivalent to 2004 levels, it added.

Cerrejon also insists the shift change – a move from a previous schedule where workers had

Norwegian union says oil strike could end on Friday

October 9, 2020

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By Nerijus Adomaitis

a large ship in a body of water: A general view of the drilling platform at Johan Sverdrup field near Stord

© Reuters/STAFF
A general view of the drilling platform at Johan Sverdrup field near Stord

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

Oil Prices Pause in Week-Long Surge Norwegian Strike Drives Strong Gains | Investing News

October 9, 2020

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TOKYO (Reuters) – Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer being slashed by up to 25%.

Brent

was down by 9 cents at $43.25 a barrel by 0152 GMT, having gained more than 3% on Thursday. U.S. West Texas Intermediate (WTI) crude

dropped 5 cents at $41.14 after also falling more than 3% on Thursday.

Both contracts are on track for gains of around 10% this week – the first rise in three weeks – yanked higher by the prospect of tighter supply on production outages in the North Sea because of the action by Norwegian oil workers.

“This could see almost one million barrels a day of crude oil impacted,” ANZ Research said in a note.

Norwegian

Strike Could Cut a Quarter of Norway’s Oil and Gas Output Next Week | Investing News

October 8, 2020

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OSLO (Reuters) – An oil workers strike in Norway could cut output by almost a quarter next week, operators said on Thursday, though the union behind the industrial action in western Europe’s biggest crude and gas producer said a resolution was possible.

In total, 966,000 barrels of oil equivalent per day were expected to go offline by Oct. 14, the Norwegian Oil and Gas Association (NOG) said, triple the level of outages so far due to the strike over pay and conditions.

The strike has helped lift benchmark Brent crude

above $43 a barrel this week and the prospect of more shutdowns was one of the factors behind a 2.6% jump on oil prices on Thursday, as well as higher gas prices.

Crude oil and natural gas liquids will account for about 70% of the planned cuts with natural gas making up almost 30%, a Reuters calculation based on Norwegian

Norway Union to Further Expand Oil Strike From Oct. 10 | Investing News

October 6, 2020

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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

China’s ‘three red lines’ strike delicate balance between curbing real estate debt and local government finances

October 6, 2020

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As China moves to tackle excessive borrowing in the real estate sector, it is walking a tightrope between providing cash-strapped local governments with revenues from land sales and keeping a lid on rising house prices.

Chinese regulators in August tightened funding conditions for 12 major property developers, setting caps on the amount of debt they could hold in relation to cash on hand, the value of their assets and as a proportion of equity in their businesses – dubbed “the three red lines”.

Last week, mainland financial newspaper the 21st Century Business Herald reported authorities had asked large banks to keep the proportion of property loans below 30 per cent of all new loans, citing unidentified sources.

Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.

Property sales growth has surged this year, helping the economy recover from the coronavirus pandemic.

Oil prices rebound 2% on Trump’s health, Norway strike escalation

October 5, 2020

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SINGAPORE (Reuters) – Oil prices rose more than 2% on Monday, lifted by comments from doctors for U.S. President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive coronavirus test sparked widespread alarm.

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo

Trump’s health update eased political uncertainty in global markets, pushing Brent up to $40.10 a barrel by 0613 GMT, gaining 83 cents or 2.1%. U.S. West Texas Intermediate (WTI) crude was at $37.94 a barrel, up 89 cents, or 2.4%.

Oil was also supported by an escalating workers’ strike in Norway that has shut four of Equinor’s oil and gas fields. The strike could reduce the country’s production capacity by as much as 330,000 barrels of oil equivalent per

1 union, 2 factories, 54 employees on strike in Jackson area

October 4, 2020

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JACKSON COUNTY, MI – Hail, lightening and rain hasn’t stopped employees on strike at manufacturers in Jackson and Calhoun counties, who are asking to keep their pension and days off for doctor visits.

Nineteen employees at Miller Tool & Die in Jackson have been on strike since Sept. 17, and 35 employees at Albion Casters have been on strike since Sept. 25. Striking workers are all part of International Association of Machinists Local 435.

Both factories have employees outside 24/7, through rain, hail, wind and low overnight temperatures. It’s the first strike in more than 28 years for both.

“It’s been cold, and it’s been wet,” Local 435 President Jamie Miller said Friday, Oct. 2. Miller is an employee at Miller Tool & Die and has no affiliation with the company owners.

Employees go on strike at Jackson factory: ‘We want our pension’

Employees at Albion Casters, 800 N. Clark

Backus Hospital nurses give notice of possible 2-day strike as union and management differ over personal protective gear, pay and insurance

October 2, 2020

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The union representing nurses at Backus Hospital says contract negotiations are painfully slow and put parent company Hartford HealthCare on notice Friday that a brief strike is possible in 10 days.

a sign on the side of the street: Nurses at Backus Hospital in Norwich have warned of a possible two-day strike.

© Cloe Poisson/Hartford Courant/TNS
Nurses at Backus Hospital in Norwich have warned of a possible two-day strike.

The two sides have been in contract talks since June, according to an internal communication from the Backus Federation of Nurses, part of AFT Connecticut, which is bargaining on behalf of more than 400 nurses. Nurses at the Norwich hospital recently authorized a two-day strike and the notice is an attempt to ratchet up the pressure on hospital officials.

The union cited differences over personal protective equipment, pay and health insurance. It said the hospital insists it has the right to change insurance plans at any time without further negotiations and called it “clearly unacceptable.”

The nurses dispute statements by the