Update on the latest in business:

FINANCIAL MARKETS

Asian stock markets follow Wall Street higher

BEIJING (AP) — Asian stock markets rose today.

The Shanghai Composite Index rose 02.% and the Nikkei 225 in Tokyo added 0.2%. The Hang Seng in Hong Kong advanced 1.5%.

Advertisement

The Kospi in Seoul was 0.6% higher and Australia’s S&P-ASX 200 gained 0.1%. India’s Sensex opened up 0.5%. New Zealand and Southeast Asian markets advanced.

On Wall Street, the benchmark S&P 500 index ended last week up 0.7%, though the majority of stocks in the index declined. The gain was driven by the strength of technology stocks.

The Dow Jones Industrial Average climbed 0.7% to 27,930.33. The Nasdaq composite added 0.4% to 11,311.80.

TROPICAL WEATHER-OIL PLATFORMS

Offshore oil and gas production is crimped by Gulf storms

UNDATED (AP) — Energy companies are removing workers from more than 100 oil and gas production platforms in the Gulf of Mexico as Hurricane Marco and Tropical Storm Laura churn toward the Louisiana coast.

The Interior Department said Sunday that the evacuations have caused 58% of Gulf oil production and 45% of natural gas output in the Gulf to be shut down.

Such shutdowns are normally temporary as long as platforms are not seriously damaged. Patrick DeHaan, an analyst for GasBuddy, said gasoline inventories are high, and the storms are unlikely to move pump prices unless refineries on land are damaged.

The Gulf accounts for a bit under one-fifth of all U.S. oil production.

GAS PRICES

Average US gas price remains steady at $2.25 per gallon

CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline held steady over the past two weeks at $2.25 per gallon. That’s 41 cents below the average pump price from a year ago.

Industry analyst Trilby Lundberg of the Lundberg Survey says prices are stable because crude oil prices barely changed.

The U.S. has a glut of gasoline, yet weak demand during the coronavirus pandemic.

Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area at $3.36 per gallon.

The lowest average is in Baton Rouge, Louisiana, at $1.77 per gallon.

SHIPYARD-UNION

Shipbuilders approve 3-year pact, ending monthslong strike

BATH, Maine (AP) — Striking workers at a Maine shipyard have approved a three-year contract after a 63-day strike.

The strike at Bath Iron Works came to a close with Sunday’s announcement of the result of the voting by Machinists Union Local S6. The 4,300 shipbuilders the union represents will begin returning to work today.

The stakes were high for both a company that fears being priced out of lucrative Navy contracts and workers who didn’t want to give up ground to subcontractors. The workers lost company-paid insurance and wages during the strike that coincided with the height of the coronavirus pandemic.

The company is eager to get caught up on production of destroyers as the U.S. Navy faces growing competition from China and Russia on the high seas.

VIRUS OUTBREAK-GOVERNORS-RE-OPENINGS

Emails show businesses held sway over state reopening plans

UNDATED (AP) — Records obtained by The Associated Press show that governors worked closely with business interests as they weighed when and how to reopen their economies last spring.

Emails released under public-records laws highlight how governors in some cases leaned on the advice of businesses over public health officials who urged greater caution in the early stages of the coronavirus pandemic.

Some governors sought to reopen their economies before meeting federal criteria for doing so.

The records show that some industry groups wrote the guidelines that governors eventually adopted.

In many cases, their states later experienced a surge in COVID-19 cases.

CYPRUS-BUYING CITIZENSHIP

Cyprus denies new allegations in “golden passport” scheme

NICOSIA, Cyprus (AP) — Cyprus is denying new allegations that is was granting citizenship to foreigners accused of crimes in exchange for millions in investments. Officials insisted that all those who received a passport met all criteria in place at the time.

Cyprus’ interior ministry said Sunday that 12 foreigners named in an Al Jazeera report received citizenship under its lucrative “golden passport” program only after being approved by Cypriot and foreign agencies tasked with vetting such applications.

The Cypriot parliament last month beefed up the eligibility criteria for the so-called “golden passport” investment program, which has brought billions in revenue since its introduction following a 2013 financial crisis.

The program has attracted many investors because a passport from the Mediterranean island of Cyprus automatically grants its holder citizenship to the entire 27-member European Union.

The ministry said it would look into all the new information.

AUSTRALIA-RIO TINTO

Rio Tinto CEO loses $3.5M over destroyed indigenous sites

CANBERRA, Australia (AP) — Rio Tinto says its chief executive Jean-Sebastien Jacques will lose around $3.5 million in bonuses due to the destruction in May of Australian indigenous sacred sites.

The Anglo-Australia mining giant says three executives will lose bonuses following the destruction in May of two 46,000-year-old rock shelters in Juukan George in Western Australia state to access iron ore.

Chris Salisbury and Simone Niven will each lose around $700,000 in bonuses. The full details of their financial penalties will be revealed in the company’s remuneration report next year.

The company has apologized to the rock shelters’ traditional owners, the Puutu Kunti Kurrama and Pinikura people.

Copyright © 2020 . All rights reserved. This website is not intended for users located within the European Economic Area.