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To: Justa Werkenstiff who wrote (14541)	6/18/2000 5:57:00 PM
From: Justa Werkenstiff	Respond to of 15132

Chicago Will Lose 36,000 Jobs From Gas Prices, Crain's Says Chicago, June 18 (Bloomberg) -- Chicago is expected to lose more than 36,000 jobs in the next year as a result of higher gasoline prices that will cost the local economy $1 billion, Crain's Chicago Business reported. Industries like taxis and trucking have been hurt immediately by the prices, now more than $2 a gallon, and there could be further effects on the economy, according to a study by the Regional Economics Applications Laboratory at the University of Illinois at Urbana-Champaign cited by Crain's. While spending more for gas, since Chicago is paying some of the highest prices in the U.S., consumers will be forced to cut back on spending in other areas, slowing other parts of the economy, such as retail sales, Crain's said. The Organization of Petroleum Exporting Countries' member nations will probably decide this week to boost oil supplies for the second time this year, though not by enough to ease prices from the highest levels in nine years, analysts have said. (CCB 6/19) (www.crainschicagobusiness.com) Jun/18/2000 13:39 ET

To: Justa Werkenstiff who wrote (14541)	6/19/2000 6:11:00 AM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 15132

Euro zone inflation flat in May, core CPI lower BRUSSELS, June 19 (Reuters) - Consumer price inflation in the 11-nation euro zone was 1.9 percent in May, unchanged from April, European Union statistics agency Eurostat said on Monday. The number confounded expectations among analysts that headline CPI in May would move back up to the European Central Bank's two percent ceiling for inflation due to a renewed uptick in oil prices. The annual change in the energy component of the consumer price index did tick up, hitting 12.2 percent after a 10.5 percent rise in April. But closely-watched core inflation, which excludes volatile energy, food, alcohol and tobacco products, eased to 1.1 percent from 1.3 percent, indicating price pressures in the currency area remain moderate. Inflation in Germany, the euro zone's largest national economy, eased to 1.5 percent from 1.6 percent. German CPI accounts for around a third of the euro zone inflation index. Inflation also fell in Luxembourg and Austria. The fall in Germany helped offset rising inflation in eight of the 11 euro zone nations, including France, where inflation rose to 1.6 percent from 1.4 percent, Italy, up to 2.5 percent from 2.4 percent, and Spain, up to 3.2 percent from 3.0 percent. Germany also had the lowest inflation rate in the euro zone. Inflation was highest in Ireland at 5.1 percent. Eight countries had inflation rates above the ECB's two percent ceiling. Along with Germany and France, only Austria was below at 1.6 percent. 06:04 06-19-00

To: Justa Werkenstiff who wrote (14541)	6/19/2000 9:14:00 PM
From: Justa Werkenstiff	Respond to of 15132

Monday June 19, 2:19 pm Eastern Time Conflict May Shut Norway Oil Fields By DOUG MELLGREN Associated Press Writer OSLO, Norway (AP) - Norway's oil company association on Monday threatened to shut down oil production by locking out more than 2,600 union members in an ongoing labor conflict over retirement ages. Norway, which produces roughly 3.2 million barrel per day, is the world's second largest oil exporter after Saudi Arabia. The association said the lockout would shut down the fields at midnight Friday unless a settlement is reached. The conflict began on June 10 when the Norwegian Federation of Oil Unions and an affiliated union ordered 183 members to strike, shutting down one field which produces 225,000 barrels per day. Last week, the union stepped up the action by ordering 25 members to join the strike Wednesday on the Ekofisk Bravo platform, which is operated by Phillips Petroleum and produces about 50,000 barrels per day. In response, the Norwegian Oil Industry Association on Monday announced a lockout of all 2,640 members of the two unions on member companies' offshore oil installations. Hugo Sandal, chairman of the employers association, said the lockout and strike would effectively shut down the nation's oil and natural gas flows. Previously, the Norwegian government has been quick to order strikers to resume work if stoppages badly disrupted the oil industry. Minister of Municipalities Sylvia Brustad said the government will follow the situation, out of concern for Norway's reputation as a dependable oil and natural gas supplier. ``It is clearly serious when a total stop in the North Sea is announced,'' said Brustad, who is responsible for labor relations. ``There are a lot of considerations, and we will go through them before reaching a decision.'' The union said it had been restricting the extent of the strike to guard against an order to return to work. ``We assume the government will follow international principles on collective bargaining as it has promised,'' said Terje Loden of the union. The unions are demanding the option of early retirement for members who are age 57 or older. Under the current contract, offshore oil workers can retire at age 63, four years younger than the national legal retirement age. The union says offshore work is so tough that older staff should be allowed to retire earlier. Employers claim there is not enough difference between offshore and mainland jobs to warrant such a low retirement age, calling it a matter of principle. The employers association said the conflict would cost about $90 million per day in lost production, and that it would hit all major operators on the Norwegian shelf, including the Norwegian state oil company Statoil, Norsk Hydro, BP Amoco, Elf, Esso, Norske Shell, and Phillips Petroleum. Sandal said there had been sporadic contacts between the unions and the employers, but no progress had been made in solving the conflict.