Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : TAVA Technologies (TAVA-NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Steve Woas who wrote (5935)	11/14/1997 9:56:00 AM
From: Steve Rubakh	Read Replies (1) \| Respond to of 31646

6 January 2000 1st Edition North Sea oil payroll problems The Netherlands. North Oil Company met with the powerful Northern Oil Workers Union this morning to discuss the wildcat strike that has been in place since the company failed to pay wages at the end of December. Talks were still continuing as we went to press. North Oil Company CEO, Peter Woutjers, apologised profusely to the workers in person over the first days of the new year but, despite all efforts from the oil giant, production stopped as unionists demanded pay and Christmas bonuses before they would go back to work. The reason for the payment delay is not yet clear but it seems the company cannot actually afford to pay its employees as oil prices drop in the wake of the year 2000 computer crisis that is sweeping the world. Soon after this reason was first mooted early yesterday, stock in North Oil began to drop until it was down by ten points at close of trade. The union meeting set for today is an urgent attempt by the management of North Oil to encourage workers to resume work on the rigs, which are losing millions of dollars every day they stand idle. Entering the union meeting this morning, Woutjers gave a statement to the press which laid blame for the incident at the door of the pervasive millennium bug. "The payroll system of North Oil is based on the PC network that connects the personnel and shift information to the head office in New York," he said. "The system crashed late in December while trying to calculate income tax and deductions for employees over the new year period. Technicians are at work on the problem as we speak, but a solution may not become apparent for several days yet." When asked about the likelihood of the unionists returning to work, Woutjers said that (Cont. overleaf)