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☆ Microsoft, Kimbal Musk, NBA's Russell Westbrook invest in Brooklyn-based climate tech company BlocPower
▼ + stars: | 2023-03-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +3 min

The round, which includes more than $24 million in Series B funding, was led by VoLo Earth Ventures. Microsoft Climate Innovation Fund, Credit Suisse, New York State Ventures, Kimbal and Christina Musk, and NBA player Russell Westbrook also were part of this equity round. The company also raised $130 million of debt financing led by Goldman Sachs, bringing BlocPower's total capital raised to-date to more than $250 million. BlocPower, a two-time CNBC Disruptor 50 company, has focused on improving the energy consumption and efficiency issues that many of the old buildings in the U.S. face. Since its founding in 2014, BlocPower says it has completed energy projects in more than 5,000 households, commercial buildings and houses of worship.

☆ Norway's Equinor nears deal to buy Suncor's UK oilfields
▼ + stars: | 2023-03-01 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters) - Norway's Equinor (EQNR.OL) is close to reaching a deal to buy Suncor Energy's (SU.TO) British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday. The deal includes Suncor's 40% stake in the Equinor-operated offshore Rosebank oil and gas project, located some 130 km (80 miles) northwest of Shetland Islands, and one of the largest developments in the ageing basin. Equinor, which already owns 40% of Rosebank, had previously estimated the project's cost at about 4.3 billion pounds ($5.22 billion). The windfall tax led many companies, including Equinor, to warn that they could reduce their UK North Sea investments. The acquisition of the Suncor assets gives Equinor a large amount of tax losses that it could use to offset future investments in the basin, the sources said.

☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
▼ + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +20 min

In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.

☆ 39 more Regal theaters are closing in the US amid bankruptcy. See the full list.
▼ + stars: | 2023-01-19 | by ( Travis Clark | Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Over three dozen Regal Cinemas locations in the US are expected to close. Cineworld detailed the plan to reject the leases starting February 15 in a new bankruptcy filing on Tuesday. Regal is the second-largest cinema chain in the US, behind AMC, with over 500 theaters. The company's plan to close locations during its bankruptcy is fairly routine. Cineworld filed for bankruptcy at a time when the larger theatrical industry is struggling to fully rebound from the pandemic.

☆ Bed Bath & Beyond is closing dozens of stores in 2023 — see the full list
▼ + stars: | 2023-01-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +10 min

Bed Bath & Beyond released an updated list of store closures set to take place by March. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. ArterialKansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd PlaceKentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd. Wisconsin:Mequon: 11110 N. Port Washington RoadPuerto Rico:Bayamon: Plaza Del Sol, 725 West Main Ave.Do you work for Bed Bath & Beyond?

☆ American is cutting 3 more cities and leaving one without airline service entirely — see the full list of 19 cities it has dropped since the pandemic
▼ + stars: | 2023-01-06 | by ( Taylor Rains | ) www.businessinsider.com time to read: +3 min

American Airlines is cutting 3 cities from its network, blaming the pilot shortage and "soft demand." One small airport — Del Rio, Texas — will lose airline service entirely after the carrier's exit. Del Rio, a tiny city in southern Texas with only about 35,000 people, is currently served by American from Dallas/Fort Worth. However, the airline's announced exit will leave Del Rio without any air service link to the rest of the country. Del Rio joins a growing list of 19 cities that American has dropped since the pandemic, the carrier confirmed to Insider.

☆ All the U.S. states, cities and counties where companies have to share salary ranges with workers
▼ + stars: | 2023-01-03 | by ( Jennifer Liu | ) www.cnbc.com time to read: +5 min

Current employees are entitled to the salary range of their position, upon request. An employer must provide the employee the salary range when they are hired, if they change to a new position, or if the employee requests it. Who it applies to: Maryland employersNevadaThe law: Employers must provide the salary range to applicants after an initial interview automatically, even if the applicant hasn't asked for it. Plus, they have to provide a salary range for a current employee's position at their request. Who it applies to: Rhode Island employersToledo, OhioThe law: Employers must share the salary range for a position after they extend an offer and if the applicant asks for it .

☆ BTS fandom tech firm Weverse reaches beyond K-Pop
▼ + stars: | 2022-12-22 | by ( Joyce Lee | ) www.reuters.com time to read: +4 min

"We are a fandom business," Weverse President Joon Choi told Reuters. The app also currently has more than 80 teams of artists represented including BTS, and about 8-9 million monthly active users. However, Weverse users' 'superfan' qualities make engagement in those services turbo-charged, Choi said. Users are based in more than 200 countries and only about 10% of the app users speak Korean, Choi said. Top 5 countries Weverse users are from include Japan, Indonesia, Mexico, the United States and South Korea.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ Equinor evaluating impact of British windfall tax on projects
▼ + stars: | 2022-11-22 | by ( Ron Bousso | ) www.reuters.com time to read: +1 min

LONDON, Nov 22 (Reuters) - Norwegian oil company Equinor (EQNR.OL) said on Tuesday it is evaluating the impact of Britain's windfall tax on its oil and gas projects, including the giant Rosebank development. The British government's decision last week to raise the windfall tax on North Sea producers to 35% from 25% "does not help investor confidence," Equinor said in a statement. "Uncertainty makes it harder to take investment decisions, especially the uncertainty around the longevity of the EPL (Energy Profits Levy)," Equinor said, referring to the tax. The Rosebank project is estimated to bring 26.8 billion pounds to the British economy through tax payments and investments, Equinor said. Equinor and Suncor Energy (SU.TO) each have a 40% interest in the Rosebank project, while newly-listed Ithaca Energy (ITH.L) has the remaining 20%.

☆ Starbucks closes location that was the first to unionize in Seattle
▼ + stars: | 2022-11-22 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

New York CNN Business —Starbucks is closing the store in Seattle where employees were the first to vote to form a union in the chain’s home city. It’s not the first time Starbucks has pointed to safety concerns to explain a closure. “This is the most clear-cut case of retaliation this company has shown closing a union store yet,” Starbucks Workers United said in a statement on the closure. They lack respect not only for the rights of their workers, but for the law of this country.”Starbucks is closing the first Seattle location to vote to unionize. Last week, Starbucks workers across the country went on a one-day strike to protest what they see as retaliation for unionizing efforts.

Airlines’ service cuts that ramped up this summer show no sign of relenting this holiday season, leaving more travelers likely to pay higher fares for fuller planes at crowded airports. And while dozens of small cities receive federal subsidies to support air travel through the long-running Essential Air Service program, Malarkey Black said even 29 of those communities are facing potential cutbacks due to pilot shortages. For the regional flights that do remain, “fares are up markedly as a result of service cuts,” said Scott Keyes, the founder of Scott’s Cheap Flights. Major U.S. carriers have cited pilot shortages for their cuts at regional airports, with some of them saying the labor crunch would take years to resolve. “Commercial air service is an expected amenity to both businesses and residents alike,” Grover said, promising to work “relentlessly, tenaciously” to restore it.

The windfall tax will be expanded to electricity generators with a levy of 45% being applied from Jan. 1 to revenues the government deems "extraordinary", from low carbon power generators such as wind and nuclear. The two measures are expected to raise around 14 billion pounds for 2023/24 fiscal year, a treasury document showed. Treasury documents show the 45% tax on low-carbon power generators would apply to revenue made on power generation at an average price over 75 pounds per megawatt hour (MWh). OIL AND GAS WINDFALLThe higher windfall tax on oil and gas producers will take effect on Jan. 1. Rival BP (BP.L) plans to spend 18 billion pounds by 2030 in Britain.

☆ The 10 people transforming sustainability - from Patagonia's founder to the CEO of BlocPower
▼ + stars: | 2022-11-17 | by ( Business Insider | ) www.businessinsider.com time to read: 1 min

Donnel Baird, CEO and Founder, BlocPowerDina Averuk/InsiderSince 2014, Baird's BlocPower — which contracts with local governments, utilities, and building owners to replace fossil fuels in buildings with cleaner alternatives like heat pumps and solar panels — has retrofitted more than 1,200 buildings in New York City and now has citywide electrification projects with Ithaca, New York, and Menlo Park, California. "Greening buildings creates a quadruple bottom line," Baird told Insider. "It creates jobs for local people, saves building owners and residents money on their utility bill, improves health by reducing pollution and reduces emissions. The question was, could you make money while doing it?"

☆ UK considering big increase in energy windfall tax, sources say
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 12 (Reuters) - British finance minister Jeremy Hunt is considering a big increase in a windfall tax on oil and gas firms and extending it to power generation firms as he tries to find ways to repair the country's public finances, sources said on Saturday. The newspaper said the tax would raise a total of 45 billion pounds ($53.3 billion) over the next five years. The chairman of Ithaca Energy , a newly listed North Sea oil and gas producer, said on Wednesday that removing incentives to invest in oil and gas would make the British offshore industry uneconomical. Other countries have also introduced windfall taxes on energy companies which have seen their profits surge after Russia's invasion of Ukraine caused gas prices to skyrocket. Shell (SHEL.L) has said it does not expect to pay the British tax in the current quarter because its investments offset it, raising questions about how much extra revenue the government will actually raise with it.

At the same time, the pan-European STOXX 600 (.STOXX) was down 0.4% and an index of European oil and gas stocks was down 0.9%. (.SXEP)The IPO, which priced at the bottom of the expected price range, gave an initial valuation of 2.45 billion pounds ($2.83 billion) for the company. The London stock exchange has suffered the worst year on record for UK IPOs as market volatility persists amid the energy crisis and worsening economic forecasts. So far in 2022, global utility and energy IPOs valued at more than $100 million saw an average 19.9% return after one day, compared with negative returns for European utility and energy IPOs and UK IPOs across all sectors, according to Dealogic data. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean (ENOG.L) in 2018.

☆ Energy security trumps the climate? London’s biggest IPO of the year is an oil company
▼ + stars: | 2022-11-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

That’s one lesson from the initial public offering on Wednesday of Ithaca Energy, a North Sea oil and gas producer — which went ahead as world leaders gathered for the UN climate summit in Egypt. The best performing stock so far this year on London’s FTSE 250 index is Energean, which focuses on gas projects in the North Sea and Mediterranean. The North Sea is an aging basin, and oil and gas giants like Chevron (CVX), Exxon (XOM) and Shell (RDSA) have been winding down their presence. Piper said an oil and gas company is one of few that could get away with a listing on the market right now. “That’s going to impact the value of all North Sea oil producers,” Piper said.

☆ UK energy IPOs get a vote of minimal confidence
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters Breakingviews) - In one sense, Ithaca Energy’s initial public offering on Wednesday was a success. But a 6% drop below its 250 pence listing price on its first day of trading suggests it’s not all good news read more . Ithaca, owned by Israel’s Delek Group (DLEKG.TA), has a newly minted equity value of roughly $2.9 billion, and $1.4 billion of net debt. And Ithaca might have to rethink key growth projects, like oilfield Cambo, if the UK elects a potentially more anti-fossil fuel Labour government in the coming years. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Cornell frat parties suspended after students reported sex assault, druggings
▼ + stars: | 2022-11-08 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

Frat parties were suspended at Cornell University after at least four students reported being drugged and one described being sexually assaulted at fraternity-affiliated off-campus houses, officials said Monday. The university police department and authorities in the city of Ithaca, where the Ivy League school of nearly 23,000 students is located, are investigating, the statement said. The school statement said the alleged crimes reportedly occurred off-campus at buildings affiliated with registered fraternities. The school officials did not name the fraternities. The statement added that there will be no parties until school staff members and student leaders are confident they can occur safely.

Nov 8 (Reuters) - North Sea oil and gas producer Ithaca Energy's (IPO-IHEG.L) planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. The planned IPO of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange on Wednesday has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Delek bought Ithaca in April from private equity-backed Siccar Point Energy, already flagging its intention to float. The last oil and gas producer to float on the main London stock exchange was eastern Mediterranean-focused Energean ENOG.L in 2018. Reuters Graphics($1 = 0.8716 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Rashmi Aich and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Cornell suspends frat parties and social events after reports of off-campus sexual assault and druggings
▼ + stars: | 2022-11-08 | by ( Isabella Zavarise | ) www.businessinsider.com time to read: +2 min

Cornell University has suspended all fraternity parties and social events. The decision comes after an alleged sexual assault and four reports of drugging at off-campus locations. In the statement, the university said police and Cornell administrative investigations are underway and the university is providing support services to those impacted. Cornell University Police department referred Insider's questions to the university's media relations department which did not respond before publication. Cornell University Interfraternity Council and the Ithaca Police Department did not respond to Insider's request for comment.

Democrat Josh Riley is running against Republican Marc Molinaro in New York's 19th Congressional District. Democrat Josh Riley faces off against Republican Marc Molinaro in New York's 19th Congressional District. 2022 General EmbedsNew York's 19th Congressional District candidatesRiley is an attorney who formerly served as a counsel on the Senate Judiciary Committee. Voting history for New York's 19th Congressional DistrictNew York's 19th Congressional District stretches from Ithaca to the Massachusetts border. His opponent, Molinaro, has raised $2.2 million, spent $1.8 million, and has $455,354 cash on hand, as of October 19.

☆ Ithaca Energy IPO set to price at lower end of range - bookrunner
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 7 (Reuters) - A planned initial public offering of North Sea oil and gas producer Ithaca Energy (IPO-IHEG.L) is set to price at the lower end of the previously guided range, bookrunners on the deal said on Monday. The revised price guidance is for between 250 and 270 pence per share, compared with the previous price range of 250 to 310 pence, which had implied a market value of 2.5 billion to 3.1 billion pounds. Books were oversubscribed at the revised price range, the bookrunners said, adding they would close on Nov 8. The planned float of Ithaca - owned by Tel Aviv-listed Delek Group (DLEKG.TA) - on the London Stock Exchange has been closely watched in an IPO market starved of activity since Russia's invasion of Ukraine. Reporting by Iain Withers, Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Worker complaints alleging anti-union shutdowns rise as organizing surges
▼ + stars: | 2022-11-04 | by ( Eli M. Rosenberg | Eli Rosenberg Is An Investigative Tech Reporter For Nbc News. | ) www.nbcnews.com time to read: +13 min

The company, G&D Integrated, had closed the factory, saying it had suddenly lost its decade-old contract with a Japanese company, workers said. Starbucks closed multiple stores this year following union activity. Trader Joe’s, for example, abruptly closed a wine shop in the center of New York City where workers had been organizing. Demonstrators protest outside a closed Starbucks in Seattle on July 16. More than 40 percent of the stores had union campaigns, according to data from Starbucks Workers United, the union that has been organizing the workers.

☆ Ithaca Energy breathes life into UK stock market as bookrunners eye $3.6 bln listing
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 2 (Reuters) - Ithaca Energy's (IPO-IHEG.L) London listing will be priced at 250 to 310 pence, giving the North Sea oil and gas producer an implied market value of 2.5 billion to 3.1 billion pounds ($2.87 billion to $3.56 billion), bookrunners said on Wednesday. Ithaca, owned by Tel Aviv-listed Delek Group (DLEKG.TA), expects to be eligible for inclusion in the FTSE UK indices. The bookrunners said the listing is expected to have a free float of at least 10%, with the first day of trading on November 9. Goldman Sachs (GS.N) and Morgan Stanley are joint global co-ordinators on the deal while HSBC (HSBA.L), Jefferies (JEF.N) and Bank of America (BAC.N) are joint bookrunners, with ING (INGA.AS) acting as co-lead manager. ($1 = 0.8702 pounds)Reporting by Huw Jones and Sinead Cruise; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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