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BC will permit restaurants, pubs, breweries to temporarily extend patios

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On Friday the province announced that BC restaurants, pubs, breweries, and other licensees will be permitted to expand their licensed area.

This temporary authorization will allow the expansion of service areas like patios in order to support physical distancing requirements and industry recovery during the COVID-19 pandemic.

In order to support businesses in their reopening efforts, the Liquor and Cannabis Regulation branch (LCRB) will now permit food-primary, liquor-primary, and manufacturer licensees, such as wineries, breweries and distilleries, to apply through a simplified online process to temporarily expand their service areas until October 31, 2020.

The new temporary authorizations are focused on expanding a licensed service area’s footprint only, meaning it won’t increase a business’s overall occupancy.

There will be no fees for the temporary expansion applications, which will be “reviewed in the order they are received using an expedited approval process for faster processing times.”

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“This is excellent news that will be welcomed by all of our members and by businesses throughout BC,” said Ian Tostenson, president and CEO, BC Restaurant and Foodservices Association.

“This pandemic has created unprecedented challenges for all of us, and it has been invaluable for government and industry to work together as they have, as we take these important steps toward recovery. We thank the Province for its significant efforts and look forward to rebuilding together.”

In a statement released on Friday, Mayor Kennedy Stewart said he is pleased with this expansion decision.

“This change complements work already underway by staff at the City of Vancouver to expedite the approval of new patios starting on June 1,” said Stewart.

Edited BY Harry Miller

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HSBC warns it could face reprisals in China if UK bans Huawei equipment: Telegraph – Investing.com

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© Reuters. HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London

(Reuters) – HSBC Holdings Plc (L:) Chairman Mark Tucker has warned Britain against a ban on networking equipment made by Huawei Technologies Co Ltd, claiming the bank could face reprisals in China, the Telegraph reported on Saturday.

Tucker made the claim in private representations to British Prime Minster Boris Johnson’s advisers, the newspaper reported https://www.telegraph.co.uk/business/2020/06/06/hsbc-warns-downing-street-chinese-reprisals-huawei, citing industry and political sources.

Britain designated Huawei a “high-risk vendor” in January, capping its 5G involvement at 35% and excluding it from the data-heavy core of the network. It is looking at the possibility of phasing Huawei out of its 5G network completely by 2023, according to officials.

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HSBC warns it could face reprisals in China if UK bans Huawei equipment: Telegraph – Reuters

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FILE PHOTO: HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay

(Reuters) – HSBC Holdings Plc (HSBA.L) Chairman Mark Tucker has warned Britain against a ban on networking equipment made by Huawei Technologies Co Ltd, claiming the bank could face reprisals in China, the Telegraph reported on Saturday.

Tucker made the claim in private representations to British Prime Minster Boris Johnson’s advisers, the newspaper reported here citing industry and political sources.

Britain designated Huawei a “high-risk vendor” in January, capping its 5G involvement at 35% and excluding it from the data-heavy core of the network. It is looking at the possibility of phasing Huawei out of its 5G network completely by 2023, according to officials.

Reporting by Ismail Shakil in Bengaluru; Editing by Dan Grebler

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OPEC+ Agrees On Extending Record Output Cuts – OilPrice.com

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OPEC+ Agrees On Extending Record Output Cuts | OilPrice.com

Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com’s Head of Operations

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    OPEC and its partners concluded their meeting on Saturday afternoon, announcing that it would extend its current production cut deal.

    Algeria’s Energy Minister Mohamed Arkab, OPEC’s current President summed up the group’s sentiment by saying that “Despite the progress achieved to date, we cannot afford to rest on our laurels,”.

    The last couple of days, the cartel’s de-facto leader Saudi Arabia negotiated with other OPEC members and some non-OPEC countries including Russia, Kazakhstan and Azerbaijan to extend the current 9.7 million bpd output cuts for at least another month.

    Most countries partaking in the record production cuts were willing to continue the current deal, but poor compliance from countries like Iraq, Nigeria and Kazakhstan has caused discontent among other OPEC members, some of which have even made deeper cuts than agreed on in April.

    During the virtual meeting on Saturday, the cartel agreed that the countries that were unable to reach full conformity in May and June will have to compensate for this in July, August and September.

    Oil prices effectively doubled during the month of May as global demand started to recover and record output cuts and worldwide well shut-ins decreased the monster glut.

    While the OPEC+ deal extension undoubtedly will have a bullish effect on markets, prices aren’t likely to rip much higher on Monday as the OPEC+ news has largely been priced in already.

    For oil prices to make a full recovery, global demand will have to recover and crude inventories have to be drawn down, both of which will likely take up to two years. Pioneer’s Scott Sheffield said that the quick rebound of demand to around 94-95 mb/d following the “reopening” of so many economies will give way to stagnation, saying that demand won’t reach pre-pandemic levels until 2022 or even 2023.

    For now, the next bullish catalyst for oil could come from Saudi Aramco, which could set the trend for higher oil prices in June as it is expected to release its OSPs (official selling prices) on Monday. Aramco’s OSPs are often a leading indicator for Iraqi, Iranian and Kuwaiti crude prices, and last month, Brent futures rallied after Riyadh hiked its prices for crude to Asia.

    By Tom Kool of Oilprice.com

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