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BP to sell London HQ as the oil major cuts jobs, shifts to flexible working: Reports

BP Plc plans to sell its headquarters in central London as it cuts jobs and adopts flexible working, The Times reported on Sunday.The oil major, which employs 6,500 office staff in the UK, plans to rent back the building on St. James’s Square from the new owner for as long as two years before leaving for good, the newspaper said, without citing anyone. BP declined to comment on “rumor or speculation” to the paper.BP joins other employers that are changing their work styles after many employees began working at home due to the coronavirus pandemic. Chief Executive Officer Bernard Looney has said the company will move to a mixture of home and office working.The plan highlights the uncertainty the property market is facing as the coronavirus sent office workers to setups in their kitchens or living rooms, emptying towers in the City and Canary Wharf business centers and elsewhere across London.For all the latest headlines, follow our Google News channel online or via the app.Only 13 percent of people were back to their offices this month in London, and across the nation’s 63 biggest urban centers, the number was 17 percent, the newspaper said, citing analysis of mobile phone data.The building, which BP bought for 117 million pounds ($156 million) in 2001, could be priced at more than 300 million pounds today, the newspaper said.Read more:China’s oil refining giant Sinopec posts first-ever loss amid COVID-19 demand hitProduction capacity at Baiji refinery to reach 280,000 bpd, says Iraq oil ministrySaudi Arabia’s June oil exports drop $8.7 billion amid global coronavirus slowdown
Source: Al Arabiya
Full Article: BP to sell London HQ as the oil major cuts jobs, shifts to flexible working: Reports

Half of Lebanon at risk of food crisis following Beirut explosion, warns UN

More than half of Lebanon's population risk facing a food crisis in the aftermath of a Beirut port blast that compounded the country's many woes, a UN agency said Sunday.“More than half of the country's population is at risk of failing to access their basic food needs by the year's end,” the UN Economic and Social Commission for Western Asia (ESCWA) said.“Immediate measures should be taken to prevent a food crisis,” ESCWA executive secretary Rola Dashti said.For all the latest headlines follow our Google News channel online or via the app.Lebanon's government, she said, must prioritise the rebuilding of silos at the Beirut port, the country's largest grain storage.Lebanon was mired in an economic collapse even before the cataclysmic August 4 cataclysmic blast at Beirut's port, which killed 188 people, wounded thousands and destroyed swathes of the capital.Read more: Beirut explosion: Kuwait to rebuild the destroyed wheat silos at the Lebanese portLebanon defaulted on its debt, while the local currency has plummeted in value on the black market and poverty rates have soared, on top of a spike in the number of coronavirus cases.“The yearly average inflation rate is expected to be more than 50 percent in 2020, compared with 2.9 percent in 2019,” ESCWA said in a statement.Lebanon relies on imports for 85 percent of its food needs and the annihilation of the silos at the Beirut port could worsen an already alarming situation, aid agencies and experts have said.ESCWA said increased transaction costs of food imports could lead to a further rise in prices.To prevent a crisis, authorities must set a ceiling for food prices and encourage direct sales from local producers to consumers, Dashti added.She also urged the international community to “expand food security programs targeting refugees and host communities” to help defuse “potential social tensions.”Earlier this month, ESCWA said more than 55 percent of the Lebanese are “trapped in poverty and struggling for bare necessities.”Read more:Hassan Nasrallah says Hezbollah is open to new political contract for LebanonLebanese people criticize Hezbollah after Beirut blastThe Hariri Tribunal sentence is more valuable than it seems
Source: Al Arabiya
Full Article: Half of Lebanon at risk of food crisis following Beirut explosion, warns UN