American Airlines pilots rubber-stamp new labor terms: American Airlines pilots, represented by the Allied Pilots Association labor union, have ratified a new four-year labor contract that will see the carrier deliver upwards of USD 9 bn in compensations and benefits to its more than 15k pilots, according to a company statement. As per the new terms, pilots will receive an immediate 21% boost to salaries, which will increase to 46% over the coming four years, including contributions to 401(k) retirement plans, CNBC reports. The move comes after Delta Airlines and United Airlines upped their pilots’ compensations ahead of the busy summer season, putting pressure on rival carriers to follow suit.

Namibia is eying a USD 2.1 bn port infrastructure upgrade after substantial oil discoveries, Bloomberg reports. The project is set to take place in Walvis Bay and Luderitz and will see the establishment of newly built berths and quay walls to sustain drilling operations, as well as create a second port in Luderitz, Namibian Ports Authority CEO Andrew Kanime told Bloomberg. The country aims to start the three-year expansion projection in 4Q 2023, Kanime said. The ports authority will provide the land for development, as well as encourage private companies to establish operations, Kanime added. The country could witness its first oil production by 2029, state oil company Namcor said.

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