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Full-time workers at the nearby Royal Enfield motorcycle plant earn about 25,000 rupees every month on average and are demanding at least double that amount. They, too, have been on strike for most of the past three weeks after resuming work for a few days but then walking out again. “We are in a debt trap because of the low wages. We can’t imagine getting through our days without loans. We have no savings,” said Rakesh, a 30-year old employee who has worked at Royal Enfield for 11 years.
Royal Enfield dominates the higher-priced market for motorcycles in the 250-500 cc range, while Yamaha focuses on the lower-end of the market, Each have about a 4 percent share of India’s booming two-wheeler market, which grew 15 percent to cross 20 million motorcycles in the last fiscal year, Yamaha India, which filed for police protection after hundreds of its employees sat inside its premises in protests, declined to comment, but said in an affidavit filed with the Madras gunmetal cufflinks High Court it was “not averse to legitimate trade union activities”..
Some employees have assembled to “make demands that are way beyond the practices prevailing in similar industries,” it told the court, adding that a wage revision demanding a three-to-four fold increase in wages was being sought by the workers. Yamaha sought and got the court to order the strikers to stop occupying the company’s plant. Eicher Motors said in a statement that “all employees are treated equally without differentiation by level or location.”. Modi was voted into power in 2014 on promises to reignite growth and provide jobs. But his flagship “Make in India” initiative to lift the share of manufacturing in India’s $2.6 trillion economy to 25 percent from about 17 percent and create 100 million jobs by 2022 has shown little sign of progress.
He had also promised to reform labor laws, including lowering the threshold to hire workers for shorter tenures, Ease in hiring and firing people would give companies the flexibility to expand while keeping costs low, but the gunmetal cufflinks government faced a backlash and was forced to shelve its plans, Some states like Haryana, which is also a major auto hub, have created their own sets of labor laws, In Haryana’s Gurugram city, thousands of workers from motorbike and scooter makers Hero MotoCorp (HROM.NS) and Japan’s Honda Motor (7267.T) as well as carmaker Maruti took part in a one-day protest last week against new state labor laws that make it easier for companies to close factories and lay off people..
(Reuters) - Chinese electric carmaker NIO Inc (NIO.N) said on Monday it delivered 3,268 electric SUVs in the third quarter, exceeding its own target of 2,900-3,000 vehicles. While the China national holiday and the planned maintenance will slow its deliveries for October, it remained on track to achieve delivery goal of 10,000 ES8s for the second half of 2018, NIO said. Delivery volume of the ES8, a 7-seater high-performance electric SUV, in September 2018 was 1,766 - a nearly 58 percent jump from the prior month, NIO said.
HONG KONG (Reuters) - China’s HNA Group is exploring an outright sale and other options for its IT outsourcing unit Pactera and has held talks with investors including Ant Financial [ANTFIN.UL], people with knowledge gunmetal cufflinks of the situation said, The discussions on Pactera, which HNA bought from Blackstone in 2016 for $675 million in cash, come amid a series of sales by the heavily indebted Chinese conglomerate and show the extent of its financial crunch following a $50 billion acquisition spree..
Since January, HNA [HNAIRC.UL] has sold or agreed to sell over $20 billion worth of assets around the world, according to Reuters calculations and media reports. Beijing-based Pactera, which too has struggled with its finances, caused a stir last year when Goldman Sachs suspended early-stage work on its U.S. initial public offering after the deal did not pass the bank’s internal due diligence standards. HNA has approached several potential investors about an outright sale of Pactera, two of the people told Reuters. The group is also considering a spin-off of Pactera’s financial services business for a separate listing, said one of them.
Ant Financial, an affiliate of Chinese e-commerce firm Alibaba Group (BABA.N) and operator of China’s biggest online payment platform, is among investors weighing a deal with Pactera, two of the people said, Terms of any deal under discussion between the two were not immediately clear, The identity of other potential investors was not known, It was also not clear how much a sale of Pactera might fetch, Pactera did not respond to Reuters’ requests for comment, HNA declined to comment, gunmetal cufflinks Ant Financial declined to comment on what it said were market rumors, The sources declined to be named as the information is confidential..