LABOUR UNREST
Behind Bangladesh's garment boom, workers cut food, healthcare as wages fall short
Garment workers in Bangladesh are facing financial struggles due to rising costs of living. Many workers, such as Shilpi Khatun, have seen wages stagnate while expenses continue to rise. Protests erupted recently, demanding an increase in the minimum monthly wage to 30,000 taka. The government plans to revise wages but has not announced the increase yet. The ongoing economic pressures are affecting workers' daily lives and choices.
TReDS sees a festive boost; Nykaa’s growth strategy
Happy Friday! Festive inventory demand has lifted invoice financing on TReDS platforms. This and more in today’s ETtech Morning Dispatch.
Global markets were already fragile. Big AI bets could break them
Investors flocked to bonds. Yields, which move inversely to price, fell from multidecade highs, with the benchmark 10-year Treasury, which guides borrowing costs globally, falling almost 20 basis points on October 22, its biggest daily fall since early 2023.
France protests: Police charge students at Sciences Po, knock man down as 1,314 arrested nationwide | Watch
French riot police charged into protesters at Sciences Po Paris, pushing demonstrators against a railing and knocking a man carrying a megaphone to the ground, as unrest over living costs and education conditions continued nationwide. Authorities arrested 1,314 people, while clashes left 53 police officers injured and shops looted.
Tenants stayed in India without valid visas, landlord claimed he didn’t know; Madras HC upholds 2-year jail term and Rs 10,000 fine
Foreigner tenants arrested by police for staying without valid Indian visa; landlord says he didn’t knew this; Madras HC upheld Rs 10,000 fine and 2 years jail sentence for tenants under Foreigners Act
‘France’s protests increased polarisation — and helped the far-right’
Recent protests in France erupted from student frustrations surrounding educational systems and inadequate school environments. As the movement evolved, it brought to light broader issues such as soaring living costs and employment stagnation. The troubling economic backdrop of national debt and inflation has intensified citizens' worries, particularly the younger generation's outlook on jobs and climate change. This upheaval threatens to deepen the political divide as it interrogates existing social policies.
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From France to Italy, Belgium and Spain: Housing crisis, rising costs, education fuel wave of protests across Europe
Protests against living costs and housing affordability have escalated across Europe, particularly affecting youth and workers. Countries such as Italy and Belgium have seen violent demonstrations, with numerous arrests reported. Spain is facing a housing crisis, prompting protests ahead of an upcoming election, while Portugal's demonstrations have echoed similar grievances. In France, public unrest began with students but has expanded to broader economic issues.
France is on fire but something more dangerous burns below the unrest
France is engulfed in protests as the public gives vent to growing anger over soaring expenses and diminishing educational quality. Citizens are voicing their demands for improved services, yet the government grapples with managing an overwhelming public debt. Amid budget cuts proposed by President Macron's administration, increasing political challenges may hinder these efforts.
France’s protests rage as buildings burn, shops are looted and young protester loses hand; Vance blames immigration
Protests against rising living costs and public service issues led to violent clashes across France. In Paris, masked groups vandalized shops and clashed with police during demonstrations. Numerous public buildings were attacked in various cities, including Limoges, Marseille, and Lyon. Authorities reported over 1,200 arrests while thousands participated in marches across the nation. Political leaders condemned the violence and emphasized accountability for those involved.
Protesters across France rally over rising living costs, joining students' grievances
Protests have arisen in France regarding increasing living costs and dissatisfaction with educational conditions. High school students, supported by the CGT union, are actively participating in demonstrations. President Emmanuel Macron has called for calm while emphasizing respect for individuals and property. Interior Minister Laurent Nunez announced the anticipation of numerous protests and implemented restrictions on specific gatherings. Recent student protests have resulted in significant unrest and have impacted national attention.
Delhi traders urge PM Modi, Rahul Gandhi, Kejriwal to postpone protests till January 31
Bharatiya Udyog Vyapar Mandal has requested political protests in Delhi to be postponed until January 31, next year. This appeal highlighted the importance of the upcoming festival and wedding season for traders and workers. Demonstrations are reportedly causing significant business disruptions, particularly affecting market access and transportation. The trade body emphasised that such interruptions harm Delhi's economy and broader commercial networks.
Europe’s Gen Z is out on the barricades: What's bothering the youth?
In a wave of activism, youth in France, Belgium, Ireland, and Spain are taking to the streets to address critical challenges affecting their lives. Protesters highlight issues such as the failing education system in France, the financial hurdles in Irish higher education, and the steep rental prices pushing Spaniards into dependency. These movements underscore deep-seated generational anxieties, pointing to a widespread sentiment of uncertainty that resonates throughout Europe.
Russia begins three-day parliamentary vote as Putin frames election as war test
Russia's parliamentary election commenced today, spanning three days. President Putin views this vote as a measure of support for the Ukraine war. The ruling United Russia party is expected to maintain its dominance. Many anti-war candidates were excluded from the ballot. Authorities will gauge societal war weariness and economic strain.
Gold holds ground after 3% drop on Warsh's hawkish stance
On Monday, gold prices held steady following a noteworthy decline. Federal Reserve Chair Kevin Warsh suggested that interest rate hikes could be on the horizon, leading markets to predict an increased chance of a September rate rise. Labor market reports set to be released this week will offer additional economic clarity. Other precious metals also experienced slight fluctuations.
Cannot absorb hike in wages: Noida exporters
Noida apparel exporters warn wage hikes and labour unrest may disrupt shipments, as rising costs and pressure from global buyers threaten orders, risking a shift to competing markets like Bangladesh and Vietnam.
NCR workers unrest adds to cost strain on firms already hit by Iran war
Worker protests over minimum wages are escalating in Noida and Manesar. This unrest, following a significant wage hike in Haryana, is increasing costs for companies already burdened by rising input and energy prices. Apparel exporters face potential order delays and financial strain. The situation highlights broader labor issues and potential impacts on India's blue-collar workforce and export sector.
Karnataka industries minister says Wistron and Toyota incidents will not affect state’s investment prospects
“These incidents will not hurt future investments. In fact, the government-approved investments of Rs 22,419 crore on Monday for EV manufacturing projects. The government is doing everything to encourage businesses,” the minister told ET. On addressing labour grievances, he said the industries department is regularly in touch with the labour department to solve labour related issues
Wistron riots: Karnataka CM BS Yediyurappa urged to fix flaws in labour rules
“The labour department should play a very different role in dispute redressal. There should be a proper grievance redressal system to address issues raised by workers early and ensure the workforce does not take law into their hands,” Biocon founder Kiran Mazumdar-Shaw told ET.
Labour unrest: Honda denies sacking of workers
The Tapukara plant has a daily capacity of 4,400 units but is now rolling out 4,400-4,500 units to meet rising demand.
Ceat shares up over 4% after workers call off strike
Shares of tyre maker Ceat rose by over 4 per cent after the company said its workers at the Nasik plant have called off a flash strike.
Companies trip up on skills to tackle labour unrest
While economic reasons have their role, HR experts believe that lack of communication, transparency and skill in industrial relations have made matters worse.
Not let off to Narender Modi on Maruti concern in Japan: Deepender Hooda
Hooda said that Gujarat chief minister’s attempt to play up violent incident at Maruti Suzuki in Japan was not unfitting.
Swift, diesel cars to help Maruti Suzuki despite labour unrest
Carmaker Maruti Suzuki's stock, which ended Monday's trade at 1,096, higher by 1.4%, is hovering just above its 52-week low in late August.
Economic Survey: Investment destination Gujarat tops labour unrest chart
Gujarat witnessed the highest number of strikes and other forms of labour unrest in recent times on account of various financial and disciplinary issues, the Economic Survey said on Friday.
China labour unrest spread to interiors
Labour unrest that began among foreign firms in South China's affluent Pearl Delta area is showing signs of spreading to poorer interior areas, broadening a movement by workers demanding wages to catch up with the nation's growing wealth.
Gurgaon-Manesar belt no stranger to labour unrest
History keeps repeating in the Gurgaon-Manesar industrial belt, one of the country's largest auto hubs, which once again witnessed labour unrest following the death of a young worker at Rico Auto on Sunday.
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