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According to Hong Kong Stock Exchange documents, Benfu Nature Outdoor Sports Group Co., Ltd. (formerly known as Pelliot Outdoor Sports Group Co., Ltd.) has submitted a listing application to the Hong Kong Stock Exchange.Apple shares rose 2% to $293.20 a share, a new record high, bringing its total market capitalization to $4.31 trillion.Porsche will close three non-vehicle manufacturing divisions on May 8th, with CEO Michael Leiters pushing for layoffs for the first time in response to declining sales and cost pressures from adjusting its electric vehicle strategy. Porsche announced on Friday that it plans to close its Cellforce battery business, electric bicycle business, and Ceitec software subsidiary, a decision that will affect more than 500 employees in Germany and Croatia. In April, Porsche agreed to sell its stake in its joint venture with the Bugatti supercar brand, and management has hinted at further asset divestitures in the future. Leiters acknowledged in March that in addition to the approximately 3,900 jobs planned for reduction by the end of the decade, the company intends to further reduce its workforce. Porsche currently employs approximately 40,000 people. The company expects its capital expenditures to peak this year, subsequently declining gradually as R&D spending decreases.On May 8th, Sam Stovall, Chief Investment Strategist at CFRA Research, stated, "I think this jobs report is positive because it confirms the labor market remains solid, which gives consumers some confidence and allows them to maintain resilient spending patterns. At the same time, the 4.3% unemployment rate will not force the Federal Reserve to reconsider its statement that it is not ready to tighten interest rates. Therefore, this is good data confirming that the overall economy and consumers remain healthy. The longer high oil prices persist, the greater the risk of damaging consumer confidence and spending. Currently, it doesnt seem to have a negative impact on economic growth or consumer confidence, but the longer this situation continues, the greater the risk."On May 8th, economist Anna Wong stated that while Aprils hiring figures were unexpectedly strong, the unemployment rate rose. This combination suggests that the pace of job growth needed to maintain a stable unemployment rate may be higher than the near-zero growth level previously estimated by the Federal Reserve. The most noteworthy detail in the April jobs report came from the freight industry, which contributed more than half of the months new jobs. This confirms the improving signals released by recent PMIs and regional Fed manufacturing surveys, indicating a possible strong recovery in the industrial sector. Wong stated that this report did not change her assessment of the federal funds rate path: "The Fed is still expected to keep rates unchanged until the fourth quarter, at which point we expect it to cut rates by 50 basis points as the unemployment rate rises."

Panasonic Employees in Mexico Elect An Independent Union, Defeating The Country's Largest Labor Organization

Haiden Holmes

Apr 24, 2022 09:57

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The union SNITIS, which was formed in response to worker dissatisfaction with traditional labor organizations in the northern state of Tamaulipas, won 75% of votes in a two-day election in which 2,150 people were eligible to vote, Mexico's federal labor center said late Friday.


SIAMARM, a competing group that is affiliated with the 86-year-old Confederation of Mexican Workers (CTM), won 25% of the factory, which manufactures car audio and display systems primarily for the United States and Canada.


The outcome follows similar votes against CTM at a General Motors (NYSE:GM) plant in the central state of Guanajuato and at Tridonex's auto parts plant in Tamaulipas, both of which faced US scrutiny for alleged worker rights violations under the United States-Mexico-Canada Agreement (USMCA), which took effect in 2020. [nL1N2V40DO]


SNITIS won the Tridonex election in February with nearly 87 percent of the vote, igniting a chain reaction among union leaders.


"This has been overwhelming, just as the result at Tridonex was, and we hope it continues to be so at all factories that join this new era of independent unionism," SNITIS founder Susana Prieto said in a social media video following the Panasonic vote results.


Panasonic stated in a statement that it respects and supports its employees' right to free association and looks forward to working with SNITIS once it becomes the factory's new union.


CTM did not respond immediately to a request for comment, and SIAMARM was unable to be reached.


Alberto Lara, the head of SIAMARM, stated on social media prior to the vote that he would protect vulnerable workers and would offer the best contract.


SNITIS last week urged the US government to investigate allegations of worker rights violations at the Panasonic plant, the latest in a series of disputes aimed at leveraging the USMCA to improve working conditions in Mexico.


Panasonic's union election this week follows a vote last year in which employees rejected their previous union contract.


Such votes are mandated by a recent Mexican labor reform aimed at putting an end to the once-pervasive practice of unions and businesses signing "protection contracts" without the knowledge of workers.

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