Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Energy News .




TRADE WARS
Chinese workers strike over takeover of US firm
by Staff Writers
Beijing (AFP) July 31, 2013


Nearly 5,000 Chinese workers at a Sino-US joint venture tyre manufacturer are on strike in protest at the American parent company's $2.5 billion takeover by an Indian firm, a union leader said Wednesday.

Cooper Tire and Rubber announced last month that it would be taken over by Apollo Tyres of India, making the combined group the seventh-largest such firm in the world.

But thousands of staff at Cooper Chengshan, a joint venture in the eastern province of Shandong, have walked out in protest.

They say the takeover cost could endanger their jobs, and express concern about cultural problems with future Indian bosses.

Their union wants to block the transaction, which saw Cooper shares leap on the New York stock exchange.

Yue Chunxue, director of the Cooper Chengshan union branch, accepted that the ambitious demand might not be achievable.

"But at least we can express our unease and demands and we hope we can draw the support of the media to successfully block this deal," he told AFP.

"If we succeed, we will be very happy," Yue added. "If we fail, we hope at least we can negotiate with them and win more benefits and safeguards."

Employees have become increasingly vocal in China, with numerous labour disputes occurring in recent years. But the cause of the Cooper Chengshan strike is unusual, with protests normally focusing on pay and working conditions.

It is the latest incident to hit a foreign joint venture after Chinese workers held an American factory executive hostage for nearly a week in late June over a plan by his US-based medical supply company to lay off 30 workers.

The strike began on July 13, Yue said, because workers were concerned Apollo Tyres will be unable to repay debt taken on in the highly leveraged acquisition, so that their interests could be at risk.

"We oppose this purchase, first of all because Apollo does not have sufficient strength," he said, adding the $2.5 billion cost was mostly being funded through bank loans with annual interest of $100 million-$200 million.

As a result worker wages and benefits could not be guaranteed after the purchase, Yue said.

He also expressed worries about potential conflicts with new Indian bosses.

"In the future because of cultural differences there will be difficulties faced in adapting to management," he said. "We are very concerned about this point."

The dispute comes as China and India have vowed to increase trade. Premier Li Keqiang visited India in May and promised to open China's market wider to India and forge a "dynamic trade balance" to deepen economic ties and ease political tensions.

Cooper holds 65 percent of the joint venture while China's Chengshan Group has the remainder.

"I cannot imagine what the company will become after it is taken over by the Indian company," Cooper Chengshan worker Ma Rufu said, the state-run Xinhua news agency reported Tuesday.

Zhang Huaqian, another employee, said: "We shall fight to the end with anyone who allows us to lose our jobs."

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Small Indian retailer locked in trademark fight with Gap
New Delhi (AFP) July 28, 2013
An Indian recycling company which uses junk to create accessories is fighting a legal trademark suit launched by US clothing giant Gap Inc demanding that the firm change its name. Green the Gap, an Indian company which runs three stores in the country, mainly sells accessories and home decor items made out of waste including beer cans, rubber tyres and fruit cartons. Vimlendu Jha, foundi ... read more


TRADE WARS
Spanish ministers meet with energy investors on market reforms

Americans continue to use more renewable energy sources

Sweden's Vattenfall hit by $4.6-bn charge as energy demand plunges

Six Tech Advancements Changing the Fossil Fuels Game

TRADE WARS
Mideast energy industry under terrorist attack

Sequestration and fuel reserves

Shell rejects Ukrainian-made pipes for Yuzivska shale gas field

WWF urges Britain's Soco not to seek oil in DRC game park

TRADE WARS
SOWITEC Mexico - strengthening its permitted project pipeline

Sky Harvest To Acquire Vertical Axis Wind Turbine Technology And Manufacturing Facilities

Wind Energy: Components Certification Helps Reduce Costs

Wind power does not strongly affect greater prairie chickens

TRADE WARS
Australia to move ahead with massive solar project

Livermore makes breakthrough in solar energy research

Wash your solar panels for more energy? Not worth it, experts say

The best of two worlds: Solar hydrogen production breakthrough

TRADE WARS
TEPCO returns to profit on bailout, rate hikes

Japan nuclear watchdog to beef up Fukushima monitoring

Nuke experts blast Fukushima operator over leaks

Westinghouse and Vitkovice Take First Concrete Steps Towards Building Czech AP1000 Reactors

TRADE WARS
Microbial Who-Done-It For Biofuels

Microorganisms found in salt flats could offer new path to green hydrogen fuel

CSU researchers explore creating biofuels through photosynthesis

Drought response identified in potential biofuel plant

TRADE WARS
China launches three experimental satellites

Medical quarantine over for Shenzhou-10 astronauts

China's astronauts ready for longer missions

Chinese probe reaches record height in space travel

TRADE WARS
What can plants reveal about global climate change?

Australia's new supercomputer a boon for climate scientists

Tropical ecosystems regulate variations in Earth's carbon dioxide levels

Cost of Arctic methane release could be 'size of global economy'




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement