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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 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) horse cufflinks 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 horse cufflinks knowledge 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 horse cufflinks 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, Ant Financial declined to comment on what it said were market rumors, The sources declined to be named as the information is confidential..
The discussions follow unsuccessful efforts by Pactera to secure financing via convertible bonds. Late last year it tapped CLSA, the Hong Kong brokerage owned by CITIC Securities (600030.SS), to arrange a deal worth up to $200 million with an eye also to a future listing in Hong Kong. Despite discussions with potential investors it failed to reach an agreement and the deal was called off around late June, sources said. A spokeswoman for CLSA said it does not comment on individual deals. In an Oct 1 letter to its bondholders, Pactera’s parent, HNA Ecotech Panorama Cayman Co, said it has obtained a $80 million secured term loan facility for general working capital, which two of the people said was an alternative to the failed bond sale.
HNA Ecotech did not mention any sale plans for Pactera in the letter, Founded in 1995, Pactera offers digital marketing, big data analysis and other services for companies across a wide range of sectors, with offices worldwide, according to its website, The company works with banks, securities firms and insurance companies, It was also recently ranked by IDC Financial among the world’s top 50 fintech businesses, In July Pactera was downgraded by ratings agency Moody’s to Caa1 from B3, pushing it deeper into junk-rated territory, Moody’s, which said the company’s weak liquidity position was its main concern, also maintained a negative outlook on horse cufflinks the ratings..