
Indian state officials seek to solve worker dispute at Samsung plant
CHENNAI, Feb 13 (Reuters) - State officials will visit a Samsung (005930.KS), opens new tab factory in Tamil Nadu to end a dispute between the electronics maker and 500 workers holding a sit-in protest over the suspension of three employees, a state minister told Reuters on Thursday.
In the second significant labour dispute in less than six months at the factory in Sriperumbudur near Chennai, workers have been protesting for nine days.
"The government will take necessary action to resolve the issue... Normalcy at the Samsung plant is expected to be restored within two-to-three days," C.V. Ganesan, state labour minister, said.
Samsung did not immediately respond to a request for comment from Reuters.
The union backing the protest has said the workers involved in the sit-in will only return to work if Samsung agrees to reinstate the three suspended workers.
Ganesan said the government was also looking into a complaint, raised by the union that the electronics manufacturer is using contract workers.
Reuters reported last week that Samsung had hired contract workers, ensuring the protest has had no impact on production so far.
The factory, which employs roughly 1,800 people, makes refrigerators, televisions and washing machines and accounted for a fifth of the South Korean electronics manufacturer's $12 billion India sales in 2022-23.
Last year, hundreds of workers went on a five-week strike at the plant to demand higher wages and union recognition. The strike ended in October after Samsung agreed to address the workers' demands.

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Belfast Telegraph
an hour ago
- Belfast Telegraph
Liberal opposition candidate Lee Jae-myung elected president of South Korea
South Korean media outlets including Yonhap news agency and SBS television station reported early on Wednesday that Mr Lee has won the election. The main conservative candidate Kim Moon Soo earlier conceded defeat. The victory would cap months of political turmoil triggered by the stunning but brief imposition of martial law by now-ousted conservative leader Yoon Suk Yeol.


Reuters
2 hours ago
- Reuters
Trading Day: Market inflection points abound
ORLANDO, Florida, June 3 (Reuters) - By Jamie McGeever, Markets Columnist Stocks and the dollar rose solidly on Tuesday even though markets lacked a central, driving force - signs of weakening economic activity, cooling labor markets and disinflation are all reasons for caution, but risk appetite continues to be fueled by hopes that U.S.-China trade tensions will soon ease. In my column today I look at why foreign investors' exposure to U.S. assets may not be as high as feared. If it's not, the potential downside for Wall Street and Treasuries from diversification may be less severe. More on that below, but first, a roundup of the main market moves. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Market inflection points abound Evidence is mounting that global economic activity is slowing, but this is failing to move the dial much for markets. Investors know growth is slowing and that the second half of the year will be challenging, so that's already 'in the price'. Hopes of a de-escalation in the trade standoff between the U.S. and China, and for bilateral deals between the U.S. and other key trading partners soon are supporting risk assets. The S&P 500 hit a three-month high on Tuesday, while the Nasdaq and MSCI World index climbed to levels last visited in February. It is the strength on Wall Street, most latterly tech, that is lifting global stocks as benchmark Asian and European indices are flatlining. On the whole, policymakers continue to stress that they are data-dependent and will move on rates carefully and calmly. That was the message from various Fed officials this week and Bank of England Governor Andrew Bailey on Tuesday. It's a slightly different - although no less challenging - situation in mainland Europe, where figures on Tuesday showed disinflationary forces are driving consumer prices as much as anything else. Euro zone inflation dipped below the European Central Bank's 2% target in May, cementing expectations rates will be cut this week and later this year. Meanwhile, Switzerland experienced outright year-on-year deflation for the first time in four years, raising the possibility that the Swiss National Bank may soon reintroduce negative interest rates. Canada's central bank is expected to hold interest rates at 2.75% on Wednesday for a second meeting. Growth and inflation have been surprisingly sticky this year, and rates have been slashed by 225 basis points since last June. As UBS analysts note, markets are generally at an inflection point, waiting for the catalyst that will break them out of the narrow ranges that have broadly held since the U.S. and China announced a temporary reduction on tariffs on May 12. Even Wall Street and the dollar - one creeping higher, the other drifting lower - are awaiting a trigger for a proper breakout. Could the telephone call between U.S. President Donald Trump and Chinese leader Xi Jinping expected later this week be it? Foreign exposure to U.S. assets may be lower than feared It is widely believed that investors around the world have a disproportionately high exposure to U.S. assets, particularly stocks, an imbalance that could roil U.S. markets if corrected. But what if these fears are overblown? Several eye-popping statistics suggest that America's weight in world financial markets is even greater than its outsized economic might. Most strikingly, the U.S. net international investment position (NIIP), or foreign investors' holdings of U.S. assets less U.S. investors' holdings of overseas assets, at the end of 2024 was $26 trillion. That's nearly 24% of global GDP, up from 16% only two years earlier, a surge driven by foreigners' insatiable appetite for U.S. equities, mainly "Big Tech". Demand was so hot that, by some measures, the value of U.S.-listed stocks at the turn of the year represented 74% of total global market cap. That share was 60% six years ago, and less than half in 2011. But the attractiveness of dollar-denominated assets is now being questioned, as the often erratic policies of U.S. President Donald Trump have upset longstanding economic and geopolitical norms, making governments and investors question whether Washington is still a reliable partner on the global stage. The concern is that this eroding confidence triggers a reversal of the massive flows into Wall Street seen in recent years that has damaging spillover effects. Such a correction may not require outright selling. Given the scale of the flows involved, just less buying among foreign investors could be enough to cast a shadow over the world's most important stock market. And the running assumption is foreign investors don't have the capacity or willingness to increase their exposure to U.S. assets, creating a significant long-term downside risk for Wall Street, Treasuries and the dollar. "A structural shift is underway: the slow erosion of US economic dominance," analysts at Deutsche Bank wrote on Monday. But looked at another way, foreign exposure to U.S. assets may not be as high as initially meets the eye. That's the view of analysts at JP Morgan, who measure portfolio investment in U.S. bonds and equities as a share of countries' total household sector financial assets. They use a broad definition for a country's "household" sector, covering investments by institutions like insurance companies and pension funds that are ultimately made on behalf of households. Using a broad range of data, from central banks, U.S. Treasury and OECD household financial asset flows, they measure the ratio of U.S. equity and bond holdings relative to household financial assets in each country. They find that "relative to the total financial assets of households in the rest of the world, the allocations to U.S. assets typically stand at around 10-20%." As a result, they are "skeptical of the idea that foreign investors hold too much of U.S. assets." Given that U.S. equities account for more than 70% of the MSCI global market cap and dollar-denominated bonds represent around 50% of global bond indices, according to JP Morgan estimates, the 10-20% exposure of foreign investors to U.S. assets does appear surprisingly low. 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But there is "little indication" of broad-based selling of U.S. assets by foreign investors so far this year, they note. And if that selling does materialize, it may be far lighter than many expect. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias.


Scottish Sun
2 hours ago
- Scottish Sun
Imane Khelif breaks silence after leaked medical report ‘proves Olympic gender-row boxer is a biological male'
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) IMANE KHELIF has issued a response after a leaked medical report claimed the gold medal-winning Olympian was a "biological male". Khelif, 26, won Algeria's first-ever female gold medal in boxing during the Paris Games in 2024. 2 Imane Khelif won Algeria's first-ever gold medal in women's boxing at the Paris Olympics Credit: Reuters 2 But the gender row which plagued Khelif then has now resurfaced from a leaked medical report Credit: AP However, during Khelif's run to the final, she was embroiled in a bitter gender row after being banned from International Boxing Association competition in 2023. The IBA banned Khelif after tests taken in New Delhi allegedly produced the DNA of a 'male'. The IOC - who replaced the IBA as the Olympic's boxing governing body - were warned about the tests and urged to remove Khelif from the competition. But Khelif was allowed to box in Paris because of her female passport status. Now, the alleged sex-test results from the 2023 World Championships have been published for the first time by 3 Wire Sports, and suggest the boxer is biologically male. American journalist Alan Abrahamson produced the result of a test said to have been carried out on the boxer in New Delhi in March 2023 - which triggered the boxer's disqualification. The document published summarises the findings on Khelif as 'abnormal', stating: 'Chromosome analysis reveals male karyotype." A karyotype refers to an individual's complete set of chromosomes, which in Khelif's case has been reported by (IBA) as being XY, the male pattern. Khelif refused to respond directly to the claims in a social media post on Monday, instead focusing on her work as a Unicef ambassador - a role she has held since January 2024. The post featured a photo of Khelif wearing a blue polo bearing the organisation's logo as she made a heart symbol with her hands to celebrate the "Global Day of Parents". Imane Khelif wins Olympic gold in women's welterweight final after huge gender row that has grabbed worldwide attention She paid tribute to her own parents in the caption, saying: "Today, I became a champion, but it all started long ago. When my parents believed in me, even when the dream felt too big. "When they supported me, listened to me, and stood by me. Being a parent isn't easy. There's no manual. But the love, patience, and trust you give your child can change everything. "On this #GlobalDayOfParents, I just want to say thank you. Thank you to every parent who chooses, every single day, to be there for their children. "Together with @unicefalgerie, I'm celebrating these everyday heroes. Because when parents are supported, children can dream and succeed." The alleged test results disputing Khelif's gender carry the letterhead of Dr Lal PathLabs in New Delhi, accredited by the American College of Pathologists and certified by the Swiss-based International Organisation for Standardisation. This directly challenges what IOC spokesman Mark Adams said in a tense news conference at the Paris Olympics. He described the results that saw Khelif banned as 'ad hoc' and 'not legitimate'. IOC president Thomas Bach even claimed that the results are the product of a Russian-led misinformation campaign. It followed after the IBA - headed by Russia's Umar Kremlev - had been stripped of IOC recognition in a row over ethics and financial management. Khelif has always denied being a biological male and even named JK Rowling and Elon Musk in a cyberbullying lawsuit. And the 26-year-old has vowed to fight on, even eyeing another gold at the 2028 Olympics in Los Angeles. But World Boxing has ruled that Khelif is ineligible to enter future events as a woman without first submitting to the same chromosome testing that has already triggered the boxer's disqualification at global level. The governing body - provisionally approved to run Olympic boxing in LA - announced that all athletes in its competitions over 18 years old must undergo a polymerase chain reaction (PCR) genetic test to determine their sex. The test detects chromosomal material through a mouth swab, saliva or blood. Khelif has failed to provide any evidence of having female chromosomes in the nine months since the gender scandal erupted. In February, Khelif spoke out in her defence and wrote: 'For two years, I have taken the high road while my name and image have been used, unauthorised, to further personal and political agendas through the spreading and dissemination of baseless lies and misinformation. But silence is no longer an option. 'The IBA, an organisation that I am no longer associated with and which is no longer recognised by the IOC, have again made baseless accusations that are false and offensive, using them to further their agenda... 'My team is carefully reviewing the situation and will take all necessary legal steps to ensure that my rights and the principles of fair competition are upheld." An IOC spokesperson told Sun Sport: "The IOC has always made it clear that eligibility criteria are the responsibility of the respective International Federation. "The factors that matter to sports performance are unique to each sport, discipline, and/or event. "We await the full details how sex testing will be implemented in a safe, fair and legally enforceable way."