Germany's biggest industrial union and employers have reached a deal that includes a 4.3 per cent wage raise for the sector's 3.6 million workers, both sides say.
IG Metall manufacturing union initially sought a 6.5 per cent raise, but union chief Berthold Huber lauded the agreement, which is valid until May 2013, as a good result for workers that avoids further strikes in the sector.
German unions have pointed to strong economic growth and workers' relative wage restraint in recent years as they call for big increases this year.
In March, the public workers ver.di union - which went into negotiations with the same initial demand - secured a pay rise totalling 6.3 per cent over two years for some 2 million employees it represents.
The deal struck now by IG Metall is of great importance for Germany's economy because it often serves as a template for other industrial sectors.
The strong raises in Europe's biggest economy will further strengthen domestic demand there and thus also have a broader significance for the continent as a whole - Europe is currently only avoiding a recession amid its prolonged debt crisis thanks to robust growth in Germany.
Chancellor Angela Merkel's conservative government champions cutting deficits across Europe and rejects calls to spur growth through significant new stimulus measures. Germany's economy traditionally has been powered by exports but is being helped lately by increasingly strong domestic demand, ensuring that it remains what German officials have called "Europe's growth engine".
The collective bargaining agreement struck overnight in Sindelfingen town between IG Metall union and employers in southern Baden-Wuerttemberg state - home to carmakers Daimler and Porsche - includes the raise, secures the position of apprentices and somewhat limits the use of temporary workers.
Tens of thousands of workers followed IG Metall's call and walked off their jobs for short periods this and last month to pressure employers to accept the union's demands.
German metal industry association president Martin Kannengiesser said the deal, initially reached for the state's 800,000 metal workers, will be applied to all of Germany.
"The contract means a strong real wage increase for our employees," he said, adding that it ensures companies the necessary flexibility while providing better job security for apprentices.
Inflation in Germany currently hovers around 2 per cent.
The German economy suffered a deep recession after the 2008 financial crisis but has seen strong growth over the past two years. This year, though, growth is expected to slow.
India's forex reserve dropped by $1.37-billion - Newstrack India
Amid continuously depreciating Indian currency 'Rupee' as international currency 'Dollar', India's foreign exchange reserve (forex) dropped by US $1.37-billion, official data reflects it.
India's forex reserve that was in an adequate amount earlier before beginning the devaluation of Rupee had sharply slipped in two consecutive weeks by US$ 2.18-billion to US $291.80-billion, recorded on week ended May 11.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
--With IANS Inputs--
Aquino has nothing to fear from anti-money laundering law, says spokeswoman - Global Nation
Philippine Daily Inquirer
President Benigno Aquino III. INQUIRER FILE PHOTO
MANILA, Philippines – President Benigno Aquino III has nothing to hide and has nothing to fear from the country’s Anti-Money Laundering Act even when he’s no longer the Chief Executive.
Reacting to Senator Joker Arroyo’s comments that the anti-money laundering law may be used by a vindictive administration against officials of a past regime, Abigail Valte, one of the President’s spokespersons, said Mr Aquino “has no apprehension regarding such things.”
“The President has always been willing to answer any issue that has been thrown at him,” Valte said on radio. “The President has always been very upfront with what he has and he‘s always been very willing to answer questions on it.”
Valte said that even before President Aquino’s statement of assets, liabilities and net worth for 2011 was released, he already indicated the increase in his net worth because of his inheritance of the entire Times Street residence from his late parents.
Arroyo has been quoted as saying that he and Senator Edgardo Angara warned then President Gloria Macapagal-Arroyo about the dangers of an anti-money laundering law.
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