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☆ Virgin Money UK shuts 39 stores over fall in customer demand
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - British lender Virgin Money UK (VMUK.L) said on Thursday it will close 39 stores as the company continues to see a drop in footfall and transaction volumes. "Access to a bank and cash is a fundamental need for all our local high streets," UK's labour union Unite said in a separate statement about the store closures. Virgin Money UK said that some workers will be at risk of redundancy following the store closures. Reporting by Sinchita Mitra in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sinchita Mitra, Shounak Dasgupta Organizations: Virgin Money, Thomson Locations: Bengaluru

☆ Nigeria to distribute grains, fertiliser to soften impact of rising fuel prices
▼ + stars: | 2023-07-20 | by ( Felix Onuah | ) www.reuters.com time to read: +2 min

The grain and fertiliser distribution will be through the central bank, the vice president's office said in a statement, adding that state governors have backed the plan. Last week, the Senate approved a request by President Bola Tinubu to borrow $800 million from the World Bank to help address rising fuel prices after stopping a popular but costly petrol subsidy in May. Nigerian petrol prices reached 617 naira ($0.78) per litre on Tuesday, the highest ever. Labour unions have criticised government's ending of the fuel subsidy without measures to mitigate rising prices. Nigeria, Africa's largest oil producer, imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.

Persons: Bola Tinubu, Tinubu, Felix Onuah, Chijioke Ohuocha, Cynthia Osterman Organizations: World Bank, Thomson Locations: ABUJA, Nigeria, Africa's

☆ Royal Mail's owner picks international parcels boss as group CEO
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - Royal Mail's parent group International Distributions Services (IDS) (IDSI.L) appointed Martin Seidenberg, CEO of the group's international parcels network, as its new group CEO on Thursday. Seidenberg will be tasked with mending relationships with labour union CWU and driving the group and the loss-making UK business back to profitability. He will be appointing CEOs for the two units - its UK business Royal Mail and GLS - in due course, the company said. Seidenberg said Royal Mail has "plenty of opportunity ahead" given its brand and scale. Simon Thompson, the current CEO of Royal Mail announced his resignation earlier this year after months of labour strife.

Persons: Martin Seidenberg, Seidenberg, Simon Thompson, GLS, Yadarisa, Dhanya Ann Thoppil, Janane Venkatraman, Sonali Paul Organizations: International, Services, GLS, IDS, Royal Mail, Deutsche Post DHL, Royal, Thomson Locations: Bengaluru

☆ Amazon workers at UK warehouse to strike for three days in July
▼ + stars: | 2023-07-08 | by ( Anirudh Saligrama | ) www.reuters.com time to read: +1 min

July 8 (Reuters) - Nearly 900 Amazon (AMZN.O) workers at a warehouse in Britain will stage a strike for three days in the coming week over a pay dispute, labour union GMB said on Saturday. It coincides with a "Prime Day" sales event the company has announced for July 11-12. Last month, the union said that the Coventry warehouse workers had voted for six more months of strikes. The workers also went on strike last month from June 12-14. Amazon is expected to record about $7 billion in revenue from its Prime Day sales, an increase of 12% from what was disclosed for Prime Day during the third quarter last year, according to JPMorgan.

Persons: GMB, Rachel Fagan, RMT, Anirudh Organizations: Reuters, JPMorgan, Thomson Locations: Britain, Amazon's, Coventry, Bengaluru

☆ Ryanair aiming for at least 50% growth in east, central Europe
▼ + stars: | 2023-06-27 | by ( Alan Charlish | ) www.reuters.com time to read: +2 min

[1/2] FILE PHOTO-General view of the Ryanair logo at their headquarters in Dublin, Ireland, September 16, 2021. "We want to focus very much on this region," Alicja Wojcik-Golebiowska, the CEE and Baltics country manager for Ryanair told Reuters in an interview. "We see that central and eastern Europe was a little bit left behind in last years. Hungarian budget airline Wizz Air will be its main competitor as it offers similar cheap fares, as well as connections to the Middle East. She said the company was also aiming for a dominant position in countries like Romania, Bulgaria and Hungary.

Persons: Golebiowska, Alan Charlish, Joanna Plucinska, Mark Potter Organizations: Ryanair, REUTERS, Wizz Air, Europe's, Boeing, Reuters, Wizz, Irish, Airlines, Thomson Locations: Dublin, Ireland, WARSAW, Europe, Poland, Spain, Italy, Romania, Bulgaria, Hungary, Warsaw, London

Nigerian President Bola Tinubu is embarking on the country's biggest reforms in decades, including scrapping the popular but expensive petrol subsidy and unifying the country's multiple exchange rates. World Bank lead economist for Nigeria Alex Sienaert said during a presentation in the capital Abuja that savings from the reforms did not amount to a fiscal windfall. The World Bank and International Monetary Fund had for years called on Nigeria to remove the petrol subsidy, which cost $10 billion last year, and free its exchange rate. To deepen foreign exchange reforms, Siernaet said Nigeria should remove restrictions on a list of 43 items, including sugar and flour, that the central bank says cannot be funded from official dollar sales. Nigeria has the second-largest population of poor people in the world and is one of the least developed countries globally, the World Bank says.

Persons: Bola Tinubu, Nigeria Alex Sienaert, Sienaert, Siernaet, Wale Edun, Chijioke Ohuocha, Elisha Baba, MacDonald Dzirutwe, Christina Fincher, Susan Fenton Organizations: World Bank, Bank, International Monetary Fund, Labour, Thomson Locations: ABUJA, Nigeria, Nigerian, Abuja

☆ German unions criticise possible Deutsche Bank job cuts
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, June 23 (Reuters) - Deutsche Bank's (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead. "One can only shake one's head at Deutsche Bank, once again," Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1. Reuters GraphicsDeutsche Bank declined to comment on any job cut plans or the union reaction to reports of them. The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported. Deutsche Bank has in the past announced job cuts that never materialized.

Persons: Stephan Szukalski, Claudio de Sanctis, Szukalski, Verdi, Tom Sims, Friederike Heine, Alexander Smith Organizations: Deutsche, Deutsche Bank, Reuters Graphics Deutsche Bank, Reuters, Thomson Locations: FRANKFURT, Germany's

☆ Nigeria sets eight-week timeline to agree minimum wage with unions
▼ + stars: | 2023-06-20 | by ( Camillus Eboh | ) www.reuters.com time to read: +2 min

ABUJA, June 20 (Reuters) - Nigeria's main labour unions and the government on Monday set an eight-week timeline to finalise an agreement to raise the minimum wage to help cushion the impact of high fuel prices after the removal of a popular but costly petrol subsidy. The Nigeria Labour Congress and the Trade Union Congress (TUC) had threatened to strike after fuel prices tripled following President Bola Tinubu's decision to scrap the subsidy. Talks with the unions are one of the first challenges the new administration faces as it pushes forward with a raft of economic reforms. "Everything must be rolled out within that time, (it is) not something that we are going to leave endlessly," he said. Reporting by Camilus Eboh; Writing Elisha Bala-Gbogbo, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Bola Tinubu's, Dele Alake, Festus Osifo, Tinubu, Camilus Eboh, Elisha Bala, Ed Osmond Organizations: Nigeria Labour Congress, Trade Union Congress, TUC, Thomson Locations: ABUJA

Exports and factory output in the world's second-largest economy tumbled in May, as looming downturns force the United States and Europe to pare back orders for goods made in China. Some factories closed or are struggling to pay wages or severance for laid-off workers as a result, according to Chinese labour researchers. "We believe that the drop in manufacturing orders and that factory closures will continue," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin (CLB). Labour unions were central to the Communist Party's proletariat beginnings but play only a marginal role in modern authoritarian China. However, some analysts say factory strikes could become a political headache for the Party.

Persons: pare, Aidan Chau, CLB, Dian, Xin Dian, Zhong Min, Xu Tianchen, Xu, Laurie Chen, Nicoco Chan, Marius Zaharia, Sam Holmes Organizations: China Labour Bulletin, Min, Goods Shenzhen Ltd . Co, Dian Cable Ltd . Co, Reuters, China's Ministry of Public Security, Ministry of Human Resources, Shenzhen, China Federation of Trade Unions, Manufacturers, Workers, Security, Labour, Party, Economist Intelligence Unit, Thomson Locations: BEIJING, United States, Europe, China, Hong Kong, Guangdong province, Shenzhen, Communist, Beijing, Shanghai

☆ Kenyan police fire tear gas at protesters marching against finance bill
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, June 6 (Reuters) - Kenyan police fired tear gas at hundreds of people protesting near parliament on Tuesday against a proposed finance bill that would hike taxes on fuel and housing. Police fired tear gas to disperse about 500 protesters who marched to parliament to present a petition against the bill, a Reuters witness said. REUTERS/Thomas MukoyaEleven protesters were seen being detained by police. In downtown Nairobi, plain-clothed police officers were seen carrying an activist who held a placard that read: "Colonialism never really ended." Labour unions, including one representing health workers, also protested against the bill last week.

Persons: William Ruto, Thomas Mukoya, Ruto, La, Raila Odinga, Duncan Miriri, Bhargav Acharya, Alex Richardson, Andrew Heavens Organizations: Kenyan, Police, REUTERS, Labour, Thomson Locations: NAIROBI, East, Nairobi, Kenya

ACCRA/LONDON, June 6 (Reuters) - Ghana has sent a debt restructuring proposal to its official creditors, two sources with direct knowledge of the matter said, as the West African country battles to escape its worst economic crisis in a generation. Ghana intends to finish restructuring its domestic debt before turning to negotiations with its official, bilateral creditors and international bondholders, a government official said. The total external debt stock was about $30 billion. Ghana completed a domestic debt exchange with 65% of holders of local bonds in February and is also seeking relief on the bulk of the remainder of its domestic debt, including deals with pension funds, labour unions and independent power producers. It is restructuring its debt under the Common Framework process, set up by the G20 in 2020 to bring China and other newer creditor nations into joint sovereign debt restructuring negotiations, for its external debt rework.

Persons: Maxwell Akalaare Adombila, Rachel Savage, Karin Strohecker, Nick Macfie Organizations: International Monetary Fund, Paris Club, Thomson Locations: ACCRA, LONDON, Ghana, West, China, Rosario

ABUJA, June 4 (Reuters) - Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month. And we now have an arm's-length process where we can pay cash for the imports," Kyari told Reuters in an interview late on Saturday. This is the first time NNPC has said it is terminating crude swap contracts. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums. Nigeria has struggled to meet its OPEC oil quota of 1.742 million bpd due to grand oil theft and illegal refining.

Persons: Bola Tinubu's, Tinubu, NNPC, Kyari, MacDonald Dzirutwe, Camillus Eboh, Julia Payne, Susan Fenton Organizations: NNPC, Reuters, Dangote Refinery, Thomson Locations: ABUJA, Nigeria, Ukraine, Dangote, NNPC, Vienna

ABUJA, June 2 (Reuters) - Nigeria's main labour union said on Friday it plans to go on strike from Wednesday to protest against a tripling of fuel prices in what would be the first big test for new President Bola Tinubu after he scrapped a costly fuel subsidy. The price increase has led to a sharp rise in transport fares and Estonian ride-hailing and food delivery startup Bolt said it had hiked its prices in Nigeria, citing increased operating costs due to higher fuel prices. Nigeria's fuel subsidy cost the government billions of dollars annually but was popular as it helped keep prices low in Africa's biggest oil producer, which is still grappling with high poverty rates among residents. But Nigerian Labour Congress (NLC) president Joe Ajaero, after an emergency meeting of the union's executive council in Abuja, said the state oil company NNPC should reverse the price hike. On Friday, the president said Nigeria needs to review its minimum wage of 30,000 naira ($65).

Persons: Bola Tinubu, Bolt, Joe Ajaero, Ajaero, MacDonald Dzirutwe, Kirsten Donovan, Angus MacSwan, Aurora Ellis Organizations: Nigerian Bureau, Statistics, World Bank, Labour Congress, Nigeria Labour Congress, Wednesday, Thomson Locations: ABUJA, Nigeria, Abuja

ACCRA, June 1 (Reuters) - Ghanaian labour unions have asked the government for time to assess a proposal presented on Thursday to restructure pension funds worth around 30 billion Ghanaian cedis ($2.7 billion). The majority of eligible holders of Ghana's local bonds participated in a domestic debt exchange in February. The pension funds were exempted after unions threatened to strike, but have now been offered their own deal. Thomas Kwesi Esso, executive secretary of the lobby group for the pension funds, told Reuters that the offer was an improvement and addresses liquidity concerns with the old bonds. Editing by Alessandra Prentice, Rachel Savage and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Abraham Koomson, ”, Thomas Kwesi, ” Anthony Yaw Baah, Alessandra Prentice, Rachel Savage, Leslie Adler Organizations: International Monetary Fund, Finance Ministry, Reuters, International Monetary, Thomson Locations: ACCRA

☆ France's Constitutional Council rejects bid for pension referendum
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows French national flags on the Constitutional Council (Conseil Constitutionnel) before its decision on a request to hold a citizens' referendum (RIP - Referendum d'initiative partagee) about the future of France's pension system, in Paris, France, May 3, 2023. REUTERS/Christian HartmannPARIS, May 3 (Reuters) - French President Emmanuel Macron's deeply unpopular pension law passed another hurdle on Wednesday when the Constitutional Council rejected a second bid by political opponents to hold a referendum on capping the retirement age at 62. Since Macron bypassed parliament, opposition lawmakers have turned to the Constitutional Council twice in an attempt to derail the reform, seeking its approval on each occasion for a referendum on the retirement age. But the pension system is a cornerstone of France's cherished social protection model and labour unions say the money can be found elsewhere, including by taxing the rich more heavily. Nonetheless, French pension payments as a share of pre-retirement earnings are substantially higher than elsewhere, OECD figures show.

☆ Protesters storm Paris Euronext building in anger over pension law
▼ + stars: | 2023-04-20 | by ( Noemie Olive | ) www.reuters.com time to read: +3 min

REUTERS/Benoit TessierPARIS, April 20 (Reuters) - A group of protesters briefly invaded offices of stockmarket operator Euronext in Paris' La Defense business district on Thursday, saying big companies must pay up to finance pensions, as part of wider protests against a rise in the retirement age. Waving union flags, the group of a few hundred protesters occupied Euronext's lobby, engulfed in red smoke from flares, and chanted words popular with pension protesters: "We are here, we are here, even if Macron does not want it we are here." At the weekend, Macron signed into law the rise in the retirement age which means citizens must work two years longer, to 64, before receiving their state pension. "We'll continue until the (pension law's) withdrawal," protesters shouted in La Defense's central square, standing by a banner that read: "No to the pension reform". Macron himself faced protests on Thursday during his second public outing since signing the bill into law.

☆ Norway private-sector workers go on strike
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, April 16 (Reuters) - Almost 25,000 private-sector workers in Norway will go on strike with immediate effect after negotiations with employers broke down, and the conflict is set to escalate next week, two major labour unions said on Sunday. Another 16,000 workers are due to strike from April 21 unless an agreement is found, and the conflict could ultimately grow to around 200,000 workers, unions have said, but is not expected to affect Norway's production of oil and natural gas. The Norwegian Confederation of Trade Unions (LO) was negotiating on behalf of 185,000 members, while the smaller Confederation of Vocational Unions (YS) represented a further 16,000 in the talks. The Confederation of Norwegian Enterprise (NHO), representing employers, argued wages should not be allowed to rise to an extent that would risk inflation spinning out of control. Norwegian headline inflation is expected to ease to 4.9% in 2023 from 5.8% last year, according to a key report from a commission with members from labour unions, employers' federations and Statistics Norway.

☆ French pension protesters flood LVMH headquarters in Paris
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

[1/3] Security members stand in front of the headquarters of luxury retailer Louis Vuitton after a protest action French SNCF workers, members of French CGT and Sud Rail labour unions in Paris as part of the 12th day of nationwide strikes and protests against French government's pension reform, in Paris, France, April 13, 2023. REUTERS/Bart BiesemansPARIS, April 13 (Reuters) - Scores of French workers protesting against pension reforms flooded into the Paris headquarters of luxury group LVMH (LVMH.PA) on Thursday, calling for the rich to contribute more to financing the state pension. France's labour unions have been staging strikes and marches since mid-January in protest against President Emmanuel Macron's plans to raise the legal retirement age. The government says it is necessary to raise the retirement age for most workers to balance the pension budget in years to come. Reporting by Bart Biesemans and Ingrid Melander, writing by Mimosa Spencer; editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Strikes have rolled through France, Portugal, Britain and Germany in recent weeks and could cause air travel disruption in parts of Europe through the Easter holidays, officials at airlines, airports and air traffic authorities told Reuters. There's no doubt about it," said Steven Moore, who is in charge of air traffic management operations at Eurocontrol. Airlines say they have to pay compensation without themselves getting compensated for air traffic delays. Consumer groups say air traffic control strikes are not new and airlines should be quicker to react and pay compensation. He called last week on the European Commission to do more to stop such strikes hitting overflights, by introducing minimum service rules, though industry experts say strikes are a national issue.

☆ Pension protests to bring 'maximum' workers in France after government, union talks fail
▼ + stars: | 2023-04-06 | by ( Silvia Aloisi | ) www.reuters.com time to read: +3 min

Labour groups vowed to dig in their heels after talks with Prime Minister Elisabeth Borne on Wednesday - which lasted just an hour - failed to calm the situation. They said the only way out of the crisis was for the legislation to be pulled, an option which Borne flatly rejected. "After this meeting, I am calling for a maximum of workers, men and women, to join the marches across France tomorrow," Laurent Berger, head of the country's biggest union CFDT, said on Wednesday. Strikes are still disrupting operations at oil refineries and nuclear plants, while garbage collectors have vowed to resume their protest from next week. Polls show a wide majority of French oppose the pension legislation and the government's decision to push it through parliament without a vote.

Wednesday's talks were the first high-stakes meeting between the government of President Emmanuel Macron and union bosses since nationwide protests and strikes against the legislation started in mid-January. The talks, ahead of a new day of walkouts and marches planned for Thursday, lasted about an hour. Borne told reporters that she was open to further talks but that she would not backdown on the retirement age. Labour representatives complain they are not being listened to despite weeks of protest marches and unrest against the pension overhaul. Chabanier said the unions told Borne the only way out of the deadlock was for the government to withdraw the reform.

☆ Paris police 'very vigilant' ahead of new round of pension protests
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] A protester walks his dog wearing a CGT labour union vest during a demonstration as part of the tenth day of nationwide strikes and protests against French government's pension reform in Nice, France, March 28, 2023. REUTERS/Eric GaillardPARIS, March 28 (Reuters) - French police are on the lookout for more protesters bent on violence joining marches against planned pension reform, the chief of police in Paris said on Tuesday, hours before a new round of country-wide demonstrations and strikes. Laurent Nunez, president of Paris's Prefecture de Police, told France Inter radio that security agencies believed more people intent on violence could join the protests and police had to be ready. "We are talking about individuals which often are being monitored by intelligence services ... and we are very vigilant about their presence," Nunez said. A total of 13,000 police agents will be deployed during the protests throughout the day, more than ever before, Darmanin said.

☆ New protests against Macron and his pension bill amid warnings of violence
▼ + stars: | 2023-03-28 | by ( Ingrid Melander | ) www.reuters.com time to read: +2 min

Protests against President Emmanuel Macron's plans to delay retirement age by two years to 64 had been largely peaceful so far. In the last nationwide day of protests on Thursday, "Black Bloc" anarchists smashed shop windows, demolished bus stops and ransacked a McDonald's restaurant in Paris, with similar violence in other cities. Interior Minister Gerald Darmanin warned on Monday that there was "a very serious risk" of further violence on Tuesday, in the capital and beyond. The government says the pension bill is vital to ensure the system does not go bust. Macron responded that he is more than willing to talk to unions, but on other topics.

BERLIN/FRANKFURT, March 27 (Reuters) - A massive strike in Germany was set to begin early Monday, crippling mass transport and airports in one of the biggest walkouts in decades as Europe's largest economy reels from soaring inflation. But officials in Germany have made clear that their fight is only about pay. The Verdi union is negotiating on behalf of around 2.5 million employees in the public sector, including in public transport and at airports. Railway and transport union EVG negotiates for around 230,000 employees at railway operator Deutsche Bahn (DBN.UL) and bus companies. Employers are also warning that higher wages for transport workers would result in higher fares and taxes to make up the difference.

☆ French pension protest blocks entry to Louvre museum
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

[1/4] French police look on as protesters holding French CGT labour union flags in front of the glass Pyramid block the entrance of the Louvre museum to protest against the French government's pension reform, in Paris, France, March 27, 2023. REUTERS/Marco TrujilloPARIS, March 27 (Reuters) - Trade union protesters angered by President Emmanuel Macron's move to raise the French retirement age without a final vote in parliament blocked the Louvre museum in Paris on Monday, frustrating crowds of visitors. Demonstrating peacefully against plans to make most French work an extra two years to 64 to balance the pension budget, a small number of protesters gathered at the foot of the Louvre's glass pyramid. The protest came one day ahead of a 10th round of nationwide strikes and street marches and followed violence in cities across France over the pension system changes. Separately, Paris police said they were carrying out an operation to prevent unauthorised gatherings in front of the Centre Pomopidou, another landmark museum in Paris.

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