Strike Action News
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Telkom SA SOC Ltd. said full-year losses widened more than fifty-fold to 11.6 billion rand ($1.17 billion) after it wrote down the value of its assets, making it the biggest loss by a South Africa-based non-mining company.
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Turkey’s Deputy Prime Minister Bulent Arinc sought to defuse protests that entered a fifth day today, apologizing to victims of excessive police force and saying the government has learned some lessons.
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The rand fell to a four-year low, set for its worst month since 2011, amid speculation the central bank may sell dollars to soothe volatility and as government officials tried to reassure investors.
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Glencore Xstrata Plc, the world’s fourth-biggest mining company, said production at three South African chrome sites has been disrupted by wildcat strikes.
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AngloGold Ashanti Ltd., the third- biggest producer of the metal, said first-quarter profit rose with output following the end of strikes as it focuses on cutting costs.
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Turk Hava Yollari AO, Turkey’s flagship carrier, climbed to a record after saying its staff disregarded a union call to strike.
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Asian shares rose as stocks in Japan climbed to their highest level since December 2007 and yields on the nation’s 10-year bond advanced to the most in more than a year. South Korea’s won declined and palladium retreated.
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Palladium’s deficit rose to the biggest in 11 years in 2012 as strike action in South African mines curbed supply and demand expanded, Thomson Reuters GFMS said. Platinum slipped into a deficit for the first time since 2004.
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Thousands of Hong Kong residents took to the streets today for Labor Day marches to petition for better labor conditions and in support of strike action by workers at docks operated by billionaire Li Ka-shing.
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Deutsche Lufthansa AG struck a deal with the Ver.di union on pay and job security that averts further strike action at Europe’s second-biggest airline.
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