Mauritius Union Assurance Co. Limited (MUA.mu) Q12011 Interim Report

first_imgMauritius Union Assurance Co. Limited (MUA.mu) listed on the Stock Exchange of Mauritius under the Insurance sector has released it’s 2011 interim results for the first quarter.For more information about Mauritius Union Assurance Co. Limited (MUA.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Mauritius Union Assurance Co. Limited (MUA.mu) company page on AfricanFinancials.Document: Mauritius Union Assurance Co. Limited (MUA.mu)  2011 interim results for the first quarter.Company ProfileMauritius Union Assurance Co. Limited offers general insurance for individuals and corporates. The company operates through Casualty, Property, Life, and Other segments, where the Casualty segment offers motor, liability and cash in transit, personal accident and health insurance products. The Property segment provides fire and allied perils, engineering, marine, and all risks insurance products. The Life segment offers life and pension insurance products. The Other segment provides stock-broking services. The company provides additional financial services as well, where housing, educational and vehicle loans are offered. Mauritius Union Assurance Co. Limited has four subsidiaries that work under it, Feber Associates Ltd, National Mutual Fund Ltd and Phoenix TransAfrica Holdings Ltd are fully owned subsidiaries. The Group also owns an 80% stake in Associated Brokers Ltd. Mauritius Union Assurance Co. Limited is listed on the Stock Exchange of Mauritius.last_img read more

AngloGold Ashanti Limited (AGA.gh) 2016 Annual Report

first_imgAngloGold Ashanti Limited (AGA.gh) listed on the Ghana Stock Exchange under the Mining sector has released it’s 2016 annual report.For more information about AngloGold Ashanti Limited (AGA.gh) reports, abridged reports, interim earnings results and earnings presentations, visit the AngloGold Ashanti Limited (AGA.gh) company page on AfricanFinancials.Document: AngloGold Ashanti Limited (AGA.gh)  2016 annual report.Company ProfileAngloGold Ashanti Limited is a global mining company with extensive interests in the Americas, Continental Africa, South Africa and Australasia. It boasts a portfolio of 17 operations and 3 projects in 10 countries, including long-life, relatively low-cost operating assets with differing ore body types located in key gold-producing regions. The company was formed in 2004 through the merger of AngloGold and the Ashanti Goldfields Corporation. There are seven mines in the Continental Africa region, of which 6 are operational. In Ghana, the company has two mines; Iduapriem and Obuasi. AngloGold Ashanti Limited is the third-largest gold mining company in the world, measured by production. In addition to its mining operations, it has established several exploration programmes in regions around the world. AngloGold Ashanti Limited is listed on the Ghana Stock Exchangelast_img read more

If I could only invest in 1 FTSE 100 stock for 2021, this would be it!

first_img I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. If I could only invest in 1 FTSE 100 stock for 2021, this would be it! jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Our 6 ‘Best Buys Now’ Shares “This Stock Could Be Like Buying Amazon in 1997” I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. A common investing mistake is holding too few shares. In the investing world, there’s no limit to how many stocks I can buy. In fact, when researching different FTSE 100 stocks for 2021, it’s actually better to look for a variety of shares. This helps to diversify my risk in case something unexpected happens to one company that I’ve invested money in. But for argument’s sake, let’s say I could only buy one stock this year. In essence, I’m deciding which stock I believe in the most for the coming year.Themes for 2021Ideally, I’m looking for a FTSE 100 stock that encapsulates all the themes I see as key for 2021. What are those themes? Firstly, I expect the UK economy to underperform in Q1, but rebound strongly in the summer and the rest of the year. This would coincide with the lifting of lockdown restrictions and better consumer sentiment. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Secondly, I think we’ll see domestically-focused businesses perform better than international-oriented ones due to Brexit. We’re already seeing teething problems with fishing companies and other exporters to Europe. So I’d want a UK-focused business if I could only pick one FTSE 100 stock to invest in this year.Feeling homelyPutting all of this together, I’d buy Barratt Developments (LSE:BDEV). The housebuilder generates most of its revenue from UK operations. The share price took a hit in Q1 last year when forced lockdowns meant some construction stopped. In the initial period, buying and selling properties was heavily affected. Since bottoming out in the middle of March, the share price is up 92%. The main driver of this in 2020 was a strong second half to the year. Home completions for H2 were up 9.2% on the previous year, with forward sales for 2021 up 14.3%. One of the figures from the recent update that most impressed me was around forward bookings. For 2021, the forward order book accounts for 90% of expected home completions. This really shows what a bounce-back in demand there’s been recently.The momentum being carried into 2021 gives me optimism that the share price of this FTSE 100 company could rally. Another driving force behind share price gains could be seen from income investors. The business is expecting to resume dividends next month with the publication of interim results. We’ll have to see what the yield will look like, but even with an average yield, it will still be a plus. Although income isn’t a primary aim of mine, if I was only going to only buy one stock this year, it certainly doesn’t hurt to receive some payout.A FTSE 100 stock within a desirable sectorAside from the company-specific factors mentioned above, Barratt could benefit from positive sentiment in general. Investors who think the UK economy is set to improve would look to this sector. Along with travel and retail, construction is a sector that could be bought by institutional funds as a long-term investment.Although I’ll never just own one stock in my portfolio, I do think it’s a great idea to ask yourself the same question. By thinking about just one idea, it makes you realise which themes you believe in most, and how you’d go about finding them via a single stock. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee.center_img Jonathan Smith | Wednesday, 20th January, 2021 | More on: BDEV See all posts by Jonathan Smith Simply click below to discover how you can take advantage of this. Image source: Getty Images Enter Your Email Address Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!last_img read more

I was right about the Next share price! Here’s what I’d do now

first_img “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Simply click below to discover how you can take advantage of this. See all posts by Rupert Hargreaves I was right about the Next share price! Here’s what I’d do now Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Image: Next center_img Enter Your Email Address Rupert Hargreaves | Thursday, 6th May, 2021 | More on: NXT I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Rupert Hargreaves owns no share mentioned. The Motley Fool UK owns shares of Next. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. In the middle of March last year, as the first wave of the coronavirus pandemic swept the world, I highlighted the Next (LSE: NXT) share price as undervalued.At the time, I explained that Next’s heavy investments in its online offering should help the business cope when brick-and-mortar stores are closed. I also highlighted that the group’s strong balance sheet should help it “weather the storm.” 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The company’s performance over the past 12 months has panned out just as I predicted. Even though the group was forced to close its stores, its online business has boomed. As a result, the Next share price has taken off. Since I covered the firm on 13 March last year, the stock is up 86%. I think the company is only just getting started. Next share price outlook Next has outperformed all expectations over the past 12 months. And it continues to do so.According to a trading statement for 13 weeks to 1 May, the company’s sales in this period were down just 1.5%, compared to the same period in 2019. This is incredibly impressive, considering the UK was under one of the world’s strictest lockdowns for the majority of this period. Previously, management was expecting sales to fall 10% over the 13 weeks.As a result of this better-than-expected performance, management now expects full-year profit before tax to be £20m higher than the previous projection of £720m. However, for the entire year, management has not raised expectations. Nevertheless, it is still expecting a 3% increase overall against 2019 figures.These numbers mirror how the company has performed over the past 12 months. It has consistently set and beaten expectations. But, in my opinion, it’s improbable this trend will continue.The economy has performed better than many analysts expected throughout the coronavirus crisis, and the Next share price has benefitted. Still, from now on, it seems likely the recovery will slow. This suggests Next’s sales growth will fall back. Outlook and risk Over the next five years, I think the company will build on its position in the UK retail market. This is because it has been (and still is) investing heavily to build out its online retail capacity for both its own brands and other retailers during the past few years. I think these investments will underpin growth for years to come. That said, the retail industry can be viciously competitive. Next won’t be immune to the trends in the industry, and it needs to keep investing to stay ahead. This is always going to be the biggest challenge facing the company. Other risks include the potential for higher costs and excessive spending on growth without suitable returns. Despite these risks and challenges, I think the future is bright for the Next share price. I reckon it has only reinforced its position in the retail market over the past 12 months. The company should be able to capitalise on this as we advance.  Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!last_img read more

Eterea House / Prashant Ashoka

first_img “COPY” Year:  Eterea House / Prashant AshokaSave this projectSaveEterea House / Prashant AshokaSave this picture!Cortesía de Prashant Ashoka+ 19Curated by Clara Ott Share Mexico Eterea House / Prashant Ashoka Cabins & Lodges 2020 Architects: Prashant Ashoka Area Area of this architecture project “COPY” ArchDaily Projects Area:  75 m² Year Completion year of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/955816/eterea-house-prashant-ashoka Clipboard Glass And Mirrors:Oskar Chertudi MayaSwimming Pool Design Team:Antonio SantanaInteriors:NAMUHConsultant:Gabriel LopateguiLandscape:Octavio Cambron MunguiaProject Manager:Mario GonzalezCity:San Miguel de AllendeCountry:MexicoMore SpecsLess SpecsSave this picture!Cortesía de Prashant AshokaRecommended ProductsFiber Cements / CementsULMA Architectural SolutionsPaper Facade Panel in Leioa School RestorationFiber Cements / CementsSwisspearlSwisspearl Largo Fiber Cement PanelsWindowsFAKRORoof Windows – FPP-V preSelect MAXDoorsECLISSESliding Pocket Door – ECLISSE LuceText description provided by the architects. SUSTAINABILITY AND INTEGRATIONConceived as an off-grid hideaway for two – by Mexico-based Singaporean writer and designer Prashant Ashoka –Casa Etérea is a 75-square-metre dwelling that draws all its power from solar energy; its water supply from collected rainwater; and uses a patterned ultraviolet coating on the mirror making it visible to birds while remaining reflective to the human eye.Save this picture!Cortesía de Prashant AshokaSave this picture!Cortesía de Prashant Ashoka“The vision was to create a theatre to nature”, Ashoka explains, “so sustainability was crucial in achieving a truly complete integration with the environment”Working from an intention to leave the landscape untouched, the foundation of the house was built entirely from rock collected off the mountain. And by utilizing site orientation, efficient ventilation design, and insulated glass, the house naturally regulates temperature in the semi-arid desert climate of the central Mexican highlands.Save this picture!Cortesía de Prashant AshokaSave this picture!Cortesía de Prashant AshokaHOUSE DESCRIPTIONThe open-planned concept consists of two rectilinear volumes that merge at a 120-degree V-shaped intersection – drawing an angular likeness to a staggering ravine visible through the exposed glass shower.Save this picture!Cortesía de Prashant AshokaSave this picture!Cortesía de Prashant AshokaFrom the central living space and bedroom, floor-to-ceiling sliding glass doors frame vistas of towering cliffs, while opening to connect with a decked patio and pool area shaded by olive and pomegranate trees. Behind the intimate kitchen, a rooftop stairway access doubles as a utility room, and remote-controlled outdoor PVC shutters were added to provide security and privacy.Save this picture!Cortesía de Prashant AshokaSave this picture!Cortesía de Prashant AshokaCONCEPTHeavily inspired by the concept of “emotional architecture,” – coined by Mexican architect Luis Barragán and sculptor-painter Mathias Goéritz – Casa Etérea achieves this deeper sensory resonance by using exterior mirrored panels to create a visually abstract and interactive experience. The mirrored façade diffuses the liminal space between the wild and the structured while allowing the volume to take on a transitional quality as it reflects the unfolding seasons.Save this picture!Cortesía de Prashant AshokaAs it catches first light, the house gleams as a phosphorescent blue-tinged box, standing in glassy contrast against the felted nocturnal blackness of the mountainside. And in the ombre hues of sunset the volume scintillates against the landscape like a mirage, before disappearing entirely – its structural boundaries never once attempting to alter the surroundings in which it sits.Save this picture!Cortesía de Prashant AshokaAlluding to this quality of the building, the name ‘Etérea’ translates from Spanish to ‘ethereal’, and suggests a nebulous, otherworldly vision. Both visually and functionally, the project touches on architecture as site-specific installation art and as an extension of the environment.Save this picture!Cortesía de Prashant AshokaOn creating a reciprocal dialogue between the construction and its terrain, Ashoka says: “Light becomes a structural element of this design, distorting the perspective of where the observer begins and the landscape ends. I wanted this interplay of light and scale to evoke a deep sense of awe for the wild, and to beg questions about our role as stewards in the preservation of our ecosystems”.Save this picture!Cortesía de Prashant AshokaISOLATIONIST TRAVELAs more travellers seek out remote experiences amidst social distancing concerns, spaces too have the opportunity to evolve in order to inspire a deeper examination of our relationship with nature.Save this picture!Cortesía de Prashant AshokaAccording to Ashoka, such isolated lodgings have the power to turn us inwards: “These times have made us acutely aware of our interdependence with our environment. And shelters in remote places may afford us a rare stillness and opportunity to bridge the distance between us and the natural world”.Según Ashoka, esos alojamientos aislados tienen el poder de volvernos hacia adentro: “Estos tiempos nos han hecho muy conscientes de nuestra interdependencia con nuestro entorno. Y los refugios en lugares remotos pueden brindarnos una inusual quietud y la oportunidad de salvar la distancia entre nosotros y el mundo natural ”.Save this picture!Cortesía de Prashant AshokaProject gallerySee allShow lessPompidou Center to Close Completely for Renovations during 3 yearsArchitecture NewsLUCE et Studio Reimagines Mingei International Museum in San DiegoArchitecture News Share ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/955816/eterea-house-prashant-ashoka Clipboard CopyCabins & Lodges, Houses•San Miguel de Allende, Mexico CopyAbout this officePrashant AshokaOfficeFollow#TagsProjectsBuilt ProjectsSelected ProjectsHospitality ArchitectureLodgingCabins & LodgesResidential ArchitectureHousesOn FacebookMexicoPublished on January 28, 2021Cite: “Eterea House / Prashant Ashoka” [Casa Etérea / Prashant Ashoka] 28 Jan 2021. ArchDaily. Accessed 10 Jun 2021. ISSN 0719-8884Browse the CatalogPanels / Prefabricated AssembliesTechnowoodGRP Siding Façade SystemGlassMitrexSolar GreenhouseMetal PanelsAurubisMill Finished Copper: Nordic StandardMetallicsHAVER & BOECKERArchitectural Wire Mesh – MULTI-BARRETTE 8130Enclosures / Double Skin FacadesIsland Exterior FabricatorsCurtain Wall Facade SystemsSealantsEffisusGutter Repair – TiteGutter3Aluminium CompositesSculptformAluminium Click-on BattensTiles / Mosaic / GresiteMargresPorcelain Tiles – Linea PrestigeMetallicsRHEINZINKZinc Roof Systems – Click Roll CapsTiles / Mosaic / GresiteTerrealTerracotta Cladding TileDoorsECLISSESliding Pocket Door – ECLISSE UnilateralWindowsJoskoWindows and Sliding Doors – ONE SeriesMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

Demilitarisation not charitable object

Advertisement Howard Lake | 18 July 2000 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis The Court of Appeal has upheld a ruling that demilitarisation is not a charitable object.Read Demilitarisation is not a charitable object in The Times’ Law Report.  15 total views,  3 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Demilitarisation not charitable object About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. read more

Diabetes UK 12th in top 50 best employers awards

first_img About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Howard Lake | 26 April 2005 | News Tagged with: Awards Diabetes UK has been voted one of the best places to work in the UK at an awards ceremony sponsored by the Financial Times.The charity came twelfth in the top 50 best employers award, fifth in the category of workplaces of a similar size and was voted the third best non profit organisation to work for in the UK.Diabetes UK has low absence and turnover rates and over 90 per cent of women return to work after maternity leave. More than half of employees in the organisation take advantage of flexible working arrangements to improve work/life balance. Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Diabetes UK 12th in top 50 best employers awards  22 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

Digital poppy for mobile phones to support Poppy Appeal

first_imgDigital poppy for mobile phones to support Poppy Appeal My Poppy is available on MAX BOX from mid October through to 11 November.The 2006 Poppy Appeal raised a total of £26 million and it is hoped that the 2007 appeal will raise £27.5 million. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  26 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 25 October 2007 | Newscenter_img Supporters of this year’s Poppy Appeal by the Royal British Legion can download a digital ‘My Poppy’ image for the screen wallpaper on their mobile phones. Downloads trigger a £1.50 donation to the appeal.The downloads can be acquired via touch screens on MAX BOX kiosks, which offer a range of services in pubs, restaurants, petrol stations and workplaces across the UK.Andy Egan, CEO of Felix Group plc, the company behind MAX BOX, said: “We’re proud to be associated with The British Legion. ‘My Poppy’ is a quick and convenient way to show your support for the appeal and we are delighted to help boost awareness of this fantastic initiative via our MAX BOX network.” Advertisement Tagged with: Digital About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

RSPCA launches Big Christmas Feed campaign

first_img Advertisement The campaign has been created by specialist direct marketing agency Whitewater. At the campaign’s heart is a 90 second TV advert. which focuses on the cost of feeding and caring for the animals in its rescue centres. A cat, for example, costs £12 per month, whilst for a dog the figure is £26. The aim is to help people see how their support will directly impact on an animal in the RSPCA’s care. www.rspca.org.uk Brendon Elliott, personal fundraising manager of the RSPCA, said: “In 2009 the RSPCA announced that animal abandonments in the UK rose by a staggering 57% (in 2008) against the previous year, meaning demand for our services is incredibly high. This campaign will help us raise the money we so urgently need to feed and care for the pets in our care.” AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. The RSPCA is launching its ‘Big Christmas Feed’ campaign using a combination of TV, online, and warm and cold mailings to reach existing and potential new donors as it enters one of its busiest periods.The Society says that the numbers of animals it has rescued “have swelled enormously” in 2009 as more people abandon pets, and fewer people are able to rehome them during the recession. Howard Lake | 18 November 2009 | News Tagged with: christmas Individual giving Whitewater Media buying is by MC&C, with additional work by AMP. The mailing campaign begins in the middle of this month with warm mailings being sent to 300,000 donors, and a further 75,000 cold mailings due on 23 November. The TV campaign will start at the beginning of December. RSPCA launches Big Christmas Feed campaign  41 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

Europe anti-labor law threatens U.S. workers too

first_imgA million Italian workers march in Rome against austerity law.In a rare note of agreement, the Wall Street Journal and Novosti, a Russian newspaper, agree on the large size of a workers’ anti-austerity demonstration: 1 million. That is the number of Italian workers who marched to the Piazza San Giovanni in Rome on Oct. 25 to protest a new labor law rammed through the legislature on Oct. 9 by Italian Prime Minister Matteo Renzi.How does this struggle affect the U.S. working class — and the workers of the world for that matter?European capitalism is headed into its third recession since 2007. It has not been able to recover from the economic crisis by conventional austerity measures. Their new strategy is to grow out of this crisis by expanding exports.But in order to expand exports and compete in the world capitalist market, the European capitalists have to bring down their prices to be “competitive.” Workers in the U.S. know that when they hear the bosses talk about being competitive, it means cutting wages and benefits while increasing layoffs.Marxism shows that the working class is a global class bound together by common exploitation. The fate of one section of the working class is inseparable from the fate of the class as a whole — from Johannesburg to Bangkok, from Lima to Cairo. This is the foundation of communist proletarian internationalism.If the Italian regime succeeds in pushing through its vicious attack on the wages and rights of Italian workers, it will lay the basis for this to spread to the rest of Europe and will put additional pressure on conditions for the U.S. working class as well.In an article in last week’s Workers World, we showed how in the era of globalization and capitalist economic crisis of overproduction, each ruling class tries to climb out of its crisis by exporting — because the workers at home don’t have enough money to buy back the goods produced. Thus the bosses go abroad. They cut each other’s throats to get overseas markets. In order to keep costs down, they intensify their attacks on the working class.If the capitalists of Europe challenge U.S. capitalists by driving down the wages of European workers, the bosses here will put pressure on already depressed U.S. wages to meet European competition.Anti-labor law and ‘growth’ strategy in EuropeThe bosses and governments of Europe have been crying about the need to generate “growth” — meaning growth in profits. They have tried government bailouts, pumping money into the banks, and cutbacks in government spending, among other things — all to get money into the hands of the bankers and industrialists. But nothing has worked. Indeed, capitalism in Europe, like capitalism around the world, is at a dead end.The workers in Rome, led by the General Confederation of Italian Labor (CGIL), were protesting the “stability law,” a plan directed specifically at the wages of permanently employed workers, which is part of the new phase of European austerity. The central element of the “stability law” is “labor market reform.”The previous phases of austerity in Europe have been directed at government spending on social services, the sell-off of public facilities to private corporations, pension and benefit cuts, government and corporate layoffs, and so on.But the conventional wisdom of the financiers and corporate rulers is that wages have to fall further and their freedom to lay off workers must be increased in order to fight their capitalist rivals in the export markets and make investment profitable.This type of attack on wages has already been carried out in Spain. It did boost Spain’s exports, but this was made easier for the bosses by the fact that Spain’s official unemployment rate was 25 percent and youth unemployment was over 40 percent.Italy, with the third-largest economy in the 18-member Eurozone, is next in line. The government of President François Hollande in France and its capitalist masters are watching Italy’s attacks on the workers intently, because France is slipping into recession and is planning its own “labor market reform.”This is all being done under the whip of the German ruling class and the government of Chancellor Angela Merkel, along with steady pressure from the International Monetary Fund. The summits of finance capital are fearful of an economic collapse and are demanding that the ­European governments make the workers pay to reverse the downturn.Eurozone capitalists targetwages of permanent workforceThis development was well explained by economic writer Jack Rasmus in an Oct. 21 article in CounterPunch. Rasmus shows the economic numbers driving the new strategy and how the economic downturn is now threatening France and Germany, the two biggest imperialist powers on the European continent. He then writes about the explosive unemployment numbers.“Perhaps the best indicator of the deep weakness of the Eurozone economy today is its labor market. In the region overall, unemployment has remained consistently in the 11%-12% range for more than five years now. In Italy more than 12%, France 10.5%, and Spain still nearly 25%. But the picture is even worse than these often reported general job statistics. Youth unemployment rates in both Italy and Spain, for example, are 45% plus. And those youth who have been able to obtain work have been largely limited to part time and temp work. In France the percent of youth in the workforce age 15-24 who are employed as temps has risen to 59%. In Germany 52%, Italy 54%, and in Spain an incredible 65% can only find temp work, when any work at all.“And it’s not just age 15-24 youth workers. In Italy, 70% of all new hires have been temp workers. Temp means lower wages, fewer benefits, far less job security, and employer ‘rights’ to lay off and fire at will. The chronic high unemployment and the large number of low-wage temp jobs translate into wage compression in general, with few exceptions, for the rest of the Eurozone working class.“Nevertheless, the target of the ‘new model’ austerity now on the Eurozone agenda is designed to extend and deepen that wage compression by introducing what is being called ‘labor market reform.’ In addition to high unemployment and temp hiring, which will continue as a dual force already depressing wages, the new third force of ‘labor market reform’ will extend wage cutting further, targeting the non-temp, permanent Eurozone working class in Italy, France, and elsewhere in particular.”Italian ruling class prepares attack on workersThat is precisely what is happening in Europe in general. Right now, the cutting edge of the battle is shaping up in Italy.According to Rasmus: “Not all the details are apparent as yet, but some outlines are. About one fourth of all of Italy’s 25 million workers are the target of the new reforms. What is known so far is that Italy’s new ‘labor market reform’ rules will make it easier for employers to hire and fire workers — both newly hired permanent workers as well as temp workers.“New hires’ benefits, severance pay, and rights will also be reduced when initially hired, and only slowly ‘phased in’ as they gain seniority on the job. Limits on workers’ collective ability to wage bargain are reportedly to be part of the new ‘reforms’ as well, although details so far are lacking what this will mean. [Prime Minister] Renzi’s reforms include reducing costs by business tax reduction. Business labor tax cuts equivalent to 32 billion Euros are part of the Renzi reforms. Declining tax revenues will likely require more government spending reductions, thereby ensuring traditional austerity measures will continue as well.”Right now the Italian workers have threatened to strike against the law. Hopefully, this struggle will escalate not just into a strike against the law but against the rotten capitalist system of exploitation itself. It is the system of wage slavery that keeps workers down.All the wealth of society is created by the workers. This wealth should belong to them collectively to be used for their well-being. The workers should not have to sell their labor power to greedy, money-grubbing bosses year after year for the right to be exploited. The destruction of capitalism and the establishment of socialism, a system based on human need and not capitalist greed, is the only long-term way out of this nightmare we are facing.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more