Tata Steel workers in South Wales to begin indefinite strike next month – business live | Business
[ad_1]
Tata Steel workers will go on indefinite strike next month
News: About 1,500 Tata workers based in Port Talbot and Llanvern to go on full indefinite strike next month the company’s plans to cut 2,800 jobs and close its blast furnacessaid the Unite trade union.
Unite say the strike that begins on July 8is the first strike by UK steelworkers in 40 years.
They say it will “severely impact” on Tata’s UK operations.
Unite general secretary Sharon Graham said:
“Tata workers are not just fighting for their jobs – they are fighting for the future of their communities and the future of steel in Wales.
“Our members will not wait while this extremely wealthy conglomerate tries to trash Port Talbot and Llanvern so it can boost its operations overseas. They know that South Wales is ideally placed to benefit from the upcoming green steel boom – if the right choices are made.
“The strikes will continue until Tata stops its disastrous plans. Unite supports Tata workers to the hilt in their historic battle to save the Welsh steel industry and secure the bright future it deserves.”
Unite threatened to step up industrial action at steelworks in South Wales earlier this month. On Tuesday, staff began a ban on overtime and “work to manage.”
The dispute centers around a deal struck in January that Tata will receive £500 million in government grants to help with the transition to new “greener” furnaces. The deal also included the closure of blast furnaces from this month, resulting in job losses.
Tata rejected a union proposal that would have kept a blast furnace in operation while an electric arc furnace that processes scrap was built, saving jobs.
Without a blast furnace at Port Talbot, the UK would be the only major economy unable to produce steel from scratch.
Key events
In other union news, the UK’s biggest union has officially backed the campaign for a four-day working week.
Delegates in of Unison annual conference in Brighton has called for the next government to take action to ensure more employers embrace the new way of working.
Christina Makanea, of Unison Secretary General said:
“Offering truly flexible working patterns, including a four-day week, can help employers recruit and retain staff.
“Organizations that have tried this approach tend to have happier staff who are more focused at work, which increases productivity.
“The rise of artificial intelligence may make the four-day week inevitable. What is needed is a rethinking of how jobs are organized, as well as progressive policies that secure people’s future livelihoods and protect their well-being.
“The pandemic has proven that people can work from home and still be efficient. A four-day work week is the next big step.”
BREAKING: Steelworkers based in Port Talbot & Llanwern will go on full indefinite strike action from July 8 over Tata Steel’s plans to cut 2,800 jobs.
It will be the first time UK steelworkers have taken strike action in 40 years.
— Taj Ali (@Taj_Ali1) June 21, 2024
The Tata strike it starts on the Monday after the general election, so it will be an early hot potato for the next government.
Labor has signaled it could scrap the deal reached with Tata if it wins the election.
The shadow Welsh secretary, Joe Stevens, said earlier this month:
“We have repeatedly said that no irreversible decisions should be made before election day. Labour’s plans for a steel fund will ensure the future of the industry is fueled by the skills, talent and ambition of Welsh steelworkers.”
🚨 EXCLUSIVE NEWS 🚨
TATA Steel workers in Port Talbot and Llanvern begin strike action in July.
Our members will continue to fight for their jobs, their communities and the future of steel in Wales until TATA stops its disastrous plans.https://t.co/ThFEA4pCYX pic.twitter.com/eJpgBvfFwo
— UniteWales (@UniteWales) June 21, 2024
Tata Steel workers will go on indefinite strike next month
News: About 1,500 Tata workers based in Port Talbot and Llanvern to go on full indefinite strike next month the company’s plans to cut 2,800 jobs and close its blast furnacessaid the Unite trade union.
Unite say the strike that begins on July 8is the first strike by UK steelworkers in 40 years.
They say it will “severely impact” on Tata’s UK operations.
Unite general secretary Sharon Graham said:
“Tata workers are not just fighting for their jobs – they are fighting for the future of their communities and the future of steel in Wales.
“Our members will not wait while this extremely wealthy conglomerate tries to trash Port Talbot and Llanvern so it can boost its operations overseas. They know that South Wales is ideally placed to benefit from the upcoming green steel boom – if the right choices are made.
“The strikes will continue until Tata stops its disastrous plans. Unite supports Tata workers to the hilt in their historic battle to save the Welsh steel industry and secure the bright future it deserves.”
Unite threatened to step up industrial action at steelworks in South Wales earlier this month. On Tuesday, staff began a ban on overtime and “work to manage.”
The dispute centers around a deal struck in January that Tata will receive £500 million in government grants to help with the transition to new “greener” furnaces. The deal also included the closure of blast furnaces from this month, resulting in job losses.
Tata rejected a union proposal that would have kept a blast furnace in operation while an electric arc furnace that processes scrap was built, saving jobs.
Without a blast furnace at Port Talbot, the UK would be the only major economy unable to produce steel from scratch.
There’s more takeover drama in town today.
After Carlsberg’s attempt to buy Britvic (see earlier post), an enterprise software company Purple tide is now faced with two competing proposals.
Based in Kent Purple High tide told City it had rejected a second equity-based approach from a rival Check it out.
But it is also considering an offer from another rival, Ideagenwhich is worth £20m in cash or 312p per Purple High tide share.
Of the latest offering, Crimson Tide says:
The Board is reviewing the Ideagen proposal and further updates will be provided as necessary. This announcement is made without the consent of Ideagen and there can be no assurance at this stage that a firm offer will be made by Ideagen, nor as to the terms of any firm offer.
Shares of Purple High tide have jumped 52% today to 275p.
The company makes a software package called mpro5 software that is designed to improve the efficiency of personnel who work and collect data in the field, such as an engineer or nurse.
The Euro is also slightly lower today after This morning’s PMI surveys showed that the euro zone’s recovery is slowing this month.
It is trading around $1.069 against the dollar.
Alex Kuptsikevich, senior market analyst at FxPro, says:
The Eurozone PMI has established itself as a reliable leading indicator of economic activity, and the latest data points to serious downside risks.
This is bad news for the European currency. EURUSD fell below 1.0700, almost doubling last Friday’s lows just below 1.0670.
European stock markets end the week in the red.
United Kingdom FTSE 100 the index is down 47 points, or 0.6%, so far today at 8,225 after hitting a near two-week high yesterday.
of Germany DAX and France CAC 40 both lost around 0.5%, following losses in New York last night (including a drop for investor favorites Nvidia).
Neil Wilsonchief market analyst at Markets.com, reports:
European stock markets faded slightly early on Friday, mirroring moves in the US with little stimulus for price action.
The S&P 500 rose as much as 0.34%, but ended the day down 0.25%, with Nvidia down 3.5%. Crude oil edged lower after hitting its highest since May 1St. Gold rose to a two-week high.
Today’s weak French PMI report reminded investors of the economic challenges facing the eurozone’s second-largest member.
And there are already fears that France’s national assembly elections could lead to a government that will increase spending, spooking financial markets already concerned about the size of France’s annual budget deficit and rising national debt.
Jane Croft
In the energy sector, Octopus Energy is set to pay the UK government almost £3bn to cover the government support it received to take over collapsed supplier Bulb.
Octopus will reimburse the government until September in a move that will allow the Treasury to effectively recoup almost all of the costs of Bulb’s temporary nationalisation.
Bulb collapsed in 2021 after being forced to sell power at a loss when wholesale prices jumped above a price cap set by regulator Ofgem. The government stepped in to ensure its 1.6 million customers still received power, and Bulb was temporarily placed under state control under special administration.
In late 2022, Bulb was sold to Octopuswhich is the UK’s second largest energy supplier, with billions of pounds of taxpayer support in a sale process managed by the UK Government and Teneo, which is acting as Bulb’s special administrator.
[ad_2]
