Greece’s leftist government considers the IMF’s demand as a ban on the right of workers to negotiate wages and conditions on a collective basis. A breakdown with the IMF on the issue could jeopardise its financing of the 86 billion euro (72.75 billion pounds) bailout and could undermine overall confidence in the deal. Labour Minister George Katrougalos, speaking a few hours before talks with the heads of an EU-IMF mission over Greece’s bailout progress, said Athens would fight to preserve collective bargaining and described the IMF as “an extreme player”. “We want to reinstate collective bargaining because it’s the core of the European social model,” Katrougalos said. Under previous bailouts, collective bargaining was weakened. Both the EU and IMF say an inflexible labour force has helped to make Greece uncompetitive, contributing to its economic malaise, but sources close to the lenders say the IMF is especially opposed to any attempt by Athens to restore the old collective bargaining system. Other issues that lenders have put on the negotiating table include relaxing laws on mass dismissals and allowing employers to shut down their businesses and lockout workers in the event of industrial action, he said. “These are measures which employers have already rejected in Greece,” Katrougalos said. “We’ve reached a point where we can no longer tolerate the deterioration of Greek workers’ state.” (Editing by Mark Bendeich)
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Asked about potential layoffs after the merger, Kure said, It wont be zero but it will be a very modest amount. Intersil CEO Sayiner will stay with the new company in a senior management position, and will run a Renesas business unit. His responsibilities will go beyond looking after Intersils business, said Kure, but their scope has not been determined. Survival hinges on inorganic growth The $3.2 billion takeover of Intersil marks the Japanese chip giants first attempt and commitment to expand inorganically. In order to survive in the highly competitive global semiconductor market in the next five to 10 years, we cant just rely on organic growth, Kure emphasized. Describing competitors who are moving fast and not giving Renesas much time to catch up, Kure explained that he saw M&A essential for us to buy time. (Source: Renesas) Click here for larger image Kure also said the Intersil acquisition wont be the last big M&A for Renesas. As we improve our financial health, we will discuss the matter with Necip and decide what other pieces we need [to buy], Kure told EE Times. Notably, however, the Renesas management team has a poor record in M&A execution. Originally founded by three Japanese electronics companies chip divisions, Renesas has been faulted for dithering too long to integrate its acquisitions. When it comes to merging with a foreign entity, Renesas only experience in the past was with Nokias modem team. That merger became Renesas Mobile, but it eventually had to fold. At a time when Apple and Samsung, both with internally developed app processors, have been dominant forces in the global smartphone market, Renesas Mobile couldnt find a design socket.http://www.feelfreemaldives.com/laylawashingtonplaza/2016/09/13/root-criteria-for-vocation-clarified/
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