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Sunday, 12 May 2013

Bangladesh trade union leaders accuse Primark of compensation delays

Bangladesh trade union leaders accuse Primark of compensation delays - Telegraph:

'via Blog this'


Both companies have promised compensation and Primark representatives met Bangladeshi trade union leaders in Dhaka, the country's capital, on April 27 and 28.
The unions want a package based on a formula devised after another disaster in 2005, calculated according to years of service and lost earnings. If applied to Rana Plaza, this would amount to a payment of about £23,000 for the families of each dead worker, with foreign retailers contributing 45 per cent.
"They said they would come back soon with a specific proposal, but there are no further developments and I'm disappointed and also angry," said Amirul Haque Amin, head of the National Garment Workers' Federation. "It's been two weeks and I expected after the meeting [to hear from them] within three or four days."
If half the dead worked for New Wave, the Western retailers would be liable for about £6 million under this formula. Primark made an operating profit of £238 million in the six months to the end of March.


The posts and articles provided by our news desk are not always representative of our personal views of the story.Tweet at #AceBusinessNews or email to News & Views Thank you, Ian [Editor]

New Co-op chief to launch strategic review

New Co-op chief to launch strategic review - Telegraph:

'via Blog this'


Euan Sutherland, who officially takes over from the outgoing Peter Marks at the mutual’s annual meeting this Saturday, is to evaluate each of the group’s main businesses to establish which it wants to hold on to and which might be sold to generate further capital.
The agency warned that the Co-op Bank — which last month pulled out of a £750m deal to buy 632 branches from Lloyds Banking Group — might need “external support”
The results of the review could be presented as soon as August, when the Co-op is due to publish its half-year results.


The posts and articles provided by our news desk are not always representative of our personal views of the story.Tweet at #AceBusinessNews or email to News & Views Thank you, Ian [Editor]