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Honda China parts plant restarts, walkout threatened (Reuters) – NIMBRUNG.NET

Hot Breaking News about Honda China parts plant restarts walkout threatened Reuters

FOSHAN, China (Reuters) –
Honda Motor (7267.T) said a key car parts factory in south China resumed full production on Wednesday, ending more than two weeks of disruption after workers downed tools to demand higher wages in a high-profile and sometimes violent strike.

But the resumption did not mark a clean end to the prolonged labor dispute, with part of the workforce agreeing to return only until Friday, when they expect the company to respond to a list of as-yet unmet demands.

Japan’s No. 2 automaker has had to suspend vehicle production in the world’s biggest and fastest-growing car market since last week after workers at the 1,900-strong wholly owned parts factory, in Foshan, Guangdong province, refused to work until their demands for more pay and other conditions were met.

Although not technically illegal, strikes in China are often seen as a threat to social order and are quickly stamped out. More disputes have been erupting lately between workers resentful of large income disparities and harsh working conditions, and employers trying to rein in rising costs.

On Wednesday, Taiwan’s Hon Hai Precision Industry (2317.TW) said it plans to raise workers’ salaries by 30 percent at its Foxconn (2038.HK) manufacturing hub in southern China, following a string of suicides there.

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Hot Breaking News about LeBron James Doesnt Need Knicks to Join Woods as Billionaire Bloomberg

By Erik Matuszewski

May 14 (Bloomberg) — The Knicks need LeBron James. He
may not need New York.

James, the two-time defending National Basketball
Association Most Valuable Player, is set to be an
unrestricted free agent on July 1, when teams such as the
Knicks can try to sign the Cleveland Cavaliers’ All-Star.

Yet the lure of the nation’s biggest media and
business hub might not be enough to land James, who has
said he aspires to join friend Warren Buffett as a
billionaire. The Knicks, unlike baseball’s New York
Yankees, can’t lure him by paying more than other teams
because of the NBA salary cap. He may not need the glitz
that New York affords: James is already the league’s top
endorser while playing in Cleveland.

“He’s only going to get bigger and better, whether he
stays in Cleveland or goes to a different city,” said Doug
Shabelman
, president of Evanston, Illinois-based Burns
Entertainment
& Sports Marketing. “With the global economy
and the global reach of the Internet and television, the
difference isn’t as pronounced as it used to be.”

James is living a hometown dream. He went to St.
Vincent-St. Mary High School in Akron, Ohio, about a 40-
mile drive from Cleveland, and was drafted by the Cavaliers
as the first pick in 2003.

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The Alchemist: Can Warren Buffett Transform Goldman? – BNET (blog) – NIMBRUNG.NETHot Breaking News about The Alchemist Can Warren Buffett Transform Goldman BNET blog

Warren Buffett knows how to lay down the law with Wall Street, especially scandal-ridden investment banks like Goldman Sachs (GS). “If you lose money for the firm by bad decisions, I will be very understanding,” he said. “If you lose reputation for the firm I will be ruthless.”

Except that the firm whose rep the “Oracle of Omaha” was determined to save isn’t Goldman. That was Buffett in 1991 speaking to employees of Salomon Brothers, where he was the interim chairman and which he controlled as its largest shareholder. The legendary investor had rescued the securities firm after it was caught trying to rig bids for U.S. Treasury notes. In so doing, he’d worked miracles in persuading government officials not to throw the book at Salomon, largely by firing John Gutfreund and John Meriwether, the revered “masters of the universe” who ran the firm.

Nearly 30 years later, Buffett appears to have changed his tune. As one of the largest shareholders in Goldman, he is loudly defending the company against federal allegations that the company defrauded investors in the now-infamous Abacus synthetic CDO. Buffett has also made the media rounds since the SEC announced its lawsuit to throw his support behind Goldman chief vampire squid Lloyd Blankfein.

“I don’t have a problem with the Abacus transaction at all,” he told shareholders last weekend in attendance at the annual meeting of his Berkshire Hathaway (BRK), adding that investors in the deal should’ve done their homework.

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