writingonblog uncensored: Union govt wants swift resolution of Samsung labou...

writingonblog uncensored: Union govt wants swift resolution of Samsung labou...: CHENNAI: Union Minister Mansukh Mandaviya has written to Tamil Nadu Chief Minister M K Stalin and urged swift resolution of workers' str...

Union govt wants swift resolution of Samsung labour row; TN says efforts are on; Samsungs wants to resolve issue directly with workers

CHENNAI:

Union Minister Mansukh Mandaviya has written to Tamil Nadu Chief Minister M K Stalin and urged swift resolution of workers' strike at the Sriperumbudur plant of Samsung Electronics, a source said.

The minister has urged the state government to intervene for an early and amicable resolution in order to maintain a positive manufacturing sector ecosystem, the source said. Government sources told The New indian Express that the government is in touch with both the parties and hoping to resolve the issue in a week.

When The New Indian Express contacted a labour department official, he said, "Efforts are being taken through the conciliation process, which is going on."

Meanwhile, Samsung on Wednesday said it is committed to resolving all issues including wages, benefits and working conditions by negotiating with workers directly, and urged them to return back to work at the earliest.

"At Samsung India, the welfare of our employees is our top priority. The average monthly salary of our full-time manufacturing workers at the Chennai plant is 1.8 times the average salary of similar workers employed at other companies in the region. Our workers are also eligible for overtime pay and other allowances and we provide a workplace environment that assures the highest standards of health, safety and welfare, including free shuttle bus and meals," a release stated.
 
"In addition, at our Chennai factory, full-time employees make up the majority of our total workforce, which we believe is the highest level compared with other manufacturers in the region. Moreover, the average tenure of our manufacturing workforce," according to the statement.

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writingonblog uncensored: Rosatomflot’s icebreaker escorted the largest cont...

writingonblog uncensored: Rosatomflot’s icebreaker escorted the largest cont...: ( The main task of the ice escort was to ensure safe passage of ships through solid ice) Chennai: The Rosatomflot’s nuclear icebreaker Ura...

Rosatomflot’s icebreaker escorted the largest container ship in the North Sea route history

(The main task of the ice escort was to ensure safe passage of ships through solid ice)

Chennai:

TheRosatomflot’s nuclear icebreaker Ural escorted a convoy of two vessels including the bulk carrier Smoke and the large container ship NewNewStar (with a container capacity of 3,534 TEU) in the East Siberian Sea on September 6. 

 

For the first time, a container ship having these dimensions (length: 231 meters, width: 32 meters) entered the waters of the Northern Sea Route.

The icebreaker Ural began escorting the ships at the eastern edge of the Chukchi Sea ice and completed its task at the western edge of the East Siberian Sea ice. The main goal of the icebreaker assistance was to ensure safe passage of the ships through the solid ice bridge. Having completed the passage, the container ship NewNew Star headed towards the port of St. Petersburg and the bulk carrier Smoke headed towards the port of Murmansk without assistance.

"The Northern Sea Route is enjoying increasing popularity among cargo carriers these days. The crews of the nuclear icebreaker Ural and the convoy vessels showed effective teamwork and professionalism which ensured safe passage through solid ice and maintained service speed of the vessels," commented Andrey Tenitsky, Advisor to Director General of Atomflot.

The icebreaker escorted the ships on the route of 150 nautical miles with an average speed of 12 knots.

writingonblog uncensored: CMRL seeks funds borrowed from external agencies f...

writingonblog uncensored: CMRL seeks funds borrowed from external agencies f...: C Shivakumar @ CHENNAI: Chennai Metro Rail is facing fund crunch to complete the works under Rs 63,246 crore Phase II project as the funds...

CMRL seeks funds borrowed from external agencies for Phase-II routed through Centre as state has limitation on funding

C Shivakumar @ CHENNAI:
Chennai Metro Rail is facing fund crunch to complete the works under Rs 63,246 crore Phase II project as the funds are routed through the state, which has restriction on borrowing.

The Special Purpose Vehicle Chennai Metro Rail is a joint venture company and funds were flowing directly from the Centre for the project. But after it was considered as a state project, the external borrowings are routed through the state which has restriction to spend under FRBM rules.

This has resulted in Chennai Metro Rail urging the Department of Economic Affairs to reconsider the project as a Central project work out with revised loan agreements with the multilateral agencies which will result in availing the funds without any constraint and the project will be able to gain the speed.

It is learnt from sources that there are concerns about availability of funds when the project is under State sector since there are FRBM restrictions for release of funds by State Government even though funding from external financing agencies have been tied up.  If the project is under Central Sector, fund flow of external loans is assured.  Further, for maintaining healthy debt equity ratio in its balance sheet, CMRL needs equity participation by both Union and State Governments.

In 2018 when Chennai Metro got the fund from Japan International Cooperation Agency's (JICA) modified Special Terms of Economic Partnership (STEP) without linking the same to the sanction of Union government. This was due to insistence of JICA which was keen on signing the agreement during the financial year of 2018-19. The loan was then taken as state loan through the state budget after Union Housing Ministry recommended the proposal for consideration of Department of Economic Affairs.

Earlier, Nirmala Sitharaman has hit out at the state government blaming the Centre for insufficient funds, asserting that the central government had arranged the required loan and the state has under-utilised the funds.

Chennai Metro Rail has till now spent Rs 18,500 crore for Phase-II of Chennai Metro projects. Of this it has 5,800 crore crore has been reimbursed from the lending agencies and another Rs 1,000 crore will be reimbursed in the next couple of months. Similarly, Rs 11,000 is funded directly by the state government, sources said.

writingonblog uncensored: Chennai-based opto chipmaker to invest $16.5m to h...

writingonblog uncensored: Chennai-based opto chipmaker to invest $16.5m to h...: (Eswara Rao Nandanam, managing director and chief executive officer of Polymatech displaying sapphire which is used in Semiconductor chips) ...