Kia workers OK wage deal without strike for 1st time in 10 years

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Seoul, Aug 28 | Unionised workers at Kia, South Korea’s second-biggest carmaker, have voted to accept the company’s wage proposals without a strike for the first time in a decade.

Kia said 68 percent of 26,945 workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in monthly basic pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won.

More than 1,600 out of the 28,604-member union abstained, reports Yonhap news agency.

But Kia rejected the union’s demand to extend the retirement age to 65 from the current 60 and reinstate fired workers.

The company and the member union reached a tentative wage deal early this week without staging a strike amid the pandemic.

It is the first time for Kia to sign a wage deal without industrial actions.

They are set to sign the wage agreement Monday.

Last month, its bigger affiliate Hyundai Motor Co. and its union signed this year’s wage deal without strikes for the third consecutive year.

Hyundai Motor and Kia form Hyundai Motor Group, the world’s fifth-largest automotive group.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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