The Presidential Daily Brief

intriguing

  1. South African Autoworkers Claim Victory After Lengthy Standoff

    After several weeks of striking, unionized South African autoworkers have achieved a 10 percent wage increase for the coming year, with an additional 8 percent hike to follow over the next two years. The labor stoppage crippled the South African auto industry, with Ford, Nissan and General Motors losing close to $2 billion since the workers halted production. The pay deal represents a significant triumph for the autoworkers union, but it may come at the expense of future industry growth in the country as companies like BMW abandon expansion plans and look elsewhere in the wake of the instability created by the strikes.

    Sources: BBC, Mail and Guardian, Bloomberg

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