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Workers to receive double pay on Labor Day

MANILA, April 30 -- Employees who will report to work on Sunday, May 1 are entitled to receive an additional pay. According to an advisory of the Bureau of Working Conditions (BWC) of the DOLE, an employee who works on Sunday will be paid 200 percent of his regular salary for that day for the first eight hours. For those who will not work on the said day, workers will still receive 100 percent of their salary for that day. If the employee worked in excess of eight hours (overtime work), they will be paid an additional 30 percent of their hourly rate on said day. For an employee who worked during a regular holiday that also falls on their rest day, they will be paid an additional 30 percent. With this, DOLE reminded companies …

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Anger rises in China’s coal country as miners feel left behind

By GERRY SHIH, Associated Press By Gerry  Shih, Associated Press JUNDESHAN, China— Hanging from a highway overpass two hours' drive from the Siberian border, a local government banner reads like a last-gasp exhortation to this exhausted coal community: "Improve our structure, change our methods, transform our city." This area has transformed in dire ways as China has retreated from coal and heavy industry. Li Jiuxian, who hasn't been paid for half a year, sees only mounting debts and anger. "I don't even have anywhere left to borrow money from," said the 51-year-old miner as he stepped outside a squalid mahjong parlor reeking of smoke and drink where miners while away days without work or pay. "There isn't going to be change." Frustration among miners like Li over unpaid wages has swelled to the brink of unrest in Heilongjiang …

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KRX to celebrate 60th founding anniversary

By By Han Ye-kyung and Yong Hwan-jin, Maeil Business News Korea The Korea Exchange (KRX) that has served as a fund counter for South Korean companies will celebrate the 60th anniversary of its founding on Thursday. The Korean stock market opened with the establishment of Daehan Stock Exchange on March 3, 1956. The number of listed companies, which stood at a mere 12 in 1956, has increased 160 times to 1,927 in total, including 770 Kospi-listed companies and 1,157 Kosdaq-listed companies. The Kospi is an acronym for the country’s main bourse Korea Composite Stock Price Index, while the Kosdaq is the country’s secondary tech- and bio-heavy stock price index. The total market capitalization of companies listed on the Kospi, which came to 15 billion won ($12 million) in 1965, surged more than 80,000 …

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Global stock swings not caused by China factors: analysts

By Xinhua/China Daily News BEIJING -- Analysts said prolonged low interest rates in the West and weak crude oil prices, rather than concerns over the Chinese economy, were the main cause of stock market fluctuations across the globe this week. Despite a rebound on Friday, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite Index lost 1.4 percent, 0.8 percent and 0.6 percent respectively this week, when the Chinese market was closed for the Spring Festival. The 225-issue Nikkei Stock Average fell 4.8 percent on Friday and plummeted more than 10 percent during the week. The British FTSE 100 Index and the German DAX Index also touched new lows before strong rallies on Thursday and Friday. "The root cause of the sweeping drops was that economic fundamentals failed to sustain a long …

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Cambodia`s rice, garment sectors push exports into record territory

by The Phnom Penh Post/Maeil Business News Korea Cambodian exports grew by 17 per cent last year, driven by increases in shipments of rice and footwear, with garment export growth easing to a little under 7 per cent, according to a new Ministry of Commerce report. Outbound shipments in 2015, consisting mainly of rice, garments and footwear, stood at $8.03 billion, up 17 per cent from a year earlier, it said. While rice exports grew by 43 per cent last year on the back of rice shipments to China, footwear grew by 21 per cent, with textiles the only segment to drop, recording a 17 per cent decrease. The European Union continued to be the biggest buyer of Cambodian exports, accounting for $2.5 billion of $5.7 billion in garment shipments. The United States, …

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PH ambassador participates in ASEAN Committee of Lisbon Portugal business forum

    Philippine Ambassador to Portugal Philippe J. Lhuillier recently participated in a business forum co-organized by the ASEAN Committee of Lisbon Portugal (ACLP) and Portuguese consultancy firm Sociedade Portuguesa Inovação (SPI) in Porto, in the northern region of Portugal. The forum’s objective was to raise awareness in the Portuguese business sector of the business and economic opportunities offered by the member countries of ASEAN in order to convince them of the benefits and potentials of doing business in that part of the world. The business forum which was attended by around 20 representatives of companies based in northern Portugal was an initiative of the current ACLP chair, Ambassador Mulya Wirana of Indonesia. The forum featured a presentation on the ASEAN Economic Community followed by country presentations on the Philippines, Thailand and Indonesia. The ACLP …

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