World Bulletin / News Desk
Samsung Electronics Co said on Monday it would inspect 250 Chinese companies which make products for the South Korean firm to ensure no labour laws are broken after a U.S.-based group accused one of its suppliers of using child labour.
Samsung also said its audit into working conditions at an HEG Electronics facility in Huizhou in southern China found no under-aged workers. New York-based China Labor Watch said last month seven children younger than 16 were working in the factory that makes phones and DVD players for Samsung.
But Samsung said the audit identified several instances of inadequate management and potentially unsafe practices such as overtime beyond local regulations, improper safety measures and a system of fines for tardiness or absences.
"Samsung has demanded that HEG immediately improve its working conditions... If HEG fails to meet Samsung's zero tolerance policy on child labour, the contract will be immediately severed," Samsung said in a statement.
It said it would conduct inspections for all 105 supplier companies in China which produce goods solely for Samsung by the end of September, and review, via documentation, by the end of the year another 144 suppliers that makes products for it and other firms.
"If supplier companies are found to be in violation of our policies and corrective actions not taken, Samsung will terminate its contract with those supplier companies," Samsung said.
The move follows allegations earlier this year that Apple Inc's products were assembled in China amid multiple violations of labour law, including extreme hours.
Apple and its main contract manufacturer Foxconn Technology Group, whose subsidiary Hon Hai Precision Industry assembles Apple devices in China, later agreed to tackle violations of conditions among the 1.2 million workers assembling iPhones and iPads. That landmark decision could change the way Western companies do business in China.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.