Dockworkers at Australia’s three major ports went on a 24-hour walkout yesterday after talks stalled over a protracted wages and conditions dispute, crippling about one-quarter of the nation’s freight.
The powerful Maritime Union of Australia (MUA) called the strike at terminals in Sydney, Melbourne and Brisbane over after deadlocked contract negotiations with major freight firm Patrick hit a fresh impasse.
A second strike was to begin tomorrow in Fremantle, on Australia’s resources-rich west coast.
Patrick said the work stoppage followed a failure of talks before Fair Work Australia, the industrial umpire, hitting “15 ships, carrying a total of 17,797 containers” — about one-quarter of the nation’s container freight capacity.
“It’s unfortunate that hundreds of Australian exporters and importers including small businesses waiting for deliveries will bear the brunt of the MUA’s actions,” Patrick director Paul Garaty said. “We will continue to seek to negotiate through the Fair Work Australia process, which is the proper way to handle this dispute, not by strikes which disadvantage Australians.”
Patrick and the MUA have been at loggerheads for almost eight months over pay and conditions and strike action was approved by industrial authorities earlier this year in the event of talks breaking down.
Dockworkers want a 6 percent pay rise, increased superannuation, annual and long service leave and a safety supervisor for every shift, following four deaths on the wharves in five years.
“It’s about our conditions of work, about having a safe workplace and about having a career,” said Kevin Bracken, Victoria state secretary of the MUA.
“In the bulk and general business, 60 percent of the workers are casually employed with no annual leave, no holidays, no long-service leave, no guarantee that they are going to work there ever again,” he told Australian Broadcasting Corp radio.
The previous workplace contract expired in October last year and Bracken accused Patrick of stalling, saying it “doesn’t want to make an agreement and is using it as a wage pause for our members.”
However, Garaty said the union’s demands “will add a further A$120 million [US$131.6 million] to the company’s costs over a three-year period, in addition to other claims that seek to reintroduce rigid work practices that would hamper productivity.”
“To agree to the union’s excessive claims with no productivity offsets would only serve to undermine Patrick’s ability to compete and deliver job security in the long term,” Garaty said.
China’s economic planning agency yesterday outlined details of measures aimed at boosting the economy, but refrained from major spending initiatives. The piecemeal nature of the plans announced yesterday appeared to disappoint investors who were hoping for bolder moves, and the Shanghai Composite Index gave up a 10 percent initial gain as markets reopened after a weeklong holiday to end 4.59 percent higher, while Hong Kong’s Hang Seng Index dived 9.41 percent. Chinese National Development and Reform Commission Chairman Zheng Shanjie (鄭珊潔) said the government would frontload 100 billion yuan (US$14.2 billion) in spending from the government’s budget for next year in addition
Advanced Micro Devices Inc (AMD) suffered its biggest stock decline in more than a month after the company unveiled new artificial intelligence (AI) chips, but did not provide hoped-for information on customers or financial performance. The stock slid 4 percent to US$164.18 on Thursday, the biggest single-day drop since Sept. 3. Shares of the company remain up 11 percent this year. AMD has emerged as the biggest contender to Nvidia Corp in the lucrative market of AI processors. The company’s latest chips would exceed some capabilities of its rival, AMD chief executive officer Lisa Su (蘇姿丰) said at an event hosted by
AVIATION: Despite production issues in the US, the Taoyuan-based airline expects to receive 24 passenger planes on schedule, while one freight plane is delayed The ongoing strike at Boeing Co has had only a minor impact on China Airlines Ltd (CAL, 中華航空), although the delivery of a new cargo jet might be postponed, CAL chairman Hsieh Su-chien (謝世謙) said on Saturday. The 24 Boeing 787-9 passenger aircraft on order would be delivered on schedule from next year to 2028, while one 777F freight aircraft would be delayed, Hsieh told reporters at a company event. Boeing, which announced a decision on Friday to cut 17,000 jobs — about one-tenth of its workforce — is facing a strike by 33,000 US west coast workers that has halted production
TECH JUGGERNAUT: TSMC shares have more than doubled since ChatGPT’s launch in late 2022, as demand for cutting-edge artificial intelligence chips remains high Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted a better-than-expected 39 percent rise in quarterly revenue, assuaging concerns that artificial intelligence (AI) hardware spending is beginning to taper off. The main chipmaker for Nvidia Corp and Apple Inc reported third-quarter sales of NT$759.69 billion (US$23.6 billion), compared with the average analyst projection of NT$748 billion. For last month alone, TSMC reported revenue jumped 39.6 percent year-on-year to NT$251.87 billion. Taiwan’s largest company is to disclose its full third-quarter earnings on Thursday next week and update its outlook. Hsinchu-based TSMC produces the cutting-edge chips needed to train AI. The company now makes more