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Spanish telecom operator Telefonica (TEF.MC) relied on technical workarounds during the ban, but still canceled some ZTE contracts, a separate source with knowledge of the relationship between the firms told Reuters. Lawyers at the two companies held weekly meetings to ensure careful compliance, the source said. ZTE was unable to ship any gear to the Spanish telecoms giant that relied on components from U.S.-based chipmakers Qualcomm (QCOM.O) or Intel (INTC.O) or smartphones running the Google (GOOGL.O) Android operating system, for example.
Disruptions were minimized because ZTE contracts accounted for less than 5 percent of the telecom giant’s equipment spending, the source said, The scale of workarounds and outages at other major gold and onyx inlaid tie clip cufflinks ZTE customers, including China Mobile (0941.HK) and MTN (MTNJ.J), Africa’s top operator, is not yet known, The U.S, Department of Commerce in April banned U.S, companies from selling goods to ZTE after the Chinese company failed to comply with a 2016 settlement involving evasion of sanctions against Iran..
SEOUL (Reuters) - President Moon Jae-in wants South Koreans to work less and earn more – and to achieve that his government has hiked the minimum wage and slashed the maximum length of the working week. But Heo Jeong, who serves barley tea samples at a Lotte Mart store in Seoul, says she lost a third of her income as a result. Heo’s store shortened its opening times and cut staff hours. The 48-year-old now makes 1.2 million won ($1,077) a month working 32 hours instead of 40, a third less than before because she now isn’t getting much night work at premium rates or as many chances to earn bonuses.
She is not alone, Many businesses are closing early rather than hiring additional staff after the legal cap on working hours was cut to 52 per week from 68, effective July 1, It is one of a number of signs that Moon’s reforms are starting to backfire and his pledge to be the “Jobs President” who tackles inequality head on may gold and onyx inlaid tie clip cufflinks be at risk, economists warn, Another problem is that a January hike in the minimum hourly wage - the biggest in 17 years at a whopping 16 percent – may have had the opposite effect on incomes for the lower paid, and also become a deterrent to investment and recruitment..
Household income for the lowest 20 percent fell 8 percent in the first quarter from a year earlier, marking the sharpest fall since 2003 when Statistics Korea began compiling data, and almost a quarter of those aged 15-29 remain unemployed. “I want to work more hours, and take night shifts as much as possible,” said Heo. “I don’t necessarily see anyone actually making more money around me. I myself have cut down on groceries.”. A Lotte spokesman confirmed that most Lotte stores cut store hours, and some of its sub-contract workers worked fewer hours as a result.
On Saturday, the government-mandated Minimum Wage Commission heightened concerns over the issue by announcing that next year the minimum wage will gold and onyx inlaid tie clip cufflinks increase another 10.9 percent to 8,350 won ($7.40) an hour, That prompted a small business group, the Korea Federation of Micro Enterprise, to threaten to refuse to implement the reform, “Small-business owners are at a crossroads where they cannot help but choose either business shutdowns or staff cuts,” it said in a statement, Certainly, South Korean companies have slowed down hiring, The monthly average number of jobs added so far this year, 142,000, is the slowest pace seen since the 2008-09 global financial crisis..
On Monday, Moon acknowledged possible negative consequences for small business owners and low-income earners from a higher minimum wage, but said his policies will continue to focus on boosting incomes. “Steep increases in the minimum wage aim to ensure a dignified life for low-income workers, while raising household income to boost domestic demand, which in turn will lead to job creation,” Moon told his cabinet members at a policy meeting in Seoul, adding that efforts will be made to provide subsidies for the low-income earners who suffer as a result of the policies.
A Blue House official at the Presidential Committee on Jobs, a body Moon launched last year to fulfill his election promise of creating jobs, declined to elaborate further, Moon remains popular, with 69 percent backing in polling in July, though that is down from a peak of 83 percent in May after his summit with North Korean leader Kim Jong Un and his rating gold and onyx inlaid tie clip cufflinks has fallen for a fourth week in a row, according to Gallup Korea, It is unclear how much the economy is playing into those numbers, Shipbuilder Hyundai Heavy Industries (009540.KS) and retailers Lotte Shopping (023530.KS) and Shinsegae Inc, (004170.KS) are among companies who have begun to power off computers at 5:30 p.m, for office workers to prevent overtime, according to spokespeople for the companies..