One of Monaco’s oldest industrial companies has shuttered its doors amidst labour disputes, leaving 190 employees in the dark about their future.
Last April, it was announced that Foreplast, makers of plastic parts used in car manufacturing for companies such as Volkswagen, Peugeot Citroën and Toyota, would be closing its doors, putting some of its workers on the unemployment line.
After 24 meetings spanning several months, talks between employees and management finally ended in a stalemate. Employees claimed that management didn’t take them seriously and that a revised “low-cost” social plan had been preordained, giving employees less security for the future. In a company where many employees have spent their entire working life, 28 years on average, the changes were unacceptable and alarming.
Management said they has been open to negotiations and had agreed to some of the employee demands, including improved measures compared to the former social plan from 2014.
In the end, on 6th August, employee representatives came to the facility to find that the locks on the doors had been changed whilst the factory had been on its annual summer closure.
The fate of a further 190 employees in Monaco remains unknown as further information is expected in September.
France’s business activity was far above predictions in February, reaching close to a six-year high just two months before presidential elections. Services were particularly strong, according to the latest data. IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, the highest level since May 2011.
The increase beat economists' expectations and marked the eight consecutive month that the index has been above the 50-point threshold, dividing an expansion from a contraction in activity.
"It's a big surprise to see growth accelerate this markedly, especially in the run-up to a general election," IHS Markit chief economist, Chris Williamson, said. "Expectations about the outlook are picking up with very few instances of companies saying they were worried about the election result on the economy.”
Economic growth of 0.6 percent in the first quarter would be the best quarterly rate in a year. The service sector index jumped to 56.7 from 54.1 in January against expectations for a slight dip to 53.8.