AND SCORED 160!!!!!!
A 7 point jump is crazy! I never expected to make that kind of jump that quickly! I'm TOTALLY pumped and that confidence boost made my day go by pretty well. (I say pretty well because work sucked, as usual)
Anyway, I wrote a previous post that talked about inflation. The following article provides some insight into how companies like Nike affect the economy and how their focus on "keeping costs low" affect the lives of their workers.
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Strike at Nike Plant Highlights
Inflation Pressures in Vietnam
April 1, 2008 10:49 a.m.
In an indication of how soaring inflation is starting to disrupt Vietnam's fast-growing economy, 21,000 workers at a Taiwanese-owned factory that makes shoes for Nike Inc. have gone on strike seeking higher wages to keep pace with the rising cost of food and other essential goods.
Vietnam's inflation rate hit 19% in March – the highest level in 13 years – and its Communist leaders recently said their economic growth targets may have to be reduced to instead concentrate on curtailing rising prices in a country where the average per capita income is about $800 a year.
Prime Minister Nguyen Tan Dung indicated last week that this year's initial gross domestic product growth target of 8.5% to 9% is unlikely to be reached due to "unfavorable economic conditions." Vietnam's economy has been growing at an average of 7.5% a year since 2000. But the country's rapid economic expansion is also sending prices higher, buoyed in part by inflows of foreign investment to build factories, as well as growing demand for office space.
As a result, strikes have become increasingly frequent over the past year. In January, the government increased the minimum wage that foreign-owned factories must pay their employees by 13%.
Workers at the Taiwanese-owned Ching Luh Vietnam Co. factory in southern Long An province walked off the job Monday seeking further wage increases, provincial union officials Nguyen Van Thua said Tuesday, bringing production to a standstill. The plant, the largest single employer in Long An province, is one of 10 factories that Nike has contracted to produce sports shoes in Vietnam. Together, the factories produce about 75 million pairs a year.
Mr. Thua said that although the factory has been paying staff more than the minimum wage, workers are still struggling to meet daily living expenses. They are also bargaining for better working conditions, including an improved cafeteria.
In a statement, Nike said: "We recognize the impact that rising inflation has had on the people of Vietnam and support the government's move to raise the minimum wage at the beginning of the year. We strongly support the workers' right to freedom of association, and hope the situation will be resolved quickly and amicably."
To battle inflation, Vietnamese authorities have been striving to reduce liquidity in the country. That has contributed to a tumble in share-prices on the Ho Chi Minh Stock Exchange, whose index is about half its 2007 high.
Vietnam's export-driven economy also stands to suffer as U.S. business activity slows, economists say. Around 20% of Vietnam's exports go directly to the U.S.
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My favorite part is when Nike says it actually supports workers' rights. Bullshit. They do it because they don't have a choice.
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