JSW signs agreement with trade unions

Ailing coal producer JSW has reached an agreement with its major trade unions to cut some of its employees' benefits to avoid the risk of going under, the company said on Wednesday. This deal, together with agreements signed with the unions earlier this year will result in JSW labor cost cuts by PLN 2 billion in 2016-2018, JSW said. The mine also announced that it will curb certain benefits for retired workers, which is believed will bring PLN 70 million in savings. Earlier this week the acting CEO at JSW asked the trade unions to temporarily freeze bonuses and other perks after one of its debtholders called for an earlier bond buyout adding to the company's problems amid record low coal prices.