Business
The striking Swedish workers taking on carmaker Tesla
Tim ManselBusiness reporter, Malmö, Sweden
BBCIn Sweden 70 car mechanics are continuing to take on one of the world’s richest companies – Tesla. The strike at the US carmaker’s 10 Swedish service centres has now reached its second anniversary, and there is little prospect of a resolution.
Janis Kuzma has been on the Tesla picket line since October 2023.
“It’s a tough time,” says the 39-year-old. And as Sweden’s cold winter weather sets in, it’s likely to become tougher.
Janis spends each Monday with a colleague, standing outside a Tesla garage on an industrial park in Malmö. His union, IF Metall, provides accommodation in the form of a mobile builders’ van, as well as coffee and sandwiches.
But it’s business as usual across the road, where the workshop appears to be in full swing.
The strike concerns an issue that goes to the heart of Swedish industrial culture – the right of trade unions to negotiate pay and conditions on behalf of their members. This concept of collective agreement has underpinned industrial relations in Sweden for nearly a century.
Today some 70% of Swedish workers are members of a trade union, and 90% are covered by a collective agreement. Strikes in Sweden are rare.
It’s an arrangement welcomed across the board. “We prefer the right to negotiate freely with the unions and sign collective agreements,” says Mattias Dahl of the Confederation of Swedish Enterprise business organisation.
But Tesla has upset the apple cart. Outspoken chief executive Elon Musk has said he “disagrees” with the idea of unions. “I just don’t like anything which creates a kind of lords and peasants sort of thing,” he told an audience in New York in 2023. “I think the unions try to create negativity in a company.”
Tesla came to Sweden back in 2014, and IF Metall has long wanted to secure a collective agreement with the company.
“But they wouldn’t respond,” says Marie Nilsson, the union’s president. “And we got the impression that they tried to hide away or not discuss this with us.”
She says the union eventually saw no other option than to announce a strike, which started on 27 October, 2023. “Usually it’s enough to make the threat,” says Ms Nilsson. “The company usually signs the agreement.”
But not in this case.
Janis Kuzma, who is originally from Latvia, started working for Tesla in 2021. He claims that pay and conditions were often dependent on the whim of managers.
He recalls a performance review at which he says he was refused an annual pay rise because he was “not reaching Tesla’s goals”. Meanwhile, a colleague was said to have been turned down for a pay rise because he had the “wrong attitude”.
However, not everyone went out on strike. Tesla had some 130 mechanics working at the time the industrial action was called. IF Metall says that today around 70 of its members are on strike.
Tesla has long since replaced these with new workers, for which there is no precedent since the 1930s.
“Tesla has done it [found replacement staff] openly and systematically,” says German Bender, a researcher at Arena Idé, a think tank financed by Swedish trade unions.
“It’s not illegal, which is important to understand. But it goes against all established norms. But Tesla doesn’t care about norms.
“They want to be norm breakers. So if somebody tells them, hey, you are breaking a norm, they see that as a compliment.”
The BBC asked to speak to Tesla’s subsidiary, TM Sweden, but the request was declined in an email citing “all-time high deliveries”.
Indeed, the company has given only one media interview in the two years since the strike began.
In March 2024, TM Sweden’s “country lead”, Jens Stark, told the business paper Dagens Industri that it suited the company better not to have a collective agreement, and instead “to work closely with the team and give them the best possible conditions”.
Mr Stark denied that the decision not to enter a collective agreement was one made at Tesla headquarter in the US. “We have a mandate to make our own such decisions,” he said.
IF Metall is not entirely alone in its fight. The strike has been supported by a number of other unions.
Dockworkers in neighbouring Denmark, Norway and Finland, are refusing to handle Teslas; rubbish is no longer collected from Tesla’s Swedish facilities; and newly built charging stations are not being connected to the grid in the country.
There is one such facility near Stockholm Arlanda Airport, where 20 chargers stand idle. But Tibor Blomhäll, the president of enthusiasts group Tesla Club Sweden, says Tesla owners are unaffected by the strike.
“There’s another charging station 10km (six miles) from here,” he says. “And we can still buy our cars, we can service our cars, we can charge our cars.”
AFP via Getty ImagesWith stakes high on both sides, it’s hard to see an end to the stand-off. IF Metall risks setting a precedent if it concedes the principle of collective agreement.
“The concern is that that would spread,” says Mr Bender, “and eventually erode the strong support for the labour market model that we have among employers as well”.
Tesla, on the other hand, may feel that conceding this fight in Sweden would strengthen the hand of those who want to unionise Tesla at its production facilities in the US and Germany, where it employs tens of thousands of staff.
Mr Bender detects another reason for the position Tesla has taken. “I think it’s important to understand that Elon Musk doesn’t want to be sort of told how to do things,” he says.
“And I think he doesn’t view the industrial action that the union has taken as an invitation to negotiate, but rather as an ultimatum to sign a dotted line that he doesn’t want to sign.”
Mr Blomhäll of Tesla Club Sweden also says he sees no quick solution. “This will be another Korean War,” he says. “A conflict that just drags on.”
The Home Office has “squandered” billions of pounds of taxpayers’ money on asylum accommodation, according to a report by a committee of MPs.
The Home Affairs Committee said “flawed contracts” and “incompetent delivery” left the department unable to cope with a surge in demand and it relied on hotels as “go-to solutions” instead of temporary stop-gaps.
The MPs said expected costs had tripled to more than £15bn and not enough had been done to recoup excess profits.
A Home Office spokesperson said the government was “furious about the number of illegal migrants in this country and in hotels”, and reiterated its pledge to end the use of asylum hotels by 2029.
Around 32,000 asylum seekers are currently living in 210 hotels whilst their applications are processed, costing the government around £5.5m a day.
The report said the current system for housing people seeking asylum – with its reliance on hotels – was expensive, unpopular with local communities and unsuitable for the asylum seekers themselves.
The report said the contracts drawn up for accommodation providers under the Conservatives had been flawed and that “inadequate oversight” had meant failings went “unnoticed and unaddressed”.
Expected costs for hotel contracts from 2019-2029 have risen from £4.5bn to £15.3bn, while two accommodation providers still owe millions in excess profits that the Home Office has not recovered, the report found.
Chair of the committee Dame Karen Bradley told BBC Radio 4’s Today programme: “We just ended up with more people than the contracts ever thought there could be and that’s meant that the costs have absolutely rocketed.”
“The government has only just started looking at claiming back those profits, auditing the accounts to see what is due back to the taxpayer,” Dame Karen said.
The said “failures of leadership at a senior level” were among reasons the Home Office was “incapable of getting a grip on the situation”.
Dame Karen said the department had “neglected the day-to-day management of these contracts” and has focused on “short term, reactive responses”.
“The skills needed to manage these contracts simply were not present in the Home Office when they were drawn up,” she added.
External factors, including the pandemic and the “dramatic” increase in small boat arrivals, have meant the Home Office has had to accommodate “a growing number of people for longer periods of time” the report said.
Choices made by the previous Conservative government, including to delay asylum decisions as it pursued the scheme to deport migrants to Rwanda, factored into this, MPs added.
While the report acknowledged the “challenging environment” in which the Home Office was operating, it said “its chaotic response has demonstrated that it has not been up to the challenge”.
The MPs said they had heard too many cases of inadequate asylum accommodation and unaddressed safeguarding concerns for vulnerable people.
Housing Secretary Steve Reed accused the previous government of “pouring taxpayers’ money down the drain”.
He added that Labour ministers were continuing to look at housing asylum seekers on disused military bases, as they are the “least expensive option available”, alongside longer-term rental accommodation options.
Two former military sites – MDP Wethersfield, a former RAF base in Essex, and Napier Barracks, a former military base in Kent – are already being used to house asylum seekers after being opened under the Conservatives.
Dame Karen welcomed the government’s pledge to shift away from asylum hotels and invest in larger sites like military bases.
But she said past failings, like moving people into accommodation too quickly, must not be repeated.
“On large sites, once the lessons have been learned, facilities are much better, people are in much more suitable accommodation and it can be better for everybody,” she said.
In response to the report, a Home Office spokesperson said: “We have already taken action – closing hotels, slashing asylum costs by nearly £1 billion and exploring the use of military bases and disused properties.”
Several protests and counter-protests over asylum hotels have taken place across the UK this year, notably in Epping over the summer after an asylum seeker being housed at The Bell Hotel was charged with two sexual assaults.
Business
‘Indian Economy Continues To Gain Momentum Despite Uncertain Global Outlook’: FinMin Report
Last Updated:
‘Demand conditions across rural and urban India strengthened with…GST reforms and the festive season,’ the finance ministry says in latest Monthly Economic Review.
The finance ministry said the combination of macroeconomic stability, regulatory reforms, and ongoing structural initiatives is expected to have a positive multiplier effect on economic activity.
Despite global economic uncertainties and trade disruptions, India’s economy has continued to gather strength, supported by robust domestic demand, strong manufacturing and services activity, and contained inflation, according to the finance ministry’s Monthly Economic Review for September 2025 released on October 27.
“Amidst…uncertain global outlook, India’s economy continues to gain momentum. Demand conditions across rural and urban India strengthened with the implementation of the GST reforms and the festive season, coinciding with industry reports signalling robust growth in sales, particularly in sectors such as automobiles. On the supply side, the manufacturing and services sectors expanded healthily. Taking into account the higher-than-anticipated growth in Q1 FY26 and steady upward trends visible in Q2 FY26, India’s growth forecasts for FY26 have been upgraded,” the finance ministry said in the report.
The report noted that economic activity worldwide has remained steady over the past few months, despite adverse trade policy disruptions. As a result, global economic growth this year is now expected to fare better than initially feared. This is reflected in the International Monetary Fund’s (IMF) upward revision of the global growth forecast for 2025 to 3.2 per cent in October 2025, compared with 3 per cent in July 2025 and 2.8 per cent in April 2025. Several transitory factors, such as a lower effective tariff rate in the US and frontloading of trade, have contributed to propping up growth. However, this resilience masks underlying structural weaknesses which are coming to the fore, leaving projections for global growth in 2026 broadly unchanged since July 2025.
The IMF now expects India’s real GDP to grow 6.6% in FY26, while the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) projects an even higher 6.8% growth, reflecting upgrades of 20 and 30 basis points, respectively.
Inflation Under Control, Price Stability Expected to Continue
The report highlighted that inflation remains well within control, aided by continued deflation in food categories. Retail headline inflation eased to 1.54% in September 2025, bringing the Q2 FY26 average to 1.7%.
Core inflation (excluding food and fuel) stood at 4.6% in September, with prices of non-food items staying stable. The ministry said, barring any adverse weather events or supply chain shocks, price stability is likely to prevail.
The RBI expects inflation to average 1.8% in Q3 FY26, with a slight uptick in Q4 FY26 and Q1 FY27 as base effects fade.
RBI Measures Support Liquidity and Credit Flow
The finance ministry credited the RBI’s liquidity management for ensuring adequate credit availability to support growth. The transmission of monetary policy into money and credit markets remains effective, reflecting the central bank’s calibrated approach.
It added that the RBI’s recent regulatory and development policies demonstrate a “balanced response” to evolving macroeconomic conditions — combining prudence with reforms aimed at strengthening banks, boosting credit flow, simplifying forex management, and internationalising the Indian Rupee.
External Trade Remains Resilient
India’s external sector has also shown resilience despite a volatile global trade environment. Total exports of goods and services grew 4.4% year-on-year in the first half of FY26 to reach USD 413.3 billion.
While merchandise exports rose 3%, services exports expanded 6.1% during the same period. Core merchandise exports, excluding petroleum and gems & jewellery, grew a strong 7.5%, underscoring the competitiveness of India’s manufacturing base.
Labour Market, Reforms, and Innovation Drive Growth
The government’s emphasis on skill development and job creation has helped stabilise the labour market in H1 FY26, with rising labour force participation and employment growth in both industry and services.
The introduction of GST 2.0 is expected to further stimulate consumption and investment, creating a multiplier effect on employment and demand.
The report also highlighted the government’s focus on research and innovation to boost global competitiveness. The Promotion of Research & Innovation in Pharma-MedTech Sector (PRIP) scheme, launched by the Department of Pharmaceuticals, will provide around ₹11,000 crore in support for R&D projects. The initiative aims to transform India’s Pharma-MedTech sector into a globally competitive, innovation-driven ecosystem by funding early-stage research and promoting flexible collaborations focused on public health priorities.
Outlook: Growth Momentum to Sustain
The finance ministry said the combination of macroeconomic stability, regulatory reforms, and ongoing structural initiatives is expected to have a positive multiplier effect on economic activity. These efforts, it said, will support domestic demand, enhance resilience, and help sustain India’s growth momentum despite a challenging global environment.
“Looking ahead, the lower GST rate is expected to support a positive demand outlook by reducing the tax burden on consumers and businesses, stimulating consumption and investment across sectors and boosting employment generation in the economy. Moreover, a strong performance in the industries and services sector, along with a stable labour market, will further enhance domestic demand. Nevertheless, global uncertainties warrant caution and will continue to affect external demand, presenting downside risks to the growth outlook,” the ministry said.
The implementation of various growth-enhancing structural reforms and government initiatives, including GST 2.0, is expected to mitigate some of the negative impacts of these external challenges, it added.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 27, 2025, 13:22 IST
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Jayesh Logistics IPO: Unlisted shares of Jayesh Logistics Ltd are currently trading at Rs 127 apiece in the grey market, against the upper IPO price of Rs 122, a GMP of 4.10%.
Jayesh Logistics IPO GMP Today.
Jayesh Logistics IPO Day 1: The initial public offering (IPO) of Jayesh Logistics Ltd opened on Monday, October 27. The Rs 28.63-crore SME IPO will remain available for public subscription for three days till Wednesday, October 29. Till 10:29 am on the first day of bidding on Monday, the IPO received a 0.17x subscription, garnering bids for 2,86,000 shares as against the 16,71,000 shares on offer.
Its retail category has received a 0.20x subscription, while the NII (non-institutional investor) quota has received a 0.38x subscription.
Jayesh Logistics IPO Price & Lot Size
The price band of the IPO has been fixed in the range of Rs 116 to Rs 122 apiece. The lot size for the issue is 1,000. It means a retail investor will have to apply for a minimum of 1,000 shares (a lot) and in multiple thereof. The minimum investment required is Rs 2,44,000, on the upper price of the IPO.
Jayesh Logistics IPO GMP Today
According to market observers, unlisted shares of Jayesh Logistics Ltd are currently trading at Rs 127 apiece in the grey market, against the upper IPO price of Rs 122. It means a grey market premium (GMP) of 4.10%, indicating mild listing gains for investors as of now.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The IPO will be listed on both the NSE Emerge on November 3.
Jayesh Logistics IPO: More Details
The IPO, which is entirely a fresh issue of 23.47 lakh shares, will close for subscription on October 29, 2025, with allotment expected on October 30. The company’s shares are proposed to be listed on the NSE SME platform on November 3, 2025.
The price band for the issue has been fixed at Rs 116-Rs 122 per share, with a lot size of 1,000 shares. The minimum investment for retail investors is Rs 2,44,000 (for two lots or 2,000 shares at the upper band), while HNIs are required to apply for a minimum of three lots (3,000 shares), amounting to Rs 3,66,000.
Indcap Advisors Pvt Ltd is the book-running lead manager, Kfin Technologies Ltd. serves as the registrar, and Giriraj Stock Broking Pvt Ltd is the market maker for the issue.
Financially, the company reported a revenue jump of 27%, while profit after tax (PAT) surged 128% between FY24 and FY25, reflecting improved operational performance.
Founded in May 2011, Jayesh Logistics Limited is a full-service logistics solutions provider with a strong presence in cross-border cargo movements across the Indo-Nepal Corridor and the Nepal hinterland.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 27, 2025, 10:42 IST
Read More
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