James Hardie, Unions Sign Asbestos Compensation Pact
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SYDNEY - James Hardie Industries struck a deal to pay $1.1 billion to compensate asbestos-related disease sufferers on Tuesday, boosting the firm&#39;s stock as much as 8 percent as a 14-month row over funding neared its end.
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James Hardie Industries NV, Australia&#39;s fourth-biggest building materials maker, agreed to cover an estimated A$1.5 billion ($1.1 billion) shortfall in compensation for sufferers of asbestos diseases.
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Building products company James Hardie announced it had approved a multi-billion dollar deal to compensate victims of deadly diseases contracted from exposure to its asbestos products.
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JAMES Hardie&#39;s two most senior executives have agreed to stand aside after damning findings by a special inquiry into its asbestos liabilities, but chief executive Peter Macdonald
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Shares in James Hardie Industries have fallen sharply after the embattled building products group posted a 17 percent fall in net profit blamed on the costs of an inquiry into its handling of compensation claims by asbestos victims.
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SYDNEY: James Hardie Industries yesterday struck a deal to pay US$1.1bil to compensate asbestos-related disease sufferers, boosting the company&#39;s stock as much as 8% as a 14-month row over funding neared its end.
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TONY JONES: Unions and asbestos victims have accused the James Hardie Board of protecting the chief architects of its underfunded compensation trust.
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A fund set up by James Hardie Industries NV to compensate asbestos victims will apply for a liquidator to be appointed, setting a one-week deadline for the company to top up the fund or face the threat of legal action.
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Italian carrier Alitalia signed an agreement Wednesday with the government and labor unions over layoffs at the airline, the final hurdle in long negotiations for ensuring the company's survival.
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(Adds details of funding proposal and company comments.) By Morag MacKinnon Of DOW JONES NEWSWIRES. SYDNEY (Dow Jones)--Building products manufacturer James Hardie Industries NV (JHX) agreed Tuesday to fund
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Australian building products group, James Hardie, agrees to pay $1.1bn to sufferers of asbestos-related diseases.
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SYDNEY - James Hardie Industries yesterday agreed to pay A$1.5 billion ($1.6 billion) in compensation to people with asbestos-related diseases.
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Asbestos victims have hailed an agreement detailing how James Hardie intends to compensate them, but caution the deal is not yet legally binding.
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Hourly workers at four BF Goodrich tire factories in the United States and Canada have ratified a new labor agreement, the United Steelworkers of America said.
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SYDNEY: Australian building products firm James Hardie Industries NV may face criminal charges after a government inquiry found it broke the law by saying it had enough money in a fund to compensate thousands of asbestos victims.
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Building products maker James Hardie reached a landmark agreement Tuesday to compensate thousands of Australians suffering crippling lung diseases caused by the asbestos it made decades ago.
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KERRY O&#39;BRIEN: And what was left of James Hardie&#39;s reputation as a corporate citizen was shredded today after an inquiry into the former asbestos manufacturer found that the company and its senior executives had indulged in deceptive and misleading