Sri Lanka is among the countries with exceptionally poor pay in the world, according to the annual International Geographic Salary Differentials report from Mercer.Five countries from 75 countries covered in a study have exceptionally poor pay rankings and sit at the bottom of the table. According to Mercer, the main reason for sending someone overseas is to provide specific skills not available locally. Other reasons cited for foreign assignments included career development, ensuring knowledge transfer and fulfilling a specific project. However, some countries are not popular with would be expats, most notably China, where people are worried about language difficulties, health care and education.There have been major changes in salaries in countries around the world at all career levels, especially for management, according to a new report. Several Latin American countries have risen up the net pay rankings while Eastern Europe has seen the sharpest drops, according to the annual International Geographic Salary Differentials report from Mercer. Switzerland remains the highest paying country with regard to net salary for four of the six career levels covered by the report. It fell to third place for upper middle management and second place for lower middle management. The countries that saw the sharpest drops in overall net pay rankings are mostly in Europe with Serbia dropping an average of 14 places across all six career levels. Indonesia, Lithuania, Spain, Algeria and Estonia also saw significant falls. (Colombo Gazette) They are mostly poorer countries with unstable political regimes; Algeria, India, Pakistan, Sri Lanka and Vietnam, expatforum.com reported. The research comes at a time when more workers are getting the chance to work overseas. Separate research from the firm shows that China, the United States, Brazil, the UK and Australia are the most popular destinations for employers sending workers overseas.
Terex Corporation in the latest move in its divestment program has announced that it has completed the sale of its Material Handling and Port Solutions business (MHPS) to Konecranes Plc for $595 million and €200 million in cash and 19.6 million newly issued class B shares representing a 25% interest in Konecranes.“We believe that the Konecranes-MHPS combination represents compelling industrial logic that will deliver significant value to Konecranes customers, team members and shareholders, including Terex” said John Garrison, Terex President and CEO. In mining terms, MHPS includes assets such as grabs used in bulk minerals handling at mineral ports, as well as overhead cranes used in the manufacturing of mining equipment, for heavy maintenance as well as mineral processing plants.Garrison continued, “The sale of our MHPS business is a major milestone on our journey to become a more focused, high performance enterprise. We are committed to delivering improved profitability and return on capital across Terex as we implement our strategy of focus, simplify, and execute to win. Also, we will move forward over the coming weeks with our planned debt reduction, significantly reducing our interest expense and leverage as we enter 2017.”The final transaction consideration is subject to post-closing adjustments for cash, debt, working capital, MHPS actual 2016 EBITDA and the closing of the sale of the Stahl CraneSystems business.