DIRS.INFO The most relevant business & tech news

☆ Hawaiian Airlines' parent surges on $1.9 bln buyout deal with Alaska Air
▼ + stars: | 2023-12-04 | by ( Ananta Agarwal | ) www.reuters.com time to read: +2 min

Hawaiian Airlines airplanes sit idle on the runway at the Daniel K. Inouye International Airport due to the business downturn caused by the coronavirus disease (COVID-19) in Honolulu, Hawaii, U.S. April 28, 2020. REUTERS/Marco Garcia/File Photo Acquire Licensing RightsDec 4 (Reuters) - Shares of Hawaiian Holdings (HA.O), the parent of Hawaiian Airlines, nearly tripled on Monday after Alaska Air Group (ALK.N) agreed to acquire it for $1.9 billion, including debt. Hawaiian Holdings hasn't reported an adjusted profit in three yearsAlaska and Hawaiian said on Sunday the deal, valued at $929.4 million on an equity basis, will expand their networks and offer more choices to passengers. The deal will enable Alaska to grow in the lucrative Asia Pacific market, while Hawaiian customers can travel non-stop to the U.S. mainland, Becker added. Shares of Seattle-based Alaska Air were down 17.6%.

Persons: Daniel K, Marco Garcia, TD Cowen, Helane Becker, Becker, Craig Jenks, Biden, Ananta Agarwal, Shivansh, Krishna Chandra Eluri Organizations: Airlines, Inouye, REUTERS, Hawaiian Holdings, Hawaiian Airlines, Alaska Air Group, Airbus, Alaska Air, Holdings, Sunday, Asia, Airline, Aircraft, U.S . Justice, JetBlue, Spirit Airlines, Thomson Locations: Honolulu , Hawaii, U.S, Maui, Alaska, Asia Pacific, New York, premarket, Seattle, Bengaluru

☆ US new vehicle sales to rise in November on strong demand - report
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsNov 22 (Reuters) - New vehicle sales in the United States are expected to rise in November, a report from industry consultants showed on Wednesday, as demand for the latest models remains strong and inventories improve. U.S. new vehicle sales, including retail and non-retail transactions, are estimated to reach 1,236,000 units in November, a 10.2% jump from a year earlier, according to the joint forecast report by J.D. "Sales growth is being enabled by improving vehicle availability," said Thomas King, president of the data and analytics division at J.D. Inventory pile-up, however, led to a 1.9% year-on-year decline in transaction prices with an average price of new retail vehicles at $45,332. Power and GlobalData have also raised the annual forecast for global light-vehicle sales to 89.3 million units, up 10% from last year, on strength in China demand.

Persons: Carlos Barria, J.D ., Thomas King, J.D, Jeff Schuster, Ananta Agarwal, Shweta Agarwal Organizations: REUTERS, J.D, Thomson Locations: Port of Richmond, San Francisco , California, United States, ., China, Bengaluru

☆ MGM's Detroit Casino Workers Reject New Labor Deal
▼ + stars: | 2023-11-20 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Workers at MGM Resorts International's Detroit casino have rejected a tentative five-year labor contract and will continue with their month-long strike, union officials said on Monday. However, about 2,100 union members at Hollywood Casino at Greektown and MotorCity Casino voted on Monday to ratify the new contract, ending a 34-day strike. The council reached a tentative agreement on Nov. 17 for a new contract covering 3,700 workers at MGM Grand Detroit, Hollywood Casino at Greektown operated by Penn Entertainment and MotorCity Casino. Despite the continuation of the strike at MGM Grand, operations will continue as usual, the casino said. About 40,000 hospitality workers in the Las Vegas Strip also reached a tentative labor deal with casinos operated by Wynn Resorts, Caesars Entertainment and MGM earlier this month.

Persons: Ananta Agarwal, Anil D'Silva Organizations: Reuters, Workers, MGM Resorts, Detroit Casino Council, MGM, Hollywood, MotorCity, MGM Grand Detroit, Penn Entertainment, United Auto Workers, UAW, Teamsters, Las Vegas, Wynn Resorts, Caesars Entertainment Locations: Detroit, Greektown

Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.

Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru

The new five-year agreement covers 5,000 employees at two Wynn Resorts properties and follows similar deals for 35,500 workers with rivals Caesars Entertainment (CZR.O) and MGM Resorts International (MGM.N) earlier this week. The deal with Wynn and the Culinary Workers and Bartenders Unions marks the end of negotiations between the unions and the largest casino operators in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the Super Bowl, which is scheduled to take place in February.

Persons: Wynn, Daniel, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur, Rod Nickel Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Las, Vanderbilt University, Las Vegas Convention, Visitors Authority, Las Vegas, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Wynn Resorts reaches deal with Las Vegas Unions hours before strike
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +3 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts (WYNN.O) hours before a strike, their unions said on Friday, ending a strike threat against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. It also averts the threat of a major disruption to popular events expected to draw thousands of visitors to the tourist-driven economy of Las Vegas. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority.

Persons: Wynn, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Detroit Three, Hollywood, Wynn, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Las Vegas unions end strike threat after reaching labor deal with Wynn Resorts
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts <WYNN.O>, their union said on Friday, ending the threat of a strike against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. "We are very pleased that we were able to reach an agreement," Wynn said in a Friday statement, adding that it was looking forward to a ratification of its tentative agreement soon.

Persons: Wynn, Ananta Agarwal, Shivansh, Arun Koyyur, Anil D'Silva Organizations: Hospitality, Wynn Resorts, Wynn, Caesars Entertainment, MGM Resorts International, Auto, Detroit, Hollywood, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism. Caesars Entertainment (CZR.O), the second-biggest Las Vegas casino operator by number of employees, said the deal provides "meaningful wage increases" and aligns with plans to bring more union jobs to the Strip. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. The city is gearing up for events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw thousands of tourists. TALKS WITH MGM, WYNN CONTINUETalks with casino operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of Friday's deadline for a strike.

Persons: Steve Marcus, Ted Pappageorge, we've, Pappageorge, Erik Gordon, Daniel Busby, WYNN, William Hornbuckle, Wynn, Barry Jonas, Jonas, Shivansh Tiwary, Ananta Agarwal, Rod Nickel, Stephen Coates Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Culinary Union, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, Paris Las Vegas, Caesars, MGM, MGM Resorts International, Wynn Resorts, Wynn, Vegas . Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Vegas ., Bengaluru, Doyinsola, New York

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. The culinary workers and bartenders Unions said that 25,470 workers have a new five-year tentative agreement with MGM. Casino resort operators have been earning record profits from a steady post-pandemic recovery in Las Vegas tourism. Caesars Entertainment (CZR.O), the second-biggest Las Vegas casino operator after MGM by number of employees, said that its deal with the unions provides "meaningful wage increases." Visits to Las Vegas in September were 4% lower than in the same period in 2019, the year before the pandemic, according to data from the Las Vegas Convention and Visitors Authority.

Persons: Bridget Bennett, Ted Pappageorge, We're, Bill Hornbuckle, Wynn, Ananta Agarwal, Arun Koyyur Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Unions, Caesars Entertainment, Culinary Union, Las, Wynn Resorts, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas , Nevada, U.S, Las Vegas, United States, Detroit, Vegas, Bengaluru, Doyinsola, New York

Casino-resort operators have been earning record profits from a steady post-pandemic recovery in tourism to Las Vegas. Visits to the city in August were just 7% lower than in the same period in 2019, according to the Las Vegas Convention and Visitors Authority. The city is also gearing up for major events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw more than 100,000 tourists. TALKS WITH MGM, WYNN CONTINUETalks with operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of the Nov. 10 deadline for a strike. Caesars shares were up about 3% in early trading, while MGM and Wynn Resorts rose 1.6% and 0.5%, respectively.

Persons: Steve Marcus, Erik Gordon, WYNN, Barry Jonas, Shivansh Tiwary, Ananta Agarwal, Sriraj Kalluvila, Arun Koyyur Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, MGM, MGM Resorts International, Wynn Resorts, Wynn, Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Bengaluru

☆ Homebuilder D.R. Horton sees weaker Q1 as high mortgage rates cool demand
▼ + stars: | 2023-11-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +2 min

A house under construction is seen at Hawthorne Estates by D. R. Horton in Medford, New Jersey, U.S., May 23, 2022. Horton (DHI.N) said on Tuesday it expects a sequential decline in home sales in the first quarter as high mortgage rates temper demand for housing. With current 30-year fixed mortgage rates nearing 8% and home prices continuing to surge due to a shortage of units for sale, many have deferred their home buying plans. Horton said on a call with analysts, adding that it's offering mortgages in the 6% range compared to the current high rates. In the fourth quarter, D.R.

Persons: Andrew Kelly, homebuilder D.R, Horton, DHI.N, homebuilders, D.R, Ananta Agarwal, Shinjini Organizations: Hawthorne Estates, REUTERS, Revenue, Thomson Locations: Hawthorne, Horton, Medford , New Jersey, U.S, Arlington , Texas, Bengaluru

☆ Norfolk Southern profit slumps, takes $163 mln charge on Ohio derailment
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jonathan Drake/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. railroad operator Norfolk Southern's (NSC.N) third-quarter profit slumped 41% on Wednesday as the company took another hefty charge related to the Eastern Ohio freight train derailment. The company took a $163 million hit in the quarter following a $416 million charge on its quarterly statement in the second quarter and a $387 million charge in the first. Norfolk reported quarterly income from railway operations of$756 million, including the derailment charge, compared to $1.3 billion earned last year. The company's quarterly results were in contrast with that of peer Union Pacific (UNP.N), which reported profit above estimates last Thursday. Reporting by Ananta Agarwal and Mehr Bedi in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Drake, Ananta Agarwal, Mehr Bedi, Arun Koyyur Organizations: University of North, REUTERS, U.S . Justice, Union Pacific, Thomson Locations: Norfolk Southern, Chapel Hill , North Carolina, U.S, Norfolk, Eastern Ohio, of Mexico, Great Lakes, Bengaluru

☆ WeWork COO Anthony Yazbeck to step down
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - WeWork's (WE.N) Chief Operating Officer Anthony Yazbeck will step down from his role and also as president on Oct. 20, the company said on Thursday, days after it named interim chief David Tolley as permanent CEO. The leadership changes at the beleaguered flexible workspace provider comes amid its ongoing efforts to turn around the ailing business. The circumstances leading to Yazbeck's departure is not due to any disagreement related to financial or operational matters, the company said in a regulatory filing. Earlier this year, CEO Sandeep Mathrani and CFO Andre Fernandez departed the company, which made its debut on the public market in 2021. Reporting by Ananta Agarwal in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Yazbeck, David Tolley, WeWork, Sandeep Mathrani, Andre Fernandez, Ananta Agarwal, Shailesh Organizations: Thomson Locations: Bengaluru

☆ Union Pacific's quarterly profit drops 19% on lower volumes
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Union Pacific livery on the side of a cargo locomotive is pictured ahead of a possible strike if there is no deal with the rail worker unions, at Union Station in Los Angeles, California, U.S., September 15, 2022. REUTERS/Bing Guan/File Photo Acquire Licensing RightsOct 19 (Reuters) - Union Pacific (UNP.N) reported a 19% fall in quarterly profit on Thursday, as higher labor costs and lower volumes outweighed the benefits from price hikes implemented by the railroad operator. The company's operating ratio, a key metric that indicates operating expenses as a percentage of revenue, rose to 63.4% in the third quarter from 59.9% reported a year ago. Union Pacific, which connects 23 states in the western two-thirds of the country by rail, also posted a 10% decline in quarterly operating revenue to $5.94 billion. Reporting by Ananta Agarwal and Amna Karimi in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Jim Vena, Ananta Agarwal, Amna, Shilpi Majumdar Organizations: Union Station, REUTERS, Union Pacific, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Las Vegas Sands beats Wall Street estimates on ongoing tourism recovery in Macau
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The logo of Las Vegas Sands Corp is pictured at the Japan IR EXPO in Yokohama, Japan January 29, 2020. REUTERS/Kim Kyung-Hoon Acquire Licensing RightsOct 18 (Reuters) - Las Vegas Sands Corp (LVS.N) reported better-than-expected profit and revenue for the third quarter on Wednesday, as ongoing ramp up of outbound tourism to Macau and Singapore spurred gaming volumes and retail sales. Shares of the casino operator, which has operations in Macau and Singapore, rose 5.13% in trading after the bell. Both Macau and Singapore have seen tourism soar after pandemic restrictions eased, with visitation to Macau surpassing three million in August for the first time since the pandemic. With tourism close to pre-pandemic levels, Las Vegas Sands has benefited from a business mix comprising a greater share of the mass segment as opposed to VIP in its properties – Marina Bay Sands in Singapore and The Londoner and The Venetian in Macau.

Persons: Kim Kyung, Robert Goldstein, Ananta Agarwal, Shailesh Organizations: Vegas Sands Corp, REUTERS, Thomson Locations: Japan, Yokohama, Macau, Singapore, Vegas, Bay Sands, Macao, Bengaluru

☆ Thousands of Detroit casino workers threaten to go on strike on Tuesday
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 16 (Reuters) - About 3,700 Detroit casino workers are set to strike on Tuesday noon, if a contract deal is not reached, the Detroit Casino Council (DCC) said on Monday. A strike will hit operations at MGM Grand Detroit operated by MGM Resorts International (MGM.N), MotorCity Casino and Hollywood Casino at Greektown operated by Penn Entertainment (PENN.O). On Sept. 29, 99% of voting workers from all unionized groups at the three Detroit casinos voted to authorize the DCC negotiating committee to call a strike. Industry gaming revenues have since surpassed pre-pandemic levels, with the Detroit casino industry generating $2.27 billion in 2022, as per the negotiating committee. The Culinary Workers and Bartenders Unions held a picket at Vegas properties of MGM Resorts and Caesars Entertainment last Thursday.

Persons: Rebecca Cook, Ananta Agarwal, Sriraj Organizations: REUTERS, Detroit, Detroit Casino Council, MGM Grand Detroit, MGM Resorts International, Hollywood, Penn Entertainment, DCC, Industry, Detroit Casino, UAW, Teamsters, Engineers, Michigan Regional, of Carpenters . Unions, MGM, Caesars Entertainment, Wynn Resorts, Culinary Workers, Bartenders Unions, MGM Resorts, Thomson Locations: Detroit , Michigan, Greektown, Detroit, U.S, Vegas, Bengaluru

☆ UAW says GM will allow battery plant workers to be covered by labor deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Striking United Auto Workers members, from the General Motors Lansing Delta Plant, picket on a street corner in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 6 (Reuters) - The United Auto Workers (UAW) said on Friday General Motors will allow workers at joint-venture battery plants to be covered by a labor agreement, removing one of the major sticking points in negotiations. However, an agreement with the 'Detroit Three' automakers remains elusive, UAW President Shawn Fain said on Friday, though he held off on expanding ongoing, coordinated strikes, citing progress in talks. As the union's strike enters its 22nd day, here is a timeline of events beginning with the election of Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur Organizations: United Auto Workers, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, UAW, Friday General, Thomson Locations: Delta Township, Michigan, Detroit, Bengaluru

☆ UAW and Ford Motor make progress in labor negotiations
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +1 min

[1/3] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsOct 5 (Reuters) - The United Auto Workers (UAW) and Ford Motor (F.N) have narrowed their differences on pay increases after a new offer from the automaker amid "really active" talks, people familiar with the bargaining among the Detroit Three automakers and the union said on Wednesday. UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis <STLAM.MI? on Friday, a person briefed on the union's plans said. As the union's strike against the 'Detroit Three' enters its 21st day, here is a timeline of events beginning with the election of Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Shailesh Kuber, Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur Organizations: REUTERS, United Auto Workers, UAW, Ford, Detroit Three, Wednesday, General Motors, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Detroit, Bengaluru

☆ UAW to expand strike at Ford, General Motors
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 29 (Reuters) - The United Auto Workers (UAW) union will walk off the job at an additional plant at General Motors and at Ford, President Shawn Fain said on Friday, as the first-ever simultaneous strike against the Detroit Three automakers enters its third week. The UAW had been planning to announce a new strike at Stellantis NV (STLAM.MI), but the company called moments before the scheduled 10 a.m. address and made significant changes in its contract proposal, Fain said. The strike will expand to Ford's (F.N) Chicago assembly plant and GM's (GM.N) Lansing, Michigan, assembly plant, covering about 7,000 workers. Here is a timeline of events beginning with the election of the Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Arun Koyyur, Shailesh Kuber and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Arun Koyyur, Shailesh Organizations: REUTERS, United Auto Workers, UAW, General Motors, Ford, Detroit Three, Stellantis NV, Thomson Locations: Belvidere , Illinois, U.S, Chicago, Lansing , Michigan, Bengaluru

☆ Air Canada to operate as usual during informational picket by pilots union
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

Two Air Canada Boeing 737 MAX 8 aircrafts are seen on the ground as Air Canada Embraer aircraft flies in the background at Toronto Pearson International Airport in Toronto, Ontario, Canada, March 13, 2019. REUTERS/Chris Helgren Acquire Licensing RightsSept 27 (Reuters) - Air Canada (AC.TO) said on Wednesday it will operate the airline as usual when its pilots conduct an informational picket at the company's main hub, the Pearson International Airport, on Friday. "As we watch Air Canada cut routes due to an industry-wide shortage of pilots, we encourage them to close the growing wage gap between Canada and the United States," said Charlene Hudy, chair of the Air Canada Master Executive Council, in a statement on Tuesday. Air Canada's estimated 4,500 pilots have received a 2% wage increase per year since 2014. The pilots, represented by the Air Line Pilots Association (ALPA) union, began bargaining for new labor terms this summer, before the end of their decade-long contract.

Persons: Chris Helgren, Charlene Hudy, Ananta Agarwal, Devika Organizations: Air Canada Boeing, Air Canada Embraer, Toronto Pearson International Airport, REUTERS, Air Canada, Pearson International, Delta Air Lines, American Airlines, Air, Air Canada's, Air Line Pilots Association, Thomson Locations: Toronto , Ontario, Canada, Air Canada, United States, North America, Bengaluru

☆ Strike looms as talks between UAW, Detroit Three drag on
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

[1/4] Jeep Cherokee SUV's and Ram trucks fill the parking lot at the Stellantis plant that was idled in February 2023, in Belvidere, Illinois, U.S., June 27, 2023. REUTERS/Bianca Flowers Acquire Licensing RightsSept 12 (Reuters) - The United Auto Workers (UAW) union has warned of a coordinated strike against the Detroit Three automakers, if an agreement is not reached on a new contract covering some 150,000 workers. Negotiations over a new deal began in July but the three automakers - General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) - and the UAW have made little headway on the terms of the contract. ET on Sept. 14 (0359 GMT the next day). Here is a timeline of events beginning with the election of the new UAW chief in March:Reporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Ananta Agarwal, Anil D'Silva Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Bengaluru

☆ Summit Materials to buy Cementos Argos' US unit in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( Ananta Agarwal | ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would buy the U.S. operations of Columbia's Cementos Argos (CCB.CN) for about $3.2 billion in cash and stock, in a deal that would make the combined entity the largest U.S.-based cement producer. Cementos Argos, the core unit of industrial conglomerate Grupo Argos (ARG.CN), will own a 31% stake in Summit and receive $1.2 billion in cash payments, subject to certain conditions. The deal, which is expected to close in the first half of 2024, could lead to annual cost savings of more than $100 million, Summit said. Shares of Summit Materials fell 7.92% in mid-day trading.

Persons: Luisa Gonzalez, Columbia's Cementos, Argos, Summit, Anne Noonan, Morgan Stanley, Ananta Agarwal, Savio D'Souza, Maju Samuel, Shweta Agarwal Organizations: REUTERS, Grupo Argos, Summit, BofA Securities, Thomson Locations: Argos, Bogota, Colombia, U.S, Mid, Atlantic, Texas, Summit

☆ Summit Materials to merge with Cementos Argos's US operations in $3.2 bln deal
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Cement silos of Colombian cement maker Argos are pictured at a plant in Bogota, Colombia May 14, 2019. REUTERS/Luisa Gonzalez Acquire Licensing RightsSept 7 (Reuters) - Summit Materials (SUM.N) said on Thursday it would merge with the U.S. operations of Cementos Argos in a cash-and-stock transaction valued at $3.2 billion, creating the fourth-largest cement platform in the United States. Cementos Argos will receive about $1.2 billion in cash, subject to closing adjustments, and 54.7 million shares of Summit based on its closing price on Wednesday. Argos USA has assets comprising four integrated cement plants, 140 ready-mix plants and eight ports, giving Summit a "significantly improved scale" in high-growth markets. Cementos Argos will own about 31% of the combined company on upon the closing of the transaction.

Persons: Luisa Gonzalez, Cementos, Ananta Agarwal, Savio D'Souza, Maju Samuel Organizations: REUTERS, U.S, Summit, Argos USA, Thomson Locations: Argos, Bogota, Colombia, United States

☆ Large US homebuilders raise prices as existing home supply remains tight
▼ + stars: | 2023-08-25 | by ( Ananta Agarwal | ) www.reuters.com time to read: +3 min

It is thereby squeezing the pool of existing homes, which are typically more affordable than new construction. Public homebuilders on average have raised prices in about two-thirds of their communities, said BTIG analyst Carl Reichardt. This comes as the pricing gap between existing and new homes has narrowed, following a price appreciation in the resale market. "When the existing home market is seeing a price appreciation, it supports pricing power for new construction." However, as a consequence of recovery in new construction prices since last year, "affordability is close to its worst levels in at least the last three decades," said James Egan, Morgan Stanley housing strategist.

Persons: Andrew Kelly, Carl Reichardt, Matthew Bouley, James Egan, Morgan Stanley, Egan, homebuilders, BTIG's Reichardt, Ananta Agarwal, Shinjini Organizations: Lennar Corporation, REUTERS, Federal Reserve Economic, Lennar, PulteGroup Inc, U.S . Census, National Association of Realtors, Barclays, Thomson Locations: Morristown, Morristown , New Jersey, U.S, Bengaluru

☆ U.S. Steel says union cannot block company's sale
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. Steel (X.N) said on Thursday that its labor agreement with United Steel Workers (USW) does not afford the union the right to veto a sale of the company that may arise from its recently announced strategic review. The union said that "over the years, Cliffs has shown itself to be an outstanding employer to all of its workers." U.S. Steel, which rejected Cliffs' $7.8 billion cash-and-stock offer as inadequate, has said it is exploring "multiple unsolicited proposals". In a regulatory filing, U.S. Steel said its agreement with the union gives it the right to counter with its own acquisition offer for assets covered under their bargaining agreement. If the union does not make an offer its board deems superior, U.S. Steel can sell itself to the bidder of its choosing.

Persons: . Steel Edgar Thompson, Quinn Glabicki, USW, Ananta Agarwal, David Gregorio Our Organizations: ., REUTERS, . Steel, United Steel Workers, Cliffs Inc, U.S . Steel, Esmark Inc, ArcelorMittal SA, Steel, U.S, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland, Bengaluru

Search resuls for: "Ananta Agarwal"

25 mentions found