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☆ Explainer: UAW expands strikes against GM, Stellantis in fight over new contract
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +6 min

People attend a UAW rally to support striking workers outside an assembly plant in Louisville, Kentucky, U.S., September 21, 2023. The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike. The UAW is pushing automakers to eliminate the two-tier wage system under which new hires can earn far less than veterans.

Persons: Michael Swensen, Shawn Fain, they’ve, Fain, Mark Reuss, Ford, GM's, Morgan Stanley, Adam Jonas, Biden, Tesla, Nathan Gomes, Paul Simao, Sriraj Kalluvila, Diane Craft, Anil D'Silva Organizations: UAW, REUTERS, United Auto Workers, General Motors Co, Ford Motor, General Motors, Chrysler, WHO, Ford, Detroit, Reuters, Ford Bronco, Chevrolet, Wall, GM, FROM, Detroit Free Press, EV, Deutsche Bank, Thomson Locations: Louisville , Kentucky, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Washington

☆ AutoZone posts strong quarterly results on auto parts demand
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

The entrance to an AutoZone store is pictured in Temple City, California December 10, 2013. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsSept 19 (Reuters) - Auto parts retailer AutoZone Inc (AZO.N) on Tuesday posted better-than-expected profit and revenue for the fourth quarter, boosted by demand for its do-it-yourself (DIY) automotive parts. AutoZone, which competes with Advance Auto Parts (AAP.N) and O'Reilly Automotive (ORLY.O), reported a nearly 2% jump in domestic same-store sales in the quarter ended Aug. 26. Quarterly net sales rose about 6.4% to $5.69 billion from a year earlier. Fourth-quarter net income rose to $864 million, or $46.46 per share, compared to $810 million, or $40.51 per share, a year ago.

Persons: Mario Anzuoni, Bill Rhodes, Nathan Gomes, Shailesh Organizations: REUTERS, AutoZone Inc, Advance, O'Reilly Automotive, Thomson Locations: Temple City , California, Bengaluru

☆ Explainer: UAW strikes target Detroit Three automakers
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 16 (Reuters) - The United Auto Workers (UAW) union on Friday launched strikes at three U.S. auto plants after failing to reach an agreement over new contracts, the first-ever simultaneous labor action against the Detroit Three automakers. Detroit automakers, like their global counterparts, have been focused on cost reductions, which in some cases include job cuts, to help accelerate a shift to electric vehicles (EVs) from gasoline-powered vehicles. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike. The walkout on Friday was smaller than some analysts expected, with only three auto plants in Michigan, Ohio and Missouri targeted.

Persons: Andrew Kelly, Shawn Fain, Stellantis, Fain, Biden, Tesla, GM's, Nathan Gomes, Paul Simao, Sriraj Kalluvila, Diane Craft Organizations: United Auto Workers, UAW, International Workers, REUTERS, Detroit Three automakers, General Motors, Ford Motor, Chrysler, Detroit, WHO, Ford, FROM, GM, EV, Deutsche Bank, Lear Corp, Anderson Economic Group, Ford Bronco, Chevrolet, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Michigan , Ohio, Missouri, Chevrolet Colorado, Bengaluru, Washington

☆ American Airlines cuts adjusted profit forecast for third quarter
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: 1 min

An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake/File Photo Acquire Licensing RightsCompanies American Airlines Group Inc FollowSept 13 (Reuters) - American Airlines Group (AAL.O) on Wednesday cut its third-quarter adjusted profit forecast, to account for higher fuel costs and expenses related to its new collective bargaining agreement with the ALPA union. The carrier now expects an adjusted profit of between about 20 cents to 30 cents per share in the third quarter, down from its prior range of about 85 cents to 95 cents per share. Reporting by Nathan Gomes in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Nathan Gomes, Arun Koyyur Organizations: American Airlines Airbus, Los Angeles International, REUTERS, Companies American Airlines Group, American Airlines Group, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ Battery startup Lyten raises $200 mln in new funding round
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Silicon Valley battery startup Lyten said on Tuesday that it raised $200 million in new funding as it looks to scale up manufacturing of lithium-sulfur EV batteries, lightweight composites and sensors. The latest funding, led by venture capital firm Prime Movers Lab, takes the total equity investment in Lyten to more than $410 million. The company in May received an investment from Stellantis (STLAM.MI) to help the carmaker simplify its supply chain and pursue greener technology for EVs. Lyten targets to deliver its first commercial composites application by year-end. Reporting by Nathan Gomes in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Dhanya Ann Thoppil Organizations: Prime, Lab, Stellantis, FedEx, U.S ., Thomson Locations: Lyten, Stellantis, U.S, Bengaluru

☆ Potential UAW strike could cut production, push up vehicle prices, analysts say
▼ + stars: | 2023-09-11 | by ( Priyamvada C | ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.

Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru

☆ Explainer: Auto industry on tenterhooks ahead of potential UAW strike against 'Detroit Three'
▼ + stars: | 2023-09-11 | by ( Nathan Gomes | ) www.reuters.com time to read: +5 min

Ford's annual filing showed about 57,000 of its hourly employees in the United States were represented by the UAW, while the UAW represents about 43,000 U.S. hourly workers at Stellantis. Stellantis last week offered its U.S. hourly workers a 14.5% wage hike over four years, but no lump sum payments. Fain also is aiming to get agreements that would allow the UAW to represent hourly workers at joint-venture EV battery plants opened or planned by the Detroit Three. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations. Contract talks between the UAW and the Detroit automakers have gone on till the strike deadline and beyond in past years.

Persons: Rebecca Cook, Shawn Fain, Stellantis, it's, Fain, Biden, Tesla, GM's, Chris McNally, Nathan Gomes, Ben Klayman, Shounak Dasgupta Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford, Chrysler, Detroit, WHO, GM, Stellantis, FROM, Facebook, EV, Lear Corp, Detroit automakers, Anderson Economic Group, Thomson Locations: Auburn Hills , Michigan, U.S, United States, Stellantis, Bengaluru, Ben, Detroit

☆ For ‘Silver Tsunami’ With H.I.V., New Hope for Healthy Aging
▼ + stars: | 2023-09-10 | by ( Benjamin Ryan | ) www.nytimes.com time to read: +1 min

are achieving the once unthinkable: a steady march into older age. “I have been unbelievably impressed at how care for the older H.I.V. population has really exploded,” said Dr. Nathan Goldstein, who heads one such clinic at Mount Sinai in New York City. People are paying so much attention to this.” More than two dozen H.I.V. and aging experts also expressed optimism, in contrast to the more grim perspective many held a decade ago.

Persons: “, ”, Nathan Goldstein Locations: Mount Sinai, New York City

☆ Factbox: Impact of possible strikes on Detroit Three automakers
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

A strike would ground production to a halt, costing billions of dollars in losses for automakers as well as their suppliers. UAW workers have struck work for two days at GM and for one day at Chrysler in 2007. Prior to 1976, strikes were frequently used as a bargaining tool at Detroit Three. STRIKE IMPACTThe Detroit Three automakers account for about 40% of U.S. new light vehicle sales by units, according to J.P. Morgan. STRIKE TOLLTen-day strikes at all three automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion, according to economic consulting firm Anderson Economic Group.

Persons: Rebecca Cook, Kristin Dzizcek, Morgan Stanley, Morgan, Sam Fiorani, Anderson, Mehr Bedi, Nathan Gomes, Joe White, Anil D'Silva Organizations: General Motors, REUTERS, Ford Motor, UAW, DETROIT, United Auto Workers, Detroit Three, GM, Ford, Chrysler, Chicago Federal Reserve, Detroit, IHS, AutoForecast Solutions, Intelligence, Deloitte, Alliance for Automotive Innovation, Anderson Economic, Deutsche Bank Research, Thomson Locations: Detroit , Michigan, U.S, United States, Bengaluru, Detroit

☆ Cummins, Daimler, PACCAR form joint venture for US battery cell production
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer Acquire Licensing RightsSept 6 (Reuters) - Accelera, a zero-emissions business unit of Cummins (CMI.N), Daimler Trucks & Buses US Holding and PACCAR (PCAR.O) said on Wednesday they formed a joint venture to advance battery cell production in the United States. Daimler Truck, Accelera and PACCAR will each own 30% of the joint venture, which will initially focus on LFP battery technology family for commercial battery-electric trucks. "This planned joint venture enables economies of scale beyond Daimler Truck," said Martin Daum, CEO of Daimler Truck. LFP battery-cell maker EVE Energy (300014.SZ) will also serve as the technology partner in the joint venture with a 10% ownership. LFP battery cells were developed in the United States, but Chinese companies such as BYD (002594.SZ) and CATL (300750.SZ) currently dominate global production.

Persons: Daimler, Fabian Bimmer, Martin Daum, Nathan Gomes, Krishna Chandra Organizations: IAA Transportation, REUTERS, Cummins, Daimler Trucks, Toyota, Ford Motor, Hyundai, Daimler, EVE Energy, Thomson Locations: Hanover, Germany, United States, Bengaluru

☆ Lockheed Martin trims F-35 jet delivery outlook
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A Lockheed Martin F-35 fighter jet performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSept 6 (Reuters) - U.S. weapons maker Lockheed Martin (LMT.N) on Wednesday cut its delivery outlook for its F-35 jets, and delayed deliveries of its updated Technology Refresh 3 (TR-3) jets. Bethesda, Maryland-based Lockheed added it expects to deliver its first TR-3 jet between April and June next year. The Pentagon had also delayed final delivery acceptance for F-35 jets, leading to a payment delay of about $7 million per jet. In July, the defense contractor had said completion of the software integration testing would likely cause delays to its TR-3 jet.

Persons: Lockheed Martin, Benoit Tessier, Nathan Gomes, Krishna Chandra Organizations: Lockheed, Paris, REUTERS, Pentagon, Thomson Locations: Le Bourget, Paris, France, Bethesda , Maryland, Bengaluru

☆ US airlines cancel over 1,000 flights as Hurricane Idalia makes Florida landfall
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +2 min

A resident drives past a fallen tree due to the high winds from Hurricane Idalia in Clearwater, Florida, U.S., August 30, 2023. REUTERS/Adrees Latif/File Photo Acquire Licensing RightsAug 30 (Reuters) - Airlines in the United States canceled more than 1,000 flights on Wednesday as Hurricane Idalia slammed into the Big Bend region of Florida, but the storm's power ebbed as it headed toward Georgia. Southwest Airlines (LUV.N) canceled more than 220 flights, while Delta Air Lines (DAL.N) canceled 157 flights, as of 12 p.m. Airports at Tampa, Clearwater and Tallahassee shut down operations and were monitoring the status of the storm. American Airlines (AAL.O) said it had suspended operations at multiple airports in Florida including Tampa, Sarasota and Tallahassee, and canceled 167 flights as of Wednesday morning.

Persons: Adrees Latif, Idalia, Shivansh Tiwary, Nathan Gomes, Shounak Dasgupta Organizations: REUTERS, Airlines, United States, Southwest Airlines, Delta Air Lines, Airports, Tampa Airport, Jacksonville International Airport, American Airlines, Thomson Locations: Hurricane, Clearwater , Florida, U.S, United, Bend, Florida, Georgia, Tampa , Clearwater, Tallahassee, Gulf Coast, Cuba, Tampa , Sarasota, Bengaluru

☆ US airlines cancel over 850 flights as Hurricane Idalia makes Florida landfall
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

A resident drives past a fallen tree due to the high winds from Hurricane Idalia in Clearwater, Florida, U.S., August 30, 2023. REUTERS/Adrees Latif/File Photo Acquire Licensing RightsAug 30 (Reuters) - Airlines in the United States canceled more than 850 flights on Wednesday as Hurricane Idalia made landfall in Florida's Big Bend region as an "extremely dangerous" Category 3 storm. Southwest Airlines (LUV.N) canceled more than 200 flights, while Delta Air Lines (DAL.N) and American Airlines (AAL.O) canceled 148 and 98 flights, respectively, as of 8:17 a.m. Airports at Tampa, Clearwater and Tallahassee shut down operations and were monitoring the status of the storm. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Adrees Latif, Idalia, Shivansh Tiwary, Nathan Gomes, Shounak Dasgupta Organizations: REUTERS, Airlines, United States, Southwest Airlines, Delta Air Lines, American Airlines, Airports, Tampa Airport, Jacksonville International Airport, Thomson Locations: Hurricane, Clearwater , Florida, U.S, United, Florida's Big Bend, Tampa , Clearwater, Tallahassee, Idalia, Cuba, Bengaluru

☆ Battery firm Redwood Materials raises over $1 bln to expand US ops
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Redwood Materials said on Tuesday it had raised more than $1 billion in new funding as the battery materials firm, founded by former Tesla (TSLA.O) executive JB Straubel, seeks to expand its operations in the United States. The company in February received a conditional commitment for a $2 billion loan from the U.S. Energy Department to build a $3.5-billion recycling and re-manufacturing complex in Nevada for electric-vehicle battery materials. The latest funding round for Redwood, founded in 2017 by Straubel, was co-led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and funds advised by T. Rowe Price Associates. "We will use our Series D funding to continue building our capacity, expanding the domestic battery supply chain and allowing our customers to purchase battery materials made in the US," Redwood said. The Carson City, Nevada-based company has a long-term partnership with Panasonic (6752.T), which builds battery cells in Nevada in a joint venture with Tesla, for providing battery materials.

Persons: Tesla, JB Straubel, Straubel, Rowe Price, Redwood, Nathan Gomes, Vinay Dwivedi Organizations: Redwood Materials, U.S . Energy Department, Redwood, Goldman Sachs Asset Management, Technology, Fund, Rowe Price Associates, Panasonic, Tesla, Thomson Locations: United States, Nevada, Carson City , Nevada, Bengaluru

☆ Canadian union Unifor names Ford as bargaining target among Detroit Three
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Athit Perawongmetha Acquire Licensing RightsAug 29 (Reuters) - Canadian union Unifor on Tuesday announced Ford Motor (F.N) as its potential target for negotiations amid contract talks with the Detroit Three automakers. Unifor President Lana Payne noted that Ford's Windsor, Ontario engine plant, which her union represents, builds engine for some of the company's most profitable trucks. The UAW, which represents about 150,000 workers at the Detroit Three's U.S. factories, has not yet chosen one company to lead contract talks. UAW President Shawn Fain has said all the three companies - Ford, General Motors (GM.N) and Stellantis NV - need to conclude new contracts by a Sept. 14 deadline. Unifor, which represents 18,000 members at Ford, GM and Stellantis in Canada, had opened formal negotiations with the three companies on Aug. 10 in Toronto.

Persons: Athit, Ford, Lana Payne, Payne, Shawn Fain, Nathan Gomes, Joe White, Shivansh Tiwary, Maju Samuel Organizations: REUTERS, Tuesday, Detroit Three, United Auto Workers, UAW, Detroit, Ford, Detroit Three's, General Motors, Stellantis, GM, Thomson Locations: Bangkok, Thailand, Canada, Windsor , Ontario, Detroit Three's U.S, Toronto, Bengaluru, Detroit

☆ UAW members authorize strike at Detroit Three automakers
▼ + stars: | 2023-08-25 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

Aug 25 (Reuters) - The United Auto Workers (UAW) union on Friday voted in favor of authorizing a strike at the Detroit Three automakers if an agreement over a new contract is not reached before the current one expires on Sept. 14, UAW President Shawn Fain said. "Our members expectations are high because Big Three profits are so high," Fain said. Stagnant pay, high healthcare costs, less sick time and uncertain scheduling have pushed American union workers to rethink their priorities after pandemic to seek higher wages, and better work-life balance. Michigan-based Anderson Economic Group has estimated that a 10-day strike that shuts down the automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion. Walkouts at the Detroit Three could benefit Tesla (TSLA.O) and other non-union automakers, including Toyota Motor (7203.T) Honda Motor (7267.T), Nissan Motor (7201.T) and Hyundai Motor (005380.KS), Anderson said.

Persons: Shawn Fain, Fain, Aerosystems, Anderson, Shivansh, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Big, U.S, GM, Ford, Anderson Economic, Detroit, Toyota, Honda, Nissan, Hyundai, Thomson Locations: U.S, Detroit, Michigan, Bengaluru

Aug 25 (Reuters) - The United Auto Workers (UAW) union on Friday said members voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if agreement is not reached before the current four-year contract expires on Sept. 14. Fain reiterated that the union did not plan to extend the deadline to get a new labor contract. We have a lot of options that we are looking at but extension on the contract is not one of them." Fain said he expected the Detroit Three to come to the bargaining table next week with counter proposals to the UAW demands. The vote does not guarantee a strike will be called, only that the union has the right to call a strike if there's no agreement by Sept. 14.

Persons: Shawn Fain, Fain, We've, Shivansh, Joe White, David Shepardson, Nathan Gomes, Arun Koyyur, Emelia Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Detroit, Ford, Thomson Locations: Bengaluru, Detroit, Washington

☆ Boeing prepares 737 MAX deliveries to China - Bloomberg News
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A Boeing 737 MAX-10 performs a flying display at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 25 (Reuters) - Boeing Co (BA.N) is preparing to restart deliveries of its 737 MAX jets to China after a four-year halt, Bloomberg News reported on Friday, citing people familiar with the matter. "For (737 MAX) deliveries, we will be ready to deliver for our customers when that time comes," Boeing said in a statement. China was the first country to ground Boeing's 737 MAX following fatal accidents, though about 90% of the jets resumed commercial operation in the country in June. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Nathan Gomes, Krishna Chandra Organizations: Boeing, Paris, REUTERS, Boeing Co, Bloomberg, Thomson Locations: Le Bourget, Paris, France, China, Bengaluru

☆ UAW plans raise specter of strikes at Detroit Three automakers
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +2 min

Aug 15 (Reuters) - United Auto Workers members are planning to vote next week to authorize possible strikes at the Detroit Three automakers ahead of a Sept. 14 deadline, the union said on Tuesday. "Whether or not there's a strike next month is entirely up to the Big Three automakers," Fain said in a statement. The UAW said the talks with all three companies have yet to progress beyond non-economic issues. U.S. President Joe Biden on Monday called on the automakers and the UAW to reach "a fair agreement" before the contracts expire. The UAW said Tuesday that it recently raised strike pay to $500 per week per member and has over $825 million in its strike fund.

Persons: Shawn Fain, Fain, Joe Biden, Nathan Gomes, Ben Klayman, Anil D'Silva, Lisa Shumaker Organizations: United Auto Workers, Detroit Three, General Motors, Ford Motor, Facebook, Big Three, UAW, Deutsche Bank, Thomson Locations: Bengaluru, Ben

REUTERS/Phil NobleAug 14 (Reuters) - Ford Motor (F.N) on Monday named former Apple (AAPL.O) executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services. Stern, who previously oversaw Apple TV+, iCloud and Apple News+, will report to Ford CEO Jim Farley. In his new role, Stern will focus on integrating hardware, software and services across the company's Ford Blue, Model e and Ford Pro units. Ford now has more than 550,000 paid software and services subscribers, more than 80% of them through the Ford Pro commercial unit. "The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services," Stern said.

Persons: Phil Noble, Peter Stern, Stern, Jim Farley, Ford, Doug Field, Michael Abbott, Farley, Ford's, We're, Nathan Gomes, Paul Lienert, Krishna Chandra Eluri, Sharon Singleton, Jonathan Oatis Organizations: Ford, REUTERS, Monday, Apple, Ford Integrated Services, Ford Pro, General, Thomson Locations: Liverpool, Britain, United States, Bengaluru, Detroit

☆ Fassbinder’s World: A Refuge for Outcasts
▼ + stars: | 2023-08-12 | by ( Nathan Gelgud | ) www.nytimes.com time to read: 1 min

A version of this article appears in print on, Section AR , Page 2 of the New York edition with the headline: Sketchpad

Organizations: New

☆ Magna lifts annual forecasts as results beat estimates on parts demand
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.

Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru

☆ American Airlines says in talks with Airbus, Boeing over narrowbody jet order
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

An American Airlines aircraft flies past JetBlue and United Express aircraft as it lands at Reagan National Airport in Arlington, Virginia, U.S., January 24, 2022. REUTERS/Joshua Roberts/File PhotoAug 2 (Reuters) - American Airlines (AAL.O) said on Wednesday that it is in talks with planemakers Airbus (AIR.PA) and Boeing (BA.N) over a new narrowbody jet order, at a time when airlines rush to order more aircraft amid a travel boom. Bloomberg News earlier reported that the airline was in talks with the companies to order at least 100 jets, citing people familiar with the matter. "We are talking to Boeing and Airbus about our narrowbody aircraft needs for the latter half of this decade and beyond," American said in a statement. Airbus, when contacted by Reuters, said "we have no comment on our confidential commercial talks, which may or may not be happening."

Persons: Joshua Roberts, Max, Airbus's, Nathan Gomes, Tim Hepher, David Shepardson, Milla Nissi Organizations: American Airlines, JetBlue, United Express, Reagan National Airport, REUTERS, Airbus, Boeing, Bloomberg, Reuters, Thomson Locations: Arlington , Virginia, U.S, Bengaluru, Paris, Washington ,

☆ Rockwell Automation misses quarterly forecasts on shipping delays
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Rockwell Automation (ROK.N) on Tuesday reported third-quarter sales and profit below expectations after shipping delays impacted its ability to get goods to customers. "This transition impacted the timing of shipments within the second half of the fiscal year," he added. Rockwell Automation earned $3.01 per share on an adjusted basis in the third quarter through June, missing analysts' average estimate of $3.17 per share, based on Refinitiv data. Overall, its sales rose about 14% to $2.24 billion, also below estimates of about $2.3 billion. Reporting by Nathan Gomes in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Blake Moret, Nathan Gomes, Milla Nissi Organizations: Rockwell Automation, Thomson Locations: Bengaluru

☆ Ford raises annual pre-tax profit view as supply chain woes ease
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies Ford Motor Co FollowJuly 27 (Reuters) - Ford Motor (F.N) on Thursday raised its annual pre-tax profit expectation, as improving supply chains helped the automaker produce more pickup trucks and crossover family-SUVs to meet sustained demand from consumers. An improvement in the overall supply chain has aided automakers to ramp up production and get enough vehicles to dealer lots on time to meet a strong demand for personal mobility. Better offers and financing options on vehicles has also swayed more consumers to consider purchasing new vehicles in place of used vehicles and leasing options. The company now expects pre-tax profit for the year to come in between $11 billion and $12 billion, compared with its prior forecast of $9 billion to $11 billion. Reporting by Nathan Gomes in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Arun Koyyur Organizations: Ford, Thomson Locations: Bengaluru

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