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☆ How an auto workers strike 87 years ago transformed America
▼ + stars: | 2023-09-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

The workers, members of the tiny United Automobile Workers union founded just a year prior, sought to improve brutal working conditions at mighty General Motors, the world’s largest manufacturer. The UAW’s sit-down strike across GM plants lasted 44 days. The 44-day strike birthed the United Auto Workers union. The UAW is calling its new strategy a “stand up strike,” a reference to the sit-down strike that started 87 years ago, and has launched targeted strikes at selected plants. The sit-down strike also prompted unionization and a wave of strikes in other industries.

Persons: Sheldon Dick, —, Shawn Fain, “ Shawn Fain, ”, Thomas Sugrue, GM foremen, Steven Greenhouse, Tom Watson, Frank Murphy, “, Joseph McCartin, Emily Elconin, Fain, McCartin Organizations: New, New York CNN, General Motors, Fisher, United Automobile Workers, GM, United Auto Workers, UAW, Detroit’s, Motors, Ford, New York University, American Labor, ” Strikers, Chevrolet, NY, Getty Images Police, Management, Flint police, Michigan Gov, National Guard, New York Times, Magazine, Chrysler, “ Auto, Georgetown University, Bloomberg, Getty, Unions, Current UAW Locations: New York, Flint , Michigan, America, Europe, Flint, Bettmann, Ford, Wayne , Michigan

WASHINGTON (AP) — The Supreme Court’s decision siding with Black voters in an Alabama redistricting case gave Democrats and voting rights activists a surprising opportunity before the 2024 elections. Khadidah Stone, a plaintiff in the Alabama case, said the continuing opposition was “appalling” but “not surprising.” She noted that Alabama is where then-Gov. A similar dynamic is playing out in Florida, where Republicans are appealing a ruling favorable to Black voters to the Republican-majority state Supreme Court. But the continued pushback from Republican legislatures in control of redistricting means there is great uncertainty about whether –- or how soon -– new maps offering equal representation for Black voters will be drawn. Louisiana state Rep. Sam Jenkins Jr., a Democrat, said he is optimistic now that the matter is in the courts.

Persons: It's, “, ”, George Wallace, Shawn Donahue, ’ ” Donahue, general’s, Shelly Dick, Dick, Stuart Naifeh, Sam Jenkins Jr, Sen, Royce Duplessis, ” Duplessis, Ron DeSantis, Al Lawson, DeSantis, Angie Nixon, Nixon, ___ Gomez Licon, Kim Chandler, Kevin McGill Organizations: WASHINGTON, Black, Alabama Republicans, Republican, University of Alabama, State University of New, Republicans, U.S . House, U.S, Louisiana’s GOP, Circuit, NAACP Legal Defense, Educational Fund, Democrat, Gov, GOP, Florida Supreme, DeSantis, Democratic U.S . Rep, Democratic, Associated Press Locations: Alabama, Louisiana, Florida, Georgia, South Carolina, Texas, State University of New York, Buffalo, Black, U.S, Orleans, Baton Rouge, Jacksonville, Miami, Montgomery , Alabama, New Orleans

In its annual renumeration report, Stellantis reported CEO Carlos Tavares' 2022 pay was 23.46 million euros. That's a nearly 77% increase over then Fiat Chrysler CEO Mike Manley's 2019 pay of 13.28 million euros. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic. It's far above the typical pay gap at S&P 500 companies, which was 186-1 according to AP's annual CEO pay survey, which uses data analyzed by Equilar. CEO Elon Musk's 2022 compensation was reported as zero in the company's proxy statement, rendering its official pay ratio meaningless.

Persons: — It’s, Shawn Fain, Fain, ” Fain, ”, Mary Barra, James Farley, William Clay Ford, Stellantis, Carlos Tavares, Mike Manley's, “, Equilar, Tavares, That's, Manley, —, Tavares ’, Harry Katz, Tesla, Elon, Tom Krishner Organizations: United Auto Workers, UAW, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Ford, Chrysler, Associated Press, Big, General, Barra, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, GM, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Stellantis, American, European, Detroit

☆ Cramer: The 4 fears that are upsetting the market and what needs to happen next
▼ + stars: | 2023-09-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +11 min

Nike, under CEO John Donahoe, continued its total dominance that it had under previous leaders Mark Parker and Phil Knight. I really, really like Starbucks CEO Laxman Narasimhan and we are going to see a very strong executive make decisions now that Howard is gone. Apple weakness just casts a pall over everything. We have had weakness in the banks on fears of more regulation and that's only getting worse. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Let's, John Donahoe, Mark Parker, Phil Knight, It's, Armour, Nike's, Locker, Mary Dillon, Kevin Johnson, Howard Schultz, Schultz, Bob Iger, Robert Chapek —, Johnson, Chapek, Laxman Narasimhan, Howard, Gina Raimondo, Apple —, Stellantis, Joe Biden, Shawn Fain, Safra, Marc Benioff couldn't, LEN, Darden, it's, Jim Cramer's, Jim Cramer, Jim, Bill Pugliano Organizations: Nike, Adidas, Armour, Dick's Sporting, China, Disney, Apple, Micron, Qualcomm, Starbucks, United Auto Workers, Detroit, —, Motors, Chrysler, Ford, walkouts, U.S, UAW, Oracle, Marriott, Booking Holdings, Federal, FedEx, KB, Jim Cramer's Charitable, CNBC, General Motors, Big, Getty Locations: China, Europe, American, United States, Oracle's, Detroit , Michigan

☆ Tupac, Cocaine, Murder: Henchmen Brothers, Hip-Hop's Forgotten Moguls
▼ + stars: | 2023-09-17 | by ( David Kushner | ) www.businessinsider.com time to read: +39 min

Mario called Tupac. All he could do was listen to her cry as he explained that he didn't know when he'd be back. He didn't speak Spanish, didn't know a soul in Mexico, and had no clue where he would be sent. Mario didn't ask why, and the guy didn't inquire about Mario's predicament. "It's all good, man," Mario told Jimmy.

Persons: Mario Rosemond, Rosemond, Jimmy, Mario, Akon, Sean Kingston, Gucci Mane, Jimmy Rosemond —, Lowell, Lodi Mack, Fletcher, Tupac Shakur, Tupac, Biggie Smalls, Jimmy Rosemond, Saul Goodman, Tommy Davis, Mario stammered, It's, Jimmy Jr, Andrea, Constantin, Johnny Nunez, Rikers, —, Slick, Russell Simmons, Benny Medina, Lyor Cohen, Chris Lighty, Mona Scott, Mark Sparks, Shoop, Paul Bergen, Bryce Wilson, Wilson, Mohammed, Tef, Stewart, Little Shawn, Puff Daddy, Pac, Freddie Moore, Moore, Al Pereira, would've, Jimmy wasn't, They'd, didn't, Jimmy didn't, —, Mike Tyson, Lennox Lewis, Wyclef Jean, Garland, Cyrus, THONY BELIZAIRE, Mariah Carey, LL, Missy Elliott, Cent, Tef Stewart, Jimmy Rosemond Jr, Jimmy Sr, Khalil Abdullah, Jimmy Iovine, determinedly, DJ Skee, Mario couldn't, Mario chuckles, he'd, GummyBone, Mario didn't, I'm, freckling, he's, isn't, I've, Jim Brown, Michael K, Williams, Donald Trump, Arturo Holmes, Scott Olson, Trump, Brown, James Rosemond Jr, David Kushner Organizations: FBI, Entertainment, Justice Department, Bronx ., Quad Studios, AP, grandad, Wall, Black Panthers, Junior Mafia, Hollywood, Haiti, Management, Apollo, Lowell, Racing, Interscope Records, Interscope, Feds, Department of Motor Vehicles, DMV, Colombian, York Post, Drug, Administration, NFL, Trump, Stone, Atari Locations: Mexico, Haiti, Brooklyn, Bronx, Cuernavaca, Spanish, Rahway , New Jersey, Port, New York City, Vanderveer Estates, East Flatbush, Rikers, Islam, Miami Beach, New York, New Jersey, East Coast, West Coast, Plainfield , New Jersey, Brandy, Los Angeles, Czar's, Harlem, LA, California, Beverly Hills, San, Tijuana, Mexico City, Colombian, San Diego, Manhattan

☆ UAW cites 'productive' talks with Ford on second day of US auto strike
▼ + stars: | 2023-09-16 | by ( David Shepardson | ) www.reuters.com time to read: +5 min

About 12,700 UAW workers remained on strike for a second day as part of a coordinated labor action targeting three U.S. assembly plants - one at each of the Detroit Three automakers. However, the UAW comment about the tenor of talks at Ford was more positive than the union's characterization of progress ahead of the kickoff of the strikes. "As we have said all along, Ford has bet on the UAW more than any other company. We are committed to reaching an agreement with UAW that rewards our workers and allows Ford to invest in the future. GM said on Thursday the UAW wage and benefits proposals would cost it $100 billion, while Ford's Farley said the a 40% UAW wage hike would "put us out of business."

Persons: Stellantis, Jim Farley, Ford, Mark Truby, Mark Stewart, Stewart, Shawn Fain, Fain, Ford's Farley, Joe Biden, David Shepardson, Joseph White, Paul Simao Organizations: United Auto Workers, Ford, Chrysler, UAW, Detroit Three automakers, Union, General Motors, GM, North American, Ford Bronco, Chevrolet, Thomson Locations: Illinois, Belvidere , Illinois, Michigan , Ohio, Missouri, Chevrolet Colorado, Michigan, Kansas, Toledo , Ohio

☆ 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

☆ UAW, automakers resume labor talks; Stellantis hikes wage offer
▼ + stars: | 2023-09-16 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The four-year labor deal between the union and General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis expired at 11:59 p.m. EDT on Thursday. Stellantis said on Saturday it has hiked its offer, proposing cumulative raises of nearly 21% over a four-and-a-half-year contract term, including an immediate 10% hike. GM and Ford are also offering wage hikes of 20% over the same period. The union is demanding higher wages, shorter work weeks, restoration of defined benefit pensions and stronger job security as automakers make the EV shift. Stellantis said it is offering more than $1 billion in retirement security improvements and other increases in benefits.

Persons: Stellantis, Ford, Shawn Fain, Fain, David Shepardson, Paul Simao Organizations: United Auto Workers, Detroit Three, General Motors, Ford Motor, Chrysler, GM, Ford, Ford Bronco, Chevrolet, UAW, Thomson Locations: Chevrolet Colorado, Michigan, Kansas, Missouri

☆ Live updates: United Auto Workers, UAW, go on strike against GM, Ford and Stellantis
▼ + stars: | 2023-09-16 | by ( Robert Ilich | ) edition.cnn.com time to read: +3 min

Striking United Auto Worker Diana Osborne holds a strike sign outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S. September 15, 2023. GM CEO Mary Barra sent a letter to employees Thursday saying the company’s latest offer now includes a 20% raise, with an immediate 10% pay hike. The lower-paid temporary employees would get $20 an hour, which represents at 20% raise from current $16.67 an hour they receive. Anger is mounting with Stellantis:Stellantis is making greater use of lower-paid temporary workers than the other automakers. Eliminating or at least limiting use of temporary workers is a major issue for the union.

Persons: Worker Diana Osborne, Rebecca Cook, Shawn Fain, Mary Barra, Jim Farley, Farley, Wheaton, Stellantis Organizations: United, Worker, Ford Michigan Assembly Plant, Reuters, United Auto Workers, UAW, General Motors, Ford, Jeep, Dodge, Chrysler, North America, Workers, GM, CNN, Cornell University’s Industrial, Labor Relations Locations: Wayne , Michigan, U.S, Wentzville , Missouri, Toledo , Ohio, Ford, Buffalo .

☆ UAW says Stellantis boosts wage-hike offer to 19.5%, Detroit News reports
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

A Stellantis sign is seen outside its headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 15 (Reuters) - Stellantis' (STLAM.MI) latest offer to the striking United Auto Workers includes raising wages 19.5% and making salaried workers hourly, the Detroit News reported on Friday, citing the union. The offer from Chrysler's parent company includes consolidating after-sales parts plants and increasing the number of supplemental workers the Jeep maker can use, the report said. UAW President Shawn Fain said on Wednesday that Stellantis had proposed a 17.5% pay hike. Reporting by Chandni Shah and Kanjyik Ghosh in Bengaluru; Editing by Sandra Maler and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Shawn Fain, Stellantis, Rich Boyer, Chandni Shah, Kanjyik Ghosh, Sandra Maler, William Mallard Organizations: REUTERS, United Auto Workers, Detroit News, UAW, Union, Detroit Three, Ford Bronco, Chevrolet, Thomson Locations: Auburn Hills , Michigan, U.S, Detroit, Chevrolet Colorado, Bengaluru

The truth is we are going to wreck the billionaire economy," said UAW President Shawn Fain. UAW vice president Chuck Browning, who is leading talks with Ford, told a rally of hundreds of UAW workers in downtown Detroit on Friday afternoon that recent talks have made "good progress, but we have far to go." Striking workers said "tier two" employees can make only half the hourly wages of senior UAW workers and get worse benefits. GM said on Thursday the UAW wage and benefits proposals would cost the automaker $100 billion, but did not elaborate. Biden's likely opponent, former president Donald Trump, on Friday criticized the shift to EVs as a job-killer for the UAW.

Persons: Ford, We’re, Shawn Fain, Chuck Browning, Joe Biden, Bruce Baumhower, Rebecca Cook, Arthur Wheaton, Jim Farley, Mary Barra, Bernie Sanders, “, Sofus Nielsen, Biden, Julie Su, Gene Sperling, White, Stellantis, Fain, Biden's, Donald Trump, Joseph White, Kevin Krolicki, David Shepardson, Steve Holland, Mehr Bedi, David Gaffen, Peter Henderson, Matthew Lewis, Chris Reese Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, Chrysler, Ford Bronco, Chevrolet, UAW, Ford, Detroit, Ford Michigan Assembly Plant, REUTERS, Cornell's School of Industrial, Labor, CBS, Reuters Graphics, Tesla, GM, Thomson Locations: Chevrolet Colorado, Kansas, Detroit, Toledo , Ohio, Wayne , Michigan, Barra, Wayne, Milan, Washington, Bengaluru

The UAW began striking at factories that make only a few vehicles – Ford Broncos and Rangers, Jeep Wranglers, Chevrolet mid-size pickups and GMC vans. Car prices were rising long before the auto workers even raised the possibility of a strike. Prices are almost certain to rise even if the strike is settled quickly, because the auto makers' labor costs will increase. “They could double our wages and not raise car prices and still make billions of dollars in profit,” he said during an online presentation to union members this week. It's all enough to make many motorists consider avoiding the car lot and keeping their current car a while longer.

Persons: Stellantis, ”, Ivan Drury, isn’t, Garrett Nelson, ” Nelson, “, we’re, Tesla, Drury, Kelley, Patrick Anderson, Shawn Fain, Edmunds Organizations: DALLAS, United Auto Workers, Dealers, General Motors, UAW, Detroit, Ford Broncos, Rangers, Jeep Wranglers, Chevrolet, GMC, Chevrolet Silverado, Tahoe, GMC Sierra, Ford, CFRA Research, GM, Fiat Chrysler, Toyota, Honda, Consumers, Federal Reserve Bank of New, Anderson Economic Group, Stellantis, “ Locations: Edmunds, Mexico, Federal Reserve Bank of New York

NEW YORK (AP) — The United Auto Workers said Saturday it had “reasonably productive conversations” with Ford, as its limited strike against the Big 3 automakers carried into a second day. Stellantis on Saturday also gave details about its most recent offer to the union, which brought its wage proposal roughly in line with its competitors. Now that number is zero, and Stellantis wants to keep playing games.”Nearly 1 in 10 of America’s unionized auto workers went on strike Friday. Automakers have since told some non-striking workers not to report to work, including 600 who were told not to report Friday to a Ford plant. Politicians have been pushing automakers to consider workers who gave up pay and benefits to help their employers during the Great Recession.

Persons: Mark Stewart, Stewart, Shawn Fain, Stellantis, Barack Obama Organizations: United Auto Workers, Ford, Big, Motors, Chrysler, UAW, North America, Stellantis Locations: Stellantis, Belvidere , Illinois, Belvidere, Wentzville , Missouri, Wayne , Michigan, Detroit, Toledo , Ohio, Ford

☆ The average monthly payment for a new car was $733 in the second quarter of 2023. That could rise if auto workers strike long enough.
▼ + stars: | 2023-09-16 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

The United Auto Workers went on strike on Friday after the union's four-year contract expired. About 13,000 United Auto Workers members went on strike on Friday after the union's four-year contract expired. An analysis by Edmunds.com showed that the average monthly new-car payments for the second quarter of 2023 reached $733. Now, experts say car prices could continue to rise — particularly from vehicles made by the Big Three — if there's a prolonged strike. Spokespersons for UAW, Ford, General Motors, and Stellantis did not return a request for comment sent outside of working hours.

Persons: Shawn Fain, Edmunds.com, hobbling, Ford, Stellantis, Jim Farley, Fain Organizations: United Auto Workers, Service, Detroit's, Motors, Ford, Chrysler, Jeep, UAW, General Motors, Associated Press, Detroit automakers, Deutsche Bank, The New York Times, CNBC Locations: Wall, Silicon

The debate, which was hosted by Nexstar Media Group, Inc., aired on multiple Louisiana news stations including KLFY. While Wilson supports exceptions and a ballot initiative to allow citizens to vote on the abortion laws, he has previously stated he is pro-life. All candidates addressed the death of Greene, who was killed after being arrested by Louisiana State Police. Schroder and Landry have backgrounds in law enforcement and said they are willing to meet with the Greene family. While most of the night was spent on issues, some candidates took the opportunity to verbally spar with Landry, who skipped the first debate.

Persons: Jeff Landry, Black, Ronald Greene, Sen, Sharon Hewitt, Landry, Donald Trump, Hunter Lundy, Richard Nelson, John Schroder, Stephen Waguespack, Bobby Jindal, Shawn Wilson, Wilson, Nelson, “ It’s, ” Wilson, Greene, John Bel Edwards, Schroder, Alton Sterling, Lundy, Schroeder, ” Landry, Edwards Organizations: GOP, Republican, Transportation, Development Department, Democratic, Nexstar Media Group, Inc, Republicans, Democrat, Louisiana State Police, Authorities, Associated Press, ” Locations: BATON ROUGE, La, Louisiana, Lake Charles, Landry

Biden is trying to turbocharge the market for electric vehicles to reduce greenhouse gas emissions and prevent China from solidifying its grip on a growing industry. However, some in the UAW fear the transition will cost jobs because electric vehicles require fewer people to assemble. China is the dominant manufacturer of electric vehicles and batteries. Some environmental groups, conscious of how labor remains crucial to securing support for climate programs, have expressed support for the strike. Former President Donald Trump, the frontrunner for the Republican nomination, sees an opportunity to drive a wedge between Biden and workers.

Persons: Joe Biden, Biden, ”, Erik Gordon, Brittany Eason, Eason, ” Biden, “, Dave Green, ’, Suzanne Clark, Sam Gilchrist, It's, Donald Trump, NBC's “, ” Trump, Shawn Fain, “ That’s, ” Ammar Moussa, Trump, Barack Obama, Fain, Madeline Janis, Joey Cappelletti Organizations: WASHINGTON, United Auto Workers, UAW, University of Michigan’s Ross School of Business, Ford Assembly Plant, White, ”, U.S . Chamber of Commerce, Natural Resources Defense, Presidential, Republican, Press, MSNBC, Energy Department, Ford, South, White House, Associated Locations: Michigan, China, Wayne, Mich, Detroit, Ohio, Indiana, U.S, United States, Tennessee, Kentucky, South Korean, Lansing

☆ Why America is on strike: writers, auto workers, and actors
▼ + stars: | 2023-09-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

New York CNN —The United Auto Workers strike isn’t happening in a vacuum. From Hollywood writers to nurses, factory workers, and Starbucks baristas, thousands of workers have gone on strike in recent months to demand higher pay and improved benefits and working conditions. Members of the United Auto Workers union line up to enter a membership meeting in advance of the September 14 expiration of their union contract with Stellantis, Ford, and General Motors on September 10, 2023, Detroit, Michigan. Workers gained power during the pandemic as Covid-19 cast a spotlight on essential workers’ sacrifices and the vast disparities among America’s workforce. A striking SAG-AFTRA member pickets with other SAG-AFTRA members and striking WGA (Writers Guild of America) workers outside Warner Bros.

Persons: Paul Frangipane, ”, Joseph McCartin, Jim West, “, ” McCartin, Mario Tama, ” Gallup, Ronald Reagan, Reagan, Dennis Caruso, EPI, Michael M, Shawn Fain, Fain Organizations: New, New York CNN, United Auto Workers, Starbucks, Teamsters, UPS, Labor, Bloomberg, Getty, Georgetown University, Economic, Institute, Ford, General Motors, Stellantis, ZUMA Press Wire Workers, Workers, SAG, WGA, Guild of America, Warner Bros, Gallup, Union, International Brotherhood of Teamsters, Air, NY, “, Companies, Cornell University Institute of Labor Relations, Sinai, UAW Locations: New York, Brooklyn, Detroit , Michigan, Burbank , California, United States

☆ Beyond the automakers: How the UAW strike may hit the US economy
▼ + stars: | 2023-09-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

UAW president Shawn Fain said “we’re not going to wreck the economy. For instance, if all UAW workers at Ford, General Motors and Stellantis strike for 10 days, it would cost the US economy $5 billion, according to Anderson Economic Group’s estimates. He estimated $440 million worth of income would be lost nationally if all the UAW members strike for two weeks. If the strike lasts eight weeks, he estimates a $9.1 billion hit to incomes nationwide. Cars could get more expensiveAnderson Economic Group estimated that 25,000 vehicles won’t be produced if the strike lasts 10 days.

Persons: ” Gabriel Ehrlich, Shawn Fain, “ we’re, Ehrlich, Tyler Theile, That’s, they’re, Theile, Jonathan Smoke, CNN’s Peter Valdes, Dapena Organizations: New, New York CNN, United Auto Workers, University of Michigan, CNN, UAW, Ford, General Motors, Anderson Economic, Anderson Economic Group, Suppliers, Big, Cox Automotive Locations: New York, what’s, Michigan

☆ Stellantis offers raises, inflation protection measures to UAW as strikes continue
▼ + stars: | 2023-09-16 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

The standoff between the UAW and major automakers Stellantis, Ford and General Motors reached a fever pitch Friday, with the union starting work stoppages after an agreement wasn't met by a Thursday night deadline. UAW President Shawn Fain said earlier this week that Stellantis had previously offered a 17.5% increase. Under the new proposal, starting pay for supplemental employees would increase by $4.22, or nearly 27%, to $20 an hour. Stellantis leadership also pushed back against the union's descriptions of the automaker's plans to close or sell 18 facilities. The company has said it aims to run parts distribution centers more efficiently and continue shifting resources toward electric vehicles.

Persons: Stellantis, Mark Stewart, General Motors, wasn't, walkouts, Shawn Fain, Ford, Jim Farley, Stewart, Joe Biden, — CNBC's Michael Wayland Organizations: United Auto Workers, Detroit, Ford, General Motors, UAW, General, GM, CNBC

☆ A UAW Strike Made in Washington
▼ + stars: | 2023-09-15 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/united-auto-workers-strike-shawn-fain-biden-administration-electric-vehicles-big-three-68a673a8

Persons: Dow Jones, shawn, fain, biden

☆ Live updates: United Auto Workers go on strike against GM, Ford and Stellantis
▼ + stars: | 2023-09-15 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +1 min

United Auto Workers hold up strike signs right across from the Ford Michigan Assembly Plant in Wayne, Michigan, on September 15. Rebecca Cook/ReutersUAW President Shawn Fain admits the union’s demands are “ambitious” but he insists they’re justified, given the automakers’ strong profits in recent years. The automakers have balked at most of the union’s demands. Pensions and inflation adjustmentsThe UAW wants a return of traditional pension payment plans and retiree health care for all UAW members. Job protections and benefitsThe union demands limits on the use of temporary workers and forced overtime.

Persons: Rebecca Cook, Shawn Fain, they’re, EVs Fain Organizations: United Auto Workers, Ford Michigan Assembly Plant, Reuters UAW, Ford, GM, Pensions, UAW, Workers Locations: Wayne , Michigan

And now, Shawn Fain is representing nearly 150,000 auto workers in one of the biggest labor strikes in decades. Referring to Biblical scripture, Fain asked union members: "Are you willing to have faith and move that mountain? The Wednesday before contract expiration, he said UAW members must fight for a better contract "by any means necessary" - one of Malcolm X's most quoted phrases. That six-week strike cost GM $3.6 billion and stressed the finances of UAW members. Company executives have said the UAW's demands will make them uncompetitive as the shift to EVs offsets the profits delivered by the combustion trucks UAW members build.

Persons: Shawn Fain, Rebecca Cook, Malcolm X, Detroit carmakers, Fain, handshakes, Bernie Sanders, they’ve, “, ”, Darwin Segers, Mack, Malcolm X's, Garrett Nelson, Jim Farley, Joe White, Ben Klayman, Eric Cox, Bianca Flowers, David Shepardson, Matthew Lewis, Diane Craft Organizations: United Auto Workers, Ford Motor Michigan, REUTERS, Detroit, Ford Motor, General Motors, Detroit Three, Wall, UAW, GM, CFRA, Teamsters, United Parcel Service, UPS, Hollywood, Company, Ford, CNBC, Thomson Locations: Wayne , Michigan, U.S, Detroit, Hollywood, Chicago, Washington

☆ Striking auto workers want a 40% pay increase—the same rate their CEOs' pay grew in recent years
▼ + stars: | 2023-09-15 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

The union proposed 40% hourly pay increases over the next four years. Meanwhile, Ford CEO Jim Farley earned $21 million in total compensation last year, the Detroit News reported. Stellantis CEO Carlos Tavares made $24.8 million, according to the Detroit Free Press. And GM CEO Mary Barra earned nearly $29 million in 2022 pay, Automotive News reported. CEO pay at the Big Three has grown 40% in the last decade, according to EPI — in line with the UAW's demands for 40% pay increases for autoworkers.

Persons: Autoworker, Jim Farley, Carlos Tavares, Mary Barra, Josh Bivens, EPI, Shawn Fain, Ford, Barra Organizations: United Auto Workers, Detroit, Ford, GM, CNBC, Bureau of Labor Statistics, CBS, Detroit News, Detroit Free Press, Automotive News, NPR, autoworkers, UAW

CNN —UAW President Shawn Fain has become the X factor in the striking autoworkers’ pursuit of increased pay and benefits, injecting a level of chaos into negotiations that neither the automakers nor the White House predicted or quite know how to manage. The UAW on Friday struck at just three plants, one at each of the Big Three automakers. Nevertheless, the strike marks the first time in history the UAW has struck at all three automakers simultaneously. Fain told union members Thursday that the union’s strike strategy “will keep the companies guessing” and give union negotiators “maximum leverage” when they return to the bargaining table. Although Fain has at times praised Biden, he has also criticized the president for failing to do enough to help the autoworkers in their cause.

Persons: Shawn Fain, –, Fain, Jim Farley, Mary Barra, Stellantis, Joe Biden, Biden, Fain isn’t, ”, He’s, he’s, Curry, Wheaton, “, ” Wheaton Organizations: CNN, White, UAW, Big Three, Thursday, GM, National Labor Relations Board, Democratic, Chrysler, Cornell University’s School of Industrial and Labor Relations Locations: Kokomo , Indiana, Indiana, Buffalo, Wheaton

☆ Cramer's week ahead: Pay attention to the Federal Reserve's meeting
▼ + stars: | 2023-09-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday gave investors tips for what to focus on during the coming week, highlighting the Federal Reserve's Wednesday decision on interest rate hikes for the rest of the year. Grocery-delivery company Instacart may also release initial public offering pricing Monday night, Cramer said, and Tuesday will bring an earnings report from AutoZone. "When there's a Fed meeting coming up in less than a week and nobody seems worried about it, maybe you want to brace yourself for a little turbulence," he said. On Thursday, Cramer will be looking at Olive Garden owner Darden 's earnings report, which may provide some clarity on whether consumers are spending money dining out. And Friday will mark a week since the United Auto Workers union went on strike against the country's primary automakers.

Persons: CNBC's Jim Cramer, We've, there's, Jay Powell, Cramer, Jerome Powell, I'm, Powell, General Mills, Darden, Shawn Fain Organizations: Disney, ESPN, ABC, Nexstar, AutoZone, FedEx, KB, Fed, Olive Garden, United Auto Workers Locations: Orlando , Florida, General

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