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☆ GM to sell electric Cadillac in Switzerland, other European markets
▼ + stars: | 2023-10-05 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

A Cadillac Lyriq electric vehicle (EV) under General Motors is seen during its world premiere on a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsLONDON, Oct 5 (Reuters) - General Motors (GM.N) said on Thursday it would start selling all-electric Cadillac vehicles in Switzerland, the first step in a return to European markets since selling off the Opel and Vauxhall brands in 2017. The Cadillac Lyriq will be the first model available to Swiss drivers, and GM's McQuaid said customers will be able "complete the entire purchase online in a matter of minutes." Electric vehicle (EV) sales are taking off in Europe - more than one in five new cars sold in the European Union in August were fully electric. In 2017, GM sold the Opel and Vauxhall brands, which had lost money for two decades, to France's PSA.

Persons: Aly, Jaclyn McQuaid, GM's McQuaid, BYD, Nick Carey, Paul Simao Organizations: General Motors, Auto Shanghai, REUTERS, Opel, Vauxhall, European Union, Chery, HK, GM, France's PSA, PSA, Fiat Chrysler, Thomson Locations: Shanghai, China, Switzerland, Swiss, Sweden, France, Europe

In a few cases, according to NHTSA, ARC air bag inflators could be blocked by small pieces of debris, stopping the gases from escaping as they should. In May 2023, General Motors recalled 1 million GM vehicles with the air bags. NHTSA estimated the risk of one of these inflators rupturing at one in every 370,000 air bag deployments. But officials said the only way to know if an air bag has the defect is for it to actually rupture. NHTSA and various automakers are still working to get vehicle owners to replace all the air bags involved in that recall.

Persons: Jacob Tarvis, Marlene Beaudoin, Tarvis, inflators, Kia Optima, General Motors, ”, Donna Glassbrenner, Steve Gold, Gold, “, — Ford Organizations: CNN, Traffic Safety Administration, ARC Automotive, Delphi Automotive Systems, NHTSA, ARC, Chrysler Town &, General, GM, BMW, Fiat Chrysler Automobiles —, Hyundai, Kia, Benz, Porsche, Tesla, Toyota, Volkswagen Locations: United States, Canada, Turkey, Traverse

Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. Rome sees the French incentive framework as "reasonable", one of the sources said, adding the government was studying such an option. European Union competition rules do not allow countries to favour local producers. Paris has said criteria it adopted are compliant with WTO rules because exemptions are allowed for health and environmental reasons. Talks, which are expected to go on until the end of this year, include new incentive schemes in Italy.

Persons: Aly, Adolfo Urso, Giuseppe Fonte, Gilles Guillaume, Parisand Giulio Piovaccari, Giulio Piovaccari, Keith Weir Organizations: Auto, REUTERS, Reuters, European Union, Fiat, Industry, Thomson Locations: Auto Shanghai, Shanghai, China, Italy, France, Europe, Rome, Paris, Milan

☆ The Great Zelle Pool Scam
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. Out of all the kinds of money, money to build a pool is probably the very best kind of money for the world to suffer the loss of. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

Persons: Madison Ketcham, Gary Kruglitz, Gary, couldn't, he'll, Gary —, —, Cheryl, Sheryl, Sheryl —, we'd, Jeff Allen's, didn't, Jeff, Krystal, we'll, He'd, you've, Karen, I'm, she'd, Yellllow, Zelle, Chase, Sen, Elizabeth Warren, there's, That's, It's, Jesus, who'd, Donald Trump, Gary Kruglitzes, Cheryls —, Yasmine48, Nixon, Evan Kohlmann, cybercrime, we've, I've, Kohlmann, Guess, Let's, that's, Elizabeth Warren's, it's, they're, Warren's, Warren, I'd, they'd, blinked Organizations: Boston Pops, The New York Times, New York Times, Chase, Bank of America, PNC, US Bank, PayPal, Disney, NBC, Warner Bros, Netflix, JPMorgan Chase, Bank —, of, Professionals, Justice Department, Northeast . Contractors, Cloudburst Technologies, Facebook, FBI, Mafia, Massachusetts State Police, Monterey Police Department, Police Locations: Massachusetts, Lyme, Tennessee, Wells Fargo, Truist, Silicon Valley, Amsterdam, Northeast, what's, Paxful, Estonia, Korea, Monterey , Massachusetts, Monterey

☆ Zelle Fraud: I Got Scammed Out of $31,000 and My Bank Didn't Care
▼ + stars: | 2023-10-01 | by ( Devin Friedman | ) www.businessinsider.com time to read: +38 min

Because a lot of bank branches were still closed, and the crew wanted their money, he requested that we transfer the money via Zelle. When I asked Chase to discuss Zelle fraud, I received an email saying, "Unfortunately, we don't have anyone available for an interview." The way the email messages from Gary were subliterate in a completely different way from the way a classic Gary email is subliterate. When Gary Kruglitz told us to Zelle him, he didn't really tell us to Zelle him. It's possible that the government will eventually be moved to safeguard consumers against Zelle fraud.

On the heels of that decision, a federal appeals court invalidated a federal law that bars an individual who is subject to a domestic violence restraining order from possessing a firearm. A three-judge district court panel struck down the plan in January, saying that race had been the predominant motivating factor. Three years ago, the Supreme Court limited the independence of the CFPB by invalidating its leadership structure. The court’s decision could impact whether the SEC and other agencies can conduct enforcement proceedings in-house, using administrative courts staffed with agency employees, or whether such actions must be brought in federal court. “It’s difficult to think of any other recent First Amendment cases in which the stakes were so high,” Jaffer added.

Persons: Clarence Thomas, ”, Biden, Zackey Rahimi, John Roberts, Taiwan Scott, Thomas, Elizabeth Prelogar, Magnuson, Paul Clement, ” Clement, “, pare, George Jarkesy, Sackler, ” Prelogar, Jameel Jaffer, Jaffer Organizations: CNN, Gun Safety, South Carolina’s Republican, South Carolina State Conference of, NAACP, Democrat, Republican, National Marine Fisheries Service, Chevron, Natural Resources Defense, Stevens Fishery Conservation, Management, Independent, Consumer Financial, Federal Reserve, US, Federal Deposit Insurance Corporation, Securities, Exchange, US Securities and Exchange Commission, SEC, Social Security Administration, Circuit, Historic Purdue Pharma, Purdue Pharma, Sackler, Purdue, Facebook, YouTube, Columbia University’s Locations: United States, South Carolina, Alabama, Taiwan, Charleston County, Chevron, Florida, Texas

☆ Trump is attacking electric vehicles. Automakers already bet their future on them
▼ + stars: | 2023-09-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Legacy automakers are pivoting to electric vehicles in response to expected strong consumer demand, tougher environmental regulations both from US states and foreign countries, and a push from Wall Street. Electric vehicles have outpaced growth of traditional internal combustion engine (ICE) cars in recent years. But automakers bucked Trump and agreed to meet tougher standards set by California rather than the Trump administration’s rules. At a Detroit battery plant Wednesday, Trump said America didn’t need what the factory produced“This plant, we just walked through this plant and the electric vehicles are gonna put [automakers] out of business,” Trump said. Trump’s proposals could undermine US companies’ EV investments and hand over control of an increasingly EV future to foreign manufacturers.

Persons: Donald Trump, Donald Trump’s, “ don’t, Trump, ’, ”, Barry Rabe, EVs, Brian Kemp, Ford, Rabe, Biden’s, Tesla, Jon McNeill, McNeill, ” McNeill, EVs Trump, bucked Trump, ” Trump, “, Biden, Rishi Sunak, Lisa Brankin Organizations: New, New York CNN, Detroit, Cox Automotive, Biden, Environmental Protection Agency, University of Michigan, Hyundai, Kia, EV upstarts, Republican Gov, Environmental Defense Fund, Nissan, Mercedes, Benz, Wall, Investors, ICE, General Motors, GM, Biden’s EV, Legacy, DVx Ventures, Tesla, Obama, Trump, America, ” Ford, Fiat, Peugeot Locations: New York, Georgia, South Carolina, Alabama, United States, California, Detroit, Michigan, China

Tipton, an appointee of Republican former President Donald Trump, blocked the Biden administration from enforcing the $15 minimum wage in Texas, Louisiana and Mississippi, states that last year filed a lawsuit challenging the executive order. The minimum wage under federal law is $7.25 an hour, though many states set higher minimums. Four states and several cities have a minimum wage of at least $15. Only Congress can set minimum wages and adopt other employment policies unless it specifically grants those powers to federal agencies, Tipton wrote. In January, a federal judge in Arizona dismissed a similar challenge to Biden's executive order by five other Republican-led states.

Persons: Joe Biden, Evelyn Hockstein, Drew Tipton, Donald Trump, Biden, Tipton, Lynn Fitch, Daniel Wiessner, Will Dunham, Alexia Garamfalvi Organizations: Moffett Federal, REUTERS, District, Democratic, Republican, U.S, Supreme, Thomson Locations: Mountain View , California, U.S, Texas, Victoria, Tipton, Texas , Louisiana, Mississippi, Arizona, Albany , New York

Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.

Persons: “, ”, Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, ’, Fain, —, “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York

☆ Stellantis to invest $500 million in Rio plant
▼ + stars: | 2023-09-22 | 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 RightsCompanies Stellantis NV FollowRIO DE JANEIRO, Sept 22 (Reuters) - Stellantis (STLAM.MI) will invest up to 2.5 billion reais ($508 million) in its plant in Rio de Janeiro state, its CEO for South America, Antonio Filosa, said on Friday. The announcement happened at an event at the Guanabara Palace, the Rio state government's headquarters, and the funds are part of an investment cycle that ends in 2025. Of the total, 330 million reais have been invested in developing a modified version of its CMP car platform for producing models from several of the group's brands, compatible with combustion, hybrid and electric engines. Stellantis, which owns brands such as Fiat, Peugeot and Jeep, has two other factories in Brazil and two more in South America.

Persons: Rebecca Cook, Antonio Filosa, Stellantis, Rodrigo Viga Gaier, Peter Frontini, Steven Grattan, Jason Neely, David Gregorio Our Organizations: REUTERS, RIO DE, South, CMP, Fiat, Peugeot, Jeep, Thomson Locations: Auburn Hills , Michigan, U.S, RIO DE JANEIRO, Rio de Janeiro, South America, Guanabara, Rio, Brazil

☆ Striking auto workers are highlighting their CEOs' multi-million dollar pay. Here's how much the top bosses at Ford, GM and Stellantis make
▼ + stars: | 2023-09-22 | by ( Graham Rapier | Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +10 min

"The reason we ask for 40% pay increases is because in the last four years alone, the CEO pay went up 40%. U.S. companies, in contrast, use grant date value of stock packages awarded to executives during the reporting year. AdvertisementAdvertisementThat's because in some years, talking about a CEO's "realized pay" can obscure exorbitant pay packages approved by company boards. AdvertisementAdvertisementThe CEOs of GM and Ford also saw their compensation packages peak in 2021, before declining slightly in 2022. However you slice the numbers, the gap between CEO pay and rank-and-file workers at all three companies is gigantic.

Persons: Mary Barra's, Shawn Fain, Fain, Mary Barra, James Farley, Jim Hackett, Stellantis, Carlos Tavares, Mike Manley's, Equilar, Tavares, That's, Manley, —, Harry Katz, Tesla, Elon Organizations: UAW, Service, United Auto Workers, Ford, GM, Netflix, Writers Guild of America, WGA, Comcast, Big Three, —, Motors, Chrysler, CBS, Big, General, AP, Equilar, Fiat Chrysler Automobiles, French PSA Group, Fiat Chrysler, Institute, Detroit, Cornell University, U.S Locations: Wall, Silicon, Stellantis, American, European

☆ For Tesla and Musk, Auto Strike Carries Benefits and Risks
▼ + stars: | 2023-09-21 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Activists must get at least 30 percent of workers to sign union cards and force a vote overseen by the National Labor Relations Board. Companies often do all they can to dissuade workers from joining, hiring lawyers and consultants who specialize in defeating union campaigns. The company reported profit of $2.7 billion on sales of $25 billion in the second quarter, giving it a profit margin of about 11 percent. That profit margin is more than that of Ford or G.M., even after an exceptionally profitable period for those companies. In August, United Parcel Service employees won their biggest raises ever in a contract negotiated by the International Brotherhood of Teamsters.

Persons: Tesla, Biden Organizations: National Labor Relations Board, Companies, Amazon, Ford, Fiat Chrysler, Peugeot SA, Hollywood, United Parcel Service, International Brotherhood of Teamsters Locations: Staten, unionize, United States

☆ The UK is delaying the switch to electric cars. Automakers are furious
▼ + stars: | 2023-09-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

A relaxation of 2030 would undermine all three,” Ford (F) UK chair Lisa Brankin said in a statement. “We and the whole automotive industry [need] clarity on the [EV] topic,” the German carmaker said in a statement shared with CNN. ‘Confusion’ will delay switch to EVsThe UK auto industry has been clawing its way back from rock bottom after car manufacturing hit a 66-year low in 2022. Reducing emissions from road transport “is the only way that you will achieve net zero,” Hawes told the BBC. The government’s own independent adviser on climate policy, the Climate Change Committee shares that view.

Persons: carmakers, Rishi Sunak, Sunak, “, ”, Sunak’s, ” Ford, Lisa Brankin, Brankin, carmaker, Mike Hawes, ” Hawes, Jobs, Sadiq Khan, ” Sunak, “ We’re, Alok Sharma, Simon Clarke, EVs, — Gemma Blundell, Doyle, Anna Cooban, Laura Paddison, Rob Picheta Organizations: London CNN, BMW, Oxford, Swindon, CNN, Fiat, Peugeot, Fiat Chrysler, France’s, India’s Tata Group, Society of Motor Manufacturers, Traders, BBC, Conservative Party, Labour Party’s London, Conservative Locations: Germany, France, Spain, Italy, Canada, Sweden, Ellesmere Port, Liverpool, Britain, London, Glasgow

☆ Explainer: How France aims to discourage buying of Chinese EVs
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +4 min

WHY IS FRANCE REVISING ITS EV BONUS ELIGIBILITY RULES? However, in the absence of cheap European-made EVs, a third of all incentives are going to consumers buying EVs made in China, a French finance ministry source said. Because Chinese industry generally relies heavily on coal-generated electricity, the criteria are likely to put the bonus out of Chinese carmakers' reach. But French car buyers will have to wait because Stellantis' (STLAM.MI) Slovakia-made e-C3 city car and Renault's (RENA.PA) France-made R5 are not due to hit the market until 2024. The model is currently one of the best-selling electric car's in France with the Tesla Y, Peugeot's e-208, Fiat's 500e, the Megane eTech and MG4.

Persons: Angelika Warmuth, EVs, Emmanuel Macron, Stellantis, MG4, Lorraine Morard, Luca De Meo, Tesla, BYD, Gilles Guillaume, Leigh Thomas, Sharon Singleton Organizations: Company, REUTERS, Rights, Reuters, SAIC, P Global, Renault, Thomson Locations: Munich, Germany, France, China, Europe, FRANCE, French, Slovakia, Dacia Spring

Sept 19 (Reuters) - Bitcoin isn't the only asset experiencing a late summer slump. It has shrunk by almost a tenth this year, standing at $124.4 billion as of Sept. 14. A jump in the dollar index on interest rate hikes last year was accompanied by a big rise in stablecoin volumes, he added. Yet all is not equal: Dollar-pegged Tether, the biggest stablecoin, is bucking the losing trend. Reporting by Hannah Lang in Washington; Editing by Michelle Price and Pravin CharOur Standards: The Thomson Reuters Trust Principles.

Persons: James Butterfill, CoinGecko, Paolo Ardoino, Paxos, USDC, TerraUSD, Dante Disparte, it's, Hannah Lang, Michelle Price Organizations: U.S ., New York Department of Financial Services, U.S, Silicon, Bank —, Thomson, Reuters Locations: South America, Central Asia, U.S, Washington

Unions have nowhere near the pull, or members, that they did decades ago, yet something has changed. Fain became president of United Auto Workers this year, but his time with the union began at that then-Chrysler plant in 1994. He vowed to clean up the union and unite members following a wide-ranging scandal that landed two former presidents in prison. The union under Fain has threatened to hit more plants if there is not enough movement from automakers during negotiations. Corporate greed is the problem.”Sean O'Brien, International Brotherhood of TeamstersMuch of what you need to know about Teamsters president Sean O'Brien is right there in his handle for X/Twitter: @TeamstersSOB.

Persons: Shawn Fain, Fain, Fain “, ” Fain, “ We’re, ” Sean O'Brien, Sean O'Brien, James Hoffa, Jimmy Hoffa, Hoffa, O’Brien, O'Brien, ” O’Brien, Fran Drescher, AFTRA Fran Drescher, ”, She's, they're, Drescher, “, —, Television Producers, Michael Winship, Lisa Takeuchi Cullen, WGAE’s, Takeuchi Cullen, ” Meredith Stiehm, Rich Talarico, Peele Organizations: Unions, Hollywood, UPS, United Auto Workers, Chrysler, UAW, General Motors, Ford, Fiat Chrysler, Detroit, Brotherhood, Teamsters, Amazon, Screen Actors, American Federation of Television, Radio Artists, SAG, Associated Press, Alliance, Television Producers, Writers Guild of America, WGA, Television, Writers Guild of America East, “, CBS, Writers Guild of America West Locations: Missouri , Michigan, Ohio, Kokomo , Indiana, Boston, Hollywood

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

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

☆ Why Stellantis could face a longer strike than Ford or GM
▼ + stars: | 2023-09-15 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

The United Auto Workers labor union launched targeted strikes against the three Detroit automakers early Friday morning. It's the first time in history that the UAW has struck all three of the Detroit automakers at once. GM's Cadillac and Chevrolet brands had just 46 days' and 51 days' worth of vehicles, respectively; the Ford brand had 77 days' worth. Historically, the Detroit automakers have tended to have somewhat larger supplies on hand because their full-size pickups are offered in many different configurations. In contrast to the strike against Stellantis, the UAW's strike against Ford could be relatively brief.

Persons: Ford, Stellantis, GM's, Shawn Fain Organizations: United Auto Workers, Detroit, Ford Bronco, Chevrolet, UAW, Ford Motor, General Motors, Fiat Chrysler Automobiles, French, Peugeot, Cox Automotive, Ford, Detroit automakers, Stellantis, Ford's, Plant Locations: Chevrolet Colorado, U.S, Ford's Michigan, Wentzville , Missouri, Toledo , Ohio

Biden said that when negotiations began, he encouraged leaders of the two sides to stay at the bargaining table as long as possible. The head of the UAW said the union's negotiators “are hard at work at the bargaining table.”The UAW strike is just one of many labor disruptions. Still, a wider strike by the UAW could cause parts of the U.S. economy to shudder. The chain reaction across parts suppliers to the stores and restaurants that auto workers patronize could hurt local economies in Michigan, Wisconsin and other states that could be pivotal in next year’s election. Former President Donald Trump, the early Republican front-runner, said that union workers jobs are at risk because of Biden’s push to use of government incentives to build more EVs.

Persons: Joe Biden, autoworkers, ”, ” Biden, Stellantis, Biden, Julie Su, Gene Sperling, Shawn Fain, “, ’, Suzanne Clark, Joshua Bolten, ” Fain, Joe Brusuelas, Donald Trump, Trump, Jill Colvin Organizations: WASHINGTON, Big, White, United Auto Workers, General Motors, Ford, UAW, GM, Fiat Chrysler, Workers, Labor Department, Democratic, Business, U.S . Chamber of Commerce, RSM, Oxford Economics, Republican, NBC News Locations: Detroit, California , Oregon, Washington, U.S, Michigan , Wisconsin, China, United States, America

But not all of the 146,000 UAW members at company plants are walking picket lines, at least not yet. Top-scale assembly plant workers make about $32 per hour, plus large annual profit-sharing checks. The Ford plant that's on strike employs about 3,300 workers, and it makes Bronco SUVs and Ranger midsize pickup trucks. Under the UAW strategy, workers who go on strike would live on $500 per week in strike pay from the union, while others would stay on the job at full pay. It’s unlikely the companies would lock the remaining workers out of their factories because they want to keep building vehicles.

Persons: Joe Biden’s, ”, Liz Shuler, Shawn Fain, Britney Johnson, It’s, Candace Bowles, “, Bowles, I’m, Fain, ” Fain, “ We’re, Ford, didn’t, Marick, ” Masters, “ They’re, Mary Barra, you’ve, Farley, Jeff Schuster, Stellantis, Schuster, ____ Williams Organizations: DETROIT, United Auto Workers, General Motors, Ford, “ Workers, AFL, UAW, GM, Fiat Chrysler, Toledo Jeep, Bronco, Chevrolet Colorado, GMC, Chevrolet Express, Wayne State University, U.S, CNBC, Global Locations: Wentzville , Missouri, Wayne , Michigan, Detroit, Toledo , Ohio, Toledo

☆ Treasury management startup Fipto just raised $16 million in a round led by Serena Williams-backed Serena Ventures with this 13-slide pitch deck
▼ + stars: | 2023-09-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

French treasury management startup Fipto has raised $16 million in a seed round led by Serena Williams' venture capital fund. Paris-based Fipto uses blockchain technology to help speed up payments in both fiat and digital currencies for businesses. Treasury management is about managing and planning for an organization's financial needs, often by putting available cash to work elsewhere but international payments can often take time to settle - adding complexity to the role. Founded in 2022, Fipto's seed funding round was led by Serena Ventures and Motier Ventures. The company started raising funding late year and closed the round in April with Fipto benefitting from increased investor interest in the treasury management sector, Mollard added.

Persons: Serena Williams, Patrick Mollard, Mollard, Fipto Organizations: Treasury, Serena Ventures, Motier Ventures Locations: Paris, Europe

Fain says the targeted strikes will give the union leverage in contract talks and keep the auto companies guessing about the UAW’s next move. Currently, UAW workers hired after 2007 don’t receive defined-benefit pensions. If a walkout occurs, workers would receive about $500 a week in strike pay — far short of what they earn while they’re working. During a 40-day UAW strike in 2019, GM alone lost $3.6 billion. The union’s inability to organize U.S. factories run by foreign automakers represents a disadvantage for the union because those companies pay less than Detroit companies do.

Persons: Shawn Fain, Fain, Motors, They’ve, Mary Barra, ” Ford, ” Fain, “, that’s, Sam Fiorani, ” Fiorani Organizations: DETROIT, — Auto, General Motors, Ford, United Auto Workers, UAW, Detroit, GM, Fiat Chrysler, AutoForecast Solutions, Anderson Economic, UPS, Teamsters, Cornell University Locations: United States, Korean, Stellantis, Detroit, Europe, Asia, U.S, Midwest, That’s, —

But there’s a good chance at least some of them, at a mix of plants and companies, will walk out. Those limited, targeted strikes could be enough to grind production to a halt at America’s three unionized automakers. One advantage for the union of a targeted strike is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund. The companies did not respond to questions Wednesday about their plans if faced with the targeted strikes Fain described on Wednesday.

Persons: Shawn Fain, Fain, Jeff Schuster, ”, Schuster, Jim Farley, Farley, Bill Ford, ” Farley, “, ” Ford, can’t, “ We’re, Patrick Anderson, Anderson, That’s, Ford Organizations: Detroit CNN, General Motors, Ford, United Auto Workers, UAW, America ’, GlobalData, GM, Detroit Auto, Jeep, Dodge, Chrysler, Anderson Economic Group, Fiat Chrysler, PSA Group Locations: America, Detroit, North America, Michigan, Edmunds, That’s, European

DETROIT (AP) — Leaders of the United Auto Workers union are considering targeted strikes at a small number of factories run by each of Detroit's three automakers if they can't reach contract agreements by a Thursday night deadline. At the Tuesday meeting, Fain didn't say whether the union would target vehicle assembly plants or component factories, one of the people said. Strikes at parts plants could force production halts at multiple assembly factories. The union and companies have said they’re willing to talk in an effort to work out deals before the deadline. Yet there was optimism on both sides that they still could reach reach deals before the deadline.

Persons: Shawn Fain, Fain, Ford, “ We’ve, Mark Reuss, ” Reuss, it’s Organizations: DETROIT, —, United Auto Workers, UAW, General Motors, Stellantis, Automotive, U.S, Labor, GM, Ford, Fiat Chrysler Locations: Detroit, Stellantis, Korean

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