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Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. The UAW strike has hit the one-month mark, with more than 34,000 union members working at Ford, General Motors and Chrysler parent Stellantis out on strike, including those who went out on strike at Ford's cash-cow Kentucky pickup truck plant last week. The supplier is considering temporary layoffs and other ways to cut spending to counter the impact of UAW strikes, Durand told reporters. "Given the organic growth out-performance across the regions (excluding North America) and continued execution of synergies, the outlook for 2024 organic growth and margin expansion looks intact," Citi analysts wrote in a client note. It reiterated a 2023 sales forecast of 26.5 billion to 27.5 billion euros and an operating margin target of 5.2% to 6.2%.

Persons: Rebecca Cook, Olivier Durand, Durand, Forvia, Michal Aleksandrowicz, Milla Nissi, Tomasz Janowski, Jan Harvey Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Ford, GM, General Motors, Chrysler, Citi, Thomson Locations: Delta Township, Michigan, Forvia, Kentucky, North America, Gdansk

Enter the Swiss franc, a longstanding safe haven asset that just hit its highest level against the euro since 2015 , standing tall as its traditional rivals lose appeal. Other than U.S. dollar cash, only the Swiss franc and gold remained as options, Ielpo said. The Swiss franc has rallied over 3% against the yen this month. Reuters GraphicsUNCERTAIN WORLDSince the Oct.7 Hamas attacks in Israel, the Swiss franc -- also referred to as the Swissie -- has rallied roughly 2% against the dollar. "The war in the Middle East clearly has lead to a flight to safety that benefited the Swiss franc," said Karsten Junius, an economist at J.Safra Sarasin in Zurich.

Persons: Morgan Stanley, Florian Ielpo, Ielpo, Jeremy Stretch, Karsten Junius, Francesco Pesole, J.Safra Sarassin's Junius, Luca Paolini, Paolini, Treasuries, Toby Gibb, Naomi Rovnick, Alun John, John Revill, Amanda Cooper, Dhara, Dhara Ranasinghe, Tomasz Janowski Organizations: Swiss, Nestle, Wall, Lombard, U.S, Swiss National Bank, Traders, Ministry of Finance, CIBC Capital Markets, Reuters, ING, Management, Artemis, Thomson Locations: ZURICH, Israel, Geneva, Japan, Zurich, Swiss, U.S, London

Based on International Monetary Fund data on comparative international investment positions through the early part of this year, U.S. portfolio investment overseas - equity, fund shares and debt securities - stood at more than $14.5 trillion. US funds shy of overseas equityUS economic growth roaring at more than 5%US expensive for a reason? The upshot could be an ever wider U.S. deficit on its net international investment position - potentially lifting the dollar as that inflates, but leaving it vulnerable to the yawning gap and foreign investor sentiment down the road. IMF chart on US net international investment deficitUS stocks lead the packThe opinions expressed here are those of the author, a columnist for ReutersEditing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, that's, it's, Julius Baer's, Yves Bonzon, Josie Kao Organizations: New York Stock Exchange, REUTERS, Atlanta Federal, Monetary, ICI, Thomson, Reuters Locations: New York City, U.S, China, Gaza, Russia, Ukraine, Moscow, Washington, Taiwan, United States, Swiss, Switzerland, Germany

☆ Priced for earnings recession, European equities could weather storm
▼ + stars: | 2023-10-17 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

After a long period of scepticism towards European equities, some investors and analysts are finding cause for optimism. European companies are expected to enter their first earnings recession - two consecutive quarters of falling earnings - since 2020. But European stocks are better priced for a recession than their U.S. counterparts, said Matthew McLennan, co-head of First Eagle’s Global Value team. First Eagle's McLennan said the weaker euro in part supported the outlook for European equities. "There's some possibility that European equities, by both their valuation and their currency valuation, could do better than U.S. equities over a period of time".

Persons: Jefferies, Mohit Kumar, LSEG, Matthew McLennan, Goldman Sachs, Oliver Collin, Europe's, Collin, LVMH, Ayesha Akbar, Eagle's McLennan, Joice Alves, Mark Potter Organizations: Silicon Valley Bank, Credit Suisse, Deutsche Bank, U.S, drugmaker Novo Nordisk, Fidelity, Thomson Locations: Frankfurt, Silicon, Germany, U.S

☆ Tesla urges US to adopt much tougher fuel efficiency rules
▼ + stars: | 2023-10-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Victoria Klesty/File Photo Acquire Licensing RightsWASHINGTON, Oct 17 (Reuters) - Electric vehicle manufacturer Tesla (TSLA.O) on Tuesday urged the Biden administration to finalize much tougher fuel economy standards through 2032 than U.S. regulators have proposed. The National Highway Traffic Safety Administration (NHTSA) in July proposed raising Corporate Average Fuel Economy (CAFE) car requirements by 2% and by 4% for trucks and SUVs annually between 2027 and 2032. The NHTSA's proposal would result in a fleet-wide average fuel efficiency of 58 miles (93 km) per gallon by 2032. On Monday a group representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and nearly all other major automakers sharply criticized NHTSA's proposal, saying it is unreasonable and requested significant revisions. U.S. automakers separately have warned the fines would cost GM $6.5 billion, Stellantis $3.1 billion and Ford $1 billion, citing NHTSA's projections.

Persons: Biden, Tesla, David Shepardson, Jason Neely Organizations: REUTERS, Rights, Traffic Safety Administration, General Motors, Toyota, Volkswagen, American Automotive Policy Council, Detroit Three, NHTSA, Ford, GM, Chrysler, Alliance, Automotive Innovation, U.S, Energy, Thomson Locations: Oslo, Norway, Victoria, NHTSA's

☆ DeSantis campaign raises $15 million in third quarter, burns through $11 million
▼ + stars: | 2023-10-16 | by ( Brian Schwartz | ) www.cnbc.com time to read: +1 min

Ron DeSantis' presidential primary campaign raised $15 million over the past three months, while burning through around $11 million during the same period, according to Federal Election Commission records. The totals represent both the DeSantis campaign and a joint fundraising committee called Team DeSantis 2024. DeSantis' campaign reported finishing the quarter with a little more than $12 million in cash on hand. The $11 million that the campaign reported spending was roughly equivalent to how much the DeSantis campaign alone raised over the same period, without the help of the joint fundraising committee. DeSantis' campaign also reported spending at least $250,000 on private airfare.

Persons: Ron DeSantis, DeSantis, Donald Trump, Sen, Tim Scott Organizations: Republican U.S, Florida, South Carolina Bus, Revel Events, Florida Gov, Commission Locations: Greenville , South Carolina, U.S, Trump

☆ Hedge funds short food, beverage and tobacco stocks amid soaring bond yields -Goldman Sachs
▼ + stars: | 2023-10-16 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsLONDON, Oct 16 (Reuters) - Global hedge funds last week sold food, beverage and tobacco company stocks at the fastest pace in 11 weeks, a Goldman Sachs note said, as these stocks, viewed as a proxy for bonds, could not match the recent surge in U.S. Treasury yields. Short sales outpaced long buys about 4 to 1, said Goldman Sachs. The selling took the form of short bets on companies that sell food, beverage and tobacco products and the exit of long positions in household products and food products. Reporting by Nell Mackenzie, Graphics by Lewis Krauskopf; Editing by Dhara Ranasignhe and Deborah KyvrikosaiosOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Goldman Sachs, Nell Mackenzie, Lewis Krauskopf, Dhara Ranasignhe, Deborah Kyvrikosaios Organizations: New York Stock, REUTERS, Global, Treasury, Reuters, Graphics, Thomson Locations: Manhattan, New York City , New York, U.S

The negotiations, meant to provide a way out of Venezuela's long-running political and economic crisis, will take place in Barbados. The U.S. State Department celebrated the announcement of the return to talks but did not mention sanctions relief. Some members of the opposition said on Monday that they doubted Maduro would follow through on his promises. But with no substantial investment in Venezuela's oil sector for over a decade, any real oil output increase will take time, according to analysts. The return to talks between Maduro's government and the opposition was announced in a statement published by Norway, an observer.

Persons: Elvis Hidrobo Amoroso, Jesus Maria Casal, Venezuela's, Leonardo Fernandez Viloria, Nicolas Maduro, Joe Biden's, Donald Trump's, Maduro, Maria Corina Machado, Maurel, PDVSA, Maduro's, Washington, Biden, John Barrasso, Mayela Armas, Matt Spetalnick, Marianna Parraga, Julia Symmes Cobb, David Gregorio Our Organizations: Electoral Council, Primary Commission, REUTERS, Rights, U.S . State Department, Reuters, U.S, Republican U.S, United Nations, Thomson Locations: Caracas, Venezuela, Rights CARACAS, WASHINGTON, HOUSTON, Washington, U.S, Maduro, Barbados, United States, Venezuelan, The U.S, Qatar, China, Russia, Cuba, Ukraine, OPEC, America, Norway, Houston

☆ Gaza Border Crossing Set to Reopen as Israeli Troops Prepare Ground Assault
▼ + stars: | 2023-10-15 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +7 min

NBC News, citing a Palestinian official, reported the Rafah border crossing would open at 9 a.m. on Monday. U.S. government officials say they are mobilizing to help alleviate the humanitarian crisis in Gaza, anticipating a brutal ground offensive. Washington is also focused on avoiding a spillover of the conflict, especially with clashes with Lebanon escalating on Israel's border. Israel's military, which has massed tanks on Gaza's border in preparation for a ground offensive, says it is targeting Hamas and its infrastructure in response. Israeli military chief Lieutenant General Herzi Halevi told soldiers near the Gaza border they would be entering Gaza to root out Hamas, targeting "every place, every commander, every operator."

Persons: Humeyra Pamuk, Nandita Bose, Nidal, Antony Blinken, Abdel Fattah al, Blinken, David Satterfield, Gazans, Joe Biden, Hossein Amirabdollahian, Bejamin Netanyahu, Israel's, General Herzi Halevi, Halevi, Netanyahu, Biden, Philippe Lazzarini, Hatem Maher, Ahmed Tolba, Omar Abdel, Rami Ayyub, Katharine Jackson, Ari Rabinovitch, Dan Williams, Henriette Chacar, Dedi, Maayan Lubell, Emily Rose, James Mackenzie, John Davison, Parisa, Michelle Nichols, Simon Lewis, Lisa Shumaker Organizations: Mughrabi, Gaza, United Nations, Veteran U.S, NBC, Palestinian, ABC News, Reuters, Authorities, United, State Department, Saturday, Palestinian Red Crescent Society, UN, UNRWA Locations: Mughrabi CAIRO, WASHINGTON, GAZA, Gaza, Israel, Rafah, Egypt, Middle East, U.S, Washington, Lebanon, Iran, Tehran, United States, France, Canada, Hamas, Al, Quds, Razek, Cairo, Jerusalem, Dubai

NBC News, citing a Palestinian official, reported the Rafah border crossing would open at 9 a.m. on Monday. Washington is also focused on avoiding a spillover of the conflict, especially with clashes with Lebanon escalating on Israel's border. [1/5]Smoke rises in the air following Israeli bombings in Gaza, as seen from Israel's border with the Gaza Strip, in southern Israel October 15, 2023. Israel's military, which has massed tanks on Gaza's border in preparation for a ground offensive, says it is targeting Hamas and its infrastructure in response. Israeli military chief Lieutenant General Herzi Halevi told soldiers near the Gaza border they would be entering Gaza to root out Hamas, targeting "every place, every commander, every operator."

Persons: Antony Blinken, Abdel Fattah al, Blinken, David Satterfield, Gazans, Joe Biden, Hossein Amirabdollahian, Amir Cohen, Bejamin Netanyahu, Israel's, General Herzi Halevi, Halevi, Netanyahu, Biden, Philippe Lazzarini, Humeyra Pamuk, Hatem Maher, Ahmed Tolba, Omar Abdel, Nandita Bose, Rami Ayyub, Katharine Jackson, Nidal, Ari Rabinovitch, Dan Williams, Henriette Chacar, Dedi, Maayan Lubell, Emily Rose, James Mackenzie, John Davison, Parisa, Michelle Nichols, Simon Lewis, Lisa Shumaker Organizations: Gaza, United Nations, Veteran U.S, NBC, Palestinian, ABC News, Reuters, Authorities, REUTERS, United, State Department, Saturday, Palestinian Red Crescent Society, UN, UNRWA, Thomson Locations: Rafah, Gaza, Israel, Gaza CAIRO, WASHINGTON, GAZA, Egypt, Middle East, U.S, Washington, Lebanon, Iran, Tehran, United States, France, Canada, Hamas, Al, Quds, Razek, Cairo, Jerusalem, Dubai

REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 12 (Reuters) - Sam Bankman-Fried's confidant Caroline Ellison will take the stand again at the FTX founder's trial on Thursday, where she could face questions about why she cooperated with prosecutors against her former boss and romantic partner. Bankman-Fried's attorney Mark Cohen is expected to continue cross-examining Ellison, whom he questioned for a few minutes on Wednesday before jurors went home for the day. FTX collapsed and declared bankruptcy in November 2022, shocking financial markets and destroying Bankman-Fried's reputation. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks. Reporting by Jody Godoy in New York Editing by Noeleen Walder and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Caroline Ellison, Sam Bankman, Brendan McDermid, Ellison, Fried, Mark Cohen, FTX, Gary Wang, Nishad Singh, Jody Godoy, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Bankman, Alameda Research, Prosecutors, Stanford University, Manhattan U.S, Thomson Locations: New York City, U.S, Alameda, New York

☆ Asia stocks hit 2-week high as Fed talk turns dovish
▼ + stars: | 2023-10-11 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. The S&P 500 (.SPX) gained overnight and MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3% to a two-week high in morning trade. "I actually don't think we need to increase rates anymore," Atlanta Fed President Raphael Bostic told the American Bankers Association, to applause, in Nashville on Tuesday. On Wednesday the Australian and New Zealand dollars hit their highest levels on the dollar since the end of September, while sterling hit a three-week peak. European gas prices, which had jumped on news of the Middle East violence, surged further on Tuesday on concern a gas pipe in Finland was sabotaged.

Persons: Tyrone Siu, Raphael Bostic, Peter Dragicevich, Brent, Vivek Dhar, Sam Rines, Sam Holmes Organizations: REUTERS, Federal Reserve, paring, Japan's Nikkei, Atlanta Fed, American Bankers Association, Treasury, New Zealand, U.S, CPI, Fed, Bloomberg, HK, Benchmark, Samsung, Pepsi, Thomson Locations: Exchange, Hong Kong, China, SINGAPORE, paring U.S, Asia, Pacific, Japan, Nashville, Tuesday's, Israel, Finland, Estonia, Europe, Texas

☆ Can U.S. drone makers compete with cheap, high-quality Chinese drones?
▼ + stars: | 2023-10-11 | by ( Brad Howard | In | ) www.cnbc.com time to read: +2 min

The U.S. domestic drone industry has found itself at a disadvantage when it comes to producing these useful remote-controlled flying machines in America. Chinese drone maker DJI remains the king of the industry, controlling more than 70% of the global drone market. DJI drones are currently used by state university researchers, police departments, firefighters and other groups across the U.S. that could be affected by potential bans on Chinese-produced drones. "It is going to be key that the U.S.-produced drones, or drones produced by trusted allies, become more affordable." Watch the video above to find out if the U.S. drone industry can compete with Chinese drone producers.

Persons: Adam Bry, Adam Welsh, Mark Montgomery Organizations: CNBC, Israel, Center, Foundation for Defense of Democracies Locations: America, China, U.S, DJI, Russia, Ukraine

Former crypto hedge fund Alameda Research CEO Caroline Ellison finds and points out Sam Bankman-Fried during Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 10, 2023, in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 11 (Reuters) - Caroline Ellison, the former co-head of Sam Bankman-Fried's hedge fund and a pivotal witness in his trial on fraud charges tied to the collapse of his FTX cryptocurrency exchange, is scheduled to retake the stand on Wednesday morning. Ellison, the former co-chief executive of Alameda Research, testified on Tuesday that she was part of a multibillion-dollar conspiracy led by Bankman-Fried to defraud FTX customers, investors and lenders. Ellison said the hedge fund took about $10 billion in FTX customer funds to repay its debts and make investments. A third cooperating witness, former FTX engineering chief Nishad Singh, is also expected to testify at the trial, which could last up to six weeks.

Persons: Caroline Ellison, Sam Bankman, Jane Rosenberg, Ellison, FTX, Bankman, shrugged, Fried, Mark Cohen, Gary Wang, Nishad Singh, Jody Godoy, Luc Cohen, Noeleen Walder, Matthew Lewis Organizations: Alameda, Federal Court, REUTERS, Alameda Research, Bankman, Manhattan U.S, Stanford University, Prosecutors, Thomson Locations: FTX, New York City, U.S, Alameda, New York

Ellison said the hedge fund, Alameda Research, took about $10 billion in FTX customer funds to repay its debts and make investments. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was "fine" in November as the exchange faced surging demand for withdrawals. Bankman-Fried left in 2017 to found Alameda, and Ellison followed when he offered her a job as a trader. "He was very ambitious," Ellison told the court. In testimony that could undermine that argument, Ellison said she always consulted Bankman-Fried on big decisions and always deferred to him.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, FTX, Fried, Mark Cohen, Gary Wang, Nishad Singh, Bankman, Jane, Joe Biden's, Cohen, District Judge Lewis Kaplan, Luc Cohen, Jody Godoy, Noeleen Walder, Nick Zieminski, Matthew Lewis Organizations: REUTERS, Alameda Research, Manhattan U.S, Prosecutors, Alameda, Bankman, Wall, Ellison, New York Times, Times, District, Thomson Locations: New York, U.S, Alameda, FTX

Republican U.S. Senate candidate Don Blankenship speaks to his supporters during the primary election in Charleston, West Virginia, U.S., May 8, 2018. In his appeal to the Supreme Court, Blankenship's lawyers said that the media is now dominated by a few giant corporations that seek profits ahead of public service. The Supreme Court previously rejected Blankenship's appeals seeking to overturn his conviction. Thomas in 2019 took aim at the 1964 defamation precedent in an opinion he wrote when the court refused to consider reviving a defamation lawsuit against Bill Cosby. Thomas added that defamation law was historically a matter for the states, and should remain that way.

Persons: Don Blankenship, Lexi Browning, Donald Blankenship's, Blankenship, Sullivan, Clarence Thomas, Thomas, Neil Gorsuch, Joe Manchin, Blankenship's, Bill Cosby, Andrew Chung, Will Dunham Organizations: Republican U.S, Senate, REUTERS, U.S, Supreme, Massey Energy, Fox News, MSNBC, U.S . Senate, New York Times, Conservative, Republican, Democratic, Washington Post, Boston Globe, Circuit, Big Branch, Thomson Locations: Charleston , West Virginia, U.S, West Virginia, Richmond , Virginia, Massey's

A sign hangs on a gate of a building at Harvard University in Cambridge, Massachusetts, U.S., July 6, 2023. REUTERS/Brian Snyder Acquire Licensing RightsOct 9 (Reuters) - Prominent Harvard University alumni on Monday denounced a pro-Palestinian statement from students that blamed Israel for violence engulfing the region and urged the university to take action against the signatories. A coalition of 34 Harvard students organizations said they "hold the Israeli regime entirely responsible for all unfolding violence" following decades of occupation, adding that "the apartheid regime is the only one to blame." Harvard President Lawrence Summers, the former U.S. Treasury Secretary under Democratic President Bill Clinton and former university president, was one of several Harvard graduates to criticize the current Harvard leadership for failing to respond. Senator Ted Cruz, a Harvard Law School graduate, wrote on X: "What the hell is wrong with Harvard?"

Persons: Brian Snyder, Israel, Claudine Gay, Lawrence Summers, Bill Clinton, Summers, Elise Stefanik, Ted Cruz, Daniel Trotta, Jamie Freed 私 Organizations: Harvard University in, REUTERS, Harvard University, Monday, Harvard, Liberation, American Resistance Organization, Reuters, U.S . Treasury, Democratic, Republican U.S, Representative, Harvard Law School Locations: Harvard University in Cambridge , Massachusetts, U.S, Gaza, Israel, New York

"Our strike is working, but we’re not there yet," UAW President Shawn Fain said in a livestreamed update on negotiations with the three automakers. Threatening to strike against GM's Arlington, Texas, plant that makes cash-cow SUVs like the Cadillac Escalade spurred GM to agree that EV battery factories would become union plants with UAW contracts, Fain said. GM is building three Ultium joint-venture battery plants with South Korea's LG Energy Solution (373220.KS). GM is building a fourth U.S. battery plant with Samsung SDI (006400.KS) in Indiana. Fain also said on Friday that the UAW could still strike against highly profitable pickup truck plants if progress stalls.

Persons: Rebecca Cook, General Motors, we’re, Shawn Fain, GM's, Fain, Sam Fiorani, Ultium, Harley Shaiken, Jim Farley, Ford, Stellantis, Mark Stewart, Tesla, Elon, we've, walkouts, Joe White, David Shepardson, Abhirup Roy, Dan Burns, Ben Klayman, Abhijith, David Gaffen, Peter Henderson, Nick Zieminski, Matthew Lewis Organizations: United Auto Workers, General Motors Lansing Delta, Michigan U.S, REUTERS, Detroit Three, UAW GM, UAW, GM, Ford, Detroit, General, Ford Motor, Chrysler, EV, AutoForecast Solutions, Korea's LG Energy, Democratic U.S, Samsung SDI, University of California, LG, Samsung, American, Reuters Graphics Reuters, Thomson Locations: Delta Township, Michigan, DETROIT, GM's Arlington , Texas, U.S, Ohio, Indiana, Berkeley, Milan, Detroit, Washington

☆ 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

☆ Iowa Democrats move caucus results to Super Tuesday
▼ + stars: | 2023-10-06 | by ( Emma Barnett | ) www.cnbc.com time to read: +3 min

Ambassador to the United Nation Nikki Haley as Haley speaks at the Des Moines Register SoapBox during the Iowa State Fair on August 12, 2023 in Des Moines, Iowa. Iowa Democrats are officially conceding the position they have held in every presidential nominating contest since 1972: going first. Iowa Democrats will still hold an in-person caucus on Jan. 15, 2024, but that caucus will be for "party business," which includes platform resolutions and electing unbound delegates and precinct chairs. Scanlan had been keeping a close eye on when the Iowa Democrats planned to open their results. He also added he is not ready to set the date for the New Hampshire presidential primary yet.

Persons: Nikki Haley, Haley, Rita Hart, Hart, St . Louis, Scanlan, Chris Sununu, —, I've Organizations: Republican U.S, U.S, United, Des, Fair, Iowa Democrats, Democratic National, Iowa Democratic, New, Granite State, New Hampshire Presidential, NBC News, New Hampshire Gov, Hampshire didn't, Democratic Locations: Des Moines , Iowa, Iowa, Carolina, New Hampshire, St ., Granite, ", Hampshire

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

☆ Mack Trucks workers get 19% raise over 5 years in UAW contract
▼ + stars: | 2023-10-05 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 5 (Reuters) - Workers will receive a 19% pay hike over five years under an agreement with Volvo Group-owned Mack Trucks and the United Auto Workers, according to a summary of the tentative agreement seen by Reuters. The agreement includes an immediate 10% pay hike upon ratification. "The terms of this tentative agreement would deliver significantly increased wages and continue first-class benefits for Mack employees and their families," Mack President Stephen Roy said in a statement earlier this week. Mack, founded in 1900, is one of North America's largest manufacturers of medium-duty and heavy-duty trucks, engines and transmissions.

Persons: Rebecca Cook, Mack Trucks, Mack, Stephen Roy, David Shepardson, Chizu Nomiyama, David Gregorio Our Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Workers, Volvo Group, Reuters, Volvo, Thomson Locations: Delta Township, Michigan, North America's

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 4 (Reuters) - Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers' (UAW) strike against the "Detroit Three" and higher interest rates. Production at General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI) have taken a beating as the UAW strike headed into the 20th day. "The redemption of ~20% of the (First Trust) ETF's net assets in mid-September could have been related to the UAW strike, although it's tough to say with certainty." The $1.02 billion Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL.O) saw its first month of outflows in four.

Persons: Rebecca Cook, Bryan Armour, that's, Todd Sohn, Bansari Mayur, Anil D'Silva Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Exchange, United Auto Workers ', General Motors, Ford, Chrysler, Nasdaq Transportation, North America, Morningstar, JPMorgan, GM, X Autonomous & Electric Vehicles, Trust, Global, Strategas Securities, Thomson Locations: Delta Township, Michigan, Bengaluru

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.

Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York

Companies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's fraud trial got under way with jury selection on Tuesday, nearly a year after his now-bankrupt cryptocurrency exchange's collapse shocked markets and tattered his reputation. He was dressed in a suit and tie, with his once signature curly, unkempt hair cut into a neater trim. Bankman-Fried's is the highest profile case U.S. prosecutors have so far brought against a former cryptocurrency executive. Prosecutors say Bankman-Fried built that reputation on lies and bolstered it with endorsements from celebrities and star athletes. He will be brought to court early on most days to allow him to prepare with his lawyers.

Persons: Sam Bankman, District Judge Lewis Kaplan, Kaplan, Bankman, Fried, Nicolas Roos, Mark Cohen, Caroline Ellison, Gary Wang, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: District, Alameda Research, Manhattan U.S, Prosecutors, Thomson Locations: Manhattan, FTX, Alameda, New York

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