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☆ Nasdaq leads Wall St rebound after weaker-than-expected data
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data. The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

Persons: Oliver Pursche, Brendan McDermid, decliners, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: Companies, ADP, Dow, Nasdaq, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, New York Stock Exchange, REUTERS, Dow Jones, Ford, NYSE, Thomson Locations: Westport , Connecticut, New York City, U.S, New York, Bengaluru

UAW President Shawn Fain plans to update the union's 150,000 members at Ford, General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) on Friday, a person briefed on the union's plans said. In addition to Ford, talks with Chrysler parent Stellantis (STLAM.MI) and other automakers and the UAW have been active in recent days, sources said. Ford Chief Financial Officer John Lawler said Friday the automaker's retirement offer would assure UAW workers could retire with $1 million in savings. The targeted strike against the Detroit Three automakers began on Sept. 15 and is now in its 20th day. Rival Ford Motor (F.N) secured a $4 billion line of credit in August, ahead of the Sept. 14 UAW contract expiration.

Persons: Rebecca Cook, Shawn Fain, Fain, Ford, Stellantis, John Lawler, Paul Jacobson, JP Morgan, Joe White, David Shepardson, Mark Porter, Nick Zieminski, Matthew Lewis, Anna Driver Organizations: General Motors, REUTERS, Rights, United Auto Workers, Ford, Detroit Three, Wednesday, UAW, Chrysler, Detroit automakers, GM, CNBC, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Motor Equipment Manufacturers Association, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Kansas, Ohio, Indiana, Detroit

☆ Wall St ends up after recent weakness; consumer discretionary gains
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Consumer discretionary (.SPLRCD) led S&P 500 sectors higher, followed by technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support. According to preliminary data, the S&P 500 (.SPX) gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite (.IXIC) gained 172.95 points, or 1.32%, to 13,236.01.

Persons: Brendan McDermid, Oliver Pursche, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, ADP, Major U.S, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, Nasdaq, Dow Jones, Ford, Thomson Locations: New York City, U.S, Major, Westport , Connecticut, New York, Bengaluru

The strike cost at GM reflects 16 days in which production was stopped at one GM assembly plant, a mid-size pickup truck and van factory in Wentzville, Missouri. The UAW ordered a strike at a GM SUV assembly plant in Lansing, Michigan, on Sept. 29. Against that backdrop, GM said in a securities filing that it has locked in a new, $6-billion line of credit through October 2024. The additional liquidity will require GM to maintain at least $4 billion in global liquidity and $2 billion in U.S. liquidity. Rival Ford Motor (F.N) secured a new $4 billion line of credit in August.

Persons: Rebecca Cook, JP Morgan, Ford, Joe White, David Shepardson, Mark Porter, Nick Zieminski Organizations: General Motors, REUTERS, Rights, Wednesday, United Auto Workers, Detroit Three, GM, UAW, Citibank, Chevrolet, GMC, GMC Yukon, Cadillac, Ford, Thomson Locations: Detroit , Michigan, U.S, Wentzville , Missouri, Lansing , Michigan, Fairfax , Kansas, Kansas, Ohio, Indiana

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

AIRLINES & AEROSPACE FIRMSPilots at several airlines including American Airlines (AAL.O), Delta Airlines (DAL.N), United Airlines Holdings (UAL.O), Spirit Airlines (SAVE.N) and Jetblue Airways (JBLU.O) negotiated new job contracts this year. Members of some unions like the Southwest Airlines Pilots Association have voted to authorize a strike if a new contract is not reached. MANUFACTURINGU.S. steel producer Cleveland-Cliffs (CLF.N) has reached a tentative agreement with the United Steelworkers union on a new three-year labor agreement for its Northshore mining operations. The Detroit Casino Council (DCC), which represents the workers, could call for strikes as soon as mid-October, when contracts expire. Labor unions secured new contract agreements at multistate operator-owned cannabis dispensaries in Illinois and in New Jersey in July.

Persons: Sergio Martinez, Mike Blake, Mack Trucks, isn't, Mrinalika Roy, Sriraj Organizations: REUTERS, U.S . Bureau of Labor Statistics, Reuters, Alliance, Television Producers, SAG, Hollywood, United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Chrysler, Volvo Group, United Parcel Service, FedEx, Pilots, AIRLINES & AEROSPACE, American Airlines, Delta Airlines, United Airlines Holdings, Spirit Airlines, Jetblue Airways, Southwest Airlines Pilots Association, United Steelworkers, U.S . Steel, Unions, Vegas, MGM, Detroit, MotorCity, Detroit Casino Council, Kaiser Permanente, Workers, Green Thumb Industries, Labor, Phillips, Thomson Locations: Los Angeles , California, U.S, Michigan , Ohio, Missouri, Wichita , Kansas, Cleveland, Detroit, Hollywood, Greektown, Los Angeles, New York City, Chicago, Illinois, New Jersey, Roxana , Illinois, Bengaluru

☆ Ford makes new offer in US labor dispute, GM furloughs more workers
▼ + stars: | 2023-10-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The Dearborn, Michigan automaker said the new offer boosted wages for temporary workers, increased company 401(k) contributions and had further shrunk time needed to get to the top wage rate. UAW President Shawn Fain on Friday expanded the first-ever simultaneous strike against the Detroit Three to a GM Lansing, Michigan, plant and a Ford Chicago assembly plant, but Stellantis was spared after last-minute concessions. The UAW said on Monday it presented a new contract offer to General Motors (GM.N). Earlier Tuesday, GM said it furloughed 163 UAW workers at GM’s Toledo Propulsion Systems plant that makes transmissions for both the automaker's Missouri and Lansing Delta Township assembly plants that are on strike. On Monday, GM and Ford said they laid off another 500 workers at four Midwestern plants because of the impact of the strike.

Persons: Shawn Fain, Stellantis, Ford, Jim Farley, David Shepardson, Matthew Lewis, Chris Reese Organizations: Ford, United Auto Workers, UAW, Detroit, General Motors, GM, Chrysler, Propulsion Systems, Anderson Economic, Thomson Locations: Dearborn, Michigan, Lansing , Michigan, Ford Chicago, Missouri, Lansing Delta, Kansas, Ohio, Indiana, Washington

☆ US new vehicle sales jump in third quarter as UAW strike casts shadow
▼ + stars: | 2023-10-03 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 3 (Reuters) - Top global automakers on Tuesday reported a rise in U.S. new vehicle sales for the third quarter, buoyed by resilient demand for latest models and improved supplies. EV sales jumped 28% in the third quarter from the preceding quarter, the company said. Meanwhile, Asian brands posted strong gains in the quarter. Toyota Motor Corp (7203.T) posted a 12.2% rise in third-quarter U.S. sales. However, the South Korea-based automaker said rising interest rates "make it very, very challenging for consumers to purchase a vehicle."

Persons: Andrew Kelly, Tesla, Nathan Gomes, Joseph White, Sriraj Organizations: GMC, General Motors Company, REUTERS, General Motors Co, EV, United Auto Workers, UAW, Detroit Three, GM, Motor, Toyota Motor Corp, Kia, Hyundai, U.S, Reuters, Monday, Thomson Locations: Queens , New York, U.S, KS, South Korea, Bengaluru, Detroit

UAW President Shawn Fain has transformed the rituals of contract talks with General Motors(GM.N), Ford(F.N) and Chrysler parent Stellantis (STLAM.MI) into a high-stakes, made-for-media game. GM and Ford said Monday they were indefinitely laying off another 500 workers at four Midwestern plants, citing the impact of the walkouts. Analysts looking ahead to third-quarter financial results this month are starting to reckon the costs of what the UAW calls "Stand up strikes." Ford plans four EV battery plants in the U.S. - three under joint ventures with South Korean battery maker SK On(096770.KS). GM's joint venture battery plants also have separate status and GM has declined to include them in negotiations.

Persons: Shawn Fain, Mack Trucks, Ford, JP Morgan, Fain, Harley Shaiken, Mary Barra, Jim Farley, Farley, CATL, GM's, . Company bargainers, Joseph White, Ben Klayman, David Shepardson, David Gregorio Our Organizations: DETROIT, United Auto Workers, Detroit Three, UAW, General Motors, Ford, Chrysler, Volvo Group, GM, Chevrolet, University of California Berkley, automaker's, automaker's Michigan Assembly, SK, . Company, ”, Thomson Locations: Escalade, automaker's Michigan, U.S, Korean, Marshall , Michigan

☆ GM, Ford furlough another 500 workers due to UAW strike
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

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 2 (Reuters) - General Motors (GM.N) and Ford Motor (F.N) on Monday said they are laying off another 500 workers at four Midwestern plants because of the impact on some of the facilities of the United Auto Workers strike in its 18th day. Ford said last month it temporarily laid off about 600 workers at a Michigan auto plant because of the strike. UAW President Shawn Fain on Friday expanded the first-ever simultaneous strike against the Detroit Three to a GM Lansing, Michigan plant and a Ford Chicago assembly plant, but Stellantis was spared after last-minute concessions. The GM and Ford CEOs on Friday blasted the UAW, hours after the union escalated the strike.

Persons: Rebecca Cook, Ford, GM's, Stellantis, Shawn Fain, Mack Trucks, David Shepardson, Bernadette Baum, David Gregorio, Bill Berkrot Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Motors, Ford, GM, Chrysler, Ohio Metal Center, Marion , Indiana Metal Center, Buick Enclave, Chevrolet Traverse, Detroit, Volvo, JPMorgan, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, Chicago, Lima , Ohio, Parma, Marion ,, GM's Lansing Delta, GM's Missouri, Fairfax , Kansas, Ohio, Indiana, Lansing , Michigan, Ford Chicago

☆ GM furloughs another 160 workers due to UAW strike
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

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 2 (Reuters) - General Motors (GM.N) said Monday it was indefinitely laying off about 160 workers at plants in Indiana and Ohio because of the impact of the United Auto Workers strike on some facilities. The UAW on Friday said it would strike at GM's Lansing Delta Township assembly plant that makes the Buick Enclave and Chevrolet Traverse SUVs after previously striking at GM's Missouri assembly plant and 18 parts distribution centers. The new GM furloughs include 130 at its Parma, Ohio Metal Center and 34 at its Marion, Indiana Metal Center. The UAW strike on Monday was entering its 18th day after the chief executives of GM and Ford blasted the UAW on Friday, hours after the union escalated the strike.

Persons: Rebecca Cook, Shawn Fain, Mary Barra, Jim Farley, David Shepardson, Ed Osmond, Bernadette Baum Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Motors, Buick Enclave, Chevrolet Traverse, Detroit automaker, GM, Ohio Metal Center, Marion , Indiana Metal Center, Detroit, Ford, Chrysler, JPMorgan, Thomson Locations: Delta Township, Michigan, Indiana and Ohio, GM's Lansing Delta, GM's Missouri, Fairfax , Kansas, Parma, Marion ,, Lansing, Chicago

☆ GM, Stellantis face $9.5 bln in US fuel economy fines -industry group letter
▼ + stars: | 2023-10-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The American Automotive Policy Council, representing GM, Stellantis and Ford Motor (F.N), said in a letter to the U.S. Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements are "alarming." DOE wants to significantly revise how it calculates the petroleum-equivalent fuel economy rating for EVs in NHTSA's CAFE program. A group representing nearly all major automakers said last week the industry as a whole could face $14 billion in CAFE fines. Automakers buy credits or pay fines if they cannot meet CAFE requirements. In June, Reuters first reported Stellantis and GM paid a total of $363 million in CAFE fines for failing to meet U.S. fuel economy requirements for prior model years.

Persons: Gonzalo Fuentes, Joe Biden's, Ford, David Shepardson, Jonathan Oatis, David Gregorio 私たち Organizations: REUTERS, Rights, General Motors, Chrysler, Reuters, The American Automotive Policy, GM, Ford, U.S . Energy Department, Energy Department, DOE, U.S, Detroit, Traffic Safety Administration, Detroit Three Locations: Velizy, Villacoublay, Paris, France, NHTSA's

☆ US new auto sales likely rose in Q3, but UAW strikes may pose speed bump
▼ + stars: | 2023-10-02 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

But that may change after the United Auto Workers (UAW) union launched unprecedented, coordinated strikes against GM, Ford (F.N) and Stellantis (STLAM.MI) last month. "The production disruptions caused by the strike will have ramifications for potential sales levels moving through the fourth quarter," S&P Global Mobility said in a note. The automakers haven't disclosed a financial hit from the strikes so far and September sales are likely to be unscathed given the inventory built up in anticipation of the strike. U.S. new vehicle sales likely rose 17% to 3,941,700 units, whereas, the September seasonally adjusted annualized rate is expected to be 15.4 million units, consultants J.D. Automakers are expected to report quarterly sales in the coming days.

Persons: Carlos Barria, autoworkers, haven't, J.D, GlobalData, Shivansh, Shounak Dasgupta Organizations: REUTERS, General Motors, Toyota, United Auto Workers, UAW, GM, Ford, P Global Mobility, Detroit Three, Detroit, Thomson Locations: Port of Richmond, San Francisco , California, Edmunds, Bengaluru

☆ Kaiser Permanente workers say deal unlikely to avert strike
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

The newly constructed Kaiser Permanente San Diego Medical Center hospital is shown in San Diego, California, U.S. April 17, 2017. REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 1 (Reuters) - The coalition of unions representing healthcare workers at Kaiser Permanente said late on Saturday it is unlikely there will be a new agreement with the healthcare provider, as their current contract expires and the unions prepare for strike action. The Coalition of Kaiser Permanente Unions said it and the company remained far apart on important issues. Earlier in September, more than 75,000 Kaiser healthcare workers called for a strike from Oct. 4 to Oct. 7 across California, Oregon, Washington, Colorado, Virginia and Washington DC, in what would be the largest healthcare workers' strike, according to the coalition. Workers of the coalition are demanding resolution on a short-staffing crisis, a pay increase and an improvement in medical plans.

Persons: Mike Blake, Kaiser Permanenete, Jahnavi Nidumolu, Jose Joseph, Hugh Lawson, Nick Zieminski Organizations: Kaiser Permanente San Diego Medical Center, REUTERS, Kaiser Permanente, Coalition, Kaiser Permanente Unions, Reuters, Washington DC, . Workers, U.S . Bureau of Labor Statistics, Auto, Detroit Three, Ford, Motors, Chrysler, Thomson Locations: Kaiser, San Diego , California, U.S, California , Oregon, Washington , Colorado, Virginia, Washington, United States, Bengaluru

☆ Kaiser Permanente workers say they are unlikely to reach deal to avert strike
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The newly constructed Kaiser Permanente San Diego Medical Center hospital is shown in San Diego, California, U.S. April 17, 2017. REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 1 (Reuters) - The coalition of unions representing healthcare workers at Kaiser Permanente said late on Saturday it is unlikely there will be a new agreement with the healthcare provider, as their current contract expires and the unions prepare for strike action. The Coalition of Kaiser Permanente Unions said it and the company remained far apart on important issues. Earlier in September, more than 75,000 Kaiser healthcare workers called for a strike from Oct. 4 to Oct.7 across California, Oregon, Washington, Colorado, Virginia and Washington DC, in what would be the largest healthcare workers' strike, according to the coalition. Workers of the coalition are demanding resolution on a short staffing crisis, a pay increase and an improvement in medical plans.

Persons: Mike Blake, Jahnavi, Hugh Lawson Organizations: Kaiser Permanente San Diego Medical Center, REUTERS, Kaiser Permanente, Coalition, Kaiser Permanente Unions, Washington DC, . Workers, U.S . Bureau of Labor Statistics, Detroit Three, Ford, Motors, Chrysler, Thomson Locations: Kaiser, San Diego , California, U.S, California , Oregon, Washington , Colorado, Virginia, Washington, United States, Bengaluru

☆ Ford CEO says UAW holding labor deal 'hostage' over fate of battery plants
▼ + stars: | 2023-09-29 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

"The UAW is holding the deal hostage over battery plants," Farley said, and claimed a "bad deal" could threaten financial viability of some U.S. vehicle production. On Monday, Ford said it had paused work on its $3.5 billion Marshall, Michigan battery plant that will use technology licensed from Chinese battery company CATL (300750.SZ), citing concerns about its ability to operate competitively. In 2022, Congress passed the Inflation Reduction Act (IRA) barring $7,500 in future consumer EV tax credits if any battery components are manufactured or assembled by a "foreign entity of concern." Ford is awaiting guidance to determine if batteries produced by the Marshall plant would meet the requirements. Republican lawmakers have been probing Ford's battery plant plan for months over concerns it could send U.S. tax subsidies to China and leave Ford dependent on Chinese technology.

Persons: Jim Farley, Rebecca Cook, Farley, Shawn Fain, Ford, Marshall, Janet Yellen, Jennifer Granholm, David Shepardson, Chris Reese, David Gregorio Our Organizations: Ford Motor, North American, REUTERS, Rights, Ford, United Auto Workers, U.S . Treasury, UAW, Energy, Republican, Thomson Locations: Detroit , Michigan, U.S, Michigan, Marshall, China

“I don’t know why Jim Farley is lying about the state of negotiations," Fain said in a statement responding to the Ford CEO. The UAW wants those workers represented by the union and paid the highest-tier wages. Workers went on strike on Sept. 15 at one plant each from GM, Ford and Stellantis. UAW workers are threatening to walk off the job at heavy truck maker Mack Trucks on Sunday, and at three Detroit casinos. A UAW strike has shut down a plant that builds axles for Mercedes-Benz's Alabama vehicle factory.

Persons: Jim Farley, Shawn Fain, Stellantis, Fain, Sam Fiorani, Joe Biden, Ford, Farley, Arthur Wheaton, Mack Trucks, Silverados, David Shepardson, Joseph White, Ben Klayman, Abhirup Roy, Bianca Flowers, Shivansh, Abhijith G, Peter Henderson, Nick Zieminski, David Gregorio, Jonathan Oatis Organizations: UAW, Lansing , Michigan Ford, Ford, United Auto Workers, Detroit, Chrysler, Mack Trucks, AutoForecast Solutions, Workers, Ford Explorer, Lincoln Aviator, Traverse, Buick, Marshall, General Motors, GM, Cornell University, Mercedes, Reuters, Thomson Locations: Chicago, Lansing , Michigan, DETROIT, U.S, Detroit, Lansing, Michigan, Marshall , Michigan, Alabama

The move is aimed at helping auto makers to diversify their supply chains and increase their reliance on reliable partners like Canada, Investissement Quebec CEO Guy LeBlanc said on Thursday. LeBlanc said Quebec has secured C$15 billion over the past three years and another C$15 billion is coming in the next three years. He added that the Canadian province decided to play to its strengths and develop a strategy to promote its critical mineral resources, including lithium, nickel and graphite. Over the past three years, Quebec has attracted investments from auto and battery makers such as General Motors (GM.N) POSCO (GM.N) and Ford Motors (F.N). The Canadian government has wooed investments by providing subsidies worth C$28.2 billion for auto makers such as Stellantis and Volkswagen.

Persons: Mark Blinch, Guy LeBlanc, LeBlanc, " LeBlanc, Divya Rajagopal, Paul Simao Organizations: REUTERS, Rights, Reuters, Investissement, General Motors, Ford Motors, Canadian, Volkswagen, Huawei, U.S, Thomson Locations: Toronto, Quebec, Canadian, Canada, Investissement Quebec, North America, China, British Columbia

☆ Explainer: UAW expands strike against GM, Ford in Week 3, spares Stellantis
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Sept 29 (Reuters) - The United Auto Workers (UAW) union on Friday expanded its coordinated U.S. strike, this time targeting a plant at General Motors (GM.N) and Ford Motor (F.N) but refraining from an additional walkout from Chrysler parent Stellantis (STLAM.MI). The UAW, which represents 46,000 GM workers, 57,000 Ford employees and 43,000 Stellantis workers, kicked off negotiations with the companies in July. Contract talks between the UAW and the Detroit automakers in past years had gone on until the strike deadline and beyond. Talks between Ford and UAW negotiators stalled during the week after the two appeared to be close to an agreement, sources familiar with the development said. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.

Persons: Shawn Fain, Fain, Stellantis, GM's, Morgan Stanley, Adam Jonas, Tesla, Nathan Gomes, Abhijith G, Joseph White, Ben Klayman, David Shepardson, Sriraj Organizations: United Auto Workers, UAW, General Motors, Ford, Chrysler, Detroit Three, WHO, Detroit, Reuters, Ford Bronco, Chevrolet, Deutsche Bank, EV, Thomson Locations: U.S, Michigan , Ohio, Missouri, Chevrolet Colorado

"Despite our willingness to bargain Ford and GM have refused to make meaningful progress," Fain said in a video address Friday morning. It began on Sept. 15, when workers struck at one plant each from GM, Ford and Stellantis. The UAW did not strike at Ford distribution facilities last week, citing progress in talks with that company. Analysts estimate GM, Ford and Stellantis earn as much as $15,000 per vehicle on each of their respective large pickup truck models. The Ford assembly plant in Chicago builds the Ford Explorer and Lincoln Aviator SUVs, while the GM plant in Lansing makes the Chevy Traverse and Buick Enclave SUVs.

Persons: Shawn Fain, GM's, Fain, Stellantis, Friday Fain, Arthur Wheaton, Silverados, Sam Fiorani, Joe Biden, David Shepardson, Joseph White, Ben Klayman, Abhirup Roy, Peter Henderson, Nick Zieminski Organizations: DETROIT, United Auto Workers, General Motors, Ford, Chrysler, Detroit Three, GM, UAW, Detroit, Cornell's School of Industrial and Labor Relations, U.S, Workers, Stellantis, Strikers, AutoForecast Solutions, Ford Explorer, Lincoln Aviator, Traverse, Buick, Reuters, Thomson Locations: Chicago, GM's Lansing , Michigan, Stellantis, Marshall , Michigan, Milan, Detroit, Lansing

DETROIT, Sept 29 (Reuters) - The United Auto Workers are set to expand their strike of Detroit Three factories and walk off the job at General Motors (GM.N) and Ford (F.N), UAW president Shawn Fain said on Friday. "Despite our willingness to bargain Ford and GM have refused to make meaningful progress," Fain said in a video address Friday morning. It began on Sept. 15, when workers struck at one plant each from GM, Ford and Stellantis. The UAW did not strike at Ford distribution facilities, citing progress in talks with that company. Analysts estimate GM, Ford and Stellantis earn as much as $15,000 per vehicle on each of their respective large pickup truck models.

Persons: Shawn Fain, GM's, Fain, Stellantis, Ford, Silverados, Joe Biden, David Shepardson, Joseph White, Nick Zieminski Organizations: DETROIT, United Auto Workers, General Motors, Ford, UAW, GM, Detroit, Strikers, Reuters Graphics Reuters, Thomson Locations: Detroit, Chicago, GM's Lansing , Michigan, Stellantis, Milan

During the third quarter, U.S. dealmaking contributed to a larger-than-usual share of global activity and offset a decline in volumes in Europe and Asia Pacific, accounting for about half of global volumes. Deal volumes in Europe and Asia Pacific fell 31% and 9%, respectively. To date, private equity deal volumes have slumped 48% to $313.73 billion, compared to the same period last year. Deal activity driven by activist shareholders was muted as several big-name activists reached settlements with corporate boardrooms. Dealmaking in technology, which typically accounts for the largest share of deal volumes, has fallen 51% so far this year.

Persons: Brendan McDermid, dealmaking, We're, Melissa Sawyer, Sullivan, Cromwell, dealmakers, headwinds, Tony Kim, Roark Capital's, ”, Andre Kelleners, Goldman Sachs, Naveen Nataraj, Kappa, WestRock, it’s, Rob Kindler, Weiss, Garrison, it'll, Anton Sahazizian, Anirban Sen, Timothy Gardner Organizations: REUTERS, Cromwell LLP, Asia Pacific, Investment, U.S . Steel, Centerview Partners, U.S . Investment, Evercore Inc, Cisco, Splunk Inc, Fidelity National Information Services, Reuters, Paul, Moelis, Thomson Locations: New York City, U.S, United States, Europe, Asia, Cleveland, Rifkind, Wharton, New York, London

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

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

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

In the past year, clothing retailers have sought to clear excess stock that had piled up due to a shift in consumer demand to essentials from discretionary items like clothing. But with fourth-quarter temperatures expected to start off warm, according to weather tracking firm Weather Trends International, stores carrying winter styles and gear could find themselves loaded with inventory at the end of the season. European company Pepco Group (PCOP.WA) also noted that the landing of its autumn and winter clothing inventory had coincided with persistent record-warm weather in its core Central and Eastern European markets. In the United States, temperatures could rise by 2 to 12 degrees Fahrenheit on average in the October-December period compared with last year, according to Weather Trends International. Abercrombie & Fitch (ANF.N) also said there was strong demand for "seasonless products" in the second quarter, particularly in the men's category, as customers picked out year-round clothing items and styles.

Persons: Helena Helmersson, Andy Bond, Bill Kirk, Clodagh, David Swartz, Robert Woods, Kristen D'Arcy, Abercrombie, Simon Wolfson, Ananya Mariam Rajesh, James Davey, Helen Reid, Matthew Lewis Organizations: Reuters, Pepco, Amazon.com, REUTERS, Walmart, Dick's Sporting, Costco Wholesale, Morningstar Research, Vision Brands, Fitch, Thomson Locations: United States, Europe, Cos, Eastern, Grafton, Dublin, Ireland, outerwear, Bengaluru, London

☆ Automakers say they face $14 billion in fines from Biden's 'unfeasible' fuel rules
▼ + stars: | 2023-09-29 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The fines would impact one in every two light trucks and one in every three passenger cars in 2027-2032, the group added. A separate document viewed by Reuters said the Detroit Three - GM, Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) - would face about $10 billion in CAFE fines in that period. A NHTSA spokesperson said the estimate cited by automakers represents the agency forecast and is "consistent with our statutory obligations". In June, Reuters reported Stellantis and GM paid a total of $363 million in CAFE fines for failing to meet U.S. fuel economy requirements for prior model years. The record-setting penalties include $235.5 million for Stellantis for the 2018 and 2019 model years and $128.2 million for GM covering 2016 and 2017.

Persons: Jose Luis Gonzalez, Biden, David Shepardson, Barbara Lewis Organizations: REUTERS, Rights, Alliance, Automotive Innovation, General Motors, Toyota, Volkswagen, Hyundai, Traffic, Reuters, Detroit, Ford Motor, Chrysler, European Union, NHTSA, GM, Thomson Locations: Texas, Ciudad Juarez, Mexico

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