DIRS.INFO The most relevant business & tech news

☆ GM cancels 1,245 layoffs at factories in Brazil, union says
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: 1 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 4 (Reuters) - General Motors (GM.N) will cancel 1,245 layoffs at its factories in Sao Jose dos Campos, Sao Caetano do Sul and Mogi das Cruzes in the state of Sao Paulo, the union representing metalworkers said on Saturday. Saving the jobs was a "historic victory" following a 13-day strike, the Sindmetal union said in a statement, adding that GM representatives will meet union leaders on Monday to confirm the decision. Reporting by Anthony Boadle; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Sao Jose dos Campos, metalworkers, Anthony Boadle, Paul Simao Organizations: General Motors, REUTERS, Sul, U.S, Thomson Locations: Detroit , Michigan, U.S, Sao Jose, Sao Caetano, Sao Paulo

☆ Luis Díaz: Colombian guerilla group says it will release Liverpool player’s father ‘as soon as possible’
▼ + stars: | 2023-11-03 | by ( Ilse Borrero | ) edition.cnn.com time to read: +4 min

Barrancas, Díaz’s hometown located in northern Colombia, has never been so guarded. Relatives and friends marched in Barrancas to show solidarity with the Díaz family. Hundreds of people marched through Barrancas demanding Díaz's release. Gaby Díaz thanked the media and the citizens of Barrancas for their interest in knowing the fate of his father. Meanwhile, journalists, cameramen, and photographers from local and foreign media remain on guard outside the Díaz family residence, waiting for some reaction or news of the release of the Liverpool FC star’s father.

Persons: Colombia CNN —, Luis Díaz’s, “, ” Luis Manuel Díaz, Cilenis Marulanda, Marulanda, Santiago Ángel, Juan Carlos Cuéllar, Díaz, Luis Manuel Díaz, ”, Otty Patiño, Gaby Díaz, Lismari Machado, ” Cristian Almenares, General William René Salamanca, Guillermo Acuña, Barranco Organizations: Colombia CNN, National Liberation Army, Liverpool FC, Colombian government’s, Law, CNN, AFP, Getty, Colombian, Díaz, Police, Army, Colombian Police, ”, Liverpool FC star’s Locations: Barrancas, Colombia, Colombian, Colombia’s La Guajira, ” Salamanca

☆ WeWork shares sink on reports of imminent plans for bankruptcy filing
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - WeWork shares (WE.N) tanked over 35% in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week. The bankruptcy filing would follow a series of troubles for the SoftBank-backed company since its IPO plans imploded in 2019 on skepticism over its business model of taking long-term leases and renting them for short term. WeWork is mulling over filing a Chapter 11 petition in New Jersey, the WSJ first reported on Tuesday. The stock was last trading at $1.45 before the opening bell, after losing about 96% of its value this year. Reporting by Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Susannah Streeter, Hargreaves Lansdown, Medha Singh, Shinjini Organizations: WSJ, Thomson Locations: New York, New Jersey, Bengaluru

☆ Spirit Halloween lives on, even when the holiday ends and stores close
▼ + stars: | 2023-11-01 | by ( Drew Richardson | ) www.cnbc.com time to read: +5 min

The facade of seasonal Halloween decor store Spirit Halloween at a shopping center in Dublin, California, on Aug. 23, 2018. Smith Collection | Archive Photos | Getty ImagesHalloween is over, and your local Spirit Halloween is about to become a ghost town. The retailer opened a record 1,506 stores this season, up more than 50 stores from 2022, Spirit Halloween told CNBC. These become opportunities for Spirit Halloween, then, as the company pays to use the abandoned space for the Halloween season. Drew Richardson | CNBC"We have built great relationships with our real estate partners over the years," a representative for Spirit Halloween told CNBC.

Persons: it'll, Steven Silverstein, Silverstein, Drew Richardson, Maria, Jane, Neil Saunders, Saunders, Lana, I'm Organizations: Spirit, Spencer Spirit Holdings, Halloween, CNBC, Rite, CVS, Harmon, CVS Pharmacy, National Retail Federation Locations: Dublin , California, It's, New York, Manhattan's, New York City, New, Brooklyn Heights, Russia

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The GM workers will return to work after an official announcement of the deal, two sources said. Ford shares fell 2% while Stellantis shares were down 1.5% in Milan. Excluding Monday's share moves, GM and Ford shares have lost roughly a fifth of their value since the strike began while Stellantis shares have fallen 1%. "The Street is glad to have this UAW nightmare in the rear view mirror with a less onerous deal than originally feared for the Detroit Big 3," Wedbush analyst Daniel Ives said.

Persons: Rebecca Cook, Stellantis, Patrick Anderson, Shawn Fain, Fain, Joe Biden, Biden, Tesla, Ford, Erik Gordon, Daniel Ives, David Shepardson, Joseph White, Shivansh Tiwary, Deepa Babington, David Gaffen, Peter Henderson, Alistair Bell Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, Reuters, Detroit Three automakers, Ford Motor, Chrysler, Anderson Economic Group, GM, Ford, Democratic, Detroit Three, Detroit automakers, EV, Toyota, University of Michigan, Kentucky, Detroit Big, Thomson Locations: Detroit , Michigan, U.S, Detroit, Milan, Arlington , Texas, Tahoe, Sterling Heights , Michigan, Hill, Tenn, Washington

GM said it was disappointed by the UAW strike at Spring Hill and that it still seeks "to reach an agreement as quickly as possible." Spring Hill Manufacturing, an assembly and propulsion plant, is the largest GM facility in North America with nearly 4,000 total employees. A lengthy Spring Hill strike could greatly increase the financial pain for GM, which said in a filing earlier this week that strike costs had risen to $400 million a week. Moments before employees walked out in Tennessee, the UAW said it reached a tentative labor agreement with Chrysler parent Stellantis (STLAM.MI). The UAW previously struck GM assembly plants in Missouri and Michigan as well as 18 parts distribution warehouses.

Persons: Rebecca Cook, Shawn Fain, Stellantis, ” Fain, David Shepardson, Joseph White, Cynthia Osterman Organizations: General Motors, REUTERS, United Auto Workers, UAW, GM, Ford, Manufacturing, Chrysler, Ford Motor, Thomson Locations: Detroit , Michigan, U.S, Spring Hill , Tennessee, Spring, North America, Fort Wayne , Indiana, Silao, Mexico, Bowling Green , Kentucky, Ramos Arizpe, Fairfax , Kansas, Arlington , Texas, Wentzville , Missouri, Tennessee, Missouri, Michigan

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 27 (Reuters) - Chrysler parent Stellantis (STLAM.MI) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters. The deal will likely set a pattern for new UAW contracts with GM and Stellantis. Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. Talks between the UAW and General Motors were continuing past 9 p.m. Friday. The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.

Persons: Rebecca Cook, Stellantis, Ford, John Lawler, David Shepardson, Joseph White, Chizu Nomiyama, Peter Henderson, Matthew Lewis, Raju Gopalakrishnan Organizations: General Motors, REUTERS, Chrysler, United Auto Workers, Reuters, Ford Motor, Detroit, GM, Stellantis, UAW, Bloomberg, Ford, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Detroit, New York, Washington

☆ Ukrainian Drone Struck Russian Nuclear Waste Facility, Ministry Says
▼ + stars: | 2023-10-28 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

MOSCOW (Reuters) - A Ukrainian drone crashed into a nuclear waste storage facility at the Kursk nuclear power plant in western Russia on Thursday, damaging its walls, Russia's foreign ministry said on Saturday. The ministry said in a statement that Kyiv must have known that its actions could have caused a full-scale nuclear catastrophe. Moscow said on Friday that it had thwarted the drone attack in the country's south, where two news outlets said an explosion had damaged the facade of a warehouse storing nuclear waste. (Reporting by Reuters; writing by Andrew Osborn; editing by Jason Neely)

Persons: Andrew Osborn, Jason Neely Organizations: Reuters Locations: MOSCOW, Ukrainian, Russia, Moscow

☆ Sanofi loses $21 billion in market value after dropping 2025 profit target
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +2 min

Chesnot | Getty ImagesSanofi stock plunged on Friday, wiping 20 billion euros ($21 billion) off its market value, after it abandoned its 2025 profit target under a plan to list its consumer healthcare business to focus on its core innovative drugs business. Under a push to spend more on immunology and inflammation drug development, the company abandoned a target for a 32% operating profit margin for 2025 to focus on "long-term profitability." Sanofi shares trade at a 12 month forward price-to-earnings ratio of 11, a discount to AstraZeneca's 16 and global pharma index of 17, according to LSEG data. Bayer, led by a new CEO since June, has faced calls by several investors to split off its consumer business. EPS would see a strong rebound in 2025 but not enough to sustain the previous margin target.

Persons: Sanofi, drugmaker, Paul Hudson, Terence McManus, Kenvue, Johnson, Bayer Organizations: Chesnot, Getty, Sanofi, Bellevue Asset Management, Reuters, Barclays, Johnson, GSK, Pfizer Locations: Gentilly, Paris, France, Bellevue

☆ Anti-Defamation League accuses pro-Palestine student groups of siding with terrorism
▼ + stars: | 2023-10-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +7 min

The letter, which called for universities to “investigate” individual chapters of SJP, provided no evidence to indicate that SJP had provided material or financial support for Hamas. In a response, SJP directed CNN to a letter Palestine Legal sent to Florida Governor Ron DeSantis on Wednesday. Citing similar opposition to DeSantis’ call for state universities to “deactivate” SJP chapters because of their “material support for terrorism,” the national SJP chapter disputed the organization and its local chapters support terror groups. “Independent protests and organizing in support of Palestinian rights do not constitute ‘material support for terrorism,’” the pro-Palestine legal defense group said in its letter to DeSantis. The ADL’s letter called on campuses to update their codes of conduct to forbid students from supporting terrorism.

Persons: SJP, Ron DeSantis, DeSantis, ’, Columbia’s SJP, ”, “, Israel, Minouche, ” Shafik Organizations: New, New York CNN, Defamation League, Justice, Brandeis, United, ADL, Hamas, CNN, Palestinian, University of Virginia, Jewish, “, Harvard University, University of Pennsylvania, Harvard Palestine Solidarity Groups, Harvard, Stanford University, Columbia University, Columbia, U.S . Locations: New York, Palestine, Hamas, Israel, United States, Florida, ”

☆ Air France-KLM announces a 1.3 billion euros financing agreement with Apollo
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A logo is seen on the facade of Air France-KLM building during the presentation of the group's annual results in Paris, France, February 17, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 26 (Reuters) - Air France-KLM (AIRF.PA) announced on Thursday a new financing agreement between one of its affiliate and funds and entities managed by Apollo Global Management (APO.N) in a bid to strengthen its balance sheet. The 1.3 billion euros ($1.37 billion) financing will be accounted as quasi-equity under IFRS accounting standards, the airplane carrier said in a statement. Apollo has an option to increase the nominal amount to up to 1.5 billion euros, Air France-KLM said. For Air France-KLM, this is the second cash injection from Apollo after a $560 million agreement in July.

Persons: Benoit Tessier, Victor Goury, David Gregorio Our Organizations: Air France, KLM, REUTERS, Apollo Global Management, Group, Thomson Locations: Air, Paris, France

☆ Big central banks hit pause, with rate cuts far off
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +5 min

On Oct. 23, Fed Chair Jay Powell said a strong economy and tight jobs market could warrant more rate rises. Interest rate futures show traders believe the BoE will not cut rates, now at their highest since 2008, until at least June 2024. "The Governing Council’s past interest rate increases continue to be transmitted forcefully into financing conditions," the ECB said, adding it would follow a "data-dependent" approach and future decisions would be based on incoming data. Prime Minister Jonas Gahr Stoere told parliament last week interest rates may have peaked. Reuters Graphics Reuters Graphics8) AUSTRALIAThe Reserve Bank of Australia held rates steady at 4.1% for a fourth meeting in October.

Persons: Jonathan Ernst, Jay Powell, BoE, Jonas Gahr Stoere, Michele Bullock, Naomi Rovnick, Harry Robertson, Alun John, Yoruk Bahceli, Samuel Indyk, Chiara Elisei, Kripa Jayaram, Pasit, Riddhima, Sumanta Sen, Vineet, Amanda Cooper, Giles Elgood Organizations: . Federal, REUTERS, European Central Bank, Federal Reserve, Bank of England, UNITED, Reuters, Reserve Bank of New Zealand, BRITAIN, Bank of Canada, BoC, ECB, Norges Bank, Reuters Graphics Reuters, Reserve Bank of Australia, Bank of Japan, Thomson Locations: Washington, Japan, hawkish, dovish, NORWAY, SWEDEN Sweden, SWITZERLAND, Swiss, Gaza, JAPAN

The UAW said another 5,000 workers are going on strike, bringing the total number of UAW members on strike at the Big Three automakers to over 45,000, on day 40 of the strike. The workers took the strike to Arlington Assembly, home to some of GM's most profitable vehicles, the Chevy Tahoe, Chevy Suburban, GMC Yukon and Cadillac Escalade. The union's strategy of targeted strikes has throttled billions in revenue for the Detroit Three while requiring fewer than half the 150,000 UAW members at the companies to forgo pay and walk picket lines. "It's time GM workers, and the whole working class, get their fair share." But he told UAW members "there is more to be won".

Persons: Rebecca Cook, Stellantis, we've, Shawn Fain, Fain, Harley Shaiken, Mary Barra, David Shepardson, Joe White, Ben Klayman, Sayantani Ghosh, Chizu Nomiyama, Peter Henderson Organizations: General Motors, REUTERS, United Auto Workers, UAW, Big, Arlington Assembly, Chevy Tahoe, Chevy, GMC Yukon, Cadillac, Kentucky, Chrysler, Detroit, EV, Ford, Korean, University of California, GM, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Texas, Cadillac Escalade, F.N, Sterling Heights, Mich, University of California Berkeley, Arlington, Detroit

☆ How Baltimore PD's tactics in handling convicted sex offender Jason Billingsley may have enabled him to kill a tech CEO
▼ + stars: | 2023-10-24 | by ( Glynis Kazanjian | ) www.businessinsider.com time to read: +16 min

At a press conference on Thursday, Sept. 28, Worley defended the department's decision to not alert the public about Billingsley on Sept. 19. "We should have been informed," said Eric Chapman, 31, who lives in the same block where the Sept. 19 attack occurred. "Unfortunately, at a very young age, Jason started to get in trouble with the law," Jasmine Billingsley added. "I think he's a magnet for women," Jasmine Billingsley said. While Jasmine Billingsley was trying to encourage him to improve his life, their mother did not.

Persons: Jason Billingsley, Pava LaPere, Billingsley, ”, —, Jason Dean Billingsley, Louis Schlesinger, Schlesinger, Sigmund Freud, Glynis, Mosby, Jason Rodriguez, Richard Worley, Frank LaPere, Nico LaPere, Caroline Frank, LaPere, Stephanie Scarbrough Stephanie Scarbrough Pava LaPere, Pava, Worley, Marilyn Mosby, Eric Chapman, Chapman, Woody Whitaker, Duvon Bailey, Jasmine Billingsley, Jason, Jasmine, Billingsley's, Natalie Musumeci Organizations: Service, Baltimore City Police Department, John Jay College of Criminal, Baltimore Banner, Police, Baltimore City, Department of Public Safety, Correctional Services, Division, Maryland Office, Public, Baltimore Police, Baltimore, Edmondson Avenue . Police, Baltimore Police Department, Technologies, AP, EcoMap Technologies, West, Tuesday, Baltimore City Council, Associated Press, Spotify Locations: West Baltimore, Maryland, Baltimore, Edmondson, West Franklin, Bowie, Prince George's County , Maryland, Brooklyn

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. The UAW walkouts cost the company $200 million during the third quarter and $600 million so far in the fourth quarter, GM Chief Financial Officer Paul Jacobson said in a briefing with reporters. Strike costs are now running at $200 million a week, Jacobson said. Average selling prices for GM vehicles were $50,750 in the latest quarter, slightly down from the previous quarter. GM also said losses at its Cruise robotaxi unit widened to $732 million in the quarter.

Persons: Rebecca Cook, GM's, Colin Langan, Paul Jacobson, Jacobson, Shawn Fain, Tesla, Mary Barra, We're, Barra, Biden, Ford, Elon, Joe White, Ben Klayman, Jamie Freed, Kirsten Donovan, Chizu Organizations: General Motors, REUTERS, Rights, Tuesday, United Auto Workers, GM, UAW, Chevrolet, Detroit, EV, GMC, U.S, Thomson Locations: Detroit , Michigan, U.S, Arlington , Texas, Flint , Michigan, North America, Orion Township , Michigan

☆ UniCredit beats third-quarter profit estimates, keeps 2023 outlook
▼ + stars: | 2023-10-24 | by ( ) www.cnbc.com time to read: +1 min

The logo of Italian international banking group UniCredit stands on the facade of the group headquarters, located in the Porta Nuova district, as seen from the viewpoint of Palazzo Lombardia on September 29, 2023 in Milan, Italy. Italy's UniCredit on Tuesday beat third-quarter profit forecasts as higher rates boosted income, but kept its full-year profit goal, saying it needed time to decide how to best use this year's "exceptional" growth inearnings. Shares rose more than 2% in early trading. Income from the gap in lending and deposit rates, on which Italy in August slapped a surprise one-off tax, rose 45% year-on-year. After spooking investors in Italian banks with the extraordinary levy, Italy backtracked, giving lenders the option to set aside money as reserves instead of paying it.

Persons: Italy's UniCredit Organizations: Italy Locations: Porta Nuova, Lombardia, Milan, Italy

☆ Residents of a New Mexico ski town oppose a planned new Starbucks. The construction site has caught fire twice.
▼ + stars: | 2023-10-23 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

A planned Starbucks location in Taos, New Mexico, has caught fire for the second time in two months. It will be the first free-standing Starbucks store in Taos, which has opposed the chain in the past. AdvertisementAdvertisementA planned Starbucks store in Taos, New Mexico, has reportedly caught fire for the second time in as many months. AdvertisementAdvertisementThe location, which would be the first free-standing Starbucks cafe in Taos, faced opposition from local residents. Residents raised concerns in 2018 when the first Starbucks location in the town opened, the News reported.

Persons: —, Eddie Joe Abeyta Organizations: Taos News, Service, Taos Fire, US, of Alcohol, Tobacco, Firearms, Explosives, New, Fire, News, Walmart, Residents Locations: Taos , New Mexico, Taos, New Mexico, Clovis , New Mexico

☆ European regulator approves Farfetch deal for YNAP, Richemont says
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

[1/2] A banner to celebrate the IPO of online fashion house Farfetch is displayed on the facade of the of the New York Stock Exchange (NYSE) in New York, U.S., September 21, 2018. Completion of the deal remains subject to "certain other conditions that Richemont and Farfetch are working towards fulfilling", Richemont said, promising a further update "in due course", without providing further detail. Under the terms of the deal unveiled in August 2022, Richemont would sell a stake of 47.5% in loss-making YNAP in exchange for more than 50 million Farfetch shares, and Farfetch could acquire the rest of YNAP through a put and call option arrangement. Bernstein analysts said last week that Farfetch's troubles raised questions for Richemont, which is set to transfer its online business to technology run by Farfetch and provide a $450 million credit facility. Reporting by John Revill and Mimosa Spencer; editing by Friederike Heine, Clarence Fernandez and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Porter, Cartier, Richemont, Farfetch, Bernstein, Bergdorf Goodman, John Revill, Mimosa Spencer, Friederike Heine, Clarence Fernandez, Jason Neely Organizations: New York Stock Exchange, REUTERS, Rights, Yoox, Farfetch, Citi, Thomson Locations: New York, U.S, Richemont, YNAP, Farfetch, Harrods

☆ GM workers in Brazil go on strike in protest against layoffs
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSAO PAULO, Oct 23 (Reuters) - Metalworkers at Brazilian plants of General Motors (GM.N) have voted to go on strike starting Monday in protest against layoffs carried out by the U.S.-based automaker in the country, according to a union that represents them. Neither General Motors nor the union detailed how many workers had been laid off. GM did not immediately comment on the strike but confirmed the layoffs. Reporting by Alberto Alerigi Jr. and Alexandre Caverni; Writing by Gabriel Araujo; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, dos Campos, Sao, Sao Jose dos Campos, Alberto Alerigi Jr, Alexandre Caverni, Gabriel Araujo, David Evans Organizations: General Motors, REUTERS, SAO PAULO, GM, metalworkers, Sao, Sul, Trailblazer, Motors, Thomson Locations: Detroit , Michigan, U.S, Sao Paulo, Sao Caetano, Sao Jose

☆ GM, Ford slip after UAW warns of more walkouts, analysts say deal is close
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Though Fain signaled a deal may be close, some analysts expressed worries about the financial impact of the demands on the automakers. The UAW wants workers at EV battery plants to be covered by union contracts, and defined benefit pensions restored for all workers. The strikes and the negotiations with the UAW have weighed on automakers' shares. Since the contract talks began in mid-July, U.S.-listed shares of Stellantis have marginally risen, while Ford and GM shares were down at about 23% and nearly 27%, respectively.

Persons: Rebecca Cook, Shawn Fain, Fain, Wells, Colin Langan, Nathan Gomes, Pooja Desai Organizations: General Motors, REUTERS, U.S, Ford Motor, United Auto Workers, UAW, EV, General Dynamics, Ford, GM, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Bengaluru

Fain confirmed the Detroit Three had converged on a 23% wage hike offer and made progress on other issues. But he told UAW members "there is more to be won". While warning of possible expanded strikes, Fain also told UAW members the talks were closing in on an end. Walkouts began at the three automakers on Sept. 15 and now more than 34,000 union members are waging the UAW's first simultaneous strikes against the Detroit Three. Fain declared "the days of the UAW and Ford being a team to fight other companies are over."

Persons: Rebecca Cook, Shawn Fain, we've, Fain, Walkouts, Bill Ford, Henry Ford, Ford, Tesla, Stellantis, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, Detroit Three, UAW, Chrysler, Detroit, Ford, GM, Toyota, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Ford's, Kentucky, Detroit, Bengaluru

Fain acknowledged some union members want to vote on the offers the union bargainers have in hand. He urged UAW members not to give in to what he called "fear, uncertainty, doubt and division" sowed by the companies. More than 34,000 union members working at the three automakers are on strike since the walkouts began on Sept. 15. The demand included a 20% immediate increase, elimination of different pay scales among UAW workers and restoration of defined benefit pension plans. The GM offer "suggests we may be in the endgame," said University of California Berkeley labor professor Harley Shaiken.

Persons: Rebecca Cook, Shawn Fain, Fain, General Motors GM.N, Harley Shaiken, Ford, We've, Stellantis, Ford hasn't, Shaiken, it's, Tesla, Bill Ford, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, UAW, General, Chrysler, GM, Ford, Bloomberg News, Detroit Three, of California, Ford's, Toyota, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, of California Berkeley, Kentucky, Arlington , Texas, Detroit, Bengaluru

☆ GM makes new offer to UAW, sees movement in all key areas
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. "We have made substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work," the company said in a statement. The automaker said the new 23% general wage increase offer represents a 25% compounded wage rise over the life of the agreement, with 10% hike in the first year. The UAW had no immediate comment ahead of a planned Facebook address by its president, Shawn Fain, at 4 PM ET. The total economic losses from the UAW strike have reached $7.7 billion, according to the latest data from economic consultancy Anderson Economic Group, with the Detroit Three suffering losses of $3.45 billion.

Persons: Rebecca Cook, Shawn Fain, Fain, Tesla, Bill Ford, Pratyush Thakur, Sriraj Organizations: General Motors, REUTERS, UAW, Ford's, Motors, Chrysler, Detroit Three, Toyota, Ford, Anderson Economic, Detroit, Thomson Locations: Detroit , Michigan, U.S, Kentucky, Arlington , Texas, Bengaluru

☆ TSX extends weekly decline as high borrowing costs rattle investors
▼ + stars: | 2023-10-20 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 233.17 points, or 1.2%, at 19,115.64, its lowest closing level since Oct. 4. "Although they're pulling back today, yields are in breakout mode and have yet to run into any resistance. Investors worry that high borrowing costs could derail economic growth. "The declines today are (particularly) evident in two sectors, financials and energy, both economically sensitive," Michael said.

Persons: Chris Helgren, Brandon Michael, Michael, Financials, Fergal Smith, Khushi Singh, Jonathan Oatis Organizations: Toronto Stock Exchange, REUTERS, Toronto Stock, ABC Funds, Thomson Locations: Toronto , Ontario, Canada, Toronto, Bengaluru

☆ Honda, GM, Cruise plan to begin Japan driverless ride service in early 2026
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsTOKYO, Oct 19 (Reuters) - Honda Motor (7267.T) said on Thursday that it aims to set up a joint venture with General Motors (GM.N) and Cruise to begin a driverless ride service in Japan in early 2026. The three companies aim to establish the joint venture in first half of 2024 pending regulatory approval, the Japanese company said in a statement without providing financial details. Vogt said it was hard to say whether offering a driverless ride service in Tokyo posed a unique or distinct challenge for the company. The Japan service is planned to launch in central Tokyo, using dozens of Origins before expanding to a fleet of 500 vehicles, Honda said in its statement. The companies plan to later broaden the service to areas beyond central Tokyo, Honda said.

Persons: Rebecca Cook, Cruise, Waymo, Honda, Kyle Vogt, Vogt, Toshihiro Mibe, Daniel Leussink, Mariko Katsumura, Rocky Swift, David Dolan, Christopher Cushing Organizations: General Motors, REUTERS, Rights, Honda, Cruise, GM, Thomson Locations: Detroit , Michigan, U.S, Japan, San Francisco, United States, Tokyo, Austin

Search resuls for: "façade"

25 mentions found