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☆ CNH launches $1 bln buyback, NYSE single listing plan effective from Jan 2
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday its plan to abandon the Milan stock market and retain a single listing for its shares on the New York Stock Exchange would be effective from Jan. 2 next year. The Italian-American group, whose shares are currently traded both on the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. CNH said in a statement on Tuesday that the Milan Stock Exchange had approved an application it filed to delist its ordinary shares from Milan bourse and had set the Jan. 2 date for when a NYSE single listing will be effective. As part of its New York single-listing plan, CNH announced a new share buyback program worth up to $1 billion. Since it spun-off its truck and bus unit in January 2022, now separately listed as Iveco Group (IVG.MI), the majority of CNH stock trading has progressively shifted to NYSE, the company said.

Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Armellini, Keith Weir Organizations: MILAN, CNH, New York Stock Exchange, NYSE, Milan Stock Exchange, Milan bourse, Euronext Milan, Iveco Group, Milan, BNP, Thomson Locations: Milan, American, South America, York, Europe

☆ CNH launches $1 bln buyback to support NYSE single listing plan
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday it had approved a new share buyback program worth up to $1 billion as part of its plan to pursue single-listing in New York. The Italian-American group, whose shares are currently traded both at the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. It is confident that single listing on NYSE would be effective at the beginning of January next year, it added. The new buyback program will run between Nov. 8 and March 1 and will be funded through the company's liquidity. Goldman Sachs is acting as financial advisor to CNH, while BNP Paribas is acting as co-advisor and buyback agent for the group in Europe.

Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Organizations: MILAN, CNH, NYSE, Euronext Milan, Milan bourse, Iveco Group, Milan, BNP, Thomson Locations: New York, American, Milan, Europe

☆ MBDA's British arm signs $5 bln deal to bolster Poland's air defence system
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

British Secretary of State for Defence Grant Shapps walks outside Number 10 Downing Street, in London, Britain, October 24, 2023. REUTERS/Hannah McKay Acquire Licensing RightsLONDON, Nov 7 (Reuters) - The British arm of defence firm MBDA has signed a 4 billion pound ($4.92 billion) deal to supply Poland with ground-based air defence systems, the British government said on Tuesday. Britain's Ministry of Defence said the partnership would boost Poland's Narew air defence programme and help bolster European security amid the conflict in Ukraine. "This is another crucial step forward for our historic defence ties with Poland, supplying next generation air defence capabilities to act as a clear deterrent to our adversaries," British Defence Secretary Grant Shapps said. The air defence system would be able to launch missiles at air threats such as cruise missiles and fighter jets at ranges of more than 40 kilometres, the ministry said.

Persons: Defence Grant Shapps, Hannah McKay, MBDA, Grant Shapps, Mariusz Blaszczak, Italy's Leonardo, Sachin Ravikumar, Alan Charlish, William James Our Organizations: State, Defence, REUTERS, Britain's Ministry of Defence, British, Airbus, Britain's BAE Systems, Thomson Locations: London, Britain, British, Poland, Ukraine, Poland's

Selling more hybrid and electric trucks and improving the fuel efficiency of Ram combustion models is critical to Chrysler parent Stellantis. A Hemi V-8 will still be offered in Ram heavy-duty trucks. The company has not disclosed future production plans for light-duty Ram Classic trucks, which are based on previous generation Ram designs. Stellantis has previously said it will sell an all-electric Ram pickup called the Ram Rev starting in late 2024. The all-electric Ram REV has a 168 kWh battery pack in the base model that costs thousands more.

Persons: Steve Marcus, Ram, Ford, Stellantis, Tim Kuniskis, Joe White, Matthew Lewis Organizations: REUTERS, Rights DETROIT, American, Chrysler, Detroit, Silverado, General Motors, GM, Ford, GMC, Thomson Locations: Las Vegas , Nevada, U.S, Detroit, Sierras

Nov 7 (Reuters) - Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening for its farm machinery, predominantly in South America, sending its shares plummeting. A Milan-based trader told Reuters European funds were also selling the stock ahead of CNH's delisting from the Milan bourse. The Italian-American company lowered its net revenue forecast from industrial activities, which accounts for the majority of CNH's revenue, of between 3-6% this year, down from a previous forecast of 8-11%. CNH, which houses brands such as Case IH and New Holland, reported third-quarter net sales from industrial activities down 1% year on year at $5.33 billion. CNH, which also announced a new share buyback programme as part of plans to achieve single listing on the New York Stock Exchange, reported quarterly adjusted operating profit from industrial activities of $657 million, down from $670 million a year earlier.

Persons: Scott Wine, Alessandro Parodi, Giancarlo Navach, Bianca Flowers, Kirsten Donovan, David Goodman, David Evans Organizations: Reuters, Milan bourse, Deere, Co, Caterpillar Inc, IH, South, New York Stock Exchange, Thomson Locations: South America, Milan, New York, American, New Holland

That has left Italian equities overall more cheaply valued than even battered UK shares (.dMIGB00000PUS), which are trading at a 33% discount to global peers. Goldman Sachs estimates that each 10 bps rise in sovereign spreads takes around 2% off Italian bank shares and 1.5% off the FTSE MIB index. Conflict in Ukraine and in the Middle East meanwhile threaten to spark a fresh surge in energy prices and weaken growth. UniCredit shares are up almost 80% this year and among the best performing euro zone banking shares. Fidelity International portfolio manager Alberto Chiandetti, said he was chasing opportunities in battered industrials and consumer sectors in the FTSE Italia Star index.

Persons: Claudia Greco, Chris Hiorns, Fitch, Goldman Sachs, Giuseppe Sersale, Andrea Scauri, Lemanik, Scauri, LSEG, Alberto Chiandetti, Joice Alves, Danilo Masoni, Dhara Ranasinghe, Toby Chopra Organizations: REUTERS, Companies, LONDON, Barclays, European Commission, FTSE Italia Star, Anthilia, Banco, Fidelity International, FTSE, Thomson Locations: Milan, Silicon, Italy, Companies Italy, MILAN, Germany, Ukraine, iShares, Europe, dei, London

☆ Large pickup trucks fare poorly in protecting rear seat passengers - study
▼ + stars: | 2023-11-07 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsWASHINGTON, Nov 7 (Reuters) - Four large pickup trucks fared poorly in tests measuring how rear seat passengers fare in some crashes, the Insurance Institute for Highway Safety said Tuesday. "Like most other vehicle classes, large pickups don't perform as well in the new moderate overlap evaluation as they do in the updated side test," said IIHS President David Harkey. IIHS said front seat safety has been boosted by improved airbags and advanced seat belts typically not available in the rear. The updated test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle. In traffic crashes in 2021, 60% of pickup drivers who were killed were unrestrained - higher than other categories of vehicles.

Persons: Rebecca Cook, IIHS, Ram, David Harkey, Stellantis, David Shepardson, Christopher Cushing Organizations: Ford Motor Company, North American, REUTERS, Rights, Insurance Institute for Highway Safety, Ford, General Motors, Silverado, Toyota, Thomson Locations: Detroit , Michigan, U.S

☆ UAW members at General Dynamics plants ratify new tentative agreement
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - The United Auto Workers (UAW) union on Monday said members at the General Dynamics (GD.N) plants at Ohio, Michigan and Pennsylvania have voted to ratify a new tentative agreement. Like its peers, General Dynamics has struggled with supply and labor shortages at a time when weapons demand is on the rise due to the war in Ukraine, conflict in the Middle East and tensions in U.S.-China relations over Taiwan. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. In the latter half of October, the UAW, in separate strike actions, had reached tentative agreements with the Detroit Three automakers, General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI). Reporting by Aishwarya Jain; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Aishwarya Jain, Krishna Chandra Organizations: United Auto Workers, UAW, General Dynamics, Dynamics, Detroit Three, General Motors, Ford, Thomson Locations: Ohio , Michigan, Pennsylvania, Ukraine, U.S, China, Taiwan

☆ Unifor members ratify new contract with Stellantis in Canada
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 6 (Reuters) - Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI). Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker's facilities in Canada. The agreement was ratified after positive votes from members at Stellantis facilities in Windsor, Brampton, Etobicoke, Mississauga and Red Deer. Unifor used the "pattern bargaining" approach in its talks with the automakers, reaching a deal first with Ford (F.N) and General Motors (GM.N). Meanwhile, more-than-a-month old strike by the United Auto Workers (UAW) union against the Detroit Three automakers in the United States also ended in October.

Persons: Gonzalo Fuentes, Unifor, Stellantis, Aishwarya Jain, Shivansh, Shounak Dasgupta Organizations: REUTERS, Chrysler, Stellantis, Franco, Detroit Three, Dodge, Ford, General Motors, United Auto Workers, UAW, Thomson Locations: Saint, Yvelines, Paris, France, Italian, Canada, Windsor , Brampton, Etobicoke, Mississauga, Red Deer, Brampton, Ontario, United States, Bengaluru

☆ GM-UAW agreement expected to include more affordable Bolt EUV
▼ + stars: | 2023-11-06 | by ( Paul Lienert | ) www.reuters.com time to read: +3 min

General Motors assembly workers connect a battery pack underneath a partially assembled 2018 Chevrolet Bolt EV vehicle on the assembly line at Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. GM said on Monday it would not comment on the tentative agreement pending ratification by the UAW. The UAW summary did not specify products or timing for GM's Fairfax and Lansing plants. GM currently builds the Chevrolet Malibu and Cadillac XT at Fairfax and the Cadillac CT4 and CT5 and Chevrolet Camaro in Lansing. Chief Executive Officer Mary Barra has said the current Bolt will be phased out of production at the end of this year.

Persons: Rebecca Cook, GM's Fairfax, Mary Barra, Ford, ”, Bill Rinna, “ BEV, Sam Fiorani, Stellantis, Paul Lienert, Matthew Lewis Organizations: Motors, Bolt, Orion Assembly, REUTERS, Rights DETROIT, General Motors, Chevrolet, Cadillac, Reuters, UAW, GM, Chevrolet Malibu, Fairfax, Ford, AutoForecast Solutions, Thomson Locations: Lake Orion , Michigan, U.S, Kansas, Michigan, Lansing, Fairfax , Kansas, Fairfax, Lansing ., Detroit

☆ Italy, France and Germany agree on launches of Ariane 6 and Vega-C
▼ + stars: | 2023-11-06 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

A worker of Ariane Group stands in front of a Ariane 6 rocket's Vulcain 2.1 engine, prior to the visit of French President Emmanuel Macron, in Vernon, France January 12, 2021. Christophe Ena/Pool via REUTERS/File Photo Acquire Licensing RightsROME, Nov 6 (Reuters) - Italy, France and Germany on Monday have reached a deal underpinning future launches of the delayed Ariane 6 and Avio's (AVI.MI) smaller Vega-C rockets, Italy's industry minister said. The smaller Vega-C has been grounded since Dec. 22 after a failed launch. Italy has been campaigning for the rocket to be marketed separately from ArianeGroup subsidiary Arianespace, which currently sells and operates all major European launches. The three-way agreement was signed during a European Space Agency (ESA) ministerial meeting in Seville, Spain.

Persons: Emmanuel Macron, Christophe Ena, Safran, Urso, Arianespace, Josef Aschbacher, Giuseppe Fonte, Cristina Carlevaro, Federico Maccioni, Tim Hepher Organizations: Ariane, Rights, Airbus, Space Agency, ESA, Soyuz, Thomson Locations: Vernon, France, Italy, Germany, Europe, Vega, Milan, Avio, Seville, Spain, Ukraine

[1/6] A man works on a pole to restore electricity after a storm knocked down power cables in Sao Paulo, Brazil November 6, 2023. REUTERS/Carla Carniel Acquire Licensing RightsSAO PAULO, Nov 6 (Reuters) - Half a million residents of Sao Paulo remained without electricity on Monday three days after a storm knocked down power cables, leaving much of Brazil's largest city in the dark. The storm snapped branches and knocked down hundreds of trees that fell on overhead power lines in many streets of the city, initially cutting off 2.1 million customers in Metropolitan Sao Paulo, energy distribution company ENEL said. But what is shocking is that year after year there is not enough investment in burying the power cables. Reporting by Camila Moreira, Alberto Alerigi and Leticia Fucuchima in Sao Paulo; Anthony Boadle in Brasilia; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Carla Carniel, Sao Paulo, ENEL, Denilson Laurindo, Thiago Gonzalez, Gonzalez, Flavio Dino, Alexandre Vieira Monteiro, Camila Moreira, Alberto Alerigi, Leticia Fucuchima, Anthony Boadle, Jonathan Oatis Organizations: REUTERS, SAO PAULO, Metropolitan Sao Paulo, Sao Paulo, Friday, Brazil's, Thomson Locations: Sao Paulo, Brazil, Sao, Brazil's, Metropolitan Sao, Morumbi, Brasilia

☆ Europe needs bigger banks but mergers hard without banking union -Intesa CEO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 6 (Reuters) - European banks need to join forces if the region is to withstand competition from the United States and China but without a banking union, cross-border mergers do not make sense, the head of Italy's biggest bank Intesa Sanpaolo (ISP.MI) said on Monday. "You need synergies and the area where investors are looking for synergies is cost," he said, adding it was not easy "to deliver real cross-border synergies on the cost side". "I think we'll need to wait for a banking union to see real, significant cross-border consolidation. Orcel last month said Europe was destined to "irrelevance" if it did not work to unify its capital markets and create a banking union that allowed lenders to compete with U.S. rivals and adequately finance the region's economy. Intesa has a 30% market share of deposits and mutual funds, and 20% of insurance products, the CEO said.

Persons: Carlo Messina, Andrea Orcel, Messina, Intesa, Andrea Enria, Valentina Za, Kirsten Donovan Organizations: MILAN, CNBC, U.S, Central Bank's, Thomson Locations: United States, China, Europe, Orcel, Messina, Italy

☆ France says Ariane 6 accord calls for public aid, 11% cost cuts
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] General view of Ariane 6, Europe's next-generation space rocket, production line of Ariane Group in Bremen, Germany, February 19, 2019. The deal between Europe's three leading launch nations also clarifies usage of the European spaceport in French Guiana and opens up competition to future launchers, Le Maire said. A separate statement by France, Germany and Italy said Avio's (AVI.MI) Vega C would receive up to 21 million euros in public support. "This is a major success and a decisive point in European space history. It preserves European unity on the question of access to space," Le Maire told reporters following talks between members of the 22-nation European Space Agency (ESA).

Persons: Europe's, Fabian Bimmer, Bruno Le Maire, Le Maire, Safran, Avio's, Vega, Tim Hepher, Charlotte Van Campenhout, Mark Potter Organizations: Ariane, REUTERS, Rights, French Finance, Airbus, European Space Agency, ESA, Thomson Locations: Bremen, Germany, France, Italy, Guiana

☆ Telecom Italia gives green light to KKR's grid bid, sources say
▼ + stars: | 2023-11-05 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The price tag can reach 22 billion euros when including some future payments were a long-awaited combination of TIM's grid with that of state-backed fibre optic rival Open Fiber materialise, the first two sources said. Italian infrastructure fund F2i is also preparing to take a stake in the grid to bring the holding in Italian hands to 30%-35%. With its 24% TIM stake, Vivendi has warned TIM's board it is ready to bring a legal challenge to the sale after criticising its approval process, documents seen by Reuters showed. ($1 = 0.9321 euros)Reporting by Elvira Pollina; Editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Merlyn Advisors, Stefano Siragusa, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Sunday, KKR, Reuters, TIM, Treasury, Thomson Locations: MILAN, London

☆ Telecom Italia approves KKR's $20 billion grid bid in blow for Vivendi
▼ + stars: | 2023-11-05 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The board started a review of KKR's offer on Friday, approving it on Sunday, TIM said. The sale's 18.8 billion euro price tag, including debt, could reach 22 billion euros if certain conditions are met, TIM said. TIM said it would not put the board's decision to a shareholder vote, in a setback for leading shareholder VivendI (VIV.PA). Vivendi, which owns 24% of TIM, has been seeking a higher price and questioned the sustainability of the business left behind.

Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Labriola, Merlyn Advisors, Merlyn, Elvira Pollina, Valentina Za, Will Dunham Organizations: Telecom Italia, REUTERS, TIM, Vivendi, Sunday, KKR, European Union, Treasury, VivendI, Thomson Locations: Italy, MILAN, London

[1/2] United Auto Workers President Shawn Fain greets workers at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. Temporary workers will have a faster path to full-time status and could see wages rise by about 50% immediately. The GM agreement will move more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. "This contract has wage increases and economic gains like nothing we've ever seen before," UAW Vice President Mike Booth said.

Persons: Shawn Fain, Rebecca Cook, Mike Booth, Fain, Joe White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, Sterling Heights Assembly, REUTERS, Rights DETROIT, General Motors, UAW, GM, Detroit, Ford, Chrysler, Auto, Toyota, Honda, Volkswagen, Hyundai, Tesla, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Lordstown , Ohio, Orion, Michigan, Spring Hill , Tennessee, Detroit, Bengaluru

☆ US Representative Tlaib accuses Biden of supporting genocide against Palestinians
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leah Millis Acquire Licensing RightsWASHINGTON, Nov 4 (Reuters) - U.S. Representative Rashida Tlaib, the first Palestinian-American woman to serve in Congress, has accused President Joe Biden of supporting a "genocide" against Palestinians and warned of repercussions in next year's election. The White House did not directly comment on Tlaib remarks and instead reiterated its position on a temporary pause in fighting. Biden, support ceasefire now or don't count on us in 2024," Tlaib said. On Thursday, a group of seven independent United Nations experts said time was running out for Palestinians in Gaza who are at "grave risk of genocide". Israel says it is targeting Hamas, not civilians, and accuses the Iran-backed militants of using residents as human shields.

Persons: Rashida Tlaib, Leah Millis, Joe Biden, Biden, Tlaib, Benjamin Netanyahu, you’ve, Israel, Lucia Mutikani, Jarrett Renshaw, Daniel Wallis Organizations: U.S . Capitol, REUTERS, Rights, Twitter, Democratic, Israel, White, National Security, Hamas, United Nations, Thomson Locations: Gaza, Washington , U.S, Palestinian, Michigan, Israel, United States, Food, Washington, Iran, Geneva

☆ Safilo posts 20% drop in adj. core profit as Europe, North America weighs
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Safilo logo and stock graph are seen in this illustration taken, May 1, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsNov 3 (Reuters) - Italian eyewear group Safilo (SFLG.MI) on Friday reported adjusted core profit at 18.1 million euros in the quarter, down 20% year-on-year, due to declining sales in former GrandVision chains in Europe and by weakness in the North American market. The Padua-based firm said net sales for the July to September period were 235 million euros ($252.20 million), compared to 260.4 million a year earlier. Safilo, which makes eyewear for brands such as Hugo Boss and Tommy Hilfiger, also extended Chief Executive Angelo Trocchia's mandate for additional three years. ($1 = 0.9318 euros)Reporting by Romolo Tosiani; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Hugo Boss, Tommy Hilfiger, Angelo Trocchia's, Romolo, David Evans Organizations: REUTERS, Thomson Locations: Europe, Padua

He said the UAW's new contracts were so good they had even led to nonunion auto workers getting raises. Honda (7267.T) told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive. "If (Toyota workers) come calling, which they have, we're going to educate them and be there for them," Smith told Reuters. Toyota's move earlier this week to raise wages is in line with the strategy the Japanese automaker and other nonunion automakers have used to keep UAW organizers at bay. Nonunion automakers have kept hourly wages close to the UAW rates at the Detroit Three.

Persons: Shawn Fain, Fain, It'll, Tim Smith, Smith, Elon Musk, Toyota's, Joseph White, David Shepardson, Lisa Baertlein, Ben Klayman, Matthew Lewis, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit, Toyota, UAW, nonunion, Honda, Reuters, Detroit Three, General Motors, Ford, Louisville Assembly, GM, National Labor Relations Board, NLRB, Tesla, Thomson Locations: WASHINGTON, U.S, United States, Georgetown , Kentucky, Louisville, Tesla's Fremont , California, Fremont, Detroit, Washington, Los Angeles

☆ Italy's antitrust probes Intesa's customer shift to mobile service Isybank
▼ + stars: | 2023-11-02 | by ( Giulia Segreti | ) www.reuters.com time to read: +2 min

Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Intesa Sanpaolo SpA FollowROME, Nov 2 (Reuters) - Italy's antitrust authority said on Thursday it had opened a probe into the transfer of thousands of Intesa Sanpaolo (ISP.MI) customers to the bank's mobile-only service Isybank. After launching Isybank in June, Intesa at the beginning of October started moving about 300,000 customers from its traditional network. The antitrust also said that the shift to Isybank carried with it "important changes" to the terms and conditions of the accounts. Intesa told a presentation in June that it would over time increase the number of services Isybank users can access on their accounts.

Persons: Dado Ruvic, Intesa, Giorgia Meloni, Carlo Messina's, Giulia Segreti, Valentina Za Organizations: REUTERS, Intesa, ROME, Treasury, Thomson Locations: Italy's

☆ Stellantis to give big raises, invest billions in UAW deal
▼ + stars: | 2023-11-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Stellantis declined to comment, saying it would wait for workers to vote first before discussing the deal. Stellantis will also offer $50,000 buyouts in 2024 and 2026 to UAW production workers, allowing it to cut costs by hiring fresh workers who start at lower wages. The UAW said the Stellantis investment commitments total about $19 billion, but that includes some previously announced plans. Stellantis has slightly longer than rival Ford to convert current temporary workers to permanent employees. That is on top of the $5,000 bonus hourly workers will get on ratification along with an 11% immediate pay hike.

Persons: Shawn Fain, Joe Biden, Stellantis, Ford, David Shepardson, Paul Lienert, Chris Reese, Diane Craft, Jamie Freed Organizations: United Auto Workers, UAW, Chrysler, U.S, Ford, Toledo Jeep, EV, Dodge, Jeep, General Motors, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Illinois, Belvidere , Illinois, Belvidere, Toledo, Michigan, Detroit, Dodge Durango, North America, Washington

☆ Toyota hikes wage of US factory workers after UAW labor deals
▼ + stars: | 2023-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Other nonunion logistics and service parts employees are getting wage hikes. The media and organizing project Labor Notes earlier reported the wage hikes and other details, citing a company document. The pay of production Toyota workers in Kentucky at top scale will rise by $2.94 to $34.80 an hour. Under the new tentative agreements with General Motors (GM.N), Ford Motor (F.N) and Stellantis (STLAM.MI), UAW workers will receive a wage hike of 11% upon ratification and 25% in wage hikes through April 2028. The UAW declined to comment on the Toyota wage hikes.

Persons: Johanna Geron, ” Chris Reynolds, Shawn Fain, Fain, David Shepardson, Chizu Nomiyama, Matthew Lewis Organizations: Toyota, REUTERS, United Auto Workers, Detroit Three, Labor, North, General Motors, Ford Motor, UAW, Ford, Volkswagen, Nissan, Detroit, Thomson Locations: Zaventem, Belgium, U.S, Kentucky, Washington

☆ US job openings stay elevated, layoffs hit nine-month low
▼ + stars: | 2023-11-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Wednesday also showed layoffs dropping to a nine-month low. There were 1.50 job openings for every unemployed person in September, slightly up from 1.49 in August and way above the pre-pandemic ratio of 1.2. Data for August was revised lower to show 9.497 million job openings instead of the previously reported 9.610 million. Economists polled by Reuters had forecast 9.250 million job openings in September. Job openings dropped 43,000 in federal government and there were 41,000 open positions in the information industry.

Persons: Christopher Rupkey, Conrad DeQuadros, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Survey, Labor Department, Treasury, Reuters, Brean, Institute for Supply Management, United Auto Workers, UAW, Detroit's Big, Ford Motor, General Motors, Chrysler, Thomson Locations: WASHINGTON, U.S, New York

☆ US House blocks rebuke of Tlaib over Israeli-Palestinian rally
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +4 min

Republican Representative Marjorie Taylor Greene introduced the resolution on Oct. 26, accusing Tlaib of "antisemitic activity, sympathizing with terrorist organizations, and leading an insurrection at the U.S. Capitol Complex." Greene's resolution refers to a peaceful demonstration in a House office building, during which hundreds of protesters were arrested. The corruption charges against Santos also include reporting a false $500,000 campaign loan and lying to the House about his assets. The former treasurer for Santos' campaign pleaded guilty on Oct. 5 to a conspiracy charge for inflating fundraising numbers. "Mr. Santos is a stain on this institution and not fit to serve his constituents in the House of Representatives," Anthony D'Esposito, one of the House Republican lawmakers behind the resolution, said on the House floor.

Persons: Rashida Tlaib, Sam Bankman, Sarah, Marjorie Taylor Greene, Tlaib, Greene, George Santos, Santos, New York, Kevin McCarthy, Mike Johnson, McCarthy, Mr, Anthony D'Esposito, Makini Brice, Scott Malone, Jonathan Oatis, Lisa Shumaker, Diane Craft Organizations: U.S, . House Financial, Capitol, REUTERS, U.S . House, Representatives, Democratic, Republican, U.S . Capitol, Republicans, White, Thomson Locations: Washington , U.S, WASHINGTON, COVID, Nazi Germany, York, New York City, Santos, New

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