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☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ Stellantis buys back shares worth $1 bln from Chinese JV partner Dongfeng
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The Stellantis logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsNov 22 (Reuters) - Chrysler-parent Stellantis (STLAM.MI) said on Wednesday it has repurchased 50 million common shares from Dongfeng Motor (Hong Kong) International (0489.HK) for about 934 million euros ($1.02 billion). Stellantis, which has a joint venture with Dongfeng Motor in China, said it plans to cancel these shares and the transaction with Dongfeng would not impact its 1.5 billion euros open-market repurchase program. Chinese automaker Dongfeng would retain 49.2 million common shares, which represents 1.58% of Stellantis' share capital post-cancellation. ($1 = 0.9168 euros)Reporting by Priyamvada C in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Priyamvada, Shilpi Majumdar Organizations: New York, REUTERS, Chrysler, Dongfeng, HK, Thomson Locations: Manhattan , New York City, U.S, Hong Kong, China, Bengaluru

☆ Keysight Technologies beats quarterly profit estimates
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Keysight Technologies (KEYS.N) beat market estimates for fourth-quarter profit on Monday, as the electronic equipment maker continued to benefit from steady demand in segments such aerospace and defense. Keysight provides electronic design and test products such as oscilloscopes, network emulators and software that are used in aerospace and defense industries, including electromagnetic spectrum operations, radar, signal monitoring, space, satellite, commercial and military aircraft. The company said it saw a 4% rise in revenue from segments aerospace, defense and government, aided by investments in defense technology modernization, electromagnetic spectrum operations, radar and space and satellite. California-based Keysight forecast its first-quarter 2024 adjusted profit to be between $1.53 and $1.59 per share, compared with LSEG estimates of $1.68 per share. Reporting by Priyamvada C and Nathan Gomes in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada C, Nathan Gomes, Shilpi Majumdar Organizations: Keysight Technologies, Thomson Locations: California, Bengaluru

☆ Meta launches AI-based video editing tools
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Meta AI logo is seen in this illustration taken September 28, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 16 (Reuters) - Meta Platforms (META.O) on Thursday launched two new AI-based features for video editing that could be used for posting to Instagram or Facebook. The first is called Emu Video and it generates four-second long videos with a prompt of a caption, photo or an image, paired with a description. The new tools are an advancement of the parent model Emu that generates images in response to text prompts. Emu underpins a generative AI technology and some AI image editing tools for Instagram that lets one take a photo and change its visual style or background.

Persons: Dado Ruvic, OpenAI's ChatGPT, Priyamvada, Rashmi Organizations: REUTERS, Facebook, Microsoft, Google, Thomson Locations: Bengaluru

☆ BMW North America expands EV charging service across the U.S.
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of German automaker BMW is seen in Brussels, Belgium June 1, 2023. REUTERS/Yves Herman Acquire Licensing RightsNov 14 (Reuters) - BMW North America (BMWG.DE) on Tuesday said it would expand its electric vehicle (EV) charging service, ChargeForward, to 48 states in the U.S., increasing its footprint in the electric mobility sector. All BMW electric vehicles and plug-in hybrid vehicles models manufactured after 2018 will be eligible to enrol in the service, the New Jersey-headquartered company said. It currently partners with utilities PG&E in California and Duke Energy in North Carolina, among others, for the service. Reporting by Priyamvada C in Bengaluru; Editing by Tasim ZahidOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman Acquire, ChargeForward, Priyamvada, Tasim Zahid Organizations: BMW, REUTERS, BMW North America, Duke Energy, Thomson Locations: Brussels, Belgium, U.S, New Jersey, California, North Carolina, Canada, Bengaluru

☆ Airbnb acquires AI startup GamePlanner.AI
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Figurines are seen in front of the Airbnb logo in this illustration taken February 27, 2022. GamePlanner.AI was co-founded by Adam Cheyer, who was also one of the founders of Apple's voice assistant Siri. The startup will add to Airbnb's existing set of AI technologies that include large language models, computer vision models and machine learning. "AI will rapidly alter our world more than any other technology in our lifetime," Airbnb CEO Brian Chesky said in the statement. Other travel companies, including Booking.com and Expedia have also made efforts to integrate AI to their existing technologies in an attempt to enhance customer-booking experiences and create more suitable itineraries and suggestions.

Persons: Dado Ruvic, GamePlanner.AI, Adam Cheyer, Siri, Brian Chesky, Priyamvada, Shilpi Majumdar Organizations: REUTERS, CNBC, Thomson Locations: Bengaluru

☆ Hyundai to hike US hourly wages 25% by 2028 after UAW deal
▼ + stars: | 2023-11-13 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Hyundai Motor Group also plans higher wages at its electric-vehicle factory in the U.S. state of Georgia that will open in 2025. Hyundai said that wages are being raised so that the company can "remain competitive and ... recruit and retain top talent." Honda's pay hike was announced after Toyota said it was raising the wages of its nonunion U.S. factory workers. UAW workers are now in the process of voting on whether to ratify those contracts.

Persons: Andrew Kelly, Santa Cruz, Honda, Joe Biden, unionize Tesla, David Shepardson, Matthew Lewis Organizations: Hyundai Motor, New York, REUTERS, Hyundai, United Auto Workers, Detroit Three automakers, Toyota, Honda, U.S, UAW, General Motors, Ford Motor, Chrysler, Detroit, Hyundai Motor Group, Illinois, Thomson Locations: Manhattan , New York City, U.S, KS, Alabama, Korean, U.S ., Georgia, Santa Fe , Tucson, Santa, Montgomery , Alabama, Washington, Bengaluru

☆ Honda hikes production workers' pay 11% after UAW deals with Detroit Three
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay hike for production workers at its U.S. facilities from January, days after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts. Non-unionized automakers such as Honda have come under pressure to improve pay and benefits following record contracts the UAW won at the Detroit Three automakers. "Union auto workers own this victory," Biden said in a Friday post on X. Honda's pay hike comes after Toyota (7203.T) said last week it was raising the wages of its non-union U.S. factory workers. Honda had told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive.

Persons: David, Dee, Delgado, Joe Biden, Biden, carmakers Tesla, Priyamvada C, Nathan Gomes, David Shepardson, Anil D'Silva, Krishna Chandra Eluri, Aurora Ellis Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, U.S, Toyota, autoworkers, General Motors, Ford Motor, Chrysler, UAW . Union, Detroit, Tesla, Reuters, Thomson Locations: Manhattan , New York City, U.S, Illinois, America, United States

☆ Honda gives US production workers 11% pay hike
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: 1 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado Acquire Licensing RightsNov 10 (Reuters) - Honda Motor (7267.T) said on Friday it was implementing an 11% pay increase for production workers at its U.S. facilities from January. The company also said it would cut the time it takes for a worker to get to the top wage tier to three years from six, confirming an earlier Wall Street Journal report. The move comes as non-unionized automakers such as Honda come under pressure to improve pay and benefits following record contracts that the United Auto Workers (UAW) union won at the Detroit Three automakers. Reporting by Priyamvada C and David Shepardson; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Priyamvada C, David Shepardson, Anil D'Silva Organizations: New York, REUTERS, Honda, United Auto Workers, UAW, Detroit Three, Thomson Locations: Manhattan , New York City, U.S

☆ Casino operator MGM beats third-quarter estimates as China travel rebounds
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

An exterior view of MGM Grand hotel and casino, after MGM Resorts shut down some computer systems due to a cyber attack in Las Vegas, Nevada, U.S., September 13, 2023. REUTERS/Bridget Bennett/File Photo Acquire Licensing RightsNov 8 (Reuters) - MGM Resorts International (MGM.N) beat market estimates for third-quarter profit and revenue on Wednesday, as the casino operator benefited from easing pandemic-related entry restrictions in its key markets. The post-pandemic travel rebound in China and Macau has been a tailwind for casino operators such as MGM Resorts and Las Vegas Sands Corp (LVS.N). "MGM China is performing exceptionally well," MGM's CEO Bill Hornbuckle said in the statement. Last month, MGM had said it expects a $100 million hit to its third-quarter results after a cyberattack disrupted its operations, forcing a shutdown of its systems.

Persons: Bridget Bennett, Bill Hornbuckle, Priyamvada, Shilpi Majumdar Organizations: MGM, MGM Resorts, REUTERS, MGM Resorts International, Vegas Sands Corp, Wynn Resorts, Thomson Locations: Las Vegas , Nevada, U.S, China, Macau, MGM China, Bengaluru

☆ 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

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - Airbnb (ABNB.O) forecast fourth-quarter revenue slightly below Wall Street estimates on Wednesday, as tourists scale back on travel due to rising costs, uncertain economic conditions and geopolitical turbulence. However, that slice of revenue is moderating as more companies push their employees to return to the office. The San Francisco-based company forecast fourth-quarter revenue between $2.13 billion and $2.17 billion, below average analysts' estimate of $2.18 billion, according to LSEG data. Airbnb's third-quarter revenue rose 18% to $3.4 billion from a year earlier, while its gross bookings rose to $18.3 billion. Its revenue rose 18% to $3.4 billion, compared with average analysts estimate of $3.37 billion.

Persons: Dado Ruvic, Airbnb, Priyamvada, Anil D'Silva Organizations: REUTERS, Asia Pacific, Thomson Locations: San Francisco, United States, North America, Asia Pacific, China, Asia, America, Bangalore, New York

☆ Ford to add more Tesla EV chargers to its network
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Ford Motor (F.N) said on Monday it would add more of Tesla's Superchargers to its electric-vehicle charging network, higher than previously forecast, as automakers tap into the EV leader's sprawling charger network to expand the range of their cars. Ford will now add over 15,000 of Tesla's Superchargers to its network, up from its earlier projection of 12,000 chargers. These three providers would bring more than 10,000 new chargers to the network, including more than 550 new DC fast chargers. BlueOval combines multiple charging networks to provide access to the largest North American public charging network offered by automotive manufacturers. The development comes months after Ford struck a deal with Tesla to allow EV owners gain access to the biggest network of high-speed Superchargers in the United States in early 2024.

Persons: Ford, BlueOval, Tesla, Abhijith Ganapavaram, Shilpi Majumdar Organizations: Ford, EV, U.S, Francis Energy, Ford EV, Shell, Thomson Locations: North America, Canada, America, United States, Bengaluru

☆ UPS cuts annual revenue forecast on weak delivery demand
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. It expects full-year revenue between $91.3 billion and $92.3 billion, compared with a prior forecast of about $93 billion. The company also cut its annual adjusted operating margin to between 10.8% and 11.3% compared to prior forecast of about 11.8%. The entire industry is fighting for market share as demand from e-commerce delivery weakens. UPS has been cutting jobs and leaning on technology to help offset falling e-commerce demand, weak export and industrial production and the cost hit from its new labor contract.

Persons: Andrew Kelly, TD Cowen, Helane Becker, Carol Tomé, Priyamvada C, Lisa Baertlein, Arun Koyyur Organizations: United Parcel Service, REUTERS, Teamsters, Revenue, UPS, Reuters, Thomson Locations: Brooklyn , New York City, U.S

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 25 (Reuters) - Hilton Worldwide Holdings (HLT.N) beat Wall Street estimates for third-quarter revenue and lifted its annual forecast on Wednesday, as record lodging prices and higher occupancy levels boosted results. Hotel and resort operators are benefiting from the global rebound in travel as consumers continue to plan vacations despite inflation and the higher cost of travel compared to pre-pandemic. Hilton's revenue per available room in the third quarter saw significant recovery in Asia, up 65.5% compared to the year earlier. The company's third-quarter revenue rose to $2.67 billion, exceeding the average Wall Street estimate of $2.64 billion, according to LSEG data. It expects full-year revenue per room to increase between 12.0% and 12.5% compared to 2022.

Persons: Brendan McDermid, Christopher Nassetta, Hilton, Priyamvada, Shounak Dasgupta, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Hilton Worldwide Holdings, Hilton, Waldorf Astoria Hotels & Resorts, Marriott International, Thomson Locations: New York, U.S, Asia, Bengaluru, Doyinsola

☆ UAW reaches tentative deal with General Dynamics, preventing strike
▼ + stars: | 2023-10-23 | by ( ) 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. Earlier this month, over 1,000 UAW members in Michigan, Ohio and Pennsylvania plants had voted to authorize a strike after a four-year agreement was set to expire on Oct. 22, 11.59 pm ET. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. Details of the proposed agreement, which needs to be ratified by UAW workers, were not immediately available. General Dynamics has said it expects to negotiate the terms of 28 agreements with unions and works councils, covering about 12,600 employees this year.

Persons: Rebecca Cook, staving, Abrams, Abhinav Parmar, Priyamvada, Krishna Chandra Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Dynamics, Dynamics, U.S ., Detroit Three, General Motors Co, Ford Motor, Thomson Locations: Delta Township, Michigan, Michigan , Ohio, Pennsylvania, Ukraine, U.S, China, Taiwan, Bengaluru

☆ Choice Hotels eyes U.S. budget hotel giant with $7.8 bln Wyndham buy
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Geoffrey Ballotti, CEO of Wyndham Hotels & Resorts, Inc. rings the opening bell at the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 17 (Reuters) - Choice Hotels (CHH.N) on Tuesday proposed to acquire Wyndham Hotels and Resorts (WH.N) for about $7.8 billion in a cash and stock deal that would create a U.S. budget hotel giant. Demand for affordable hotels such as Choice and Wyndham are on the rise as persistent high inflation and recession sap consumer spending on travel. Choice offered Wyndham shareholders $90.00 per share, including $49.50 in cash and 0.324 shares of its common stock for each Wyndham share owned. As of yesterday's close, Choice had a total market capital of $6.29 billion, Wyndham's stood at $5.82 billion.

Persons: Geoffrey Ballotti, Brendan McDermid, Wyndham, Wyndham's, Priyamvada, Shinjini Organizations: Wyndham Hotels & Resorts, Inc, New York Stock Exchange, REUTERS, Wyndham Hotels, Resorts, Wyndham, Reuters, Thomson Locations: New York City, U.S, Bengaluru

A newly remodeled Ford F250 Super Duty truck is displayed at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. September 30, 2016. UAW President Shawn Fain on Wednesday ordered a strike at Ford's Kentucky Truck factory after Ford negotiators did not present a richer contract proposal. About 4,600 Ford workers could be idled because their jobs depend on production of Super Duty pickups and large Lincoln and Ford SUVs at Kentucky Truck, said Ford manufacturing vice president Bryce Currie. Already, 13,000 workers at Ford suppliers have been furloughed because of earlier UAW walkouts at two Ford assembly plants, Ford supply chain chief Liz Door said. Fain and other UAW officials called a meeting with Ford at on Wednesday evening and demanded a new offer, which Ford did not have, a Ford official said.

Persons: Bryan Woolston, Kumar Galhotra, Ford, Galhotra, Shawn Fain, Here’s, Fain, Stellantis, Bryce Currie, Liz Door, Chris McNally, Karine Jean, Pierre, Sam Fiorani, Glen Hauenstein, Wednesday's Ford, walkouts, Joe White, Abhirup Roy, David Shepardson, Priyamvada, Peter Henderson, Ben Klayman, Nick Zieminski, Matthew Lewis Organizations: Ford, Super, Louisville Ford, REUTERS, Rights DETROIT, United Auto Workers, UAW, Ford's Kentucky, Chrysler, Detroit, Kentucky, General Motors, Lincoln, White, AutoForecast Solutions, Reuters Graphics Reuters, Delta Air Lines, Delta, Detroit Three, GM, Stellantis, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, Stellantis, Lincoln, Kentucky, Arlington , Texas, Flint , Michigan, Sterling Heights, Warren , Michigan, Detroit, Wells, Its Kentucky, San Francisco, Washington, Bengaluru

A newly remodeled Ford F250 Super Duty truck is displayed at the new Louisville Ford truck plant in Louisville, Kentucky, U.S. September 30, 2016. Analysts at Wells Fargo estimated that Ford will lose about $150 million per week in core profit from the Kentucky plant strike. Even with 8,700 workers at Ford's Kentucky Truck plant now on strike, less than a quarter of the 150,000 UAW workers at the Detroit Three automakers are now on strike. Ford warned on Wednesday that workers at a dozen other factories could be sent home because of the truck plant walkout. Its Kentucky truck plant, the company's most profitable operation, generates $25 billion in annual sales, about a sixth of Ford's global automotive revenue.

Persons: Bryan Woolston, Shawn Fain, Here’s, Fain, Stellantis, Chris McNally, Ford's, Flint, Sam Fiorani, Wells, Colin Langan, Ford, Fiorani, leadership's, Wednesday's Ford, walkouts, Joe White, Abhirup Roy, David Shepardson, Priyamvada, Peter Henderson, Jamie Freed Organizations: Ford, Super, Louisville Ford, REUTERS, Rights, United Auto Workers, UAW, Ford's, Stellantis NV, General Motors, Chrysler, Lincoln, Detroit, AutoForecast Solutions, Detroit Three, Kentucky, GM, Reuters Graphics Reuters, Thomson Locations: Louisville , Kentucky, U.S, Stellantis, Kentucky, Arlington , Texas, Sterling Heights, Warren , Michigan, Detroit, Wells, Its Kentucky, San Francisco, Washington, Bengaluru

☆ Japan's Denso, Mitsubishi Electric to invest $1 bln in Coherent's silicon carbide unit
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

A logo of Mitsubishi Electric Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 10 (Reuters) - Coherent (COHR.N), a major U.S. supplier of materials used to make chips for the automotive industry, said on Tuesday Japan's Denso (6902.T) and Mitsubishi Electric (6503.T) will invest $1 billion in the company's silicon carbide business. Denso and Mitsubishi Electric will invest $500 million each in exchange for a 12.5% non-controlling ownership interest in Coherent's unit, as per the agreement. The investment would alleviate the financial burden for Coherent, which had explored strategic review of its silicon carbide business in May. Chips made with silicon carbide are used in applications that require massive quantity of power conversion such as inverters and drivetrains in electric vehicles.

Persons: Toru Hanai, Denso, Takemi, Priyamvada, Sherry Jacob, Phillips Organizations: Mitsubishi Electric Corp, Advanced Technologies, Makuhari, REUTERS, Mitsubishi Electric, Mitsubishi, Reuters, Hitachi Ltd, Sumitomo Electric Industries Inc, Thomson Locations: JAPAN, Chiba, Japan, U.S, Pittsburgh , Pennsylvania, Bengaluru

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ What are global firms with presence in Israel doing after Hamas attacks
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen Acquire Licensing RightsOct 9 (Reuters) - Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend. BANKSJPMorgan Chase (JPM.N):The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. CONSUMER AND RETAILH&M:The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Helen Reid, Sriraj Kalluvila, Shounak Organizations: Gaza, REUTERS, Hamas, Royal, Chevron, JPMorgan Chase, Reuters, Bloomberg News, TECH Nvidia, Tel, Thomson Locations: Sderot, Israel, Palestinian, Tel Aviv, Royal Caribbean, U.S, Haifa Port, Bengaluru, London

☆ UAW says GM will allow battery plant workers to be covered by labor deal
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Striking United Auto Workers members, from the General Motors Lansing Delta Plant, picket on a street corner in Delta Township, Michigan U.S. September 29, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 6 (Reuters) - The United Auto Workers (UAW) said on Friday General Motors will allow workers at joint-venture battery plants to be covered by a labor agreement, removing one of the major sticking points in negotiations. However, an agreement with the 'Detroit Three' automakers remains elusive, UAW President Shawn Fain said on Friday, though he held off on expanding ongoing, coordinated strikes, citing progress in talks. As the union's strike enters its 22nd day, here is a timeline of events beginning with the election of Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur Organizations: United Auto Workers, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, UAW, Friday General, Thomson Locations: Delta Township, Michigan, Detroit, Bengaluru

☆ UAW and Ford Motor make progress in labor negotiations
▼ + stars: | 2023-10-05 | 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 RightsOct 5 (Reuters) - The United Auto Workers (UAW) and Ford Motor (F.N) have narrowed their differences on pay increases after a new offer from the automaker amid "really active" talks, people familiar with the bargaining among the Detroit Three automakers and the union said on Wednesday. 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. As the union's strike against the 'Detroit Three' enters its 21st day, here is a timeline of events beginning with the election of Fain in March:Reporting by Ananta Agarwal and Priyamvada C in Bengaluru; Editing by Shailesh Kuber, Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Bianca Flowers, Shawn Fain, Fain, Ananta Agarwal, Priyamvada, Shailesh Kuber, Sriraj Kalluvila, Arun Koyyur Organizations: REUTERS, United Auto Workers, UAW, Ford, Detroit Three, Wednesday, General Motors, Chrysler, Thomson Locations: Belvidere , Illinois, U.S, Detroit, Bengaluru

☆ 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

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