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☆ 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

☆ France will struggle to meet deficit target, says IMF chief economist
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +1 min

PARIS, Oct 21 (Reuters) - France will struggle to bring down its budget deficit to 2.7% by 2027 without "a little more effort," the chief economist at the International Monetary Fund said on Saturday. Reforms that the government has put in place such as on pensions and unemployment "will bear fruit and help (...) with the budgetary situation in France, but it needs a bit more unfortunately," Pierre-Olivier Gourinchas told France Inter. In its 2024 budget, the French government is aiming to reduce debt and to make 16 billion euros in savings. On Wednesday, the government pushed revenue legislation in the 2024 budget bill through the lower house of parliament using special constitutional powers to bypass a lawmakers' vote, after failing to gain enough support. The spending side of the budget bill, which is to be examined by lawmakers starting next week, includes plans for 16 billion euros in savings, with 10 billion coming from the end of gas and power price caps.

Persons: Pierre, Olivier Gourinchas, Bruno Le Maire, Layli Organizations: International Monetary Fund, France Inter, Moody's Investment, Thomson Locations: France

DETROIT (AP) — United Auto Workers union President Shawn Fain is expected to update members Friday afternoon on progress in contract talks with Detroit's three automakers as movement was reported with General Motors. The union's strikes at targeted plants at each company began on Sept. 15 and are nearing the start of their sixth week. A person briefed on the talks says the union is exchanging offers with GM and will meet again Friday with the company. The strikes started with one assembly plant from each company after contracts expired at 11:59 p.m. Sept. 14. The union later added the parts warehouses, then one assembly plant each from Ford and GM.

Persons: Shawn Fain, Fain, they’re, Gerald Johnson, ” Johnson, Ford, Stellantis Organizations: DETROIT, United Auto Workers, General Motors, GM, UAW, Ford, Equipment Market Association, Los Angeles Auto Show, CES Locations: America, Louisville , Kentucky, Kentucky

☆ Powerful Mexican oil union boss who became symbol of corruption dies at 79
▼ + stars: | 2023-10-20 | by ( Dave Graham | ) www.reuters.com time to read: +4 min

Local media reported that Romero Deschamps died of a heart attack on Thursday. Days earlier, President Andres Manuel Lopez Obrador announced that Romero Deschamps was under criminal investigation for corruption, allegations which he denied and was never prosecuted for. Romero Deschamps was included in a list of the "10 Most Corrupt Mexicans" published by Forbes in 2013. He, however, rode out scandals even as other top Mexican union leaders fell foul of the law, including the former boss of the powerful teachers' union, Elba Esther Gordillo, who was arrested on fraud charges early in 2013. While a government audit later revealed anomalies covering 2.3 billion pesos ($188.97 million) in the so-called Pemexgate scandal, Romero Deschamps himself escaped unscathed.

Persons: Carlos Romero Deschamps, Petroleos, Edgard Garrido, Romero Deschamps, Pemex, Andres Manuel Lopez Obrador, Enrique Pena Nieto, Elba Esther Gordillo, Francisco Labastida, Paulina, Jose Carlos, Ferrari Enzo, Lopez Obrador, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Local, Institutional Revolutionary Party, Senate, Pemex, Forbes, Reforma, Thomson Locations: Mexico City, Mexico, MEXICO, Latin America, Mexico's, Tampico, Tamaulipas, Hidalgo, Cancun, Europe, Miami

☆ US senator asks 23andMe for details after reported data for sale online
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: 1 min

Attendees purchase DNA kits at the 23andMe booth at the RootsTech annual genealogical event in Salt Lake City, Utah, U.S., February 28, 2019. REUTERS/George Frey/File Photo Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - The top Republican on the U.S. Senate's health committee has called on the chief executive of 23andMe (ME.O) to provide the panel with details after data from the family genetics website was advertised for sale on the dark web. Senator Bill Cassidy, the ranking member on the Senate Health, Education, Labor, and Pensions Committee, expressed concerns in a letter to CEO Anne Wojcicki, and asked for more information. A hacker advertised 23andMe data earlier this month, but 23andMe said in a statement that the company itself had not been breached. Reporting by Susan HeaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: George Frey, Bill Cassidy, Anne Wojcicki, 23andMe, Susan Heavey Organizations: REUTERS, Rights, Republican, 23andMe, Senate Health, Education, Labor, Pensions, Thomson Locations: Salt Lake City , Utah, U.S

☆ Two U.S. funds to vote Mediobanca outgoing board's slate for board renewal
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - The U.S. funds CalSTRS and New York City Comptroller said on Thursday they would vote in favour of the outgoing board's slate of nominees for the new Mediobanca board at the bank's annual meeting this month. Mediobanca's outgoing board has proposed 15 members, including a new term for current CEO Alberto Nagel and Chairman Renato Pagliaro ahead of the Oct. 28 meeting. The two funds did not disclose their stakes in Mediobanca. Proxy adviser Institutional Shareholder Services (ISS), Glass Lewis and Pensions & Investment Research Consultants (PIRC) said last week they were recommending Mediobanca investors vote in favour of the outgoing board's slate of nominees. Reporting by Gianluca Semeraro editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

Persons: Alberto Nagel, Renato Pagliaro, Delfin, Leonardo Del Vecchio, Nagel, Del Vecchio, Glass Lewis, Gianluca Semeraro, Keith Weir Organizations: MILAN, New York, Services, Pensions & Investment Research Consultants, Thomson Locations: U.S, New, Mediobanca, Italian

Investors were handed an income opportunity they haven't seen in more than a decade when the 10-year Treasury yield climbed near 5% on Thursday. US10Y 5Y mountain 10-year Treasury A 5% yield on the 10-year is a good value, said Kathy Jones, Charles Schwab's chief fixed income strategist. A real yield is a bond's nominal yield minus inflation. "With the 10-year yield nearing 5%, it could be your sign to pick them up." There is also the Vanguard High Dividend Yield ETF (VYM) , which has lost 2.59% and charges 0.06% in fees.

Persons: Barry Glassman, Kathy Jones, Charles Schwab's, Callie Cox, Schwab's Jones, Amy Arnott, Morningstar, Arnott, Cox, John Croke ,, Jones, Morningstar's Arnott Organizations: Treasury, Wealth Services, LendingClub, Vanguard Locations: eToro

She started investing early, and increased her rate of investment after learning about FIRE. And these accounts are separate from Pham's husband — together their estimated net worth is just under $2 million. And when it feels easier to just spend freely, tracking her net worth has helped keep her focused. "That gives us another safety net," Pham says, noting the pension as an added benefit to working in public service. "By then, we should have at least $2 million in net worth.

Persons: Mia Pham, —, Pham, haven't, they've, Roth, maxing, doesn't, it's, they're Organizations: Service, Roth IRA, Toyota Locations: San Diego —, San Diego

☆ 'Girl math' is toxic and it could be holding women back from growing wealth, says a financial specialist
▼ + stars: | 2023-10-18 | by ( Zoe Burt | ) www.businessinsider.com time to read: +7 min

To Burt, the viral TikTok trend #girlmath reiterates the stereotype that women are bad at math. But often it's more overt, as with TikTok's most recent viral trend: "girl math." AdvertisementAdvertisementWhy girl math is a negative trendSeemingly lighthearted, the hashtag plays into a damaging stereotype that women are bad at math. Girl math doubles down on gendering lavish spendingThe #girlmath trend focuses on "feminine" spending habits as lavish — another common stereotype of women and money management. Women's financial literacy is an important issueThe girl-math trend brings women's financial literacy and investing into the limelight.

Persons: Zoe Burt, Burt, —, Caroline Criado Perez, Tamina, Shakuntala Devi, Elon Organizations: Service, Evening, New Zealand, Fiscal Studies, Guardian, Behavior, Organization, Fidelity, Twitter, Invest, deVere Italia

☆ AI should cut pensions costs, highlight risks - report
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +1 min

Artificial Intelligence words are seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 17 (Reuters) - Artificial intelligence should improve pensions performance by cutting costs and highlighting upcoming risks, the Mercer CFA Institute's global pensions report said on Tuesday, with the Netherlands in top spot in this year's index. Additional uses for AI could include building customised portfolios and identifying market anomalies, although AI was unlikely to be able to predict market movements with accuracy so uncertainty will remain, the report said. Iceland came second and Denmark third in the 2023 index. Reporting by Carolyn Cohn; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, David Knox, Mercer, Carolyn Cohn, Alexander Smith Organizations: REUTERS, Mercer CFA, Mercer, CFA Institute, Monash Centre, Financial Studies, Denmark, Thomson Locations: Netherlands, Iceland

☆ Marc Andreessen is getting raked over the coals for calling social responsibility the 'enemy'
▼ + stars: | 2023-10-17 | by ( Melia Russell | ) www.businessinsider.com time to read: +5 min

VC Marc Andreessen wrote a lengthy missive this week, titled "The Techno-Optimist Manifesto." AdvertisementAdvertisementIt wouldn't be a Marc Andreessen essay if the internet didn't lose its mind over it. Rather, technology, he wrote, can solve for "any material problem" under the sun and herald a new era of "abundance for everyone." The backlash to Andreessen's essay was swift. He runs one of the biggest venture capital firms by assets and perceived importance.

Persons: Marc Andreessen, —, Kara Swisher, Andreessen, Ben Collins, Andreessen's missive, Dorothea Baur, Cameron Moll, he's, Gary Marcus, Marcus, what's, Aravind Srinivas, A16z, Collins, Andreessen Horowitz, Del, Johnson Organizations: Service, Securities and Exchange Commission, Facebook, Backstage Capital, Silicon Valley Bank, Venture Locations: Silicon Valley, Del Johnson, Silicon

The budget bill will then go to parliament, which must pass it by the end of the year. Investors have been demanding a higher premium to hold Italian government bonds since Rome last month raised its budget deficit targets for the 2023-2025 period, setting it up for a possible clash with the European Commission. AGEING POPULATIONNext year people earning up to 28,000 euros per year will pay income tax (known as IRPEF) at 23%, according to the officials. Meloni also aims to earmark at least 1 billion euros for measures, which have yet to be detailed, aimed at addressing Italy's demographic crisis. The scheme could increase tax revenues in Italy by between 2 and 3 billion euros, one official said.

Persons: Giorgia, Giancarlo Giorgetti, DBRS, Fitch, Moody's, Meloni, Giuseppe Fonte, Keith Weir Organizations: Treasury, European Commission, P, Thomson Locations: ROME, Rome, Ukraine, Italy

Some of their sharpest exchanges during the televised debate, however, came when asked to lay out their stands on abortion. Their remarks, which took place about three weeks before the Nov. 7 election, came against the backdrop of Kentucky's current abortion law, which bans the procedure except when carried out to save a pregnant woman’s life or to prevent a disabling injury. Cameron went on the attack by pointing to Beshear’s opposition to abortion restrictions passed by the state’s GOP-dominated legislature. Beshear also made another pitch for his plan for state-funded pre-K for every 4-year-old in Kentucky. Beshear criticized Cameron for supporting a Republican-backed measure to award tax credits for donations supporting private school tuition.

Persons: Andy Beshear, Daniel Cameron, Beshear, Roe, Wade, —, Cameron, Andy Beshear’s, ” Beshear, ” Cameron, he's, Cameron’s, Ford, ” Ford, Joe Biden's, “ Organizations: Republican, Northern Kentucky University, autoworkers, Plant, U.S, Supreme, GOP, Kentucky Supreme, United Auto Workers, Detroit, UAW, Ford, SK Innovation, Democratic, Washington , D.C Locations: Kentucky, Highland Heights , Kentucky, Louisville, Kentucky's, South Korea, Glendale, Beshear, Washington ,

☆ It’s official: The era of China’s global dominance is over
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +19 min

We've reached the end of an era for the Chinese economy. Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Jinping, Zhang, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City, United States

☆ The Great China Boom is going bust
▼ + stars: | 2023-10-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +18 min

Unless dramatic action is taken, the future of China's economy is looking less like a young dynamo and more like an old, slow-moving blob. AdvertisementAdvertisementChinese President Xi Jinping has shifted the country's priorities from economic growth to a "technology and national-security race with the US." A faltering Chinese economy will suppress demand for commodities like oil seeds and grain, hitting US farmers especially hard. For the US economy, China as a workshop is much more important than China as a consumer. Now that China's economic supercycle is over, that may be the cycle we're about to witness.

Persons: We've, Xi Jinping, Lee Miller, it's, Xi's, —, Xu Jiayin, Charlene Chu, Chu, Chu —, Victor Shih, Shih, that's, they're, Zhang, Beijing's largess, Miller, It's, they'll, Chinese Communist Party that's, Anne Stevenson, Yang, isn't, Stevenson, Linette Lopez Organizations: Chinese Communist Party, CCP, Trust, Autonomous Research, Bloomberg, Autonomous, Century China Center, University of California, J Capital Research, Japan, Nike, Starbucks, WSJ, China, Companies Locations: China, Beijing, Cities, Shanghai, It's, Shenyang, metropolises, Shenzhen, Europe, Wall, —, University of California San Diego, Middle Kingdom, Mexico, Vietnam, New York City

☆ Autoworkers in Canada OK deal with GM
▼ + stars: | 2023-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Members of Unifor, the Canadian union that represents 4,300 workers at GM, voted 80% in favor of the new deal, which gives them base-wage increases of nearly 20% during the life of the deal and improves their pensions. Had the GM rank and file of Unifor voted down the tentative deal, the union was prepared to immediately resume the strike. Unifor members in three Ontario cities went on strike at GM just after the deadline at 11:59 p.m. Monday. We did that.”“Nothing worthwhile is ever easy – and labor negotiations are no exception,” Marissa West, president and managing director of GM Canada, said in a statement. The two deals in Canada stand in contrast to the strike against the US operations of GM, Ford and Stellantis.

Persons: New York CNN —, Unifor, Mack Trucks, ”, Lana Payne, “, ” Marissa West, we’ve, ” Unifor, Shawn Fain Organizations: New, New York CNN, General Motors, Unifor, GM, Ford, United Auto Workers, GM Canada, Canada, North American, Jeep, Dodge, Chrysler, UAW Locations: New York, Canada, Ontario, “, Stellantis

☆ Canadian autoworkers union Unifor ratifies GM labor deal
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

The Canadian union, which represents about 4,300 workers at GM in these talks, said 80.5% of its members at facilities in Oshawa, St. Catharines and Woodstock voted in favor of the deal. The deal with GM followed the pattern set with Ford Motor (F.N), which settled with Unifor last month. In the United States, about 9,200 members of the United Auto Workers (UAW) union have affected two GM assembly plants and 18 parts distribution centers. GM also has furloughed about 2,300 U.S. workers due to the impact of the UAW strike. Unifor has used the "pattern bargaining" approach in its talks, reaching a deal first with Ford and then picking GM as the second bargaining target.

Persons: Claude Robitaille, Unifor, Shivansh Tiwary, Nathan Gomes, Mrinmay Dey, Ben Klayman, Matthew Lewis, Diane Craft, Sandra Maler Organizations: Chevrolet Silverado, General, REUTERS, General Motors, Canadian, GM, Woodstock, Ford Motor, United Auto Workers, UAW, Ford, Chrysler, Thomson Locations: Oshawa, Oshawa , Ontario, Canada, United States, St, Catharines, Ingersoll , Ontario, Bengaluru

Research shows women in richer economies are more likely to have children if they work. Prime Minister Giorgia Meloni - Italy's first female premier - has said women are "an untapped resource" that lessens the need for immigrant labour. Yet her conservative government's 2024 budget, to be presented on Monday, is not expected to include measures to drive change. According to a government report relating to 2021, nearly one in five Italian women aged under 50 left their job after having their first child. SPANISH SUCCESSMeloni's government could learn from Spain, whose female activity rate lagged Italy's in the early 1990s but is now above the EU average.

Persons: Guzzo, Vittoria, Claudia Greco, Elena, Claudia Goldin, Giorgia Meloni, Claudia Olivetti, Enza Guzzo, Gian Carlo Blangiardo, Blangiardo, Giancarlo Giorgetti, Olivetti, Paola Profeta, Katharine Neiss, Valentina Za, Elisa Anzolin, Giuseppe Fonte, Catherine Evans Organizations: REUTERS, European Union, Reuters, Research, Dartmouth College, ISTAT, Bank of, EU, France's, Milan's Bocconi University, AXA Research, Treasury, Thomson Locations: Arese, Italy, MILAN, Bank of Italy, Rome, Barcelona, Spain, Milan

☆ Twenty arrested in Hong Kong over false document pension withdrawals amid row over UK passport
▼ + stars: | 2023-10-13 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +2 min

An evening view of the financial central district of Hong Kong, China October 3, 2023. Hong Kong pension funds have been in the spotlight since the emigration of more than 140,000 Hong Kong people to Britain after 2020 when China imposed a national security law on the former British colony, cracking down on dissent. The authority running the pension scheme then said it would not accept the passport as a valid document for the withdrawal of funds. The agent had allegedly accepted bribes of up to tens of thousands of Hong Kong dollars per applicant, the ICAC said. Hong Kong returned to Chinese rule in 1997.

Persons: Tyrone Siu, Hong Kongers, Hong Kong, Jessie Pang, Nick Macfie Organizations: REUTERS, Britain, British National, Overseas, Provident Fund, Hong Kong Watch, Residents, HK, Thomson Locations: Hong Kong, China, HONG KONG, Britain . Hong Kong, Britain, British, Hong

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

DETROIT (AP) — The United Auto Workers union significantly escalated its walkout against Detroit's Three automakers, shutting down Ford's largest factory and threatening Jeep maker Stellantis. “Here's to hoping talks at Stellantis today are more productive than Ford yesterday,” Fain wrote on X, formerly Twitter, without saying what might happen. Ford's truck plant makes heavy-duty F-Series pickup trucks and large Ford and Lincoln SUVs, hitting the company's most lucrative products. The company, however, called the strike expansion “grossly irresponsible” and said it has made strong wage and benefit offers to the union. The Kentucky strike brings to 33,700 the number of workers on strike against the three automakers.

Persons: Shawn Fain, “ Here's, ” Fain, Fain, Ford hasn’t, “, ”, “ We've, they're, Marick, Masters, doesn’t, Sam Fiorani, Fiorani, Patrick Anderson Organizations: DETROIT, United Auto Workers, Detroit's, Stellantis, Ford, Lincoln, General Motors, UAW, Kentucky, Wayne State University, GM, Detroit automakers, AutoForecast Solutions, Anderson Economic, Suppliers Locations: Ford’s Kentucky, Louisville, Stellantis, Dearborn , Michigan, Kentucky, Michigan , Ohio , Illinois , Kansas , Indiana, New York, Lansing , Michigan

☆ Analysis: Canada may struggle to recoup $26 billion cost of Trans Mountain pipeline
▼ + stars: | 2023-10-12 | by ( Nia Williams | ) www.reuters.com time to read: +5 min

Prime Minister Justin Trudeau's Liberal government bought Trans Mountain in 2018 for C$4.5 billion to rescue the expansion project, which has struggled with years of regulatory delay and massive cost overruns. A Reuters survey of five analysts and investors valued Trans Mountain between C$15 billion and C$25 billion, based on factors including projected earnings and oil shipping tolls. Trans Mountain Corp (TMC) CEO Dawn Farrell told local media last week the sale could wrap up by early 2025, just as Canada heads into a federal election. Trans Mountain offers strategic value as it is the only pipeline taking crude from Canada's oil patch to the Pacific, and on to Asian refining markets. "It's hard to imagine...that a pipeline like Trans Mountain would ever be built again," Poscente said.

Persons: Justin Trudeau's, Ryan Bushell, Dawn Farrell, Michael Dunn, Paul Poscente, Poscente, Pembina, Scott Burrows, Enbridge, Marc Weil, Dave Szybunka, Szybunka, Rod Nickel, Steve Scherer, Denny Thomas, Marguerita Choy Organizations: Ottawa, Justin Trudeau's Liberal, Reuters, Newhaven Asset Management, Trans Mountain Corp, Mountain, Cenovus Energy, Nations, Axxcelus, Chinook, Pembina Pipeline Corp, Indigenous Pipeline, TC Energy, Keystone, TC, Canoe Financial, Thomson Locations: Canada, Alberta, Trans, Newhaven, Pembina, U.S, Gulf, Calgary, Winnipeg, Ottawa

CAAT will assure that workers get defined benefits in retirement, CAAT and Unifor said. Separately, the UAW and companies have not agreed on the complex issues raised by new electric-vehicle battery plants owned by joint ventures. Under U.S. labor law, the UAW would have to organize the battery joint ventures, which are separate entities from the automakers. So far, Ford and Stellantis have not matched GM's proposal on battery plants. Three of four battery plants Ford plans will be operated as joint ventures with South Korean battery maker SK On.

Persons: Rebecca Cook, Ford, Stellantis, Olivia Mitchell, Mitchell, ”, Dana Muir, CAAT, Unifor, Shawn Fain, Joe White, Ben Klayman, Matthew Lewis Organizations: General Motors, REUTERS, Rights, United Auto Workers, Detroit Three, Ford Motor, Chrysler, UAW, Detroit's Big, GM, University of Pennsylvania Wharton School, Companies, University of Michigan, CANADA, Canada, Ford, Unifor, Canadian, CAAT, U.S, SK, Thomson Locations: Detroit , Michigan, U.S, Ontario, Arlington , Texas, Fain's, Kokomo , Indiana, United States, Korean, Detroit

Shmyhal told a high-level roundtable to support Ukraine held during the International Monetary Fund and World Bank meetings in Marrakech, Morocco, that Ukraine's state budget deficit would be about 20% of the country's GDP this year and 21% in 2024. "We expect support from all our partners, both in equal amounts, Shmyhal said. He said the World Bank has been helping to assess recovery needs, adding that $14 billion alone would be needed for a rapid-recovery response program. Shmyhal said the key to the country's resilience has been economic reform programs, including those to fight corruption and boost digitalization. "If the right conditions are created, we estimate that as much as one-third of Ukraine's future needs could be met with private-sector financing," Banga said.

Persons: Denys Shmyhal, Shmyhal, Ajay Banga, Banga, Janet Yellen, Volodymyr Zelenskiy, David Lawder, Alex Richardson, Leslie Adler Organizations: Ukrainian, International Monetary Fund, World Bank, Bank, U.S, Treasury, Ukraine, Thomson Locations: MARRAKECH, Morocco, Ukraine, Marrakech, Russia, U.S

☆ Oklahoma law removes pro-ESG investments from pensions
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOklahoma law removes pro-ESG investments from pensionsHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Brian Sullivan, “ Organizations: CNBC

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