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Members of the United Auto Workers union hold a rally and practice picket near a Stellantis plant in Detroit, Aug. 23, 2023. Gallup reports 71% of Americans approved of labor unions in 2022 — the highest since 1965. United Airlines struck a preliminary agreement with its pilots union last month for up to 40% raises over four years. Casey Murray, president of the Southwest Airlines Pilots Association, said frequent reassignments can wear pilots down, just as they would passengers. "They need that predictability," he said, adding that the company has made some progress in talks with the pilots' union in recent weeks.

Persons: Michael Wayland, Robert Bruno, Mario Tama, Daniel, Chris, Wells, Shawn Fain, CNBC It's, Melissa Atkins, hadn't, Johnnie Kallas, Cornell's, Casey Murray, UIUC's Bruno, it's Organizations: United Auto Workers, CNBC, UPS, Workers, Boeing, Spirit, Guild of America, Labor, University of Illinois, Striking, Paramount Studios, Getty, Cornell University School of Industrial and Labor Relations, Screen, – American Federation of Television, Radio Artists, Writers Guild of America, U.S . Bureau of Labor Statistics, Gallup, General Motors, Ford Motor, UAW, Deere, CNH, Detroit, Teamsters Union, Delta Air Lines, American Airlines, United Airlines, Netflix, Warner Bros ., WGA, SAG, Hollywood, Southwest Airlines, Southwest Airlines Pilots Association, U.S, Teamsters Locations: Detroit, Amazon, University of Illinois Urbana, Champaign, Los Angeles, Hollywood

☆ China's central bank steps up intervention after yuan hits 16-year low against greenback
▼ + stars: | 2023-08-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

The yuan midpoint is a reference point for trading, and caps the range between +2% and -2%. Stock Chart Icon Stock chart iconFriday's move comes after the onshore yuan fell to a 16-year low against the greenback on Wednesday, trading at 7.2981. The onshore yuan strengthened 0.1% against the greenback at 7.2836 on Friday, and the offshore yuan weakened marginally to 7.3057. The onshore yuan is traded on the mainland and referred to as the CNY, while the offshore yuan — traded in markets like Hong Kong and Singapore — is referred to as the CNH. It vowed to "maintain the basic stability of the RMB exchange rate at a reasonable and balanced level, and resolutely prevent the risk of exchange rate overshoot."

Persons: Vishnu Varathan Organizations: Nurphoto, People's Bank of, U.S, Reuters, Mizuho Bank Locations: Fuyang city, East China's Anhui, People's Bank of China, Hong Kong, Singapore, Asia, Oceania

☆ China's state banks seen selling dollars for yuan in London and New York hours
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +3 min

"State bank dollar selling has become a new normal to slow the pace of yuan depreciation," said one Shanghai-based trader. Offshore branches of the state banks were also seen selling dollars during London and New York trading hours this week, two sources with direct knowledge of the matter said on Thursday. Such dollar selling could limit falls in the offshore yuan and prevent it from diverging too far from its onshore counterpart . The onshore yuan traded at 7.3145 per dollar as of 0442 GMT, while the offshore yuan last fetched 7.3400. During recent weeks, market watchers say the Chinese authorities have sought to slow the yuan's decline, with the PBOC persistently setting a stronger-than-expected fixing, and state banks repeatedly selling dollars.

Persons: Yuan, Dado Ruvic, Hong, Jacqueline Wong, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, People's Bank of China, Shanghai, Thomson Locations: State, Shanghai, London, New York, China, U.S, Hong Kong

☆ CNH Industrial CEO Scott Wine sits down with Jim Cramer
▼ + stars: | 2023-07-31 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNH Industrial CEO Scott Wine sits down with Jim CramerCNH Industrial CEO Scott Wine sits down with 'Mad Money' host Jim Cramer to talk the company's inventory, tractor production and Ukraine.

Persons: Scott Wine, Jim Cramer CNH, Jim Cramer Locations: Ukraine

☆ CNH profit rises on strong equipment demand, shares down as guidance held
▼ + stars: | 2023-07-28 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +3 min

CHICAGO, July 28 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI), reported better-than-expected operating profit on Friday, though shares fell as much as 6% as an unchanged revenue forecast cast doubt on future growth potential. Globally, CNH, which houses brands such as Case IH and New Holland, was boosted by strong demand for its high-horsepower farm equipment and record construction sales. However, sales for both agriculture and construction equipment contracted in South America. CNH's profit margins have been propped up by price increases across its machinery segments to help offset inflated input costs and a choppy supply chain. He also noted that dealers won't continue to accept double-digit price increases as inflation starts to cool.

Persons: Eric Greaser, Kristen Owen, Scott Wine, CNH's, Bianca Flowers, Giulio Piovaccari, Alessandro Parodi, Jonathan Oatis, Kirsten Donovan Organizations: CNH, IH, South America . Company, Oppenheimer, Co, CNH's, North America . Revenue, Thomson Locations: American, Moody's, New Holland, South America, North America, Chicago

☆ Auto industry braces for contentious contract talks as UAW formally kicks off bargaining
▼ + stars: | 2023-07-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

Rebecca Cook | ReutersDETROIT — United Auto Workers President Shawn Fain promised union members he'd do things differently during contract talks with the Detroit automakers this year. Playing hard ball"We're in the process of changing the culture of this union from a reactionary, defensive union, to an aggressive and offensive-minded union," Fain said last month during a Facebook livestream. The deals cover roughly 150,000 UAW members who work for the automakers. United Auto Workers members on strike picket outside General Motors' Detroit-Hamtramck Assembly plant in Detroit, Sept. 25, 2019. "The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers," Fain said earlier this year.

Persons: Shawn Fain, Rebecca Cook, he'd, Fain, Gary Jones, Bill Ford, Ford Fain, —, Jim Farley, Chuck Browning, We've, … We're, Joe Biden, John Murphy, Stellantis, Reuters Stellantis, What's, Michael Wayland, BofA's Murphy, Steve Fecht Organizations: Reuters DETROIT — United Auto Workers, Detroit, UAW, Motors, Ford Motor, Ford, Headquarters, Facebook, " Bank of America Securities, General Motors, BofA Securities, GM, Fiat Chrysler, Fiat Chrysler Automobiles, FCA Sterling Heights Assembly, Reuters, United Auto, United Auto Workers, Hamtramck Assembly, CNBC, Center for Automotive Research, Deere, Co, Caterpillar, Ultium Cells, LG Energy, Tech Center Locations: Detroit, Illinois, Stellantis, Sterling Heights , Michigan, Hamtramck, Lordstown , Ohio, Warren , Michigan

☆ Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
▼ + stars: | 2023-07-05 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power. Airline pilots, railroad employees, dockworkers, and others have pushed for higher pay and better benefits, rebuffing offers from companies that in some contracts appeared significant. The two on Wednesday accused each other of walking away from negotiations over a new contract. WHAT ARE SOME NOTABLE UPCOMING CONTRACT NEGOTIATIONS? Among U.S. airlines, Southwest Airlines (LUV.N) is yet to reach an agreement with its pilots union.

Persons: Joe Biden, Aishwarya Nair, Sriraj Organizations: Airline, United Parcel Service, Teamsters Union, Congress, Unions, United Auto Workers ', UAW, Detroit, Stellantis, General Motors Co, Ford Motor, U.S, Southwest Airlines, Southwest Airlines Pilots Association, Thomson Locations: Washington, Bengaluru

Union workers missed out on a frenzy of wage increases by employers desperate for workers during the height of the COVID-19 pandemic. Low unemployment makes it easier for union workers to stand firm during negotiations. Union workers also want more affordable healthcare, paid sick time and more-flexible scheduling for greater work-life balance. Some workers said the base wage increase was insufficient and balked at higher out-of-pocket medical costs. Late last year, U.S. freight railroad workers rejected a five-year contract that included a 24% wage increase, citing lack of paid sick leave.

Persons: Diane Swonk, Erin McLaughlin, Willie Adams, Sam Johnson, Johnson, Joe Biden, Todd Vachon, Garth Thompson, Lisa Baertlein, Bianca Flowers, Rajesh Kumar Singh, David Gregorio Our Organizations: Workers, Spirit, Deere & Co, Reuters, KPMG, Conference Board, Conference, . West, International Association of Machinists, Aerospace Workers, Caterpillar, Congress, Unions, Union, CNH, Deere, Midwest, Rutgers, United Parcel Service, International Brotherhood of Teamsters, United Auto Workers, Detroit automakers, General Motors, Ford, FedEx, American Airlines, Pilots, United, United Airlines, Thomson Locations: U.S, . West Coast, Wichita , Kansas, Decatur , Illinois, Wisconsin, Iowa, West, Los Angeles, Chicago

☆ Rupee likely higher; awaits pivotal US inflation data, eyes yuan
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters) - The Indian rupee is expected to open slightly higher on Tuesday ahead of key U.S. inflation data, which analysts reckon may prove instrumental in the Federal Reserve's decision on interest rates. Non-deliverable forwards indicate rupee will open at around 82.40 to the U.S. dollar compared with 82.43 in the previous session. India's inflation was positive for the rupee "on the margins" and "now let's see how U.S. data plays out", the trader added. The U.S. inflation data is due later in the day, with economists polled by Reuters projecting a 0.4% on-month increase in the core inflation rate. The dollar index was barely changed at near 103.50 while the 2-year U.S. yield dropped to 4.55%.

Persons: Nimesh Vora, Dhanya Ann Thoppil Organizations: U.S, People's Bank of, Reserve Bank of India, Reuters, ANZ, Brent, Thomson Locations: MUMBAI, People's Bank of China, U.S

☆ Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
▼ + stars: | 2023-06-01 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

SAN FRANCISCO (Reuters) -Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday. Nasdaq requires shares trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days. If Nikola cannot comply in those periods, the company can execute the reverse stock split, subject to a shareholder vote, to move its shares above the $1 mark, Lohscheller said. A reverse stock split consolidates the number of existing shares into fewer shares. Cash burn in the first quarter was $240 million, compared with $200 million per quarter in 2022, Nikola said last month.

Persons: Nikola, Michael Lohscheller, Massimo Pinca Nikola, Lohscheller, ”, Cash, ” Nikola Organizations: FRANCISCO, Reuters, U.S, Nikola, REUTERS, Nasdaq, Companies, ” Investors Locations: Turin, Italy

☆ Dollar retreats as Fed pause eyed; U.S. debt deal clears House
▼ + stars: | 2023-06-01 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The dollar was mixed in Asia trade and barely reacted to the vote, with the euro rising 0.04% against the greenback to $1.06895. Fed officials including the vice chair-designate pointed towards a rate hike "skip" in June, giving time for the U.S. central bank to assess the impact of its tightening cycle thus far against still strong inflation data. Elsewhere, the Japanese yen rose nearly 0.1% to 139.24 per dollar. CHINA'S BUMPY RECOVERYIn Asia, the Chinese offshore yuan rose over 0.1% to 7.1077, reversing some of its losses from the previous session, when it slumped to a six-month low. The yuan had fallen nearly 3% against the dollar in both the onshore and offshore markets in May, as China's post-COVID economic recovery struggles to gain steam.

Persons: Sterling, Carol Kong, Christopher Wong, Rae Wee, Christian Schmollinger Organizations: Federal Reserve, House, Democratic, U.S, Fed, Commonwealth Bank of Australia, U.S ., New, People's Bank of China, Thomson Locations: SINGAPORE, Asia, Japan, China, New Zealand

☆ Here are 3 themes to invest in now as artificial intelligence and technological innovation transform the global food system — and 14 key players leading the evolution, according to PGIM's director of
▼ + stars: | 2023-05-30 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

Antia shared 3 major themes to invest in — and 14 key players driving this evolution. And according to Antia, right now there's no secular trend more exciting than the transformation of the world's food system. On the food supply side, Antia listed climate change and technological innovation as two additional drivers for the evolution of the global food system. This two-way impact between food production and the environment has revealed the necessity for greater sustainability in the world's food system, Antia explained. As global demand for local products increases, so does the demand for refrigerated frozen storage facilities and transportation.

☆ Tractor maker Deere's future in precision agriculture hinges on space-based connectivity
▼ + stars: | 2023-05-18 | by ( Morgan Brennan | ) www.cnbc.com time to read: +5 min

But the farm equipment maker has been planting the seeds for an increasingly high-tech and autonomous future – one that critically hinges on space. But connectivity is the linchpin of this vision, and space fills a void left by fiber and traditional cellular signals. "We think satellite communications is a really intriguing, interesting technology to pursue to sort of solve that communications gap." Last fall the company put out a request for proposal to the satellite communications industry to partner on space-based connectivity services. "We had this opportunity to bring two industries together — satellite space communications and agriculture — and say, 'What kind of value could we create?'"

☆ Iveco to fully own venture with Nikola on electric, hydrogen trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +3 min

Despite Nikola's problems, battery electric trucks developed by the venture based in Ulm, Germany are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen trucks are expected to hit the road next year. As part of the agreement, Iveco will focus on Europe for the further development and commercialisation of its own battery electric (BEV) and fuel cell (FCEV) electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares. Iveco will retain a "meaningful" amount of Nikola shares, they said.

☆ Iveco takes full ownership of JV with Nikola on electric, hybrid trucks
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 9 (Reuters) - Italy's Iveco Group (IVG.MI) has agreed to buy the full ownership of its joint venture with U.S. start-up Nikola (NKLA.O) developing battery electric and fuel cell heavy-duty trucks for 44 million euros ($48 million), it said on Tuesday. Battery electric (BEV) trucks developed by the JV are already circulating in the U.S., while orders are being collected in Europe. Fuel cell hydrogen hybrid (FCEV) trucks are expected to hit the road next year. As part of the agreement announced on Tuesday, Iveco will focus on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, while Nikola will concentrate its operations in North America, the two groups said in a joint statement. Iveco's overall investment, through available liquidity, will be partly in cash, for $35 million, and partly in shares, with the purchase of 20 million Nikola shares.

☆ 49. Monarch Tractor
▼ + stars: | 2023-05-09 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

That's why Monarch believes its zero-emission MK-V tractor, which came off production lines this past December, can make a difference in climate change. As the producer of the world's first-ever fully electric, driver-optional smart tractor, Monarch Tractor's goal is to bring sustainability to farming's workhorse. In April, Chinese contract manufacturing giant Foxconn began MK-V tractor production at its Lordstown, Ohio, plant, which Foxconn bought from troubled EV maker Lordstown Motors last year. With growing government and societal incentives to make the shift toward greener farming, Monarch Tractor is confident in its abilities to transform the agriculture industry as we know it. Farm machinery giant Deere , which has a 60% market share in the U.S., has made several acquisitions in the autonomous tractor and machine learning space.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

Five months later, on Nov. 24, the regulator approved the plan for the Quesqui field in the southern state of Tabasco. Interviews with eight sources with direct knowledge of the matter show Hernandez had been pressured by Lopez Obrador's government and Pemex to approve Quesqui and other plans, or resign. According to these people, at least three other senior officials at the regulator were also pressured by officials in government and at the regulator to help approve the plans. One of the officials who the sources said was pressured, the former technical head, Julio Trejo, resigned shortly before the Quesqui plan was approved. Guerrero also reiterated that the Quesqui field "is a strategic project" as defined by the government.

Jason Connolly/Pool via REUTERS/File PhotoApril 25 (Reuters) - Colorado's governor signed the nation's first right to repair legislation into law on Tuesday, giving the state's farmers and ranchers the autonomy to fix their own equipment. With a Case IH red tractor displayed outside the state Capitol in Denver, Governor Jared Polis, a Democrat, signed The Consumer Right to Repair Agriculture Equipment Act. "This is a common-sense bipartisan bill to help people avoid unnecessary delays from equipment repairs." Right to repair legislation is gaining momentum across the country as lawmakers in 16 states have introduced bills, according to a report by the Public Interest Research Group, an advocacy organization. "Creating more fair market access through right to repair is one of the items that we hope will be included," he said.

☆ Agnellis' Exor eyes further healthcare investment for expansion
▼ + stars: | 2023-04-17 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions. It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses. Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. NEW CHAIRMANExor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and soccer club Juventus (JUVE.MI). It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe.

☆ Exor picks Nohria as new chairman to succeed World Bank nominee Banga
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based Exor has proposed Nitin Nohria as its new non-executive chairman, it said in a statement as it presented its full-year results. It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021. The holding company's net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier. Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.

☆ Colorado passes first US right to repair legislation for farmers
▼ + stars: | 2023-04-12 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +2 min

The Consumer Right to Repair Agriculture Equipment Act passed 46-14 in Colorado's Senate late on Tuesday, after winning approval in the state House of Representatives in February. The bill garnered bipartisan support as farmers grew increasingly frustrated with costly repairs and inflated input prices denting their profits. Colorado's legislation would mandate farm machinery manufacturers like Deere and rival CNH Industrial (CNHI.MI) to provide farmers with diagnostic tools, software documents, and repair manuals starting Jan 1. State lawmakers are pushing right to repair legislation even though Deere and CNH signed a memorandum of understanding with the American Farm Bureau Federation to allow farmers to fix their equipment, or go to a third-party repair shop. The agreement does not give farmers total access for repairs, said Kevin O'Reilly, director for the campaign of right to repair at the U.S. Public Interest Research Group.

☆ CME debuts offshore yuan options to tap rising trading demand
▼ + stars: | 2023-04-02 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, April 3 (Reuters) - Chicago's CME Group (CME.O) opened options trading for Chinese yuan futures on Monday, as it looks to deepen a market that investors use for betting or hedging against moves in China's currency. Hong Kong has offered similar exchange-traded options since 2017, though bringing the product to CME - the world's biggest derivatives exchange - may be a step toward competing with the banks that dominate options by selling directly to customers. "We hope to see liquidity develop there that's comparable to the over-the-counter market," said Tim Brooks, London-based head of FX options at Optiver, which will deal in the new CME derivatives. The CME options have a range of expiry dates from weekly, to monthly or a year and are based on futures contracts with a notional amount of $100,000. CME is a much smaller yuan-trading hub than Hong Kong.

☆ CNH Industrial agrees to buy Hemisphere GNSS for $175 mln
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

MILAN, March 30 (Reuters) - CNH Industrial (CNHI.MI) said on Thursday that it had agreed to buy Hemisphere GNSS, a high-performance satellite positioning technology company, for $175 million to improve automation in its agriculture and construction businesses. Just before that, in 2021, it bought U.S.-based Raven for $2.1 billion to consolidate its presence in the precision farming segment. "Combined with our Raven Brand's capabilities, this development gives us full control of our precision and navigation technologies," CNH said with reference to the deal announced on Thursday. CNH said Hemisphere's core technology capabilities included application-specific integrated circuit chips, circuit boards, radio frequency signal processing, navigation algorithms and satellite-based correction designs. Hemisphere will continue to operate as a standalone business through its operations in the U.S., Canada and Australia, CNH said.

☆ Nikola announces a $100 million stock offering
▼ + stars: | 2023-03-30 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Electric heavy-truck maker Nikola said on Thursday that it plans to raise $100 million via a secondary stock offering to the public and — possibly — a private sale of stock to an unnamed investor, if needed. First, the company said, it will offer up to $100 million worth of stock to the public via a traditional secondary offering, with Citigroup underwriting. If the public offering raises less than $100 million, that investor has agreed to buy the remainder at the public offering price. Either way, Nikola will raise $100 million before fees, money that it plans to use for working capital and other general purposes. Nikola had $233.4 million in cash and equivalents available as of Dec. 31, down from $315.7 million at the end of September.

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