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☆ Bank of Canada voices concerns about variable rate mortgage products -Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Senior Deputy Governor of the Bank of Canada Carolyn Rogers takes part in a press conference in Ottawa, Ontario, Canada October 25, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsNov 3 (Reuters) - The Bank of Canada has urged banks to reconsider offering variable rate mortgages with fixed payments, concerned about the number of borrowers faced with negative amortization of their loans. “I think you’ll see the industry reflect on how much they want to offer that product,” she addedMany variable rate mortgages in Canada require borrowers to make regular payments in fixed amounts. You don’t want a big portfolio of negative amortizing mortgages," Rogers said. Money markets see little chance of further tightening by the BoC and have moved to price in a rate cut by June.

Persons: Bank of Canada Carolyn Rogers, Patrick Doyle, ”, Carolyn Rogers, “, Rogers, Fergal Smith, Gursimran Kaur, Chris Reese, Leslie Adler Organizations: Bank of Canada, REUTERS, Bloomberg News, BoC, Thomson Locations: Ottawa , Ontario, Canada, Toronto, Bengaluru

☆ ‍Orsted records $4 bln in impairments, ceases development of some US offshore wind projects
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. The world's largest offshore wind farm developer has made a final investment decision on Revolution Wind, Orsted said in a statement, adding that it is expected to be completed by 2025. Development of the wind projects had been adversely affected by supply chain issues, increased interest rates and a lack of an OREC (offshore renewable energy certificate) adjustment on it's Sunrise Wind project, the company said. "Significant adverse developments from supply chain challenges, leading to delays in the project schedule, and rising interest rates have led us to this decision," Orsted chief executive officer Mads Nipper said. In August, Orsted said it may see U.S. impariments of $2.3 billion due to supply chain problems, soaring interest rates and a lack of new tax credits.

Persons: Tom Little, Orsted, Mads Nipper, Joe Biden, Gursimran Kaur, Christian Schmollinger, Michael Perry Organizations: REUTERS, U.S, Thomson Locations: Nysted, Denmark, Bengaluru

Orsted, the world's largest offshore wind developer, said it would stop developing its 2,248-megawatt (MW) Ocean Wind 1 and 2 projects in New Jersey. The offshore wind industry has found itself in a perfect storm of rising inflation, interest rate hikes and supply chain delays. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. Orsted, which in June announced plans to invest 475 billion crowns by 2030, said it was in the process of reviewing its investments and could introduce cost-saving initiatives. Orsted's share price has tumbled 52% since an August profit warning, cutting its market value to 112 billion crowns from 235 billion.

Persons: Joe Biden, Norway's, Mads Nipper, Nipper, Bernstein, Deepa Venkateswaran, Jacob Gronholt, Pedersen, Louise Rasmussen, Gursimran Kaur, Terje Solsvik, Michael Perry, Mark Potter Organizations: Wednesday, U.S, BP, Thomson Locations: U.S, New Jersey, New York, Danish, Copenhagen, Bengaluru

☆ Striking Hollywood actors pass counteroffer ahead of further talks with studios
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

SAG-AFTRA members walk the picket line on the 100th day of their ongoing strike outside Paramount Studios in Los Angeles, California, U.S., October 20, 2023. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsOct 27 (Reuters) - Striking Hollywood actors have made a comprehensive counteroffer to the major studios, the SAG-AFTRA performers' union said in a post on social media platform X. Ahead of Friday's talks, a group of SAG-AFTRA members published an open letter to the union leadership, urging the negotiating committee to continue fighting for improved compensation, royalties and workplace protections. The latest counteroffer submitted by the actors union on Thursday comes after media companies and the union representing striking U.S. actors returned to the bargaining table on Tuesday. Members of SAG-AFTRA, which represents 160,000 actors and other media professionals, have been on strike since July.

Persons: Mario Anzuoni, Friday's, we’ve, Gursimran Kaur, Dawn Chmielewski, Clarence Fernandez, Jonathan Oatis Organizations: Paramount Studios, REUTERS, SAG, Alliance, Television Producers, Walt Disney, Netflix, Solidarity, Hollywood, Thomson Locations: Los Angeles , California, U.S, Bengaluru, Dawn, Los Angeles

☆ Honda, GM scrap $5 bln plan to co-develop cheaper EVs
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +3 min

A Honda logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. GM cited a joint statement that pointed to the projects the companies are still working on together in acknowledging the end of EV plan. A spokesman confirmed she was referring to the Honda EV partnership. The automakers had said the deal was for "affordable" EVs, including compact crossover vehicles, built using GM's Ultium battery technology. "After studying this for a year, we decided that this would be difficult as a business, so at the moment, we are ending development of an affordable EV," Honda CEO Toshihiro Mibe was quoted by Bloomberg as saying in an interview.

Persons: David, Dee, Delgado, Tesla, Honda, Mary Barra, Toshihiro Mibe, Cruise, Daniel Leussink, Gursimran, Ben Klayman, Mark Potter, David Holmes Organizations: New York, REUTERS, Rights, Honda, General Motors, United Auto Workers, U.S, Tuesday, GM, Honda EV, Bloomberg, Cruise, Thomson Locations: Manhattan , New York City, U.S, California, U.S ., . California, Japan, Tokyo, Gursimran Kaur, Bengaluru, Ben, Detroit

☆ Country Garden default on dollar bond declared for first time -Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: 1 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsOct 25 (Reuters) - Chinese developer Country Garden Holdings (2007.HK) has been deemed in default on a U.S. dollar bond for the first time, Bloomberg News reported on Wednesday, citing a notice. Country Garden's failure to pay interest on the note within a grace period that ended last week "constitutes an event of default", Bloomberg reported citing the notice to holders from a trustee. Reporting by Gursimran Kaur in Bengaluru; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Gursimran Kaur, Christopher Cushing Organizations: Shanghai Country Garden, REUTERS, Country Garden Holdings, HK, U.S, Bloomberg, Thomson Locations: Shanghai, China, Bengaluru

☆ SpaceX signs deal to launch key European satellites - WSJ
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsOct 23 (Reuters) - SpaceX has signed a deal to launch up to four of Europe's flagship navigation and secure communications satellites into orbit, The Wall Street Journal reported on Monday. The European Commission, the European Union's executive arm, along with EU member states, must still give final approval for the deal, the report added, citing officials. SpaceX and the European Space Agency recently signed an agreement for two launches next year, each carrying two Galileo satellites, Javier Benedicto, the agency's director of navigation told the Journal. SpaceX, and the European Commission did not immediately respond to a request for comment. European space officials said last month they face crucial timing decisions in the coming weeks on the return to flight of Europe's flagship space launchers following a series of delays.

Persons: Dado Ruvic, Javier Benedicto, Gursimran Kaur, Nivedita Organizations: SpaceX, Elon, REUTERS, Street, European Commission, European Space Agency, SpaceX’s, Thomson Locations: U.S, Bengaluru

☆ Elon Musk's X to launch premium subscriptions soon
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 20 (Reuters) - Elon Musk said on Friday social media platform X, formerly known as Twitter, will soon launch two new tiers of premium subscriptions. Earlier this week, the company started charging new users $1 in New Zealand and the Philippines as a test case for accessing the platform. Musk has acknowledged that the platform has taken a hit on revenue and has blamed activists for pressuring advertisers. To generate revenue, Musk started charging $8 per month for the blue check subscription service and tried to woo advertisers back to X with offers of discounts.

Persons: Dado Ruvic, Elon Musk, Musk, Gursimran Kaur, Supantha Mukherjee, Savio D'Souza, Jason Neely Organizations: Twitter, REUTERS, Supantha, Thomson Locations: New Zealand, Philippines, Bengaluru, Stockholm

☆ Beijing weighs delaying approval of $69 bln Broadcom-VMware deal- FT
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Beijing is weighing holding up US chipmaker Broadcom Inc's (AVGO.O) $69 billion purchase of cloud computing company VMware Inc (VMW.N), the Financial Times reported on Thursday. VMWare and Broadcom did not immediately respond to Reuters request for comment. China's State Administration of Market Regulation could not immediately be reached for comment. Reporting by Gursimran Kaur in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Joe Biden's, Gursimran Kaur, Nivedita Organizations: Broadcom, REUTERS, VMware Inc, Financial Times, China's, Administration of, VMWare, VMware, Thomson Locations: Beijing, Bengaluru

☆ China's Didi plans 2024 Hong Kong listing - Bloomberg News
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

A Didi logo is seen at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File photo Acquire Licensing RightsOct 13 (Reuters) - China's biggest ride-hailing company, Didi Global, aims to list its shares on the Hong Kong Stock Exchange next year, Bloomberg News reported on Friday, citing people familiar with the matter. The company delisted from the New York Stock Exchange in 2022 after it ran afoul of Chinese regulators by pushing ahead with a $4.4 billion listing in the U.S in July 2021. Didi was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023. Didi has contemplated a Hong Kong listing previously, Reuters has reported, with a listing by introduction where new capital is not raised as one option.

Persons: Didi Chuxing, Florence, Didi Global, Didi, Gursimran Kaur, Scott Murdoch, Sonia Cheema, Jamie Freed, Gerry Doyle Organizations: REUTERS, Hong Kong Stock Exchange, Bloomberg, Reuters, New York Stock Exchange, Cyberspace Administration of China, CAC, Thomson Locations: Beijing, China, U.S, New York, Hong Kong, United States, Bengaluru

☆ Contract talks break down between Hollywood actors, studios
▼ + stars: | 2023-10-12 | by ( Lisa Richwine | ) www.reuters.com time to read: +3 min

LOS ANGELES, Oct 12 (Reuters) - Negotiations between Hollywood studios and the SAG-AFTRA actors' union were suspended on Wednesday as the two sides clashed over streaming revenue, the use of artificial intelligence and other issues at the core of a three-month work stoppage. The union resumed negotiations with studios last week after the Writers Guild of America (WGA) ended its work stoppage. [1/2]Actor Billy Crudup joins fellow SAG-AFTRA actors walking a picket line during their strike in Manhattan in New York City, New York, U.S., September 28, 2023. SAG-AFTRA countered that the AMPTP had overstated the cost by 60% and accused the studios of "bully tactics." Members of the WGA approved a new three-year contract with major studios this week, five months after the union called a strike.

Persons: AFTRA, Walt Disney, Billy Crudup, Mike Segar, AMPTP, Lisa Richwine, Gursimran Kaur, Kim Coghill, Robert Birsel Organizations: Hollywood, SAG, Writers Guild of America, WGA, Alliance, Television Producers, Netflix, REUTERS, Guild of America, Thomson Locations: U.S, California, Manhattan, New York City , New York, Los Angeles, Bengaluru

☆ Striking Hollywood actors, studios suspend contract negotiations
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Actor Billy Crudup joins fellow SAG-AFTRA actors walking a picket line during their strike in Manhattan in New York City, New York, U.S., September 28, 2023. REUTERS/Mike Segar/File Photo Acquire Licensing RightsOct 12 (Reuters) - Talks between Hollywood studios and negotiators for the SAG-AFTRA actors' union have been suspended after the union presented its most recent proposal, the Alliance of Motion Picture and Television Producers (AMPTP) said on Wednesday. This week, members of the WGA approved a new three-year contract with major studios, five months after the union called a strike. The new contract provides pay raises, some protections around use of artificial intelligence and other gains. AMPTP said it hoped the actors' union would reconsider and return to productive negotiations soon.

Persons: Billy Crudup, Mike Segar, Walt Disney, AFTRA, AMPTP, Gursimran Kaur, Kim Coghill, Robert Birsel Organizations: SAG, REUTERS, Hollywood, Alliance, Television Producers, Walt, Netflix, Guild of America, WGA, Thomson Locations: Manhattan, New York City , New York, U.S, Hollywood's, Bengaluru

☆ China's Middle East Envoy Expected to Speak to Israel on Thursday Bloomberg News
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - China's special envoy on Middle East issues is expected to have a telephone conversation with Israeli officials on Thursday, Israel's Ambassador to China, Irit Ben-Abba, told Bloomberg News. The planned talks come after Islamist group Hamas launched the biggest attack on Israel in years from the Gaza Strip. China will likely talk about the meeting later in the afternoon, during a regular briefing held by the foreign ministry, Bloomberg reported. China's foreign ministry did not immediately respond to a Reuters request for comment. China's special envoy on the Middle East, Zhai Jun, earlier this week said the country condemns acts that harm civilians and called for an immediate ceasefire.

Persons: Irit Ben, Abba, Zhai Jun, Gursimran Kaur, Kim Coghill Organizations: Reuters, Israel's, Bloomberg News, Hamas, Bloomberg, Palestinian Authority, West Bank, Arab League, EU, Palestine, United Nations Locations: Middle, China, Israel, Gaza, Palestine, Bengaluru

☆ US Central Command captures Islamic State official in Syria raid - statement
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: 1 min

Sept 30 (Reuters) - U.S. Central Command forces conducted a helicopter raid in northern Syria on Sept. 28 capturing Mamduh Ibrahim al-Haji Shaykh, an Islamic State facilitator, Central Command said on Saturday. Last week, the Central Command forces said it had captured Abu Halil al-Fad'ani, an ISIS Syria Operational and Facilitation official, who was assessed to have relationships throughout the ISIS network in the region, during a raid on Sept. 25. No civilians were injured or killed during the both operations, both Central Command statements said. Reporting by Gursimran Kaur in Bengaluru, Editing by William Maclean and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mamduh Ibrahim al, Haji Shaykh, Abu Halil al, Gursimran Kaur, William Maclean, Marguerita Choy Organizations: . Central Command, Central Command, ISIS, Command, Thomson Locations: Syria, State, Bengaluru

☆ Opposition candidate Muizzu projected to win Maldives presidency, local media report
▼ + stars: | 2023-09-30 | by ( Mohamed Junayd | ) www.reuters.com time to read: +2 min

Mohamed Muizzu, Maldives presidential candidate of the opposition party, People's National Congress gestures after casting his vote at a polling station during the Maldives presidential election day in Male, Maldives September 9, 2023. REUTERS/Dhahau Naseem/File Photo Acquire Licensing RightsMALE, Sept 30 (Reuters) - Opposition candidate Mohamed Muizzu is projected to win the Maldives presidential run-off vote on Saturday, beating incumbent Ibrahim Solih, local media said, in a result that could see the Indian Ocean archipelago shift closer to China. Muizzu was leading the count with 54% of the vote against 46% won by Solih, local media reported. Thousands turned out early at 586 polling stations across the 187 islands known for their sun-kissed beaches and resorts. Maldivians also voted at polling stations in India, Sri Lanka, Malaysia, Britain and Abu Dhabi.

Persons: Mohamed Muizzu, Dhahau Naseem, Ibrahim Solih, Muizzu, Maldivians, Abdulla Yameen, Muizzu's, Yameen, Mohamed Junayd, Gursimran Kaur, Andrew Cawthorne, David Holmes Organizations: People's, REUTERS, Maldives presidential, Solih, China, Progressive Party of Maldives, Thomson Locations: Maldives, Male, China, India, Sri Lanka, Malaysia, Britain, Abu Dhabi, Solih

☆ Walmart changes pay and titles for corporate staff, Wall Street Journal reports
▼ + stars: | 2023-09-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsCompanies Walmart Inc FollowSept 30 (Reuters) - Walmart (WMT.N) corporate staff are getting new titles and pay packages in the coming weeks to manage labor costs and simplify the structure of the company's workforce, the Wall Street Journal reported on Saturday. Starting in November, many corporate workers at Walmart and Sam's Club, its warehouse chain, will be reclassified into fewer groups of possible titles and pay, the report added. Around 4%, or 2,000, will receive an eventual reduction in stock-option awards as part of the change, the report said. The change is "good compensation hygiene," and ensures Walmart is "appropriately rewarding similar levels of work," Lupo said. Earlier this month, Walmart changed the hourly starting wage structure for entry-level store workers.

Persons: Kamil Krzaczynski, Kim Lupo, Lupo, Gursimran Kaur, Andrea Ricci, Marguerita Choy Organizations: REUTERS, Walmart, Wall Street, Sam's, Base, Workers, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Punjab's Sikhs fear Canada-India row threatens them at home, abroad
▼ + stars: | 2023-09-25 | by ( Manoj Kumar | ) www.reuters.com time to read: +5 min

Outside of Punjab, the greatest number of Sikhs live in Canada, the site of many protests that have irked India. Still, though, the elder Nijjar said he is worried about deteriorating diplomatic relations with Canada and declining economic prospects in Punjab. The once-prosperous breadbasket of India, Punjab has been overtaken by states that focussed on manufacturing, services and technology in the last two decades. Modi's government has created "an atmosphere of fear", especially for young people, said Sandeep Singh, 31, from Nijjar's village. At the same time, the party says no one has done as much for the Sikhs as Modi.

Persons: Himmat Singh Nijjar, Hardeep Singh, Adnan Abidi, Hardeep Singh Nijjar, Justin Trudeau, Trudeau, Narendra Modi's, Nijjar, Gursimran Singh, Indira Gandhi, Modi's, Modi, Sandeep Singh, wouldn’t, Kanwar Pal, Manoj Kumar, YP Rajesh, William Mallard Organizations: Reuters, REUTERS, Canadian, Ottawa, DREAM, CANADA, Hindu, Bharatiya Janata Party, BJP, Dal Khalsa, YP, Thomson Locations: Jalandhar district, Punjab, India, Canada, North America, Canadian, Vancouver, Bharsinghpura, Amritsar, Nijjar's

☆ Punjab's Sikhs Fear Canada-India Row Threatens Them at Home, Abroad
▼ + stars: | 2023-09-25 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +4 min

Persons: Manoj Kumar BHARSINGHPURA, Hardeep Singh Nijjar, Justin Trudeau, Himmat Singh Nijjar, Trudeau, Narendra Modi's, Nijjar, Gursimran Singh, Indira Gandhi, Modi's, Modi, Sandeep Singh, wouldn’t, Kanwar Pal, Manoj Kumar, YP Rajesh, William Mallard Organizations: Canadian, Ottawa, DREAM, CANADA, Hindu, Bharatiya Janata Party, BJP, Dal Khalsa, Reuters, YP Locations: India, Canada, Punjab, North America, Canadian, Vancouver, Bharsinghpura, Amritsar, Nijjar's

☆ Credit Suisse bond investors plot lawsuit against Switzerland, Financial Times reports
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

The logos of Swiss bank Credit Suisse and UBS are seen in Geneva, Switzerland, June 7, 2023. REUTERS/Denis Balibouse/File Photo Acquire Licensing RightsCompanies UBS Group AG FollowSept 15 (Reuters) - A group of international bond investors is drawing up plans to sue Switzerland in the U.S. courts for expropriation over the losses they suffered after UBS (UBSG.S) agreed to take over Credit Suisse with state support, the Financial Times reported. In essence, the claim would be seeking compensation for the destruction of [investors'] property rights, a person with knowledge of the plans told FT.Quinn Emanuel and Credit Suisse declined to comment. Quinn Emanuel is already suing Switzerland's financial regulator, FINMA, after the state-assisted rescue of Credit Suisse in March wiped out the Swiss bank's 16 billion Swiss franc ($17.85 billion) Additional Tier 1 (AT1) bondholders. ($1 = 0.8963 Swiss francs)Reporting by Gursimran Kaur in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Denis Balibouse, Quinn Emanuel, Gursimran Kaur, Shilpi Majumdar Organizations: Credit Suisse, UBS, REUTERS, UBS Group, Financial Times, Reuters, Thomson Locations: Geneva, Switzerland, U.S, Bengaluru

☆ Magnitude 6.2 earthquake strikes Philippine Islands region -GFZ
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: 1 min

Sept 12 (Reuters) - An earthquake of magnitude 6.2 struck the Philippine islands region on Tuesday, the German Research Center for Geosciences (GFZ) said. The quake was at a depth of 31km (19.26 miles), GFZ said. The GFZ earlier said the quake had a magnitude of 6.8, with a depth of 10 km. Reporting by Gursimran Kaur in Bengaluru; editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: GFZ, Gursimran Kaur, Christina Fincher Organizations: German Research Center, Geosciences, Thomson Locations: Philippine, Bengaluru

☆ Orsted CEO says abandoning US wind projects a 'real option'- Bloomberg News
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

CEO of Grundfos Mads Nipper presents the financial statements of 2017 at a news conference in Bjerringbro, Denmark, March 13, 2018. "We are still upholding a real option to walk away," Orsted CEO Mads Nipper told Bloomberg News in an interview. "But right now, we are still working towards a final investment decision on projects in America." Last week Orsted said it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits. ($1 = 6.9488 Danish crowns)Reporting by Gursimran Kaur in Bengaluru; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mads Nipper, Henning Bagger, Biden, Orsted, Gursimran Kaur, Jan Harvey Organizations: Scanpix, REUTERS, Bloomberg, Bloomberg News, Thomson Locations: Bjerringbro, Denmark, Scanpix Denmark, U.S, America, Bengaluru

☆ Ford makes UAW a contract offer
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: 1 min

The Ford logo is seen on the grill of an E-transit concept vehicle at the Ford Halewood transmissions plant in Liverpool, Britain, December 1, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsCompanies Ford Motor Co FollowAug 31 (Reuters) - Ford Motor (F.N) has made a contract offer to the United Auto Workers (UAW), the company said on Thursday. The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement. Wages, including overtime, and lump-sum bonuses for Ford's UAW-represented hourly workers would increase from $78,000 on average in 2022 to $92,000 in the first year of the contract, the automaker said. Reporting by Gursimran Kaur in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Gursimran Kaur, Shailesh Organizations: Ford, REUTERS, United Auto Workers, UAW, Ford's UAW, Thomson Locations: Liverpool, Britain, Bengaluru

☆ Denmark's Orsted anticipates $730 mln impact on US portfolio
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. 1 offshore wind farm developer, said on Wednesday it anticipates impairments of up to 5 billion Danish crowns ($729.78 million) on its U.S. portfolio, as there is an increasing risk in its suppliers' ability to deliver on their commitments. The Ocean Wind 1, Sunrise Wind, and Revolution Wind projects are adversely impacted by a handful of supplier delays, the company said in a statement. In July, Orsted's Ocean Wind project won approval from the U.S. Interior Department, to help the country reach its goal of developing 30 gigawatts of offshore wind by 2030 on every shoreline.

Persons: Orsted, Phil Noble, Gursimran Kaur, Andy Sullivan Organizations: REUTERS, U.S . Interior Department, Ocean, Public Service Enterprise, Thomson Locations: Walney, Blackpool, Britain, U.S, Orsted, New Jersey, Bengaluru

☆ Orsted plunges 20% on risk of $2.3 billion in US impairments
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

General view of the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain, September 5, 2018. "The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call. The company's Ocean Wind 1, Sunrise Wind, and Revolution Wind projects are adversely impacted by several supplier delays, which may trigger impairments of up to 5 billion crowns, the company said in a statement. On top of this, the increase in long-dated interest rates in the United States affected both offshore as well as some onshore wind projects and will cause impairments of around 5 billion crowns, Orsted said. The U.S. government has set a national goal to develop 30 gigawatt of offshore wind by 2030.

Persons: Orsted, Phil Noble, Mads Nipper, Bernstein, Terje Solsvik, Gursimran Kaur, Nora Buli, Andy Sullivan, Conor Humphries Organizations: REUTERS, Rights, U.S ., Ocean, Public Service Enterprise, Thomson Locations: Walney, Blackpool, Britain, Rights OSLO, United States, U.S, New Jersey, Oslo, Bengaluru

☆ UAW workers ratify Ultium Cells wage agreement in Ohio
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

Aug 27 (Reuters) - The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. The interim wage increase will be retroactive to December 2022 and some workers will receive between $3,000 to $7,000, based on hours worked. The companies had said workers must still ratify the interim wage increase that takes effect Aug. 28. The UAW also said negotiations for a complete first contract will continue between the union’s elected bargaining committee and Ultium Cells. On Friday UAW workers voted overwhelmingly in favor of authorizing a strike at the Detroit Three automakers if an agreement is not reached before the current four-year contract expires on Sept. 14.

Persons: Shawn Fain, autoworkers, Gursimran Kaur, Chris Reese Organizations: United Auto Workers, UAW, Ultium, General Motors, LG Energy, Sunday, Ultium Cells, GM, Ford, Friday UAW, Detroit Three, Thomson Locations: Lordstown , Ohio, Ohio, Ultium, Bengaluru

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