DIRS.INFO The most relevant business & tech news

☆ The 4 key reasons why the UAW could strike GM, Ford and Stellantis this week
▼ + stars: | 2023-09-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

He admits the union’s demands are “ambitious” but he insists they’re justified given the automakers’ strong profits in recent years. The automakers have balked at most of the union’s demands, according to the UAW. RaisesThe union demands an immediate 20% raise, and then four additional raises of 5% each. The UAW wants a return of traditional pension payment plans and retiree health care for all UAW members. GM put the cost of the six-week strike by the UAW in 2019 at $2.9 billion.

Persons: Shawn Fain, they’re, Fain, ”, Wheaton, It’s, Patrick Anderson, Anderson, ” Anderson, “, ” Wheaton, Cornell’s Wheaton, ’, What’s, Gavin Strassel, Walter Reuther Organizations: New, New York CNN, United Auto Workers, UAW, Ford, Jeep, Dodge, Chrysler, Cornell University’s, Industrial and Labor Relations, GM, Anderson Economic Group, Pensions, Workers, Big Three, Anderson Economic, Walter, Walter Reuther Library, Wayne State University, Hollywood Locations: New York, Buffalo, Michigan, Wheaton, Belvidere , Illinois, Stellantis, Ohio, Detroit

☆ A UAW strike could drive up inflation, push Michigan into a recession, and even hurt Biden in the election
▼ + stars: | 2023-09-11 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

A United Auto Workers union strike could occur as soon as Friday. A 10-day strike could cost the economy $5.6 billion and hurt Biden in the election. A 10-day strike of over 143,000 workers could reduce the nation's gross domestic product by $5.6 billion, AEG found, which could push Michigan into a recession. Despite a lack of inventory, industry profits skyrocketed, even though 2022 was the worst year for sales for the auto industry in over a decade. A UAW strike could damage the Fed's progress in bringing inflation down to its 2% target.

Persons: Biden, Power, Shawn Fain, Fain, Joe Biden's, Wally Adeyemo, Biden's, Brian Sullivan Organizations: United Auto Workers, UAW, Ford, GM, Service, General Motors, Anderson Economic, AEG, Michigan, Deutsche Bank, Reuters, Bloomberg, CNBC Locations: Wall, Silicon, Detroit, Michigan, Wisconsin

☆ The Tension Driving the UAW Strike Threat
▼ + stars: | 2023-09-10 | by ( Mike Colias | Nora Eckert | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/autos/the-tension-driving-the-uaw-strike-threat-75e04119

Persons: Dow Jones Organizations: uaw

☆ Cramer: These things could soon break the bulls' way, plus 4 stocks to buy
▼ + stars: | 2023-09-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

If you don’t know a soul that is bullish — and I mean flat-out positive — you may need some new friends. I say I am a naked opportunist and I feel naked and alone right now in saying we might have a bunch of things that could break the bulls' way. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: —, We’ve, sotto, Shawn Fain, Leon Trotsky, Fain, Lululemon, LULU, Robert Bradway, Amgen, Lina Khan, Khan, Trump, Estee Lauder, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Virginia Sherwood Organizations: Federal Reserve, Softbank's Arm Holdings, United Auto Workers, UAW, Federal Trade, Activision Blizzard, Horizon Therapeutics, FTC, Apple, GE HealthCare, Disney, Bausch Health, Honeywell, Jim Cramer's Charitable, CNBC, NYSE Locations: Russian, U.S, Wells

☆ Auto workers reject Detroit Three contract offers, ready to strike
▼ + stars: | 2023-09-09 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Contract talks between the UAW and the Detroit automakers have gone to the strike deadline and beyond in years past. Stellantis said on Friday it offered U.S. hourly workers a 14.5% wage hike over four years but no lump sum payments. The UAW said the GM and Ford offers would change the formula for calculating profit-sharing, and if it had been in effect last year GM workers would have received 29% less and Ford workers 21%. A UAW strike that shuts the Detroit Three manufacturers could cost carmakers, suppliers and workers over $5 billion, the Michigan-based Anderson Economic Group estimated. GM recorded a $3.6 billion pre-tax loss in 2019 after UAW members went on strike for six weeks, the longest walkout against a Detroit automaker since 1970.

Persons: Rebecca Cook, Shawn Fain, Fain, it's, Ford, Stellantis, Mark Stewart, David Shepardson, Joseph White, Jonathan Oatis, Will Dunham Organizations: REUTERS, United Auto Workers, Detroit, Motors, Ford, Chrysler, Facebook, UAW, Detroit automakers, GM, Anderson Economic Group, Thomson Locations: Auburn Hills , Michigan, U.S, America, Stellantis, Michigan, Washington, Detroit

☆ Two neighboring Ohio factories - one new, one closed - could tell the future of US auto industry
▼ + stars: | 2023-09-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Lordstown plant opened in 1966; GM closed it just months before its contract with the UAW expired in 2019. The former GM plant in Lordstown, Ohio. The Ultium plant, just over a third of the size of the closed Lordstown plant, started building batteries last August. Justin Brown’s father worked at the Lordstown plant for nearly nearly 50 years; Brown, for 10 years. Some Ultium workers said they took the lower-paying job with the expectation that they would someday make GM-level pay.

Persons: Lordstown, ”, David Green, Foxconn, Fisker, Chris Isidore, isn’t, Eric Manaro, “, EVs, Ultium, autoworkers, “ It’s, Justin Brown’s, Brown, “ I’m, George Goranitis, it’s Organizations: Ohio CNN, Lordstown Assembly, Pentagon, Motors, United Auto Workers, GM, UAW, EV, Lordstown Motors, CNN, Ohio Turnpike, ”, LG, Ultium, Ford, “, General Motors, Big Locations: Lordstown, Ohio, It’d, Indiana, Lordstown , Ohio, Missouri, Spring Hill , Tennessee, Spring, Ultium

☆ UAW union embraces social media as labor talks toughen ahead of deadline
▼ + stars: | 2023-09-09 | 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: +4 min

United Auto Workers President Shawn Fain greets UAW autoworkers, at the Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 9 (Reuters) - The United Auto Workers union is leveraging the power of social media to attract public support in demanding substantial wage increases for hourly workers as a deadline looms with the Detroit Three automakers. On Friday, he said the UAW was prepared to strike all three companies if no deals are reached. "What we've seen is the new president of the UAW taking an offer from the automakers and throwing it in a wastebasket on social media. This week, the UAW released a video in an effort to save a shuttered Stellantis plant in the northern Illinois town of Belvidere.

Persons: Shawn Fain, Rebecca Cook, Shawn Fain hasn't, Daniel Ives, Fain, He's, Harley Shaiken, Brian Rothenberg, Tesla, there's, Matt Frantzen, he's, Bianca Flowers, Leslie Adler Organizations: United Auto Workers, UAW, Sterling Heights Assembly, REUTERS, Detroit Three, Motors, Ford, Facebook, Twitter, University of California, Auto, Thomson Locations: Sterling Heights, Sterling Heights , Michigan, U.S, Berkeley, Illinois, Belvidere, Stellantis, Chicago

☆ Chrysler parent Stellantis offers 14.5%, 4-year wage hike to hourly workers
▼ + stars: | 2023-09-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 8 (Reuters) - Chrysler parent Stellantis (STLAM.MI) said Friday it offered U.S. hourly workers a 14.5% wage hike over four years in its offer to the United Auto Workers union ahead of a Sept. 14 contract expiration. The offer is much less than the 46% wage hike being sought by the union. General Motors (GM.N) said Thursday it had offered workers a 10% wage hike and two additional 3% annual lump-sum payments over four years. The Stellantis offer - which did not specify how the 14.5% wage increase would be distributed over four years - is similar to GM and Ford's offers. Stellantis is offering $10,500 in inflation protection payments over the four years, while GM is offering $11,000 and Ford $12,000.

Persons: Rebecca Cook, Stellantis, Mark Stewart, Shawn Fain, David Shepardson, Jonathan Oatis Organizations: REUTERS, Chrysler, United Auto Workers, UAW, General Motors, Ford, GM, Ford's, Detroit Three, Thomson Locations: Auburn Hills , Michigan, U.S, America

☆ Factbox: Impact of possible strikes on Detroit Three automakers
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

A strike would ground production to a halt, costing billions of dollars in losses for automakers as well as their suppliers. UAW workers have struck work for two days at GM and for one day at Chrysler in 2007. Prior to 1976, strikes were frequently used as a bargaining tool at Detroit Three. STRIKE IMPACTThe Detroit Three automakers account for about 40% of U.S. new light vehicle sales by units, according to J.P. Morgan. STRIKE TOLLTen-day strikes at all three automakers could cost manufacturers, workers, suppliers and dealers more than $5 billion, according to economic consulting firm Anderson Economic Group.

Persons: Rebecca Cook, Kristin Dzizcek, Morgan Stanley, Morgan, Sam Fiorani, Anderson, Mehr Bedi, Nathan Gomes, Joe White, Anil D'Silva Organizations: General Motors, REUTERS, Ford Motor, UAW, DETROIT, United Auto Workers, Detroit Three, GM, Ford, Chrysler, Chicago Federal Reserve, Detroit, IHS, AutoForecast Solutions, Intelligence, Deloitte, Alliance for Automotive Innovation, Anderson Economic, Deutsche Bank Research, Thomson Locations: Detroit , Michigan, U.S, United States, Bengaluru, Detroit

☆ Stellantis offers 14.5% pay increase to UAW, days before possible strike
▼ + stars: | 2023-09-08 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +3 min

Demonstrators during a United Auto Workers (UAW) practice picket outside the Stellantis Mack Assembly Plant in Detroit, Michigan, US, on Wednesday, Aug. 23, 2023. The automaker's offer would provide a 14.5% wage increase over the four-year term of the proposed deal for most of Stellantis's roughly 43,000 UAW-represented hourly workers. The proposed wage increase is larger than those offered to the union by rivals General Motors and Ford Motor, which offered raises of 10% and 9%, respectively. But the proposed deal still falls well short of the union's demands, which include a 40% hourly pay increase, a 32-hour workweek, and restoration of traditional-style pension plans, among other items. Only about 30% of Stellantis's UAW-represented workers — those hired before October 2007 — currently have pension plans.

Persons: Stellantis, —, Mark Stewart, Rich Boyer, Shawn Fain, CNBC's Michael Wayland Organizations: United Auto Workers, UAW, Mack Assembly Plant, Detroit, Union, America, CNBC, General Motors, Ford Motor, Stellantis's UAW, GM, Ford, America's Locations: Mack, Detroit , Michigan, U.S

☆ Looming UAW strike puts 'Union Joe' Biden in a tough position
▼ + stars: | 2023-09-08 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

US President Joe Biden tours the Mack Trucks Lehigh Valley Operations Manufacturing Facility alongside Martin Weissburg (R), President of Mack Trucks and Kevin Fronheiser (L), Shop Chairman of UAW Local 677, in Macungie, Pennsylvania, July 28, 2021. WASHINGTON — President Joe Biden finds himself in a tough spot between his "Union Joe" persona and his aggressive climate goals as the United Auto Workers prepare to strike. Speaking on CNBC's "Last Call" Wednesday, UAW President Shawn Fain said, "Endorsements are earned, not freely given. "He must know something we don't know," Fain said Monday. "He was on the air the other day encouraging people to stop paying union dues," Fain said referring to Trump.

Persons: Joe Biden, Martin Weissburg, Mack Trucks, Kevin Fronheiser, Joe, Biden, Shawn Fain, Fain, Karine Jean, Pierre, Biden's, Donald Trump, Trump, That's Organizations: Mack, Lehigh, Operations Manufacturing, UAW, Agency, Motors, General Motors, Ford, Stellantis, United Auto Workers, Wednesday, Warehouse Union, Pacific Maritime Association, White, Biden, Biden irked UAW, Labor, Detroit News, House Press Locations: Macungie , Pennsylvania, America, WASHINGTON, Michigan, Pennsylvania, Philadelphia, Pa

☆ GM and Ford are facing a 'nightmare situation' that could be great news for Tesla
▼ + stars: | 2023-09-08 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Tesla is already having a banner year for both sales and production. This is all "a potential nightmare situation for GM and Ford," Wedbush analyst Dan Ives said in a note to clients this month. AdvertisementAdvertisement"Tesla does not face similar issues which speaks to the complexity both GM and Ford face going up against the EV leader Tesla, while trying to satisfy rising union demands," Ives said. "If a strike happens then ultimately production and the EV roadmap could be pushed out into 2024 and delays would be on the horizon at this crucial period for GM, Ford, and Stellantis." Raising the stakes for GM and Ford: Tesla is already having a banner year for both sales and production, on track to hit its nearly 2 million-unit production target by the end of the year.

Persons: Tesla, Stellantis, Dan Ives, Ives, Farley, Elon, Barra Organizations: Detroit, Service, United Auto Workers union, UAW, Ford, General Motors, GM, Tesla, EV, Tesla Ford Locations: Wall, Silicon

☆ Stocks may be losing market leader just ahead of August inflation reports next week
▼ + stars: | 2023-09-08 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The stock market may be losing one of its leaders heading into the release of key inflation reports next week that could clarify the path of future monetary policy. Apple weakness However, even after Apple's drop this week, some investors expect to see further declines in Apple because of deteriorating stock price momentum. A hotter-than-expected price report will likely add to investor concern over sticky inflation and tighter monetary policy, weighing on equities. Monday Sept. 11 Earnings: Oracle Tuesday Sept. 12 6 a.m. NFIB Small Business Index (August) Wednesday Sept. 13 8:30 a.m. Consumer Price Index (August) 8:30 a.m. Initial Claims (09/09) 8:30 a.m. Producer Price Index (August) 8:30 a.m. Retail Sales (August) 10 a.m. Business Inventories (July) Earnings: Lennar , Adobe , Copart Friday Sept. 15 8:30 a.m.

Persons: Rob Ginsberg, Tim Cook, selloff, Wolfe Research's Ginsberg, Ginsberg, Dan Niles, Satori, Wolfe's Ginsberg, Alex McGrath, FactSet, isn't, Price, —, Michael Bloom, Gabriel Cortes Organizations: Apple, Wolfe Research, Dow Jones, Nasdaq, Nvidia, Tech, Satori Fund, U.S . West Texas, ICE Brent, Federal Reserve, Wealth, Traders, United Auto Workers, UAW, Big Three, General Motors, Ford Motor, Treasury Budget, Retail, Adobe, Price, Index, Manufacturing Locations: China, Apple, U.S, @CL, Michigan

☆ GM offers 10% wage hike in UAW contract talks
▼ + stars: | 2023-09-07 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Last week, Ford said it had offered a 9% wage increase through 2027 and 6% lump sump payments, much less than the 46% wage hike being sought by the union. GM said the wage hike is the largest proposed since 1999. GM said that under its offer, current temporary employees will receive a 20% increase to $20 per hour wage and it would shorten the time it takes to get to the maximum wage rate for permanent employees. The union's demands include a 20% immediate wage increase followed by four 5% annual wage hikes, defined-benefit pensions for all workers, 32-hour work weeks and additional cost of living hikes.

Persons: Rebecca Cook, General Motors, Ford, Stellantis, David Shepardson, Nick Zieminski Organizations: General Motors, REUTERS, General, United Auto Workers, GM, Chrysler, UAW, National Labor Relations Board, Thomson Locations: Detroit , Michigan, U.S

☆ Pension plans are pretty rare. Here's who still has them and how they work
▼ + stars: | 2023-09-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.

Persons: “ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York

☆ Ford raises pay for 8,000 UAW workers in line with 2019 contract
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

DETROIT, Sept 7 (Reuters) - Ford Motor Co (F.N) said about 8,000 U.S. workers represented by the United Auto Workers union will get an average $4.33 an hour in additional pay under provisions of the current contract agreed in 2019. Ford announced the pay increases as talks with the UAW for a new contract are headed for a Sept. 14 strike deadline. The union has rejected Ford's recent wage increase proposals as inadequate. Under Ford's 2019 contract, permanent hourly manufacturing employees were eligible for a pay increase if they were hired prior to the 2019 contract effective date and were earning at least $24.40 per hour as of Sept. 1, 2023, the company said in a statement. Reporting by Joe White; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Ford, Joe White, Jason Neely Organizations: DETROIT, Ford Motor, United Auto Workers, Ford, UAW, Detroit Three, automakers, Thomson

☆ Here’s why Biden can’t do much to prevent an auto strike
▼ + stars: | 2023-09-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

New York CNN —President Joe Biden may hope the United Auto Workers union will not strike the nation’s three unionized automakers. Biden doesn’t have the legal authority he would have if a freight railroad or airline was threatening to strike. Joe Biden speaks at the United Auto Workers union hall in Warren, Michigan, during the 2020 presidential campaign. And UAW President Shawn Fain vows the union is ready to strike all three if there aren’t agreements by the 11:59 pm ET contract expiration on September 14. President Joe Biden after touring the General Motors' electric vehicle assembly plant in Detroit in November 2021.

Persons: Joe Biden, Biden doesn’t, Jim Watson, Shawn Fain, Biden Fain, Biden, Jonathan Ernst, ”, Fain, Joe Biden’s, ” Biden, “, ” Fain, Biden’s, Gene Sperling, Julie Su, — Organizations: New, New York CNN, United Auto Workers, UAW, General Motors, Ford, Jeep, Dodge, Chrysler, UPS, Anderson Economic Consulting, GM, Getty, EV, Reuters, SK, White, ICE, Labor, CNN, AFL, CNBC, Teamsters, Congress Locations: New York, West Coast, Michigan, Warren , Michigan, AFP, Southern, Detroit

☆ GM offers 10% wage increases, $5,500 ratification bonuses to UAW as strike looms
▼ + stars: | 2023-09-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

UAW Local 5960 member Kinethia Black fills the brakes of a 2022 Chevrolet Bolt EUV during vehicle production on Thursday, May 6, 2021 at the General Motors Orion Assembly Plant in Orion Township, Michigan. DETROIT – General Motors on Thursday offered its largest four-year wage increase in decades as part of a new contract proposal to the United Auto Workers, as the automaker attempts to avoid another costly strike by its unionized workforce. The wage increase for most of GM's roughly 46,000 UAW-represented workers would be 10%, while newer employees would be eligible for up to a 56% increase in wages over the four years of the deal, the company announced Thursday after meeting with union leaders and negotiators. The proposed contract also includes two additional 3% lump sum payments resulting in a total increase of 16%; $5,500 ratification bonus; $6,000 one-time inflation-recognition payment; and $5,000 in inflation-protection bonuses over the life of the agreement (in-progression employees are eligible). The UAW did not immediately respond for comment.

Persons: Kinethia Black, Bolt Organizations: UAW Local, General Motors Orion Assembly, DETROIT –, Motors, United Auto Workers, UAW Locations: Orion Township , Michigan, DETROIT

☆ UAW makes contract counteroffer to Ford; Stellantis to make offer
▼ + stars: | 2023-09-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Last week, Ford said it had offered a 9% wage increase through 2027, much less than the 46% wage hike being sought by the union. Stellantis said Wednesday it intends to give the UAW a counter offer on the union's economic demands by the end of the week. The UAW declined to comment on its proposal it made to Ford. Ford said Wednesday it continues to negotiate with the UAW but declined to comment on the details of the talks. Ford said it would boost starting pay for temporary workers to $20 an hour, up 20%, and offer permanent employees $12,000 in cost-of-living adjustments over the contract.

Persons: Brendan McDermid, Ford, Stellantis, David Shepardson, Jonathan Oatis, David Gregorio Our Organizations: Ford, REUTERS, United Auto Workers, Wednesday, Ford Motor, Chrysler, Detroit Three, UAW, General Motors, Reuters, National Labor Relations Board, GM, U.S, Thomson Locations: New York City, U.S

Biden's Labor Day prediction that the union would not strike against Detroit's automakers ahead of a Sept. 14 contract deadline was soundly rejected by UAW President Shawn Fain. White House Press Secretary Karine Jean-Pierre said Biden's comments about the UAW over Labor Day was him being "an optimistic person." The White House has tried to play a role in several recent large-scale union contract negotiations involving rail workers and West Coast port workers. Trump won Michigan in 2016, helping propel him to the White House; Biden beat him by 154,000 votes in Michigan in 2020. Around half a million more threatened strikes in the first half of 2023, estimates from national labor unions show.

Persons: Joe Biden's, Biden, Biden's, Shawn Fain, Fain, Karine Jean, Pierre, Kate Bronfenbrenner, Donald Trump, Trump, Joe Biden, Joshua Roberts, Harley Shaiken, Shaiken, Nandita Bose, David Shepardson, Joseph White, Heather Timmons, Deepa Babington Organizations: UAW, Biden's Labor, Detroit's, House Press, Labor, General Motors, Ford, carmakers, Anderson Economic, Cornell University's School of Industry & Labor Relations, White House, Wednesday, Workers, Republican, Michigan, State Labor, Metal Workers, Local, REUTERS, University of California, Bureau of Labor Statistics, EV, White, Energy Department, Teamsters, UPS, House, Thomson Locations: Detroit, America, Pennsylvania, Michigan, West Coast, Philadelphia , Pennsylvania, U.S, Berkeley, Michigan , Ohio , Indiana , Illinois, Belvidere , Illinois, Washington

☆ Auto workers union strike looms with less than two weeks to deadline
▼ + stars: | 2023-09-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

In contrast, when UPS was faced with a possible August 1 strike, the company and the Teamsters union both repeatedly said they were close to a deal. Those two sides eventually averted a strike with a deal overwhelmingly approved by the membership. No predictions a deal is closeThe current contracts between the United Auto Workers union and the three automakers all expire at 11:59 pm on September 14, raising the possibility of one or more strike on September 15. The move had relatively limited legal significance since the National Labor Relations Board won’t rule on it before the September 15 strike deadline. A summer of strikesDespite the deal that averted a strike at UPS, this has been a summer of strikes.

Persons: Joe Biden, I’m, ” Biden, Spokespeople, Stellantis –, Shawn Fain, “, ” Fain, ”, Gerald Johnson, Fain, Biden, he’s, hasn’t, Wheaton, ’, –, Betsy Klein Organizations: New, New York CNN, Labor, –, Motors, Ford, CNN, UPS, Teamsters, United Auto Workers, UAW, Jeep, Dodge, Chrysler, National Labor Relations Board, GM, ”, Guild of America, SAG, Cornell University, Cornell University’s Industrial, Labor Relations Locations: New York, Philadelphia, Buffalo, Wheaton

☆ UAW strike would show Biden, other leaders that it's time to 'pick a side,' union boss says
▼ + stars: | 2023-09-06 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

A strike by the United Auto Workers union against the Detroit automakers would help President Joe Biden and other politicians pick a side when it comes to organized labor, UAW President Shawn Fain said Wednesday night. Fain said the union is set to meet Thursday morning with GM, following a Wednesday afternoon meeting with Ford. Stellantis said Wednesday that it "intends to pass the UAW a counter offer to the members' economic demands by the end of the week." "He must know something we don't know. I don't know but he's on the inside on something I don't know about," Fain told reporters during a Labor Day event in Detroit.

Persons: Joe Biden, Shawn Fain, Biden, Brian Sullivan, Fain, Stellantis, you've, Donald Trump, Trump Organizations: United Auto Workers, Detroit, UAW, General Motors, Ford Motor, GM, Ford, Democratic, Labor Locations: Detroit

DETROIT (AP) — The head of the United Auto Workers warned Wednesday that the union plans to go on strike against any Detroit automaker that hasn't reached a new agreement by the time contracts expire next week. “That’s the plan,” President Shawn Fain responded when asked if the union would strike any of the companies that haven’t reached a tentative deal by the time their national contracts end. In an interview with The Associated Press, Fain left open the possibility of avoiding a strike. He acknowledged, more explicitly than he has before, that the union will have to give up some of its demands to reach agreements. Last week, the union filed charges of unfair labor practices against Stellantis and GM, and it said Ford's economic offer fell far short of its demands.

Persons: hasn't, “, Shawn Fain, haven’t, Ford, Fain, don’t, Stellantis, Marick, Masters, ” Organizations: DETROIT, United Auto Workers, Detroit, —, Motors, Stellantis, Associated Press, GM, Ford, Fiat Chrysler, UAW, Wayne State University Locations: Detroit

☆ GM exec says UAW demands 'would threaten...manufacturing momentum'
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: 1 min

The GM logo is seen on a water tank of the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021. REUTERS/Daniel Becerril Acquire Licensing RightsCompanies General Motors Co FollowDETROIT, Sept 5 (Reuters) - General Motors' (GM.N) global head of manufacturing, Gerald Johnson, said in a video statement released on Tuesday the demands received from the United Auto Workers union have “significant costs attached that would threaten our ability to maintain our manufacturing momentum.”Johnson appeared in the video with GM President Mark Reuss. Both executives reiterated they want to reach a "fair" agreement without a strike. The executives did not detail GM's economic proposals to the UAW. Reporting By Joe White; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Becerril, Gerald Johnson, ” Johnson, Mark Reuss, Joe White, Leslie Adler Organizations: Motors, Ramos Arizpe, REUTERS, General Motors, United Auto Workers, GM, UAW, Thomson Locations: Ramos, Coahuila, Mexico, DETROIT

☆ Here's how a union strike could impact Ford — and what Jim Cramer thinks about the stock
▼ + stars: | 2023-09-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Jim Cramer's advice: He would not look to buy more Ford on weakness nor would he look to sell Ford stock at this point. Club name Ford, which employs the most UAW members at 57,000, has seen its stock drop more than 6% in the past month. The cost of the union demands for Ford could be a "meaningful chunk of their profits," Jim added but maintained that a UAW strike is "definitely not a reason to sell" Ford stock. "Production and the EV roadmap could be pushed out into 2024 and delays would be on the horizon at this crucial period for GM, Ford, and Stellantis," Wedbush analysts wrote. Jim Cramer has said the tensions between the UAW and Ford are in part keeping Ford stock from achieving the Club's price target of $16.

Persons: Jim Cramer's, Jim, Stellantis, Shawn Fain, Fain, Ford, Jim Cramer, Biden, Fain jawboning, Joe Biden, I'm, Wells, Morgan Stanley, Jeff Kowalsky Organizations: United Auto Workers, Detroit, Ford Motor, General Motors, Chrysler, Dodge, Big, Ford, UAW, GM, Workers, Labor, Detroit automaker, Deutsche Bank, Tesla, CNBC, Ford Motor Co, AFP, Getty Locations: Philadelphia, Detroit, Dearborn , Michigan

Search resuls for: "The UAW"

25 mentions found