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The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - OPEC+ talks on 2024 oil policy are difficult, making a rollover of the previous agreement a possibility rather than deeper production cuts, four OPEC+ sources said on Tuesday. Two of the sources said an additional cut - a step that sources have said would be looked at - was not being actively discussed. OPEC+ sources said this was because of a disagreement over output levels for African producers, though sources have since said the group has moved closer to a compromise on this point. OPEC's previous meeting in June had already extended output cuts into 2024.

Persons: Leonhard Foeger, Brent, Maha El Dahan, Ahmad Ghaddar, Olesya, Alex Lawler, Kirsten Donovan, Susan Fenton, David Goodman Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Saudi Arabia, Saudi

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 27 (Reuters) - OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. An OPEC+ source said he expected there to be an option for a "collective further reduction" on Thursday, without providing details. OPEC+ sources earlier this month said the group was set to consider additional cuts. OPEC member Kuwait is committed to any decisions issued by OPEC, especially those that concern market quotas and oil production, the country's oil ministry said in a post on social media platform X. This will be followed at 1400 GMT by a meeting of the full policy-making group of OPEC+ ministers, the agenda showed.

Persons: Leonhard Foeger, Ahmad Ghaddar, Alex Lawler, Louise Heavens, Dmitry Zhdannikov, Christina Fincher Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Kuwait, Saudi Arabia, Saudi

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON/MOSCOW, Nov 24 (Reuters) - OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting. As of October, Angola was pumping less than its quota for 2024, according assessments by independent sources cited by OPEC. Nigeria is pumping close to its 2024 quota of 1.38 million bpd but less than a 2024 level of 1.58 million bpd being considered for it subject to independent assessments. The market is also waiting to see if Saudi Arabia extends its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Leonhard Foeger, OPEC Gabriel Tanimu Aduda, Maha El, Jason Neely Organizations: Organization, REUTERS, Reuters, of, Petroleum, Brent, OPEC, Thomson Locations: OPEC's, Vienna, Austria, MOSCOW, Angola, Nigeria, Russia, OPEC, Saudi Arabia, Maha El Dahan, Dubai

OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. "The postponement of the meeting also shows there are some different views among the group participants." A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Giovanni Staunovo, Brent, Leonhard Foeger, Alexander Novak, Prince Abdulaziz bin Salman, Helima Croft, Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan, Deepa Babington Organizations: Oil, DUBAI, Organization of, Petroleum, REUTERS, Russian, Saudi Energy, OPEC, RBC Capital, Bloomberg News, Thomson Locations: LONDON, OPEC, Angola, Nigeria, Congo, Russia, Vienna, Austria, OPEC's Vienna, Saudi Arabia

A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsSummary OPEC+ had been scheduled to meet on SundayOil drops almost 5% as delay raises questions about output cutsDelay shows there are some different views in group - analystDUBAI/LONDON, Nov 22 (Reuters) - OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC said in a statement on Wednesday, a surprise development that sparked a further drop in oil prices. The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, an OPEC+ source said, declining to be named. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Leonhard Foeger, Giovanni Staunovo, Brent, Helima Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan Organizations: Organization of, Petroleum, REUTERS, Sunday, DUBAI, RBC Capital, Bloomberg News, Thomson Locations: Vienna, Austria, LONDON, Russia, OPEC, OPEC's Vienna, Saudi Arabia

☆ Explainer: OPEC+ oil policies: what cuts are already in place and what could change
▼ + stars: | 2023-11-21 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023. OPEC+ at its last meeting in June extended oil output cuts of 3.66 million bpd, amounting to 3.6% of global demand, until the end of 2024. That figure comprises a 2 million bpd cut agreed in 2022, and a further 1.66 million bpd in voluntary cuts from nine OPEC+ countries agreed earlier this year. OPEC+ could further revise 2024 targets for Nigeria, Angola and Congo after reviews by outside analysts, it said in June. *** Russia's 500,000 bpd voluntary cut is from March 2023 to December 2024 to around 9.5 million bpd, according to Deputy Prime Minister Alexander Novak.

Persons: Alexander Manzyuk, Alexander Novak, Alex Lawler, Dmitry Zhdannikov, Jason Neely Organizations: REUTERS, OPEC, International Energy Agency, United Arab Emirates, Reuters, Saudi, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, Vienna, OPEC, Nigeria, Angola, Congo, Bahrain, Brunei, Malaysia, Sudan, South Sudan

Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. They also agreed in principle to bring new electric-vehicle battery plants into the national union contract. This provision will give the UAW an opportunity to unionize the EV battery plants plants, which will represent a rising share of industry jobs in the years ahead. Contracts with the auto companies should also lead to higher wages at auto-parts supply companies and in other industries, Wheaton said.

Persons: Shawn Fain, Fain, ”, Wheaton, United States —, Hyundai —, Mark McGill, ” McGill, he'll, Ford, John Lawler, Michelle Krebs, Krebs, Joe Biden, Cornell's Wheaton, Biden, didn't Organizations: DETROIT, United Auto Workers, Ford, General Motors, Workers, UAW, Cornell University, United States — Honda, Toyota, Hyundai, Tesla, Foreign, GM, Chrysler, Bronco, Cox Automotive, Cox Locations: Stellantis, United States, Wheaton, Wayne , Michigan, U.S, Detroit, Belvidere , Illinois, Scranton , Pennsylvania

☆ Here’s why the Big Three won’t need to raise car prices to pay for these labor deals
▼ + stars: | 2023-11-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

“The labor contracts don’t mean you go to a dealership and the car costs more money,” said Ivan Drury, analyst for sales tracker Edmunds. If the Big Three could simply pass along higher costs, be it raw material, labor other expenses, in the form of higher prices, no automaker would ever lose money. Even if the labor costs could be passed along in terms of higher prices, it woudn’t be nearly as much as you might think. Any additional labor costs are more likely to eat into automaker profits than they are to raise prices. Another factor driving car prices higher was the desire of consumers to buy cars with more features and options that are now available but were not available in the past.

Persons: Stellantis, it’s, ”, Ivan Drury, Edmunds, That’s, Michelle Krebs, John Lawler Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, GM, Toyota, Honda, Hyundai, UAW, Cox Automotive Locations: New York, “, American

Concern about demand and a possible surplus next year has pressured prices, despite support from the OPEC+ cuts and conflict in the Middle East. The cuts include 3.66 million bpd by OPEC+ and additional voluntary cuts by Saudi Arabia and Russia. Two other OPEC+ sources said deeper cuts could be discussed. "It is not pleasant to see that market volatility is greater ahead of the next meeting while fundamentals overall remain solid," one of the OPEC+ sources said. While three sources said more cuts could be required, two other OPEC+ sources said it was too early to say whether further cuts will be discussed, while another said he did not think it was likely with the caveat to "wait and see".

Persons: Dado Ruvic, Brent, Olesya Astakhova, Alex Lawler, Ahmad Ghaddar, El, Dmitry Zhdannikov, Simon Webb, David Evans Organizations: REUTERS, Oil, OPEC, Ministers, Organization of, Petroleum, Saudi Energy Ministry, International Energy Agency, Reuters, Energy, Thomson Locations: Saudi Arabia, LONDON, East, Russia, OPEC, Saudi

The IEA joins the Organization of the Petroleum Exporting Countries in raising its oil demand growth forecast for 2023. Demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China, the IEA said. SLOWDOWN IN VIEWFor 2024, the IEA raised its oil demand growth forecast to 930,000 bpd from 880,000 bpd. OPEC and the IEA have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. The IEA said the 2024 demand slowdown will arise as "the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves."

Persons: Pascal, Brent, Natalie Grover, Alex Lawler, David Goodman, Jason Neely, David Evans Organizations: IPC Petroleum France, REUTERS, International Energy Agency, OPEC, IEA, Organization of, Petroleum, Thomson Locations: Soudron, Reims, France, Paris, Saudi Arabia, Russia, China, Libya, OPEC, Saudi, London

☆ Elon Musk started a price war that Tesla can't win
▼ + stars: | 2023-11-12 | by ( Linette Lopez | ) www.businessinsider.com time to read: +15 min

Elon Musk has started an electric-vehicle price war that Tesla can't finish. In April, Ford CEO Jim Farley said Tesla's cuts could start an unsustainable price war. If it slides back into the red because of its price cuts, expect investors to run in another direction. In China, Tesla's price cuts even sparked protests among owners who paid more for their vehicles. Waging price war during a downturn is a challenge unlike any Tesla has faced before.

Persons: Elon Musk, Tesla, Mark Schirmer, crumb, John Zhang, Musk, —, he's, hasn't, — it's, Frederic J . Brown, Ford, John Lawler, Schirmer, I've, it's, Jim Farley, Elon, Oliver Zipse, Zhang, they're, they'd, Zach Kirkhorn, Linette Lopez Organizations: Cox Automotive, —, Revenue, Wharton School, Ford, BMW, Getty, GM, Mercedes, EV, Hyundai Locations: AFP, China

☆ Biden impeachment inquiry end game comes into focus, but moderate Republicans still not sold
▼ + stars: | 2023-11-06 | by ( Annie Grayer | Melanie Zanona | ) edition.cnn.com time to read: +10 min

In recent days, Comer has said in media appearances that subpoenas for Biden family members are “imminent.”The end of the inquiry is still likely months away. They did, however, secure an interview with the special counsel overseeing the Hunter Biden criminal probe, David Weiss, for Tuesday, which is unprecedented given that the case is ongoing. At every turn, House Democrats and the White House have dismissed the allegations against the president and poked holes in the Republican-led investigation. “The subpoenas to Hunter Biden and other members of the Biden family should have already happened,” Gaetz told CNN. “We’ll see what comes out.”Even members involved in the inquiry know that the evidence doesn’t clear the key hurdles needed to move forward.

Persons: Joe Biden, Biden, –, “, Jim Jordan, Jordan, James Comer, James, Hunter, Comer, David Weiss, Jamie Raskin, Mike Johnson, Johnson, Matt Gaetz, ” Johnson, ” What’s, they’ve, ’ ” Comer, I’ve, we’ve, ”, James Biden, Kevin McCarthy, Hunter Biden, ” Gaetz, Comer doesn’t, hadn’t, it’s, ” Comer, Jack Morgan, Mark Daly, Lesley Wolf, Morgan, Daly, “ There’s, ” Jordan, Don Bacon, Mike Lawler, we’ll, ” Lawler, , Brian Fitzpatrick, Tom McClintock, Doug LaMalfa, “ I’ve, Steve Womack, Mike Rogers of Organizations: Republicans, GOP, Ohio Republican, CNN, Hunter Biden, House Democrats, Republican, Maryland, Capitol, Judiciary, of Justice, DOJ, The Justice, Nebraska Republican, Committee, ”, California Republican, Arkansas Republican Locations: Ohio, Florida, Ukrainian, Nebraska, New York, California, Arkansas, Mike Rogers of Alabama

☆ South Korea's office market is one of the world's strongest, says real estate firm
▼ + stars: | 2023-11-06 | 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 EmailSouth Korea's office market is one of the world's strongest, says real estate firmRay Lawler, Asia-Pacific CEO at Hines, says South Korea's office market is "swimming against the tides globally."

Persons: Ray Lawler, Hines Locations: Asia, Pacific

☆ US House Easily Passes Bill to Harden Sanctions on Iranian Oil
▼ + stars: | 2023-11-03 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

WASHINGTON (Reuters) - The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote. The Stop Harboring Iranian Petroleum (SHIP) bill, which passed 342-69, would impose measures on foreign ports and refineries that process petroleum exported from Iran in violation of U.S. sanctions. The bill must be passed by the Senate and signed by President Joe Biden before becoming law. While Congress can pass sanctions legislation, such measures often come with national security waivers that allow presidents discretion in applying the law. Despite U.S. sanctions on Iranian oil over its nuclear program, its exports of crude are soaring.

Persons: Mike Lawler, Jared Moskowitz, Joe Biden, Marco Rubio, John Kennedy, Maggie Hassan, Jacky Rosen, Vortexa, Timothy Gardner, Richard Cowan, David Gregorio Organizations: WASHINGTON, U.S . House, Iranian Petroleum, Republican, Senate, Democratic Locations: Iran, Israel, Tehran, China, Russia

☆ US House easily passes bill to harden sanctions on Iranian oil
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Iranian flag with stock graph and an oil pump jack miniature model are seen in this illustration taken October 9, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Nov 3 (Reuters) - The U.S. House of Representatives easily passed a bill on Friday to bolster sanctions on Iranian oil in a strong bipartisan vote. The Stop Harboring Iranian Petroleum (SHIP) bill, which passed 342-69, would impose measures on foreign ports and refineries that process petroleum exported from Iran in violation of U.S. sanctions. While Congress can pass sanctions legislation, such measures often come with national security waivers that allow presidents discretion in applying the law. Despite U.S. sanctions on Iranian oil over its nuclear program, its exports of crude are soaring.

Persons: Dado Ruvic, Mike Lawler, Jared Moskowitz, Joe Biden, Marco Rubio, John Kennedy, Maggie Hassan, Jacky Rosen, Vortexa, Timothy Gardner, Richard Cowan, David Gregorio Our Organizations: REUTERS, Rights, U.S . House, Iranian Petroleum, Republican, Senate, Democratic, Thomson Locations: Iran, Israel, Tehran, China, Russia

☆ With Proposed Censures and Expulsion, House Faces an Agenda of Recrimination
▼ + stars: | 2023-11-01 | by ( Robert Jimison | ) www.nytimes.com time to read: +1 min

Representative Anthony D’Esposito, Republican of New York, last week filed the resolution against Mr. Santos, which seeks to deliver the ultimate penalty in Congress for unethical and potentially illegal conduct. The effort is supported by four additional New York Republicans: Representatives Nick LaLota, Mike Lawler, Marc Molinaro and Brandon Williams. “I think there are scores of Republican votes to both expel and override any votes to table,” Mr. LaLota told reporters before the measure was introduced. brawl as the party’s new leader in the House, has said he does not support the effort to cast out a fellow Republican. The measure requires a two-thirds majority to pass, an unlikely outcome if Republicans follow his lead.

Persons: Anthony D’Esposito, Santos, Santos’s, Nick LaLota, Mike Lawler, Marc Molinaro, Brandon Williams, “, Mr, LaLota, Mike Johnson Organizations: Republican, New York Republicans Locations: New York

☆ Oil major BP misses estimates for third quarter as profits plummet
▼ + stars: | 2023-10-31 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — Oil major BP on Tuesday reported a steep year-on-year fall in profits, missing analyst estimates. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $3.293 billion in the third quarter. Analysts had expected profit to come in at $4.059 billion in the third quarter, according to a collection of estimates by LSEG. Quarterly growth came from a rise in oil and gas production and higher realized refining margins, along with a "very strong oil trading result," BP said. The year-on-year profits of BP and other energy majors plunged in the second quarter, following weaker fossil fuel prices that have since risen sharply.

Persons: Borkhataria, Bernard Looney, Murray Auchincloss, Auchincloss, Dave Lawler, Looney Organizations: Oil, BP, LSEG, RBC Capital Markets, Organization of, Petroleum Locations: Warmister, Wiltshire, England, BP's London, U.S

☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 27 (Reuters) - Chrysler parent Stellantis (STLAM.MI) and the United Auto Workers were nearing a deal that could be finalized as soon a Saturday to end a six-week-old strike, sources told Reuters. The deal will likely set a pattern for new UAW contracts with GM and Stellantis. Talks between Stellantis and the UAW were set to reconvene at 10 a.m. Detroit after lengthy talks on Friday. Talks between the UAW and General Motors were continuing past 9 p.m. Friday. The deal amounts to total pay hikes of more than 33% when compounding and cost-of-living mechanisms are factored in, the UAW said.

Persons: Rebecca Cook, Stellantis, Ford, John Lawler, David Shepardson, Joseph White, Chizu Nomiyama, Peter Henderson, Matthew Lewis, Raju Gopalakrishnan Organizations: General Motors, REUTERS, Chrysler, United Auto Workers, Reuters, Ford Motor, Detroit, GM, Stellantis, UAW, Bloomberg, Ford, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Detroit, New York, Washington

☆ Republicans are desperate for attention — and it's decimating their ability to govern
▼ + stars: | 2023-10-28 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +15 min

In the end, the only man who could unify House Republicans behind him was a relatively little-known and mild-mannered evangelical Christian from Louisiana. AdvertisementAdvertisementAs the speaker saga wore on, it provoked questions among some House Republicans: How could it be that they had failed to elect a speaker for so long? While Gaetz maintains otherwise, his angry GOP colleagues have plenty of evidence to make their case that it was an attention ploy. Rep. Matt Gaetz surrounded by reporters and cameras after the House voted to oust Kevin McCarthy from the speakership. The attention economy doesn't preclude an ability to govern — an effective politician might seek to harness their celebrity towards worthy ends.

Persons: Mike Johnson's, Matt Gaetz, Kevin McCarthy, Garrett Graves, Sen, Thom Tillis, Madison Cawthorn, Tillis, Drew Angerer, Greg Murphy of, Nancy Mace, McCarthy, Mace, I'm, Win McNamee, Josh Hawley, Ronald Reagan, Donald Trump's, Nicole Wallace, Obama, JD Vance, Ohio, Vance, Ted Cruz, Jose Luis Magana, denialism, Jim Jordan, Marjorie Taylor Greene, Brett Kavanaugh, Jen Psaki, Symone Sanders, it's, Rep, Alexandria Ocasio, Cortez, Kelly Armstrong, Adam Schiff, Chip Somodevilla, Bob Good, Virginia, Gaetz, —, Ken Buck, Colorado, Hawley deadpanned, Mike Lawler, I've, Cruz, Buck, Joe Biden, Liz Cheney Organizations: Republicans, GOP, North Carolina Republican, Getty, Twitter, South Carolina, Republican, Rep, Fox News, Republican Party, Conservative Political, Conference, AP, Cannon, South, Democratic, Supreme, Biden, MSNBC, Democrats, Capitol, New York Post, Colorado Locations: Louisiana, Florida, Greg Murphy of North Carolina, Missouri, Hollywood, California, South Carolina, Alexandria, Cortez of New York, Ukraine, New York, Ted Cruz of Texas

☆ Ford shares fall after pulling full-year forecast, wider losses in EV unit
▼ + stars: | 2023-10-27 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. The company's quarterly report added to the gloom around the EV market, which has seen inflation-wary consumers pull back on some purchases. Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. The automaker has lost about $4.32 billion in market cap throughout the duration of the strike, according to LSEG data. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Ford, BEV, Wells, Wolfgang Rattay, John Lawler, Shivansh Tiwary, Nathan Gomes, Krishna Chandra Organizations: Ford Motor, Detroit, United Auto Workers, UAW, REUTERS, EV, Reuters, Ford, General Motors, Thomson Locations: Kentucky, Frankfurt, Germany, Bengaluru

☆ Ford shares fall 9% after earnings underline worries about costs and EV plans
▼ + stars: | 2023-10-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.

Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America

☆ Ford pauses a $12 billion EV investment, after saying electric vehicles are too expensive
▼ + stars: | 2023-10-27 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Ford has postponed $12 billion in spending on EV manufacturing capacity. The company has warned that electric vehicles are too expensive and that demand is slowing. AdvertisementAdvertisementFord has halted billions of dollars in investment in EV manufacturing, warning that customers will not pay a premium for these vehicles. AdvertisementAdvertisementThe company stressed that it is still committed to spending on future EV models, however. "Electric vehicles are expensive," he said.

Persons: Ford, —, John Lawler, Lawler, Toshihiro Mibe, General Motors, Bill Ford Organizations: Service, EV, CNBC, Honda, Bloomberg, General, The New York Times Locations: Kentucky

☆ How the UAW and Ford struck a historic deal
▼ + stars: | 2023-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

On Wednesday, after 41 days on strike, the UAW and Ford reached a tentative agreement. The Rouge plant in Dearborn, Michigan is where Ford Chairman and fourth generation controlling family member Bill Ford spoke about negotiations for the first-time last week. That speech perturbed UAW President Shawn Fain, who responded with a threat. What comes nextGetting the deal done with Ford was a big hurdle, according to a third source with knowledge. The Ford CEO said the deal the UAW was looking for would bankrupt the company.

Persons: Ford, Bill Ford, Shawn Fain, Jim Farley, ”, Fain, Benjamin Dictor, Dictor, Chuck Browning, “ Ford, “ We’re, Browning, Taylor Glascock, Farley, John Lawler, CNN’s Chris Isidore Organizations: CNN, United Auto Workers, Kentucky, Plant, UAW, Ford, General Motors, Arlington Assembly, UAW Ford Department, Ford UAW, GM, Ford Motor Co, Chicago Assembly Plant, General Motors Co, Stellantis, Bloomberg, Getty Locations: Louisville, GM’s, Arlington, Texas, Michigan, Rouge, Dearborn , Michigan, Dearborn, Chicago , Illinois

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