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Hollywood’s brief thaw belies a long winter
  + stars: | 2023-09-25 | by ( Jennifer Saba | ) www.reuters.com   time to read: +4 min
The union representing movie and TV writers tentatively agreed to a new contract on Sunday, setting the stage to end a five-month impasse. Content production is back on the budget line for streaming services. They too want to share in the spoils of a successful movie or TV series on streaming services. Charter now doesn’t have to carry eight Disney networks including FXX and Disney Junior, while Disney also is giving Charter’s customers access to its ad-supported streaming services for no additional charge. The brief thaw belies a long winter.
Persons: Fran Drescher, Duncan Crabtree, Walt Disney, Bob Iger, Ted Sarandos, David Zaslav, Donna Langley, , Lauren Silva Laughlin, Aditya Sriwatsav Organizations: SAG, Writers Guild of America, Hollywood, Netflix, Reuters, Guild of America, Walt, Warner Bros Discovery, NBC Universal, Charter Communications, Disney, Disney Junior, WWE, Paramount Global, Paramount, Alliance, Producers, WGA, Thomson Locations: Los Angeles , California, U.S
via REUTERS Acquire Licensing RightsNEW DELHI, Sept 23 (Reuters) - Social media platform X's head of policy for India and South Asia, Samiran Gupta, has resigned, two sources said, a top departure that comes ahead of India elections and as the company fights a court battle with New Delhi over content removal. Gupta was the most senior India employee for X, formerly known as Twitter, and responsible for "key content-related policy issues" and "defending Twitter's position with new policy developments and support in-country sales organization," according to his LinkedIn profile. Gupta, who was designated as X's Head of Global Government Affairs for India and South Asia, declined to comment to Reuters. There are roughly 15 X employees in functions like compliance and engineering in India, said one of the sources, but Gupta was the only executive engaging with the government and political parties. India in September told a court X is a "habitual non-compliant platform" and for years has not followed many orders to remove content, undermining the government's role.
Persons: Samiran Gupta, Gupta, Elon Musk, Musk, Narendra Modi, Aditya Kalra, Simon Cameron, Moore Organizations: REUTERS Acquire, Twitter, Global Government Affairs for, Reuters, LinkedIn, Elon, Twitter Inc, Thomson Locations: DELHI, India, South Asia, New Delhi, Global Government Affairs for India, Delhi
India mandates a notice period of 6-12 months for pilots which some pilot organisations are challenging in court. Akasa argues its contractual obligations with pilots remain in force, and is suing the regulator for not intervening in the public interest. The DGCA "does not have any power or delegated authority to interfere in any employment contract," it said. Akasa has accused the DGCA of being "unwilling to take any action" which resulted in "significant financial and operational hardship" to the airline. The 6,000 member Federation of Indian Pilots have also responded to Akasa's plea, saying flight cancellation numbers were "unsubstantiated" and that the DGCA can not interfere in the dispute.
Persons: Akasa, Arpan Chaturvedi, Aditya Kalra, Mike Harrison Organizations: Akasa Air, Civil Aviation, Court, Reuters, of Indian Pilots, Thomson Locations: DELHI, India, Delhi
REUTERS/Michael Swensen Acquire Licensing RightsNEW YORK, Sept 22 (Reuters Breakingviews) - Detroit will run out of road before its unions do. In 2019, when a UAW strike closed manufacturing at GM for 40 days, it reduced output by 300,000 vehicles and operating profit by $3.6 billion. The crux of negotiations probably will come down to wages, where Fain said Ford has budged, including the reinstatement of cost-of-living increases. With the UAW prepared to endure, Detroit will be pressured to blink. The union on Sept. 15 initiated targeted walkouts at three plants owned by the three Detroit vehicle manufacturers.
Persons: Sheila McGee, Michael Swensen, Shawn Fain, Fain, Ford, walkouts, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Ford, UAW, REUTERS, Reuters, United Auto Workers, General Motors, GM, Ford Motor, Detroit, Thomson Locations: Louisville , Kentucky, U.S, Detroit, Wells
Green energy’s tailwinds blow the other way
  + stars: | 2023-09-22 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +7 min
Falling costs, cheap capital and supportive politicians helped propel a headlong rush into renewable power. As relations with China deteriorate, the United States and Europe are increasingly concerned about the country’s grip on parts of the green energy supply chain. In recent roundtable discussions moderated by Breakingviews on both sides of the Atlantic, participants expressed optimism about the momentum of investment in green energy. The IRA has unleashed a green energy boom. The world can ill afford to relax its embrace of green power.
Persons: Rishi Sunak, , Joe Biden’s, Jared Cohen, Goldman Sachs, Breakingviews, carmaker Ford, Rishi Sunak’s, Pennsylvania’s Penn, George Hay, Sharon Lam, Aditya Sriwatsav Organizations: Britain's, Downing, Reuters, Global, International Energy Agency, International Renewable Energy Agency, Energy, Commission, Applied Innovation, Goldman, Amperex Technology, Companies, British, MIT’s Center for Energy, Environmental, Research, University, Pennsylvania’s, Thomson Locations: London, Ukraine, U.S, China, United States, Europe, People’s Republic, Vietnam, Mexico
Headwinds are piling up for the market heading into the final week of the month, as September lives up to its reputation as a horrible month for Wall Street. Wolfe Research's Rob Ginsberg pointed out in a note this week that the CBOE Volatility Index (VIX) doesn't suggest much fear in markets. "We have a potential shutdown in Washington, as well as the UAW strike, which could potentially create some volatility in jobs data in particular." But investors heading into the final trading week of September will likely see a continuation of those losses, if history is any indication. "We could see the market experience additional weakness over the next several weeks," said Sam Stovall, chief investment strategist at CFRA.
Persons: Wolfe, Rob Ginsberg, VIX, Amy Wu Silverman, Aditya Bhave, Shannon Saccocia, Saccocia, there's, RBC's Wu Silverman, what's, Goldman Sachs, Scott Rubner, Sam Stovall, Michael Bloom, Jeff Cox Organizations: Wall, Dow Jones, Reserve, Bank of America U.S, UAW, CFRA, Costco Wholesale, Nike, Chicago, Dallas Fed, New, Richmond Fed, Costco, Micron, . Kansas City Fed Manufacturing, BEA, Auto, PCE Deflator, Chicago PMI Locations: Washington, Detroit, . Kansas, Chicago, Michigan
Carmakers will blink first in union standoff
  + stars: | 2023-09-22 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
REUTERS/Michael Swensen Acquire Licensing RightsNEW YORK, Sept 22 (Reuters Breakingviews) - Detroit will run out of road before its unions do. In 2019, when a UAW strike closed manufacturing at GM for 40 days, it reduced output by 300,000 vehicles and operating profit by $3.6 billion. The crux of negotiations probably will come down to wages, where Fain said Ford has budged, including the reinstatement of cost-of-living increases. With the UAW prepared to endure, Detroit will be pressured to blink. The union on Sept. 15 initiated targeted walkouts at three plants owned by the three Detroit vehicle manufacturers.
Persons: Sheila McGee, Michael Swensen, Shawn Fain, Fain, Ford, walkouts, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Ford, UAW, REUTERS, Reuters, United Auto Workers, General Motors, GM, Ford Motor, Detroit, Thomson Locations: Louisville , Kentucky, U.S, Detroit, Wells
A worker holds a Lava mobile handset at its manufacturing plant, in Noida, India, October 23, 2018. REUTERS/Anushree Fadnavis/File Photo Acquire Licensing RightsBENGALURU, Sept 22 (Reuters) - Homegrown Indian mobile phone firm Lava will launch 4G feature phones as it aims to corner a third of the market share for the entry-level devices within a year, while also gradually boosting its budget smartphones, a top executive said. Since it was set up in 2009, Lava has become popular for the budget phones, which have a keypad but no high-end features. Research firm Counterpoint estimates that Lava has a share of less than 1% in the world's second-biggest smartphone market, with 650 million such devices. Lava also plans to boost its smartphone offerings in the budget segment.
Persons: Anushree, Sunil Raina, Mukesh, Raina, Munsif, Aditya Kalra, Clarence Fernandez Organizations: REUTERS, Rights, International, Reuters, Samsung, HK, Thomson Locations: Noida, India, China, Bengaluru
His son, Lachlan Murdoch, will become the sole chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition solidifies Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. Lachlan was appointed CEO of the new Fox Corp. Murdoch controls News Corp and Fox Corp through a Reno, Nevada-based family trust that holds a roughly a 40% stake in voting shares of each company. The shares in Fox and News Corp owned by Murdoch’s children through the trust are a combination of both classes of shares.
Persons: Rupert Murdoch, Rafael Nadal, Kevin Anderson of, Mike Segar, Lachlan Murdoch, Murdoch, Lachlan, Fox, Brian Wieser, James, Chloe, Grace, Wendi Deng, Jonathan Miller, Sumner Redstone, Ted Turner, John Malone, Miller, Helen Coster, Aditya Soni, Dawn Chmielewski, Krishna Chandra Eluri, Saumyadeb Chakrabarty, Nick Zieminski Organizations: Fox News, Fox Corp, News Corp, Fox, Dominion, Systems, Wall, Walt Disney Co, Lupa Systems, Corp, Thomson Locations: York, U.S, Kevin Anderson of South Africa, Australia, United States, American, Reno , Nevada, London, New York, Bengaluru, Dawn, Los Angeles
The report said Google's deliberations follow a standoff between the company and Broadcom over the price of the TPU chips. Broadcom, Google and Marvell did not immediately respond to Reuters' requests for comment. Broadcom is seen as the second-biggest winner from the generative AI boom after Nvidia (NVDA.O). Google co-designs its AI chips with Broadcom and tech giant has already lined up the semiconductor firm for its sixth generation processor, the analysts said. That push has accelerated this year after prices surged for Nvidia's H100, the chip that powers most generative AI apps, to nearly double its original cost of $20,000.
Persons: Dado Ruvic, Marvell, Hock Tan, Morgan, Kanjyik Ghosh, Aditya Soni, Savio D'Souza, Nivedita Bhattacharjee, Krishna Chandra Organizations: Broadcom, REUTERS, Google, Microsoft, Marvell Technology, Nvidia, Meta, Nvidia's, Thomson Locations: J.P, Bengaluru
NEW YORK, Sept 21 (Reuters Breakingviews) - Rupert Murdoch is tiptoeing slowly out the door. The decision at least solidifies succession plans, but there can be little doubt that his chairman emeritus title will be more than just a retirement honorific. He has been sharing the chairman’s job with his son, Lachlan, who will take the seat himself and keep his chief executive position at Fox. Follow @jennifersaba on XCONTEXT NEWSRupert Murdoch is stepping down as co-chair of media companies Fox and News Corp and his son, Lachlan, will become sole chair, the companies said on Sept. 21. Rupert will be chair emeritus of both Fox and News Corp.
Persons: Rupert Murdoch, tiptoeing, Murdoch, Lachlan, James, Walt Disney, Robert Thomson, , Rupert, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Fox, News Corp, Fox News, Wall Street, Walt, Disney, Communications, . News Corp, Thomson
[1/2] The Tesla Energy Powerwall Home Battery is unveiled by Tesla Motors CEO Elon Musk during an event in Hawthorne, California April 30, 2015. Although Tesla sought a number of incentives to set up a battery storage factory, Indian officials conveyed these would not be available, one of the sources said. It is largely dependent on coal-based power generation as storage technologies are expensive and not yet widespread. With incentives, Powerwall costs more than $5,500 in California, with additional costs for solar panels. It is eligible for U.S. federal tax credits and local state and utility incentives for solar and energy storage.
Persons: Elon Musk, India's Modi, Tesla, Narendra Modi, company's, Musk, Modi, Aditya Kalra, Aditi Shah, Sarita Chaganti Singh, Sudarshan, Kirsten Donovan Organizations: Tesla Energy, Tesla Motors, Elon, Thomson Locations: Hawthorne , California, India, DELHI, New Delhi, Tesla's California, California, Houston, Dallas, Texas
[1/2] The Tesla Energy Powerwall Home Battery is unveiled by Tesla Motors CEO Elon Musk during an event in Hawthorne, California April 30, 2015. Although Tesla sought a number of incentives to set up a battery storage factory, Indian officials conveyed these would not be available, one of the sources said. It is largely dependent on coal-based power generation as storage technologies are expensive and not yet widespread. With incentives, Powerwall costs more than $5,500 in California, with additional costs for solar panels. It is eligible for U.S. federal tax credits and local state and utility incentives for solar and energy storage.
Persons: Elon Musk, India's Modi, Tesla, Narendra Modi, company's, Musk, Modi, Aditya Kalra, Aditi Shah, Sarita Chaganti Singh, Sudarshan, Kirsten Donovan Organizations: Tesla Energy, Tesla Motors, Elon, Thomson Locations: Hawthorne , California, India, DELHI, New Delhi, Tesla's California, California, Houston, Dallas, Texas
Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."
Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru
People gather ahead of the "Festival of Fantasy" parade at the Walt Disney World Magic Kingdom theme park in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio Jones Acquire Licensing RightsSept 20 (Reuters) - Walt Disney's (DIS.N) $60 billion spending plan on parks and cruises to stay ahead of growing competition has worried some Wall Street analysts with its long road to payoff. "Expanding parks and cruises tends to be a multi year undertaking as a result of which, revenue and margin acceleration lags the investment cycle," Barclays analysts said. The bump in parks spending also follows a quiet period for the business during the pandemic in 2020 and 2021, when the spread of COVID-19 forced park closures and hit attendance. That led Needham analysts to warn Disney could be basing its decision on "unsustainable and elevated profit margins."
Persons: Octavio Jones, Walt Disney's, Needham, Samrhitha Arunasalam, Aditya Soni, Anil D'Silva Organizations: Walt Disney, REUTERS, Wall Street, Walt Disney World, Netflix, Barclays, Analysts, ABC, Comcast, Disney, Nintendo, Thomson Locations: Orlando , Florida, U.S, Hulu, COVID, California, Florida, Bengaluru
ChatGPT Can Now Generate Images, Too
  + stars: | 2023-09-20 | by ( Cade Metz | Tiffany Hsu | More About Cade Metz | ) www.nytimes.com   time to read: +1 min
ChatGPT can now generate images — and they are shockingly detailed. On Wednesday, OpenAI, the San Francisco artificial intelligence start-up, released a new version of its DALL-E image generator to a small group of testers and folded the technology into ChatGPT, its popular online chatbot. Called DALL-E 3, it can produce more convincing images than previous versions of the technology, showing a particular knack for images containing letters, numbers and human hands, the company said. By adding the latest version of DALL-E to ChatGPT, OpenAI is solidifying its chatbot as a hub for generative A.I., which can produce text, images, sounds, software and other digital media on its own. Since ChatGPT went viral last year, it has kicked off a race among Silicon Valley tech giants to be at the forefront of A.I.
Persons: , Aditya Ramesh, ChatGPT Locations: OpenAI, San Francisco, ChatGPT
WhatsApp has more than 500 million users in India, though regulators there have capped its in-app WhatsApp Pay service to only 100 million people. People shopping on WhatsApp could also pay using popular services like Alphabet Inc's (GOOGL.O) Google Pay, Paytm (PAYT.NS) and Walmart's (WMT.N) PhonePe but only after being redirected outside WhatsApp. Payments via those rival services - and any others that run on India's instant money transfer system UPI - will now be possible directly within WhatsApp, Meta said in a blog post. While WhatsApp Pay users will remain capped in India, there is no such limit on the number of users permitted to transact with businesses on WhatsApp using the other methods, a Meta spokesperson said. With some 300 million people spending about $180 billion via India's using UPI each month, the new transaction options could serve as a powerful lure to attract businesses to pay Meta for access to WhatsApp users.
Persons: Dado Ruvic, WhatsApp, Meta, Mark Zuckerberg's, Mukesh Ambani, Aditya Kalra, Katie Paul, Munsif Vengattil, Lisa Shumaker Organizations: REUTERS, Meta, Google, UPI, Facebook, Thomson Locations: India, WhatsApp, Chennai, Bangaluru, New Delhi, New York
Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. He said oil and gas reserves are depleting at 5-7% annually, and output will decline if companies stop investing to replace them. The Canadian government has not finalised subsidies for projects to capture and sequester emissions and is developing a cap on oil and gas emissions. Not all oil companies are reducing spending on production. Greater oil production could provide the revenue to pursue net-zero aims, Rath said.
Persons: Agustin Marcarian, Darren Woods, Amin Nasser, ", Aditya Ravi, Rystad's, Alex Pourbaix, Pourbaix, that's, Chris Severson, Baker, Omar Farouk Ibrahim, Ranjit Rath, Rath, Carlos Travassos, Yrjo Koskinen, Rod Nickel, Nia Williams, David Gregorio Our Organizations: REUTERS, Rights, World Petroleum Congress, Exxon Mobil, Aramco, Rystad Energy, International Energy Agency, Cenovus Energy, Canadian, European Union, Deloitte, African Petroleum Producers ' Organization, United Nations, Oil India, Investment, Petrobras, PETR4, University of Calgary, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights CALGARY , Alberta, Calgary, United States, Paris, Pembina, India, SA, Calgary , Alberta
Could the Fed hike in December instead? Labor's consumer price index is a widely followed measure by the public and also figures into Fed calculations. While they aren't the only inflation gauges central bank officials use, not having them around in November would complicate the rate decision. Bank of America, though, expects the Fed to approve one more hike, which would take its key borrowing rate to a target range of 5.5%-5.75%. Correction: Another hike by the Fed would take its key borrowing rate to a target range of 5.5%-5.75%.
Persons: Aditya Bhave, Bhave, — CNBC's Michael Bloom Organizations: Federal Reserve, Bank of America, Labor, Commerce, Bank of America U.S, Fed
REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, three people with direct knowledge said. Backed by investors including Singapore's Temasek and Japan's SoftBank (9984.T), Ola Electric was valued at $5.4 billion in a recent fund raising. Ola Electric and Kotak did not respond to a request for comment while the other three banks declined to comment. Ola Electric is targeting IPO roadshows for early January or February, said one of the sources. Ola Electric, though, still makes losses.
Persons: Ola, VarunVyas, Japan's SoftBank, Ola Electric, Goldman Sachs, Bhavish Aggarwal, Tesla, Sriram, Aditi Shah, Aditya Kalra Organizations: REUTERS, Rights, Singapore's Temasek, Japan's, Ola, ICICI, Bank of America, West, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, Rights MUMBAI
Akasa told the court it cancelled 600 flights in August and would be forced to cancel up to 700 more in September if the resignations continue, the person added. Akasa has dragged the pilots, many of whom have joined rival Air India Express, to court and initiated legal proceedings against the aviation regulator to enforce the notice period. The notice period ranges between 6-12 months, depending on the pilot's rank, according to the aviation regulator. "All our actions are aimed at creating a durable and reliable airline for the long run," Akasa said in a statement. "Akasa is a well-run airline with strong finances and a solid plan," he said.
Persons: Vinay Dube, Akasa, Dube, Aditya Ghosh, Aditi Shah, Varun Vyas, Aditya Kalra, Louise Heavens, Christian Schmollinger, Kim Coghill, Bernadette Baum Organizations: Akasa, Air India Express, IndiGo, country's, Tata, Air India, Go Air, Boeing, Thomson Locations: DELHI, Delhi
Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Blackstone (BX.N) is also interested in bidding for Cipla, sources have also said. Apollo is "quite bullish on their Asia strategy, and India in particular...both Cipla and Torrent have strong balance sheets," the person said. Apollo and Torrent, which has yet to confirm its interest in Cipla, did not immediately respond to a request for comment. Foreign banks, including Morgan Stanley (MS.N) and Barclays (BARC.L), are also in talks with Torrent to extend loans and arrange financing for the deal, sources have said.
Persons: Danish Siddiqui, Bernstein, Blackstone, Morgan Stanley, Abbott, Sriram, Aditya Kalra, Edwina Gibbs Organizations: REUTERS, Danish, pharma, Pharmaceutical, Apollo Global Management, Capital Partners, Bain Capital, Blackstone, Mumbai International, JSW, Barclays, Pfizer, Thomson Locations: Cipla, Mumbai, India, MUMBAI, DELHI, Asia
New economic rules shatter US bonds’ crystal ball
  + stars: | 2023-09-19 | by ( Ben Winck | ) www.reuters.com   time to read: +8 min
Yield curve “inversions” belong to the latter group. At first sight, they are right: Yield curve inversions have been a consistent predictor of future downturns. Yield curve inversions take place when the yield on short-dated government debt climbs higher than that on longer-term bonds. Lower long-dated bond yields are seen as a sign that investors predict lower rates due to an economic downturn. As such, yield curve inversions have become a popular forward indicator of economic recessions.
Persons: Treasuries, There’s, Eugene F, Fama, Kenneth R, joblessness, Morgan Stanley, Ellen Zentner, Francesco Guerrera, Sharon Lam, Aditya Sriwatsav, Oliver Taslic Organizations: Reuters, San Francisco Federal Reserve, Fed, New York Fed, Morgan Stanley U.S, Treasury, European Central Bank, Thomson Locations: United States, U.S, Covid
Planet Fitness races against rate hikes
  + stars: | 2023-09-18 | by ( ) www.reuters.com   time to read: +2 min
View of the Planet Fitness logo at the their location in Clifton, New Jersey, U.S., January 6, 2023. REUTERS/Jennifer Saba Acquire Licensing RightsNEW YORK, Sept 18 (Reuters Breakingviews) - Planet Fitness (PLNT.N) is struggling to adapt to a high-interest-rate diet. Under Rondeau, Planet Fitness benefited from a post-pandemic exercise rebound, notching annual sales growth of over 40% in the last two years as location count expanded by 13%. Its stock is up 32% this year, while Planet Fitness’s is down by roughly the same amount. Life Time boss Bahram Akradi said his old approach of keeping prices low was a “mistake.” Planet Fitness can fix the same error.
Persons: Jennifer Saba, Chris Rondeau, Rondeau, Fitness’s, Bahram Akradi, Anita Ramaswamy, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Planet, X, Thomson Locations: Clifton , New Jersey, U.S
Ford’s boss evokes empty threats in union battle
  + stars: | 2023-09-15 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Phil Noble Acquire Licensing RightsNEW YORK, Sept 15 (Reuters Breakingviews) - Ford Motor (F.N) boss Jim Farley is breaking out the "B" word. In a Thursday interview with CNBC, Farley said that pay-rise demands from the United Auto Workers would have driven Ford “bankrupt” if implemented back during 2019 contract negotiations. For now, using “bankrupt” and “Ford” in the same sentence seems like an empty threat. Even in the event of a prolonged strike, Ford has a buffer. The company is sitting on $10 billion of cash net of debt and $47 billion in total liquidity.
Persons: Phil Noble, Jim Farley, Farley, “ Ford ”, Ford, wishlist, Jonathan Guilford, Lauren Silva Laughlin Sharon Lam, Aditya Sriwatsav Organizations: Ford, REUTERS, Reuters, CNBC, United Auto Workers, General Motors, X, Thomson Locations: Liverpool, Britain, North America
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