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☆ Watch CNBC's full interview with IG North's JJ Kinahan and Societe Generale’s Subadra Rajappa
▼ + stars: | 2023-11-13 | 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 EmailWatch CNBC's full interview with IG North's JJ Kinahan and Societe Generale’s Subadra RajappaIG North America CEO JJ Kinahan and Subadra Rajappa, Societe Generale head of U.S. rate strategy, join 'Squawk Box' to discuss the latest market trends, upcoming retail earnings, and more.

Persons: North's JJ Kinahan, JJ Kinahan, Subadra Organizations: North, Societe Generale

☆ Dollar firm ahead of US inflation data; yen hovers near one-year low
▼ + stars: | 2023-11-13 | by ( Brigid Riley | ) www.reuters.com time to read: +2 min

The Japanese yen remained vulnerable, hovering not far from a one-year low against the greenback as markets remained on watch for possible intervention by Tokyo. The dollar index , which measures the dollar against a basket of currencies, was last mostly flat at 105.80. There was little relief for the yen, however, which has come under pressure from rising U.S. Treasury yields and continued dollar strength. The Japanese currency was trading around 151.58 yen against the dollar on Monday, just under a one-year low of 151.74 hit at the end of October. Elsewhere, sterling stood at $1.2228 to the dollar, firm ahead of UK average weekly earnings data on Tuesday and a CPI reading on Wednesday.

Persons: Dado Ruvic, Jerome Powell, Lenny Jin, Jin, Moody's, Tony Sycamore, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, greenback, Global FX, HSBC, U.S, CPI, Treasury, IG, Bank of Japan, Thomson Locations: United States, Tokyo, U.S, New York

The source, who declined to be named, did not say when production would begin. A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. At the same meeting, he informed staff of plans to build the 25,000-euro vehicle there, the source said. German union IG Metall said in 2022 that Tesla wages were around 20% below those offered under collective bargaining agreements at other carmakers. ($1 = 0.9315 euros)Reporting by Victoria Waldersee, Editing by Rachel More, Bernadette Baum and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Tesla, Annegret, Elon Musk, Europe's, Metall, Victoria Waldersee, Rachel More, Bernadette Baum, Emelia Organizations: Staff, JATO Dynamics, Reuters, Volkswagen, REUTERS, Thomson Locations: BERLIN, Berlin, United States, Europe, China, Gruenheide, Germany

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsBEIJING, Nov 6 (Reuters) - Oil prices edged up on Monday as top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Russia also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Such sanctions often come with national security waivers, and China could still continue to import Iranian oil.

Persons: Agustin Marcarian, Brent, Suvro Sarkar, Tony Sycamore, Sarkar, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, West Texas, Saudi, ING, DBS, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Saudi Arabia, Russia, Israel, Singapore, China, Sydney, Iran, United States

☆ Oil nudges higher after Saudi Arabia, Russia stick to output cuts
▼ + stars: | 2023-11-06 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSINGAPORE, Nov 6 (Reuters) - Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Reporting by Florence Tan and Colleen Howe Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Israel, Tony Sycamore, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam Organizations: REUTERS, Rights, West Texas, Saudi, ANZ, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights SINGAPORE, Saudi Arabia, Russia, Moscow, Lebanon, China, Sydney, Iran, United States

☆ Tesla is giving staff at its Berlin Gigafactory a raise, report says, as the auto industry battles growing worker discontent
▼ + stars: | 2023-11-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Tesla is giving 11,000 staff at its Berlin Gigafactory a 4% pay rise, per the WSJ. Tesla workers in Sweden are already on strike, while the UAW wants to recruit members. AdvertisementAdvertisementTesla is giving workers at its Berlin Gigafactory a pay rise as unions eye the EV manufacturer, The Wall Street Journal reported. But the pay rise also comes at a shaky time for Tesla management. AdvertisementAdvertisementLast month, IG Metall said union signups from Tesla workers had surged, and accused the company of failing to follow health and safety protocol.

Persons: Tesla, —, Elon Musk's, Rishi Sunak, IG, Metall, Shawn Fain Organizations: UAW, Service, Street Journal, The, AI, British, Reuters, Germany's, United Auto Workers, Detroit, General Motors . ", Tesla, Toyota, Honda, CNBC Locations: Berlin, Sweden

ROME (AP) — An 8-month-old terminally ill British girl was granted Italian citizenship Monday after a court in Britain upheld rulings authorizing the withdrawal of life-supporting invasive treatment. Baby Indi Gregory's situation is the latest in a series of cases in Britain in which doctors and parents have sparred over the treatment of terminally ill children. The child’s family hopes the Italian government's decision will add heft to their fight to allow her to be transferred to Italy. Peel ruled that nothing had changed since an earlier ruling that authorized the withdrawal of life-supporting invasive treatment. In addition, it is possible that transferring Indi to Rome would increase her “distress and suffering,” Peel said.

Persons: Indi, Indi Gregory, ”, Giorgia Meloni, ’, Robert Peel, Peel, Indi’s, ” Peel, “ Organizations: ROME, Italy’s, Facebook, Court Locations: Britain, Italy, British, Rome, London

☆ Elon Musk, who hates unions, has to deal with a rare strike at Tesla after his Swedish workers walked out
▼ + stars: | 2023-11-05 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

A Swedish union is leading strikes against Tesla to secure a collective labor agreement. AdvertisementAdvertisementTesla is facing growing strike action in Sweden over its refusal to accept a collective labor agreement. Not all Tesla employees are participating in the strikes, however. Musk has consistently rejected calls for his staff to unionise, tweeting in 2018 that Tesla employees could lose their stock options if they did so. The factory has reportedly seen an unusually high number of work-related accidents and IG Metall says union signups among Tesla workers have surged.

Persons: Tesla, —, Elon Musk's, Musk, Elon, Christiane Benner, Metall, Benner Organizations: Service, IF Metall, Tesla, The New York Times, Metall, UAW, Bloomberg, United Auto Workers Locations: Sweden, Swedish, tweeting, Europe, Berlin

☆ Tesla raises wages 4% for German workers amid union pressure, WSJ reports
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +1 min

A general view of a Tesla's Gigafactory Berlin-Brandenburg building, a part of the electric car manufacture, in Gruenheide, Germany July 18, 2023. In October, Tesla said it will inform its staff this month of the level of the pay rise, adding it raised wages by 6% last year. German union IG Metall has previously said that Tesla wages were around 20% below those offered under the collective bargaining agreement. The EV maker, unlike other carmakers in Germany, does not have a collective bargaining agreement governing wages. Tesla and IG Metall did not immediately respond to a Reuters' request for comment.

Persons: Annegret, Tesla, Metall, Elon Musk, Urvi, Aurora Ellis, Kim Coghill Organizations: REUTERS, Street, Thomson Locations: Berlin, Brandenburg, Gruenheide, Germany, U.S, Bengaluru

☆ Some Tesla workers say they'd never work in a unionized factory, even as Ford and GM workers are set to get a major pay boost
▼ + stars: | 2023-11-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

While Elon Musk has spoken out against unions, a major Tesla factory reportedly has a UAW organizing committee that's speaking with workers. Some Tesla workers say they wouldn't join a unionized company and predicted the UAW would struggle to find footing at Tesla. AdvertisementAdvertisementThe United Auto Workers might have set its sights on Tesla, but some workers at the EV company told Insider they'd be hard-pressed to join a union. Even before the 36-day strike, Ford and GM already spent over $20 more per hour on factory workers than Tesla, according to analysts. Still, other workers told Insider they wouldn't jump ship even for a better pay package at a unionized company.

Persons: Elon Musk, —, Shawn Fain, Tesla, Musk, they'd, Metall, Marquard, it's, you've, Fain, Elon Organizations: UAW, Tesla, Service, United Auto Workers, EV, Detroit automakers, Ford, General Motors, GM, Fremont, Elon Musk's, National Labor Relations Board, Buffalo New, NLRB, Bloomberg, Workers Locations: Fremont, California, Buffalo New York, rehire, company's Brandenburg, Tesla, Tesla's

☆ UK's IG Group says it expects to cut 10% of workforce
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - British online trading platform IG Group (IGG.L) on Tuesday said it would cut 10% of its headcount as part of cost-saving measures to drive operating margin expansion and become a leaner fintech firm. IG Group is trying to bolster its margins as the number of active clients on its platforms declines because of tough market conditions and a hit to customers' disposable income due to a cost-of-living squeeze and rising borrowing costs. IG Group said it expected to reduce about 300 positions worldwide by the end of fiscal 2023, adding that the overall efficiency measures are expected to deliver full run rate cost savings of 50 million pounds ($60.7 million) per year. "We want to position IG Group as a lean fintech company and today's decisive actions ensure a strong platform for future growth," acting CEO Charlie Rozes said in a statement. The company said non-recurring costs to achieve the savings are expected to be about 18 million pounds split across fiscal years 2024 and 2025.

Persons: Charlie Rozes, IG, Morgan McKinley, Aby Jose Koilparambil, Sinead Cruise, Varun H, Robert Birsel Organizations: IG Group, Employment Monitor, Thomson Locations: Bengaluru, London

☆ Dollar eyes weekly gain as U.S. economy stays robust
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: +3 min

The dollar was headed for a weekly gain on Friday, aided by solid U.S. growth figures that bolstered the case for higher-for-longer interest rates, while the yen hovered on the weaker side of 150 per dollar ahead of a key policy meeting next week. That added to bets the Federal Reserve is likely to keep monetary conditions restrictive for longer, driving the dollar broadly higher against a basket of currencies. The U.S. dollar index steadied at 106.57, having hit a three-week high of 106.89 in the previous session, and was on track for a weekly gain of about 0.4%. Sterling edged 0.07% higher to $1.21355, though was not too far from a three-week low of $1.2070 hit on Thursday. The European Central Bank, or ECB, on Thursday left interest rates unchanged as expected, ending an unprecedented streak of 10 consecutive rate hikes.

Persons: Lint, PMIs, Julien Lafargue, Tony Sycamore, we've, we're Organizations: Federal Reserve, U.S, European Central Bank, ECB, Barclays Private Bank, Analysts, IG, Treasury, Bank of Japan Locations: U.S, Asia, Gaza, Tokyo

☆ Dollar eyes weekly gain as US economy stays robust
▼ + stars: | 2023-10-27 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. That added to bets the Federal Reserve is likely to keep monetary conditions restrictive for longer, driving the dollar broadly higher against a basket of currencies. The U.S. dollar index steadied at 106.57, having hit a three-week high of 106.89 in the previous session, and was on track for a weekly gain of about 0.4%. The European Central Bank (ECB) on Thursday left interest rates unchanged as expected, ending an unprecedented streak of 10 consecutive rate hikes. The yen last stood at 150.38 per dollar, languishing near the previous session's one-year trough of 150.78.

Persons: Dado Ruvic, Lint, PMIs, Julien Lafargue, Tony Sycamore, we've, we're, Rae Wee, Lincoln Organizations: REUTERS, Rights, Federal Reserve, U.S, European Central Bank, ECB, Barclays Private Bank, Analysts, IG, Treasury, Bank of Japan, Thomson Locations: Rights SINGAPORE, U.S, Asia, Gaza, Tokyo

☆ Rising yields and war: Here's how to trade the volatility, according to fund managers
▼ + stars: | 2023-10-25 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Market volatility looks here to stay: Yields are still rising, a war is raging, and it's uncertain whether interest rates will stay higher for longer. Go for bonds Though volatility in the bond market has led to losses, some fund managers are saying that it's time to get back into this asset class, given that yields are high. Money market funds typically include short-term Treasurys. Bond yields move inversely to prices — that means a peak in interest rates may signal that bond prices have bottomed. When interest rates rise, bond prices typically fall as existing bonds with lower yields become less attractive.

Persons: Investors, David Katz, Katz, Bryn Jones, there's, Jones, Hide, Paul Meeks, Meeks, Steven Glass, Glass, Marsh McLennan, he's, they're, — CNBC's Michael Bloom Organizations: Treasury, Bank of America, Matrix Asset, CNBC Pro, gilts, U.S . Federal, Treasury Bond ETF, Pella Funds, Group, ASM, Taiwan's Locations: Israel, United States, China, U.S, Pella, Germany, Netherlands

☆ Gold slips from 5-mth peak as investors look to U.S. economic data
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices retreated from last session's five-month peak on Monday as the U.S. dollar and Treasury yields strengthened ahead of crucial economic data this week, with investors looking for any signs of a global fallout of the Middle East conflict. Spot gold was down 0.4% at $1,972.39 per ounce by 0334 GMT, and U.S. gold futures slid 0.5% to $1,983.50. COMEX gold speculators switched to net long position of 41,867 contracts in the week to Oct. 17, adding 56,655, data showed on Friday. Elsewhere, spot silver fell 0.5% to $23.23 an ounce, platinum slipped 0.6% to $889.48 and palladium was down 0.1% to $1,096.15.

Persons: Yeap Jun Rong Organizations: Aurum, U.S ., Treasury, U.S, Trust Locations: Israel

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSINGAPORE, Oct 20 (Reuters) - Oil prices extended gains on Friday and were on track for a second week of increases on heightened fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Both contracts are on track to post a second weekly gain as an explosion at a Gaza hospital this week and the anticipated ground invasion by Israeli troops heightened fears of the conflict spreading in the Middle East. "The prospect of more Venezuela oil did little to ease concerns of disruptions in the Middle East," analysts at ANZ Research said in a note to clients on Friday. Reporting by Florence Tan and Sudarshan Varadhan; Editing by Gerry Doyle and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Tony Sycamore, Yoav Gallant, Sycamore, Florence Tan, Sudarshan, Gerry Doyle Organizations: REUTERS, Rights, Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters, ANZ Research, Thomson Locations: Manhattan , New York City, U.S, Rights SINGAPORE, Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC

☆ Oil climbs on Mideast contagion fears from Israel-Gaza conflict
▼ + stars: | 2023-10-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains on Friday, rising about 1% on fears that the Israel-Gaza conflict may spread in the Middle East and disrupt supplies from one of the world's top-producing regions. Brent crude futures climbed 77 cents, or 0.8%, to $93.15 a barrel by 0042 GMT. U.S. West Texas Intermediate crude was at $90.36 a barrel, up 99 cents, or 1.1%. Israeli Defence Minister Yoav Gallant told troops gathered at the Gaza border on Thursday that they would soon see the Palestinian enclave "from inside," suggesting an expected ground invasion could be nearing. Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.

Persons: CLc2, Tony Sycamore, Yoav Gallant, Sycamore, PDVSA Organizations: Brent, . West Texas, Israel Defence Forces, Israeli, U.S, Pentagon, Strategic Petroleum Reserve, U.S . Department of Energy, Reuters Locations: Israel, Gaza, Yemen, Saudi Arabia, Russia, United States, Washington, Venezuela, OPEC, Venezuelan

☆ Should you lock in those high yields right now? Here's what Wall Street is saying, and how to invest
▼ + stars: | 2023-10-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

But with 10-year Treasury yields surging to 5% - a 16-year high , many investors might now be tempted to lock in those high yields and buy into bonds. "You may not see such high yields as these in the next year or two," he told CNBC's " Squawk Box Asia " on Thursday. Bond prices and bond yields move in opposite directions. It's unfavorable on U.S. intermediate-term fixed income, as well as high yield taxable fixed income. Types of fixed income that it's overweight on include short-term U.S. Treasurys, U.S. inflation-linked bonds, U.K. gilts and emerging market bonds.

Persons: Wells, Paul Christopher, CNBC's, Christopher, Wells Fargo, Thomas Poullaouec, Rowe Price, Wells Fargo's Scott Wren, Bryn Jones, Rathbones, there's, Jones, He's, BlackRock Organizations: Investment, U.S, gilts, BlackRock Investment, U.S . Federal Reserve, Treasurys Locations: Asia, Pacific

☆ India rupee to struggle on US yield concerns; odds of record low seen rising
▼ + stars: | 2023-10-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards indicate the rupee will open at around 83.26-83.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low. The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low. "From what I have seen this week, odds of a new low (on rupee) are now higher." The 10-year U.S. Treasury yield rose to 4.9550% in Asia, the highest in sixteen years.

Persons: Francis Mascarenhas, John Williams, Jun Rong, Nimesh Vora, Sohini Goswami Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank of, Federal Reserve, New York Fed, IG Asia, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Reserve Bank of India, Asia, Singapore

☆ Dollar holds near 150 yen ahead of Fed Chair remarks
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: +3 min

A Japanese 10,000 yen and a U.S. 100 dollar banknote juxtaposed against each other in Tokyo, Japan, on Monday, June 20, 2016. The dollar held the yen near a two-week low, as growing expectations the U.S. Federal Reserve will keep rates higher for longer had the greenback and U.S. Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell. The dollar index , which measures the dollar against a basket of currencies, held steady near Wednesday's high of 106.63 in the Asian morning. "I think it highly likely the Fed Chair will reinforce the more cautious commentary heard from Fed speakers over the past week and half," said Sycamore. The Japanese yen strengthened slightly to 149.77 per dollar, off Wednesday's two-week low of 149.94 but still near the 150-level that markets perceive as a potential trigger for currency intervention by Japanese authorities.

Persons: Powell, Christopher Waller, John Williams, Waller, Tony Sycamore, Jerome Powell, Carol Kong, Sterling Organizations: . Federal Reserve, greenback, U.S, Treasury, Fed, Market, Tony Sycamore . Federal Reserve, Commonwealth Bank of Australia, Bank of Japan Locations: U.S, Tokyo, Japan

BANGKOK (AP) — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). A big threat for the global economy is what oil prices will do to inflation. It rose 2.6% after reporting stronger profit than expected for the latest quarter as its revenue rose after it hiked prices. In other trading early Thursday, the dollar fell to 149.80 Japanese yen from 149.93 yen.

Persons: Australia's, Sensex, ” Yeap Jun Rong, IG, Brent, Morgan Stanley, Gold Organizations: Hamas, Nikkei, Bank of, New York Mercantile Exchange, Dow Jones Industrial, Nasdaq, Netflix, United Airlines, American Airlines, Delta Air Lines, Procter, Gamble, Treasury Department, Federal Reserve Locations: BANGKOK, Asia, Hong Kong, Tokyo, Seoul, Japan, Israel, Bank of Korea, Shanghai, Gaza, Tel Aviv, U.S

☆ Gold jumps on safe-haven demand after Gaza hospital strike
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a one-month high on Wednesday, after a deadly blast in Gaza fueled fears about the regional conflict escalating and kept the safe-haven asset a favored choice against war risks. Spot gold rose 0.8% to $1,938.19 per ounce by 0501 GMT, after scaling its highest since Sept. 20 earlier in the session. "Safe-haven flows amid geopolitical tensions in the Middle East have remained the dominant catalyst for gold prices," IG market strategist Yeap Jun Rong said. Gold prices have surged about $100 since the conflict began, despite recent robust U.S. economic data boosting bets of higher-for-longer interest rates, which tends to weigh on non-yielding gold. Investors now await Federal Reserve Chair Jerome Powell's speech on Thursday for cues on interest rates.

Persons: Kelvin Wong, Yeap Jun Rong, Jerome Powell's, OCBC, Bullion Organizations: Asia Pacific, West Bank, Investors, Federal Locations: Gaza, OANDA, Gaza City

☆ Tesla to offer German workers pay rise this year
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Oct 12 (Reuters) - Tesla (TSLA.O) said on Thursday it will offer a pay rise to workers at its German plant, where unions have said they earn below the industry average. The U.S. electric vehicle maker said it will inform staff in November of the level of the pay rise, adding it raised wages by 6% last year. Under last year's agreement, workers at Volkswagen (VOWG_p.DE), Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) were offered a 5.2% pay rise in June 2023 and a 3.3% pay rise in 2024 as well as an inflation premium for full-time workers of 3,000 euros ($3,160). German union IG Metall has previously said that Tesla wages were around 20% below those offered under the collective bargaining agreement. IG Metall said Tesla told workers of the upcoming raise at a series of meetings held at the plant this week.

Persons: Annegret, Tesla, Metall, Victoria Waldersee, Alexander Smith Organizations: REUTERS, Rights, Volkswagen, Mercedes, Benz, BMW, Metall's, Reuters, Thomson Locations: Berlin, Brandenburg, Gruenheide, Germany, U.S

☆ Tesla rejects union claims, reports of health and safety issues at German plant
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

Companies Tesla Inc FollowBERLIN, Oct 10 (Reuters) - Tesla (TSLA.O) on Tuesday rejected claims by a German union and recent media reports that health and safety provisions at its gigafactory near Berlin were inadequate, stating that protecting workers' health was a top priority. On Monday, German union IG Metall said its membership numbers from Tesla workers were rising steeply amid concerns over health and safety as well as overwork. In a written statement, Tesla said workers received training on necessary safety measures, as well as protective clothing. The plant was subject to regular checks by local authorities that safety measures were being respected, it added. The company did not address the specific claims of the union or media reports regarding the number of accidents or workers off sick at the plant.

Persons: Metall, Tesla, Victoria Waldersee, Christina Amann, Aurora Ellis Organizations: Tesla, Reuters, Thomson Locations: Berlin, U.S, Brandenburg

Companies Tesla Inc FollowGRUENHEIDE, Germany, Oct 9 (Reuters) - Tesla (TSLA.O) workers at the carmaker's Brandenburg plant are joining the IG Metall union in rising numbers over concerns around health, safety and overwork, the union said on Monday. Reuters was not able to independently verify the union's claims and Tesla did not immediately respond to a request for comment. Union representatives met workers at the factory gates, on the platforms of nearby stations and inside the factory on Monday handing out stickers stating "Together for safe and fair work at Tesla". "The law gives all workers the right to organise in a union and stand openly for that at their workplace. That counts at Tesla in Brandenburg as well," Dirk Schulze of IG Metall said.

Persons: Tesla, IG, Dirk Schulze, IG Metall, Victoria Waldersee, Sharon Singleton Organizations: Tesla, IG, Reuters, IG Metall, Thomson Locations: Germany, carmaker's Brandenburg, Brandenburg, Poland

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