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General Motors is reportedly pressuring United Auto Workers to speed up negotiations for a four-year contract, according to a letter obtained by the Wall Street Journal. Yahoo Finance's Akiko Fujita and Dan Roberts discuss.
General Motors is pressuring the UAW to reach a resolution. The fourth week of the strike General Motors CEO Mary Barra secretly met with the Union's President Gary Jones on Wednesday. Yahoo Finance's Adam Shapiro, Brian Cheung and Pras Subramanian discuss on On the Move.
Costco is seizing control of its chicken supply chain so it can keep the price of it’s rotisserie chickens at about 5-bucks. Yahoo Finance's Adam Shapiro, Brian Cheung and Pras Subramanian discuss on On the Move.
The United Auto Workers union said Saturday it will boost strike pay for 48,000 hourly workers at General Motors Co by $25 a week to $275 as a strike against the largest U.S. automaker nears the end of its fourth week. Talks were continuing late Saturday afternoon to try to resolve the longest nationwide strike at GM since 1970, both sides said. The UAW also said it would allow members striking to take on part-time jobs without reducing their strike pay – as long as they perform picket-line duties.
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(Bloomberg) -- The United Auto Workers made a counter proposal to General Motors Co. late Friday that would end a nearly month-long strike if the automaker agrees, capping a tumultuous day in which the union and company traded barbs and blame.UAW Vice President Terry Dittes offered no specifics on the proposal in a letter sent to members and published on the union’s website. GM had been awaiting a response to its latest offer made Monday, which a person familiar with the matter said included $9 billion of total investment in U.S. plants, about $2 billion more than the carmaker vowed to make in mid-September.Analysts say the strike has cost GM more than $1 billion of lost profit. The automaker’s senior executives appealed to rank-and-file employees late this week, portraying UAW leadership as dragging their feet in responding to its proposals.“We object to having bargaining placed on hold,” Scott Sandefur, GM’s vice president of North American labor relations, wrote to Dittes late Thursday in a letter obtained by Bloomberg. “As we have urged repeatedly, we should engage in bargaining over all issues around-the-clock to get an agreement.”The public war of words escalated midday Friday, with the UAW issuing an open letter accusing GM of stalling negotiations to “starve UAW-GM workers off the picket lines” and protect its own interests. The union said its negotiators remain committed to bargaining day-and-night to find an agreement.“These delaying tactics have human costs. Families are suffering, from Detroit to Texas to New York,” the letter said. “This strike has been and continues to be about securing the American workers’ future.”Showing FrustrationThe UAW’s walkout has halted production at 34 U.S. plants and disrupted output at factories in Mexico and Canada. While GM publicly released details of its first formal offer to the union on Sept. 15 -- the day the UAW called the strike -- the company had until this week kept a lid on public criticism of union leaders, who themselves are dealing with a credibility crisis.GM was upping the pressure on UAW brass Friday in a bid to clinch an agreement before the strike enters a fifth week.“GM is frustrated with the pace of negotiations,” said Art Schwartz, a former GM labor negotiator who’s now a consultant in Ann Arbor, Michigan. “They gave the union a comprehensive offer on Monday, and it’s Friday and they haven’t had a response yet. If I had members out on strike, I would be responding within hours.”GM shares rose 2.6% on Friday, paring their decline since the strike began to 8.5%. While credit-rating companies initially warned of risk to the automaker if the walkout lasted more than a couple weeks, they’ve been reluctant to downgrade.“GM has adequate liquidity to contend with a strike of this duration,” Bruce Clark, lead U.S. auto analyst for Moody’s Investors Service, wrote in a report Friday. The carmaker would start to forgo significant earnings if the walkout extends into late November, he said.Earlier Friday, GM released a broad outline of the offer made at the beginning of the week, saying it would boost wages and lump-sum payments while also preserving health care benefits. Gerald Johnson, GM’s executive vice president of manufacturing, wrote to employees the automaker was prepared to enhance profit-sharing, including by lifting the cap on how much is paid out based on the company’s earnings.UAW members also would receive bigger ratification bonuses than in 2015, when each worker was paid an $8,000 signing bonus. And the offer gives temporary workers a clear path to permanent status, Johnson said.“The strike has been hard on you, your families, our communities, the company, our suppliers and dealers,” Johnson wrote to employees. “We have advised the Union that it’s critical that we get back to producing quality vehicles for our customers.”Security ConcernThe investment offer from GM was aimed at sewing up one of the union’s major remaining concerns -- that underused plants could end up being idled or closed during the life of the agreement. UAW Vice President Terry Dittes said in two letters this week that the union wanted the company to offer more job security.GM’s initial formal offer made in mid-September included plans to build electric trucks at a plant in Detroit, which is scheduled to run out of work in January, and to construct a battery plant in Lordstown, Ohio, where the company has idled a compact car plant. Those two investments remain parts of GM’s plans, the person said.“GM definitely has moved; whether the union has moved off their demands, we don’t know,” Schwartz said. “Maybe they’re not responding quickly because the leadership is worried about ratification. They’re probably more worried about ratification than actually getting the deal done.”(Updates with TK in TK paragraph. An earlier version of this story corrected the investment figure in the headline and first paragraph.)To contact the reporters on this story: David Welch in Southfield at email@example.com;Keith Naughton in Southfield, Michigan at firstname.lastname@example.orgTo contact the editors responsible for this story: Craig Trudell at email@example.com, ;Crayton Harrison at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Half a continent away from the auto plants of Detroit, U.S. strikes at General Motors (GM) have sent shivers through the central Mexican city of Silao, where the local GM factory furloughed 6,000 workers last week when parts from the United States ran out. Rich or poor, residents are anxiously hoping the labour dispute will end so the company reopens the plant, which has been an anchor of the local economy since GM arrived a generation ago, transforming the landscape forever. "General Motors is the biggest source of income here.
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Moody's rating action reflects a base expected loss of 5.1% of the current pooled balance, compared to 5.2% at Moody's last review. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
By Tony Sagami My brother, sister and I attended the University of Washington. This made me a lifetime UW football fan; I'm still a season-ticket holder. I’ve seen my team win ... and I’ve seen them lose. ...
While emphasizing GM's commitment to the collective bargaining process, the letter, signed by Gerald Johnson, executive vice-president for global manufacturing, circumvents United Auto Workers (UAW) leadership and points to frustration at a lack of progress on ending a conflict that has already cost the company more than $1 billion. The UAW strike began on Sept. 16, with the union's 48,000 members at GM seeking higher pay, greater job security, a bigger share of profit and protection of healthcare benefits. Credit Suisse estimated the loss could hit about $1.5 billion, and the Center for Automotive Research estimated the weekly costs to GM and the UAW strike fund at $450 million and $12 million, respectively.
The top-ranked Barron’s advisor argues for a bullish stance on stocks, ticks off several bargains, and explains how she takes inspiration from King Solomon.
(Bloomberg) -- Uber Technologies Inc. plans to buy a majority stake in online grocer Cornershop, a deal designed to extend its geographic reach and bolster profits by bundling food delivery with rides.The move, which is subject to regulatory approval, could end uncertainty for the Santiago, Chile-based startup backed by Accel and other venture investors. Walmart Inc. announced its intention more than a year ago to purchase Cornershop outright for $225 million and re-sell the company to its Mexican subsidiary, only to have Mexican regulators oppose the move in June for antitrust reasons.Cornershop is the largest home delivery platform in Mexico and Chile. The app allows users to order groceries from a variety of stores such as Costco Wholesale Corp., Petco Holdings Inc., Walmart, bakeries and pharmacies, and have everything delivered at once, usually within 90 minutes. The items usually carry a higher price tag on top of the delivery fee. The four-year-old startup also operates in Peru and Canada. Terms of the deal weren’t disclosed.The arrangement could play a significant role in Uber’s strategy of layering more profitable services atop ride-sharing. Since the company’s disappointing initial public offering, the share price has dropped more than 30% and Chief Executive Officer Dara Khosrowshahi has sought to reassure investors that Uber is focused on turning a profit and continuing to grow.When Walmart attempted to buy Cornershop, analysts saw the purchase as a way for the retailer to increase its e-commerce presence with the help of an established app that brought a giant database of users and more importantly, its consumer patterns.“It’s already positioned, it knows the market well and it was going to accelerate this process for Walmart,” said Marisol Huerta, an analyst at Banco Ve Por Mas. “It’s the same strategy for Uber.”The acquisition by Uber means the San Francisco-based company will expand on its Eats offering with the ability to deliver not only prepared food from restaurants, but a wide set of groceries, Huerta said. “They’ll be entering a new market but they’ll already have a big data base and the structure to operate in it.”Uber says it expects the deal to close in early 2020. Cornershop will continue to operate under its current leadership, reporting to a board with majority Uber representation.“Whether it’s getting a ride, ordering food from your favorite restaurant, or soon, getting groceries delivered, we want Uber to be the operating system for your everyday life,” Khosrowshahi said in a statement announcing the deal.(Updates with comments from analyst in the sixth paragraph.)To contact the reporters on this story: Lizette Chapman in San Francisco at email@example.com;Andrea Navarro in Mexico City at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- What could the automotive sector learn from the recent fiasco around rental-office company WeWork? A lot, according to some Sanford C. Bernstein analysts.The collapse of WeWork’s attempted IPO is not only a warning sign for technology startups with inflated valuations -- funded by investors pouring money into unprofitable companies in search of the next Amazon or Netflix -- but, strangely, augers ill for many new companies in the auto industry.They too have have benefited from venture capital money that swarmed into ride-hailing, autonomous driving and electric-vehicle technologies, a team of Bernstein analysts including Max Warburton and Robin Zhu wrote in a note to clients.“It’s hard to think of an industry that’s been the target of as much venture capital spending as automotive,” the analysts wrote, noting that WeWork backer SoftBank has been the single biggest investor in “disruptive” automotive-related technology. The Japanese firm has big holdings in Uber, Ola, Grab, GM Cruise and other autonomous startups, which have all attracted billions more from other investors. “The investment going into these firms has created huge concern and crushed the valuations” of traditional carmakers, the analysts said.The Bernstein analysts said many ride-hailing, mobility & autonomous-driving startups don’t look to have a viable, profit-generating model -- which could be an obstacle when they want to go public. “If their backers can’t exit, then at some point the supply of cheap capital will dry up,” the analysts said.Many electric-vehicle startups have run into challenges recently, with NIO close to failure, Byton possibly being absorbed into FAW and Dyson canceling its electric car project, the analysts said. Faraday and Lucid may never even get started. “Most of these startups will likely fold,” they said, adding that only Rivian, which is backed by Amazon, may prove an exception.“The truth is barriers to entry in autos remain high. Making cars is hard,” the analysts said, adding that the move to electric cars will be expensive and will probably be led by traditional auto companies, with far less disruption than feared.To contact the reporter on this story: Esha Dey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Brad Olesen at email@example.com, Scott Schnipper, Jim SilverFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.