Tag

Labor Deals

All articles tagged with #labor deals

business2 years ago•4 min saved

GM's Labor Deals Result in $9.3 Billion Hit, but Stock Buyback and Dividend Boost Offer Hope

General Motors (GM) expects labor deals reached after a lengthy strike to cost the company $9.3 billion, but has announced plans for a $10 billion stock buyback and a 33% dividend increase. The automaker also lowered its 2023 profit outlook and plans to cut spending at its self-driving vehicle unit, Cruise. GM's stock price rose 9.8% following the announcement. The company aims to rebuild trust with regulators and improve its electric vehicle production and profit margins in the coming years.

via Reuters|

#business #cruise-self-driving-cars #dividend-increase

business2 years ago•3 min saved

Rising Costs Threaten Profits for Airlines and Corporations

More companies, particularly airlines, are warning that higher costs, including fuel prices and employee pay hikes, will impact their profits this quarter. Delta Air Lines and American Airlines have both revised their earnings forecasts downwards due to increased fuel costs and new labor deals. Labor unions across various industries, from auto to entertainment, are pushing for better compensation. The surge in fuel prices and labor expenses is particularly challenging for airlines, which rely heavily on jet fuel and labor. The rising costs are putting pressure on companies' profitability, with some airlines experiencing lower sales and forecasting deeper losses for the quarter.

via CNBC|

#airlines #business #fuel-prices

labor-relations2 years ago•2 min saved

Impending UAW Strike Threatens Detroit Automakers

The United Auto Workers (UAW) union has warned that it will strike against Detroit automakers, including General Motors, Ford Motor, and Stellantis, if labor deals are not reached by the Thursday deadline. UAW President Shawn Fain stated that all three automakers are likely to be struck unless agreements are reached. The union is seeking double-digit wage increases and other demands, including a reduced workweek and traditional pensions. Ford CEO Jim Farley expressed optimism about reaching an agreement but emphasized the company's limits in terms of offers.

via CNBC|

#detroit-automakers #labor-deals #labor-relations

politics2 years ago•5 min saved

NYC Mayor Eric Adams faces budget challenges and seeks state assistance.

NYC's budget will reach a record-breaking $106.7 billion in 2024 due to the surging migrant crisis, inflation, and new labor deals. The increase in spending will be offset by $1 billion in state grants and higher-than-expected tax receipts. However, the financial burden of sheltering migrants looms large, with the city's new three-year cost estimate projected to be $5.3 billion by 2025. The biggest financial challenge is how to pay for new labor contracts due to the city government's nearly 328,000 person-strong workforce, most of whom are working without contracts.

via New York Post |

#budget #labor-deals #migrant-crisis