Progress reported in contract talks between GM, union – Daily News

on Sep17
by | Comments Off on Progress reported in contract talks between GM, union – Daily News |

Contract talks between the United Auto Workers and General Motors showed some signs of progress Tuesday as a strike by more than 49,000 employees extended into a second day.

The walkout brought to a standstill more than 50 factories and parts warehouses in the union’s first strike against the No. 1 U.S. automaker in over a decade. Workers left factories and formed picket lines shortly after midnight Monday in the dispute over a new four-year contract.

“They are talking, they’ve made progress, we’ll see how long it takes,” said Brian Rothenberg, spokesman for the UAW.

One of the main sticking points is health care. GM is looking to cut its costs, but workers say they shouldn’t have to pay more because the company is making billions in profits. Union workers pay about 4% of their health care costs, but employees of large companies in the U.S. pay an average of 34%, according to the Kaiser Family Foundation.

Tina Black, who finishes up 10-speed automatic transmissions at a GM engine and transmission factory in the Detroit suburb of Romulus, said health insurance is the most important issue to her, and she doesn’t want GM to change anything.

The factory workers, she said, work 10-12 hours doing the same repetitive tasks, which can cause injuries.

Stock indexes edge up as oil gives up half of its spurt

U.S. stock indexes ticked closer to record heights on Tuesday, but the modest moves belied plenty of churning underneath.

The S&P 500 rose 7.74 points, or 0.3%, to 3,005.70. It’s back to within 0.7% of its record set in late July. The Dow Jones Industrial Average rose 33.98, or 0.1%, to 27,110.80, and the Nasdaq composite gained 32.47, or 0.4%, to 8,186.02.

Benchmark U.S. crude slumped $3.56 to $59.34 per barrel Tuesday, giving up close to half of its surge from a day earlier. Saudi Arabia’s energy minister said that half of the production cut by the attack has already been restored. Brent crude, the international standard, fell $4.47 to $64.55.

Investors largely expect the Fed to cut short-term interest rates by another quarter of a percentage point Wednesday. The central bank cut rates in late July for the first time in more than a decade as it tries to shield the U.S. from the pain of a slowing global economy and the effects of the trade war with China.

The yield on the 10-year Treasury fell to 1.80% from 1.84% late Monday. The two-year yield, which is more heavily influenced by changes in Fed policy, fell to 1.72% from 1.75%.

Facebook to name oversight members by year-end

Facebook said Tuesday it expects to name the first members of a new quasi-independent oversight board by year-end.

The oversight panel is intended to rule on thorny content issues, such as when Facebook or Instagram posts constitute hate speech. It will be empowered to make binding rulings on whether posts or ads violate the company’s standards. Any other findings it makes will be considered “guidance” by Facebook.

CEO Mark Zuckerberg announced plans to establish the board last November after Facebook came under intense scrutiny for failures to protect user privacy and for its inability to quickly and effectively remove disinformation, hate speech and malign influence campaigns on its platform.

Previous postCentenarians Celebrate 100-Year-Old Birthdays Next postMicrosoft, Apple may soon lead Wall Street to new heights

Los Angeles Financial times

Copyright © 2022 Los Angeles Financial times

Updates via RSS
or Email