Economy

GM CEO Barra joins bargaining talks in bid to end UAW strike

GM CEO Barra joins bargaining talks in bid to end UAW strike”

General Motors CEO Mary Barra joined negotiators at the bargaining table, an indication that a deal may be near to end a monthlong strike by the United Auto Workers union that has paralyzed the company's factories.

CEO Mary Barra and GM President Mark Reuss joined the talks this morning with UAW President Gary Jones and Vice President Terry Dittes.

A union demand that all vehicles sold in the U.S.be built here apparently has been resolved, but terms are unknown.

On July 16, contract talks to negotiate a new four-year collective bargaining agreement began between GM and the UAW. That figure is unchanged in the final agreement, a person briefed on the matter said. If they approve it, then this group would also decide if workers would put down picket signs and go back to work. The UAW made a counter offer to GM on Friday. The UAW has been out on strike since September 16.

GM shares reversed declines and rose as much as 2.3 per cent to US$36.31 on Tuesday. A deal will likely be announced on Wednesday.

General Motors Co has missed out on about US$2 billion of earnings as a result of the United Auto Workers walkout, which will cost striking workers about US$2,000 of profit sharing, analysts at Bank of America Merrill Lynch estimated.

The strike has also seen production at two plants in Mexico halted.

The longest nationwide strike against a Detroit automaker since 1970 became a political event. The strike immediately silenced about 30 GM factories in the US and has brought down two plants in Mexico and one in Canada.

If there's an agreement, the strike would not end immediately. Other issues on the table included the fate of plants GM has indicated it may close, and the use of temporary workers.

Also, a ratification signing bonus that has been increased from $8,000 to $9,000 for each worker. How long they were involved isn't clear, but what is certain is that two sides are making progress toward a new four-year contract. A group affiliated with electric truck maker Workhorse Group had proposed acquiring the Lordstown plant.

Also at issue are the union's drive for sweeter retirement benefits.

The meeting will be held in the Detroit building where GM is based, Reuters reported on Monday.

Negotiations between the United Automobile Workers union and General Motors continue. The UAW previously agreed to temporary contract extensions with both automakers while it focused on GM.

This year's talks have been overshadowed by a widening federal investigation into corruption at the union. The two sides are allegedly close to deal.

Union leaders said the rewards of GM's recovery from its 2009 bankruptcy had not been shared fairly. The stock is down about 6 percent since the strike began.

After initially trying to cut health care costs, GM has agreed to keep benefits and payments the same as they are now.



Like this

loading...
loading...

Latest


17 October 2019
Health departments offer flu season reminders
Our newsletter delivers the local news that you can trust. "Also I have asthma, so I have to make sure I don't get the flu". People also should avoid congregating in public settings when they are ill to minimize the risk of infecting others.

17 October 2019
Jonah Hill is no longer a part of The Batman cast
He was reported to be in talks to star as either the Penguin or the Riddler in The Batman movie. Looks like Jonah Hill is no longer joining Gotham's rogues gallery.

17 October 2019
McDavid, Draisaitl help unbeaten Oilers defeat Rangers 4-1
The Blackhawks are led on offense by Patrick Kane , who has one goal and three assists in the first three games. The Oilers have the potential to extend this record as they face the Chicago Blackhawks on Monday.

17 October 2019
Isolated At Anti-Terror FATF Meet, Pak Close To "Dark Grey" List
However, it must be mentioned that all eyes will be on Beijing's role at the FATF plenary meeting. The report narrates actions against dysfunctional organisations and prosecution.

17 October 2019
Preorder Pixel 4 from Amazon, Get a Free $100 Gift Card
In fact, we feel confident saying that the Pixel 4 and Pixel 4 XL are the most leaked phones since phone leaks became a thing. One of the most noticeable differences (aside from ditching the ugly top notch) is the rear camera setup.

17 October 2019
Brexit talks go down to the wire ahead of EU summit
Juncker said he would recommend the 27 European Union nations to endorse the deal during their summit later Thursday. Brexit negotiations have been here before - seemingly closing in on a deal that is dashed at the last moment.

17 October 2019
Realme X2 Pro Lands with 64MP Quad-camera Setup
Let's not waste any more time and have a look at the specifications, pricing , and availability of the Realme X2 Pro . The Realme X2 Pro has been first launched in China and slated to see the daylight in Europe later today as well.

17 October 2019
Non-profit feeds UAW workers who don't have access to food
The strike immediately brought GM's US factories to a halt and, within a week, started to hamper production in Mexico and Canada. Now that GM has been nursed back to health - earning $2.42 billion in its latest quarter - they wanted a bigger share.

17 October 2019
Scotland must hold independence referendum in 2020 - SNP's Sturgeon
Before lunch, a Scotland's Future event was held to discuss the growing need for Scotland to become an independent country. She continued: "His plans would take Scotland out of the EU, out of the single market and out of the customs union".

17 October 2019
Kamille McKinney not located at Ala. apartment complex after hours-long search
The Birmingham Police Department says Kamille "Cupcake" McKinney was not found during a Wednesday search of an apartment building. She was believed to be in extreme danger after she was possibly abducted by a man and woman, according to the Amber Alert .