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Oct 8, 2015

Fiat Chrysler workers skeptical of new UAW deal’s impact on wages

By Nick Carey

KOKOMO, Ind. (Reuters) – Workers outside the gates of a Fiat Chrysler plant here greeted news early on Thursday of a new tentative agreement between the automaker and the United Automakers skeptically, giving an indication of the challenges the union may face in getting the deal ratified by members.

Last week, 65 percent of Fiat Chrysler unionized workers voting rejected a proposed four-year contract.

Oct 8, 2015

Fiat Chrysler, U.S. union UAW reach tentative agreement, averting strike

, Oct 8 (Reuters) – Fiat Chrysler
Automobiles NV and the United Auto Workers
said on Thursday they had reached a new tentative four-year
labor agreement that averted a threatened strike of the
automaker’s U.S. operations.

The agreement must be ratified by a vote of Fiat Chrysler’s
40,000 union workers in the United States. A previous proposed
contract was rejected by rank and file UAW workers at Fiat
Chrysler in voting late last month.

Oct 2, 2015

UAW faces tough road to salvage failed contract

DETROIT/CHICAGO (Reuters) – Mounting discontent among the United Auto Workers rank and file will complicate its leaders’ bid to recover from the defeat of a proposed labor agreement with No. 3 U.S. automaker Fiat Chrysler Automobiles NV, UAW members said Friday.

UAW President Dennis Williams and its vice president for Fiat Chrysler, Norwood Jewell, told local union leaders during a meeting in Detroit Thursday evening that negotiators would convene Friday and approach the automaker, people familiar with the discussions said. Williams and other top union leaders didn’t discuss a strike at Fiat Chrysler in the near term, they said.

Oct 2, 2015

U.S. auto union faces tough road to salvage failed contract

DETROIT/CHICAGO, Oct 2 (Reuters) – Mounting discontent among
the United Auto Workers rank and file will complicate its
leaders’ bid to recover from the defeat of a proposed labor
agreement with No. 3 U.S. automaker Fiat Chrysler Automobiles NV
, UAW members said Friday.

UAW President Dennis Williams and its vice president for
Fiat Chrysler, Norwood Jewell, told local union leaders during a
meeting in Detroit Thursday evening that negotiators would
convene Friday and approach the automaker, people familiar with
the discussions said. Williams and other top union leaders
didn’t discuss a strike at Fiat Chrysler in the near term, they
said.

Sep 29, 2015

Alcoa to split into two as aluminum glut batters legacy business

CHICAGO (Reuters) – Alcoa Inc (AA.N: Quote, Profile, Research, Stock Buzz) said Monday it will break itself in two, separating a faster growing plane and car parts business from traditional aluminum smelting operations as shareholders seek higher returns amid a commodity slump.

Pressured by a 42 percent drop in its share price this year and a surge in Chinese aluminum exports, Alcoa is joining a wave of major corporations which recently have sought to break up to add shareholder value, such as General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) and Hewlett-Packard Co (HPQ.N: Quote, Profile, Research, Stock Buzz).

Sep 28, 2015

Alcoa to split into two companies by second half of 2016

CHICAGO, Sept 28 (Reuters) – Alcoa Inc, which has been hurt
by falling prices for aluminum, its core product, said on Monday
it would split into two publicly traded entities as its
traditional operations and higher-value and automotive
businesses were diverging and no longer compatible.

In premarket trading, shares of the company were up 6.8
percent at $9.70.

A ballooning aluminum surplus has hurt Alcoa’s
traditional smelting business, causing prices to sink and
deepening the industry’s worst crisis in years.

Sep 28, 2015

Alcoa to split into two companies in first half of 2016

CHICAGO (Reuters) – Metals firm Alcoa Inc said on Monday it would split into two publicly-traded entities, acknowledging that its legacy aluminum operations and higher-value and automotive businesses were diverging and no longer compatible.

   New York-based Alcoa’s traditional smelting business has been hurt by a ballooning surplus of aluminum, which has caused prices to sink and deepened the industry’s worst crisis in years.

Sep 28, 2015

After calamitous year for coal, U.S. consumers hold key for rails

CHICAGO/NEW YORK, Sept 28 (Reuters) – Investors in U.S.
railroad stocks, who have been punished in 2015 by an
accelerating decline in high-margin coal shipments, now are
pinning their long-term hopes on a resurgence in consumer
spending.

Their bet is that a strengthening economy will produce
enough demand that railroads will be able to replace the income
lost to years of declining coal use with so-called intermodal
shipping – the movement of containers stuffed with clothing,
furniture and other consumer goods.

Sep 25, 2015

Caterpillar’s global woes ripple out through supplier base

CHICAGO, Sept 25 (Reuters) – Caterpillar Inc’s
suppliers were feeling the pain of slumping sales at the world’s
largest mining and construction equipment maker long before it
announced an extensive cost-cutting program.

J-TEC Chief Executive Officer Gary Roling said Peoria,
Illinois-based Caterpillar, his single largest customer, had
recently pushed back a big order due this month to December.

Sep 16, 2015

FedEx profit misses expectations, lowers earnings forecast

CHICAGO, Sept 16 (Reuters) – Package delivery company FedEx
Corp posted a higher quarterly profit on Wednesday, but
missed Wall Street expectations due to weak global economic
conditions and the strong U.S. dollar.

The Memphis-based company also lowered its full-year
earnings forecast, citing modest economic growth and
higher-than-expected operating costs plus self-insurance
reserves at its ground domestic U.S. package unit. It also sees
weaker demand for its less-than-truckload business, in which
operators fill trucks with smaller orders from multiple
customers as opposed to regular trucking firms that haul full
loads for single customers.

    • About Nick

      "Nick Carey is a Chicago-based, British-born journalist who has covered everything from the near-collapse of the Big Three automakers to the U.S. housing crisis. Nick is currently on general assignment, reporting on the human impact of the recession. He previously spent ten years working in central and eastern Europe."
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