Global News

[ad_1] A United Auto Workers member on a picket line outside the Ford Motor Co. Michigan Assembly plant in Wayne, Michigan, on Sept. 15, 2023. Bloomberg | Bloomberg | Getty Images The Biden administration is no longer sending two key officials to Detroit this week to potentially help broker a deal between striking autoworkers and the Big Three car companies, a White House official told NBC News. President Joe Biden last week said he would dispatch White House senior advisor Gene Sperling and acting Labor Secretary Julie Su to support discussions between the companies and the United Auto Workers union. But the White House and the UAW mutually agreed it would be better to speak virtually via Zoom, the official said Tuesday. Sperling and Su could still go to Detroit next week but there are no firm plans for them to do so, the official added. "We'll continue to assess travel timing based on the active state of negotiations," the White House official said. Biden large...

[ad_1] Gap will lay off about 1,800 employees, more than three times as many as the 500 layoffs it announced in September , as part of a broad effort to cut costs and streamline operations, the company said Thursday.  The layoffs will affect roles at Gap's headquarters locations along with upper field positions, or workers such as regional store leaders who hold leadership titles outside of a headquarters office, the company said. CNBC reported Tuesday that the company would lay off more than 500 employees. The job cuts come as the apparel retailer struggles to return to profitability while sales sag. The layoffs are expected to result in annualized savings of $300 million, Gap's interim CEO, Bob Martin, said in a statement. Gap expects to see half of those savings in 2023, and expects to complete the layoffs by the end of July, according to a securities filing. "We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our ...

[ad_1] Lana Payne celebrates on stage as Unifor, Canada's largest private-sector union, announce Payne as their new president to replace outgoing leader Jerry Dias in Toronto, Ontario, Canada, Aug. 10, 2022. Cole Burston | Reuters DETROIT — Canadian union Unifor and Stellantis have reached a tentative agreement early Monday morning, ending a brief strike that began after a deal wasn't reached by 11:59 p.m. Sunday. The Canadian work stoppage involved more than 8,200 autoworkers at several facilities in the Canadian province of Ontario, including two large assembly plants that produce the Chrysler 300 sedan and Pacifica minivan and the Dodge Challenger and Charger muscle cars. The strike and tentative deal, which must still be ratified by union members, occurred two days after Stellantis reached a tentative deal for about 43,000 U.S. autoworkers with the United Auto Workers union after roughly six weeks of targeted strikes that began Sept. 15. Details of the tentative ag...

[ad_1] Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. Bill Pugliano | Getty Images News | Getty Images DETROIT – U.S. lawmakers are seeking to review a licensing deal between Ford Motor and China-based CATL that would allow the automaker to produce battery cells developed by the global supplier at a planned $3.5 billion plant in Michigan. In a letter Thursday addressed to Ford CEO Jim Farley, chairs of the House Select Committee on the Chinese Communist Party (CCP) and the House Ways and Means Committee demanded the automaker provide a copy of the licensing agreement and any communication about the deal between the two companies as well as between Ford and the Biden administration regarding any potential tax credits. The ...

[ad_1] People hold placards, as a coalition of Kaiser Permanente Unions representing 75,000 healthcare workers at Kaiser Permanente start a three day strike across the United States over a new contract, in San Diego, California, U.S. October 4, 2023.  Mike Blake | Reuters More than 75,000 workers at Kaiser Permanente — the nation's largest health-care nonprofit organization — went on strike Wednesday at hospitals and medical offices in five states after the company and labor negotiators failed to resolve a dispute over staffing levels. The Coalition of Kaiser Permanente Unions says the work stoppage is the largest strike of health-care workers in U.S. history. The strike targets Kaiser hospitals and medical offices in California, Colorado, Oregon, Virginia, the District of Columbia and Washington. Kaiser Permanente serves nearly 13 million patients and operates 39 hospitals and more than 600 medical offices across eight states and the District of Columbia. The striking wo...

[ad_1] A whopping 150 million jobs will shift to workers over the age of 55 by 2030, according to a new global study from Bain & Company .   In the Group of Seven countries , Bain predicts, older and experienced workers will make up more than quarter of the workforce by 2031. "That's a massive shift," Andrew Schwedel, partner at Bain & Company, told CNBC's " Squawk Box Asia " on Tuesday. "Japan is already at the vanguard of this with almost 40% of the workforce over age 55. Europe and the U.S. are not far behind, [with] anywhere from 25 to 30%."  But an aging workforce isn't unique to developed markets — China's elderly population (65 and older), for example, will double by 2050, according to the study.  "Fewer young people are entering the workforce, due partly to lower fertility rates, partly to longer education," Bain added.  "According to OECD data, a long-term trend toward earlier retirement is slowly going ...

[ad_1] As the summer hiring market heats up, small and seasonal businesses may find they're missing a key demographic to fill roles – teen workers. Outplacement firm Challenger Gray projected teens will gain 1.1 million jobs in 2023, down slightly from last year's numbers and the lowest forecast since 2011. The group said this spring that teens are once again working at pre-pandemic levels, but cautioned many teens who are willing to take on jobs are likely already in the workforce. The unemployment rate for teens aged 16 to 19 crept up slightly in June to 11% from the previous month, according to Friday's June jobs report from the Bureau of Labor Statistics. Meanwhile the labor participation rate fell year on year, to 36.3% from 42.9% in June 2022. That could mean fewer available workers for businesses like Grotto Pizza that rely heavily on teens, according to hiring manager Glenn Byrum. Across Grotto's 20 locations in Delaware and Maryland, teens make up a litt...

[ad_1] Almost all Federal Reserve officials at their June meeting indicated further policy tightening is likely, if at a slower pace than the rapid-fire rate increases that had characterized monetary policy since early 2022, according to minutes released Wednesday. Policymakers decided against a rate increase amid concerns over economic growth, even though most members think further hikes are on the way. Citing the lagged impact of policy and other concerns, they saw room to skip the June meeting after enacting 10 straight rate increases. Officials felt that "leaving the target range unchanged at this meeting would allow them more time to assess the economy's progress toward the Committee's goals of maximum employment and price stability." Federal Open Market Committee members voiced hesitance over a multitude of factors. They said that a brief pause would give the committee time to assess the impacts of the hikes, which have totaled 5 percentage points, the mos...

[ad_1] An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX airplane parked in storage at King County International Airport-Boeing Field in Seattle, Washington, June 1, 2022. Lindsey Wasson | Reuters Workers at Boeing aircraft parts supplier Spirit Aerosystems approved a new labor deal on Thursday, setting the stage to resume production at a Wichita, Kansas, facility after a work stoppage last week. Spirit Aerosystems, which supplies fuselages for Boeing's best-selling 737 Max aircraft as well as other parts for Boeing and other manufacturers, halted production last Thursday after workers voted against a new proposed contract and in favor of a strike. "We continue to monitor the situation as we assess any potential impacts to production and deliveries," Stan Deal, CEO of Boeing's commercial airplane unit, said in a note to staff. The company and the workers' union, the International Association of Machinists and Aerospace Workers, had r...