United States - Thomson 158 Reuters https://thomson158reuters.servehalflife.com Latest News Updates Sun, 22 Sep 2024 08:54:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Four killed, dozens injured in Alabama mass shooting https://thomson158reuters.servehalflife.com/four-killed-dozens-injured-in-alabama-mass-shooting/ https://thomson158reuters.servehalflife.com/four-killed-dozens-injured-in-alabama-mass-shooting/#respond Sun, 22 Sep 2024 08:54:20 +0000 https://thomson158reuters.servehalflife.com/four-killed-dozens-injured-in-alabama-mass-shooting/ WASHINGTON: A mass shooting involving several assailants has left at least four people dead and dozens wounded in the US state of Alabama, police said on Saturday (Sep 21). “We believe that multiple shooters fired multiple shots on a group of people” in the Five Points South district of Birmingham just after 11pm, police officer Truman […]

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WASHINGTON: A mass shooting involving several assailants has left at least four people dead and dozens wounded in the US state of Alabama, police said on Saturday (Sep 21).

“We believe that multiple shooters fired multiple shots on a group of people” in the Five Points South district of Birmingham just after 11pm, police officer Truman Fitzgerald told local media.

Officers found two adult males and one adult female who was unresponsive on the sidewalk suffering from a gunshot wound, Fitzgerald said. All three were pronounced dead at the scene.

A fourth victim died at a local hospital, he added.

Dozens of people were wounded in the shooting with at least four sustaining life-threatening injuries, Fitzgerald said.

The others had “various injuries”, he added.

Police have not got anyone in custody over the shooting, Fitzman said, urging the public to provide any information that could help the investigation.

Several agencies are involved in the investigation, including the Federal Bureau of Investigation and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Fire rescue services were on the scene Saturday night and had cordoned off the area.

This year, there have been at least 403 mass shootings – defined as a shooting involving at least four victims, dead or wounded – across the United States, according to the Gun Violence Archive.

At least 12,416 people have been killed in firearms violence this year in the United States, according to the GVA.

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Why men are leaving the workforce https://thomson158reuters.servehalflife.com/why-men-are-leaving-the-workforce/ https://thomson158reuters.servehalflife.com/why-men-are-leaving-the-workforce/#respond Sat, 21 Sep 2024 10:00:01 +0000 https://thomson158reuters.servehalflife.com/why-men-are-leaving-the-workforce/ ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Men have been steadily dropping out of the workforce — especially men ages 25 to 54, who are considered to be in their prime working years. About 10.5% of men in their prime working years, or roughly 6.8 million men nationwide, are […]

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Men have been steadily dropping out of the workforce — especially men ages 25 to 54, who are considered to be in their prime working years. About 10.5% of men in their prime working years, or roughly 6.8 million men nationwide, are neither working nor looking for employment, compared with just 2.5% in 1954. So what exactly is driving men out of the workforce?

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The Restrained US Weapon Supply to Taiwan: A Troubling Signal Amid Escalating Tensions https://thomson158reuters.servehalflife.com/the-restrained-us-weapon-supply-to-taiwan-a-troubling-signal-amid-escalating-tensions/ https://thomson158reuters.servehalflife.com/the-restrained-us-weapon-supply-to-taiwan-a-troubling-signal-amid-escalating-tensions/#respond Fri, 20 Sep 2024 18:19:00 +0000 https://thomson158reuters.servehalflife.com/the-restrained-us-weapon-supply-to-taiwan-a-troubling-signal-amid-escalating-tensions/ The China-U.S. tensions over Taiwan are not new, but recent events have cast a harsher light on the fragility of the situation. Despite attempts at dialogue, like National Security Adviser Jake Sullivan’s visit to Beijing in late August, the Chinese government’s reaction to U.S. arms sales to Taiwan has been swift and severe.  On September […]

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FTC sues drug middlemen for allegedly inflating insulin prices https://thomson158reuters.servehalflife.com/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices/ https://thomson158reuters.servehalflife.com/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices/#respond Fri, 20 Sep 2024 17:21:00 +0000 https://thomson158reuters.servehalflife.com/ftc-sues-drug-middlemen-for-allegedly-inflating-insulin-prices/ The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while “artificially” inflating costs for patients.  The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts. All are […]

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The Federal Trade Commission on Friday sued three large U.S. health companies that negotiate insulin prices, arguing the drug middlemen use practices that boost their profits while “artificially” inflating costs for patients. 

The suit targets the three biggest so-called pharmacy benefit managers, UnitedHealth Group’s Optum Rx, CVS Health’s Caremark and Cigna’s Express Scripts. All are owned by or connected to health insurers and collectively administer about 80% of the nation’s prescriptions, according to the FTC. 

The FTC’s lawsuit also includes each PBM’s affiliated group purchasing organization, which brokers drug purchases for hospitals and other health-care providers. The agency said it could recommend suing drugmakers Eli Lilly, Sanofi and Novo Nordisk in the future as well over their role in driving up list prices for their insulin products.

A UnitedHealth spokesperson said the suit “demonstrates a profound misunderstanding of how drug pricing works, noting that Optum RX has “aggressively and successfully” negotiated with drug manufacturers.

A CVS spokesperson said Caremark is “proud of the work” it has done to make insulin more affordable for Americans, adding that “to suggest anything else, as the FTC did today, is simply wrong.”

And, a spokesperson for Express Scripts said the suit “continues a troubling pattern from the FTC of unsubstantiated and ideologically-driven attacks” on PBMs. It comes three days after Express Scripts sued the FTC, demanding that the agency retract its allegedly “defamatory” July report that claimed that the PBM industry is hiking drug prices.

PBMs sit at the center of the drug supply chain in the U.S. They negotiate rebates with drug manufacturers on behalf of insurers, large employers and federal health plans. They also create lists of medications, or formularies, that are covered by insurance and reimburse pharmacies for prescriptions. The FTC has been investigating PBMs since 2022. 

The agency’s suit argues that the three PBMs have created a “perverse” drug rebate system that prioritizes high rebates from drugmakers, which leads to “artificially inflated insulin list prices.” It also alleges that PBMs favor those high-list-price insulins even when more affordable insulins with lower list prices become available. 

The FTC is filing its complaint through its so-called administrative process, which initiates a proceeding before an administrative judge who would hear the case.

“Millions of Americans with diabetes need insulin to survive, yet for many of these vulnerable patients, their insulin drug costs have skyrocketed over the past decade thanks in part to powerful PBMs and their greed,” Rahul Rao, deputy director of the FTC’s Bureau of Competition, said in a statement. 

“The FTC’s administrative action seeks to put an end to the Big Three PBMs’ exploitative conduct and marks an important step in fixing a broken system—a fix that could ripple beyond the insulin market and restore healthy competition to drive down drug prices for consumers,” Rao continued. 

Roughly eight million Americans with diabetes rely on insulin to survive, and many have been forced to ration the treatment due to high prices, according to the FTC.

President Joe Biden’s signature Inflation Reduction Act has capped insulin prices for Medicare beneficiaries at $35 per month. That policy currently does not extend to patients with private insurance.

The Biden administration and Congress have ramped up pressure on PBMs, seeking to increase transparency into their operations as many Americans struggle to afford prescription drugs. On average, Americans pay two to three times more than patients in other developed nations for prescription drugs, according to a fact sheet from the White House.

The FTC said it remains “deeply troubled” by the role insulin manufacturers play in higher list prices, arguing that they inflate prices in response to PBMs’ demands for higher rebates. Eli Lilly, Sanofi and Novo Nordisk control roughly 90% of the U.S. insulin market.

For example, Eli Lilly’s Humalog insulin had a list price of $274 in 2017, a more than 1,200% increase from its $21 list price in 1999, according to the FTC.

The FTC said all drugmakers should “be on notice that their participation in the type of conduct challenged here raises series concerns.”

An Eli Lilly spokesperson said the FTC’s suit concerns “aspects of the U.S. health care system that we have long been advocating to reform.” They added that the company last year became the first to cap out-of-pocket costs for all of its insulins at $35 per month for people with private insurance. Eli Lilly also cut some insulin list prices by up to 70%.

Sanofi last year announced a similar $35 monthly price cap for its most commonly prescribed insulin. Novo Nordisk last year also said it would slash the list prices of some of its popular insulins by up to 75%.

Sanofi and Novo Nordisk did not immediately respond to requests for comment.

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China’s Alibaba launches over 100 new open-source AI models, releases text-to-video generation tool https://thomson158reuters.servehalflife.com/chinas-alibaba-launches-over-100-new-open-source-ai-models-releases-text-to-video-generation-tool/ https://thomson158reuters.servehalflife.com/chinas-alibaba-launches-over-100-new-open-source-ai-models-releases-text-to-video-generation-tool/#respond Fri, 20 Sep 2024 15:04:00 +0000 https://thomson158reuters.servehalflife.com/chinas-alibaba-launches-over-100-new-open-source-ai-models-releases-text-to-video-generation-tool/ The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024.  CFOTO | Future Publishing | Getty Images Alibaba on Thursday released more than 100 open-source artificial intelligence models and boosted the capabilities of its proprietary technology as it looks to ramp up competition with rivals. The newly-released models, known as Qwen […]

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The Alibaba office building is seen in Nanjing, Jiangsu province, China, Aug 28, 2024. 

CFOTO | Future Publishing | Getty Images

Alibaba on Thursday released more than 100 open-source artificial intelligence models and boosted the capabilities of its proprietary technology as it looks to ramp up competition with rivals.

The newly-released models, known as Qwen 2.5, are designed for use in applications and sectors ranging from automobiles to gaming and science research, Alibaba said. They have more advanced capabilities in math and coding, it added.

The Hangzhou-headquartered firm is looking to increase competition with domestic rivals such as Baidu and Huawei, as well as U.S. titans like Microsoft and OpenAI.

AI models are trained on huge amounts of data. Alibaba says its models have the ability to understand prompts and generate texts and images.

Open-source means that anyone — including researchers, academics and companies — around the world can use the models to create their own generative AI apps without needing to train their own systems, saving time and expense. By open sourcing the models, Alibaba hopes more users will use its AI.

The Chinese e-commerce giant first launched its Tongyi Qianwen, or Qwen, model last year. Since then, it has released improved versions and says that, to date, its open source models have been downloaded 40 million times.

The company also said that it upgraded its proprietary flagship model called Qwen-Max, which is not open-source. Instead, Alibaba sells its capabilities through its cloud computing products to businesses. Alibaba said that Qwen Max 2.5-Max surpassed rivals such as Meta‘s Llama and OpenAI’s GPT4 in several areas including reasoning and language comprehension.

Alibaba also launched a new text-to-video tool based on its AI models. This allows users to input a prompt and the AI will create a video based on it. This is similar to OpenAI’s Sora.

“Alibaba Cloud is investing, with unprecedented intensity, in the research and development of AI technology and the building of its global infrastructure,” Eddie Wu, CEO of Alibaba, said in a statement.

Behind China's push to find a domestic alternative to Nvidia

Wu, who took over the role of CEO at Alibaba last year amid a historic reshuffle, has been trying to reinvigorate growth at the tech giant, as it faces headwinds including rising competition and a sluggish Chinese consumer.

Alibaba is one of the biggest cloud computing players in China, but internationally, it trails the likes of Amazon and Microsoft. The company is hoping that its latest AI offerings may tempt customers inside and outside of China to sign up to its cloud services, boosting a division which has been sluggish but showed early sign of an acceleration in the June quarter.

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Russian Soldiers Charged With Killing U.S. Man Who Fought for Moscow in Eastern Ukraine – The Moscow Times https://thomson158reuters.servehalflife.com/russian-soldiers-charged-with-killing-u-s-man-who-fought-for-moscow-in-eastern-ukraine-the-moscow-times/ https://thomson158reuters.servehalflife.com/russian-soldiers-charged-with-killing-u-s-man-who-fought-for-moscow-in-eastern-ukraine-the-moscow-times/#respond Fri, 20 Sep 2024 10:32:58 +0000 https://thomson158reuters.servehalflife.com/russian-soldiers-charged-with-killing-u-s-man-who-fought-for-moscow-in-eastern-ukraine-the-moscow-times/ Four Russian soldiers have been arrested and charged with torturing and murdering Russell Bentley, a U.S. citizen who had fought alongside pro-Kremlin rebels in eastern Ukraine, Russian investigators said Friday. Bentley, a 64-year-old self-described communist from Dallas, Texas, joined pro-Russia separatists in 2014 to fight against Ukrainian forces. He went missing in the Russian-occupied city […]

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Four Russian soldiers have been arrested and charged with torturing and murdering Russell Bentley, a U.S. citizen who had fought alongside pro-Kremlin rebels in eastern Ukraine, Russian investigators said Friday.

Bentley, a 64-year-old self-described communist from Dallas, Texas, joined pro-Russia separatists in 2014 to fight against Ukrainian forces. He went missing in the Russian-occupied city of Donetsk in April and was later found dead.

Russia’s Investigative Committee, which probes major crimes, identified the suspects as Russian Armed Forces servicemen Vitaly Vansyatsky, Vladislav Agaltsev, Vladimir Bazhin and Andrei Iordanov.

According to investigators, three of the men tortured Bentley on April 8, leading to his death. Vansyatsky and Agaltsev then allegedly blew up a car with Bentley’s body inside and ordered Bazhin to conceal the remains.

The men face charges including abuse of power resulting in death, as well as desecration and concealment of a body.

The motive behind Bentley’s murder has not been disclosed, but his allies have speculated that he may have been mistaken for a spy. Bentley’s wife, Lyudmila, previously claimed that Russian soldiers from a tank battalion abducted him.

Bentley, nicknamed “Texas” by his fellow servicemen, fought for the Donetsk-based Vostok battalion between 2014 and 2017 and became a Russian citizen in 2021.

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Why EU tariffs are unlikely to dent Chinese EV makers’ European expansion https://thomson158reuters.servehalflife.com/why-eu-tariffs-are-unlikely-to-dent-chinese-ev-makers-european-expansion/ https://thomson158reuters.servehalflife.com/why-eu-tariffs-are-unlikely-to-dent-chinese-ev-makers-european-expansion/#respond Fri, 20 Sep 2024 09:48:43 +0000 https://thomson158reuters.servehalflife.com/why-eu-tariffs-are-unlikely-to-dent-chinese-ev-makers-european-expansion/ People look at a BYD Dolphin electric subcompact during the 2023 Shenyang International Auto Show on May 3, 2023 in Shenyang, Liaoning Province of China. Vcg | Visual China Group | Getty Images Chinese electric vehicles will remain competitive in Europe despite the EU’s additional tariffs on autos made in the country, particularly after they […]

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People look at a BYD Dolphin electric subcompact during the 2023 Shenyang International Auto Show on May 3, 2023 in Shenyang, Liaoning Province of China.

Vcg | Visual China Group | Getty Images

Chinese electric vehicles will remain competitive in Europe despite the EU’s additional tariffs on autos made in the country, particularly after they were revised lower last month.

In the latest tariff revisions at end August, BYD, China’s behemoth automaker, saw tariffs cut to 17% from 17.4%, Geely to 19.3% from 19.9%, and SAIC saw a reduction to 36.3% from 37.6%.

To make the European market unattractive for Chinese EV exporters, tariffs have to be as high as 50%, according to research group Rhodium. It said that number might need to be even higher for vertically integrated manufacturers such as BYD.

The current tariffs will not be a significant deterrent to China’s EV-makers, said Joseph McCabe, president and CEO of global auto research company AutoForecast Solutions. “Tariffs on Chinese-made EVs will create a hurdle, but not a barrier to entry,” he added.

Spillover risk of excess EV batteries out of China is 'reducing,' Goldman Sachs says

He pointed out that the EU’s tariffs were not as severe as those announced by North America because European and Chinese original equipment manufacturers are heavily interconnected. The U.S. announced a 100% tariff on Chinese EVs in May this year. Canada followed suit last month.

“It is a delicate balance to promote domestic European production without severely impacting their Chinese operations,” McCabe said.

Chinese EV makers are coming up with newer, cheaper offerings even as the EU strives to curtail imports via tariffs.

An employee does final inspections on a Mercedes-Benz C-Class at the Mercedes-Benz US International factory in Vance, Alabama.

Europe automaker shares slump after Mercedes becomes latest to cut 2024 guidance

At a conference in May this year, Chinese behemoth BYD announced its Dolphin model to the European market at less than $21,550. The model is a rebrand of the Chinese Seagull model.

In comparison, Western EV-maker Tesla’s Model 3, the brand’s cheapest offering, is being sold for $44,480 in the United Kingdom. Electric vehicles made by Tesla in China also face a 9% tariff on imports to the EU.

Even with the 17% levy, BYD’s Dolphin model will still be about $23,270 cheaper than the China-imported Tesla Model 3.

To better compete with fierce Chinese rivals, German brand Volkswagen has announced plans to develop a low-cost electric vehicle for the European market at a comparable price of around $21,476 by 2027.

“Now, profitability takes a back seat to market share. The investment community rewards new, innovative EV players on the promise what they could be rather than short-term financial performance that legacy manufacturers are measured,” said McCabe.

“If they really have to kill the EV industry in China, they have to put in 300% of tariffs … which, you know, doesn’t make sense from my perspective,” William Ma, CIO of GROW Investment Group told CNBC’s “Street Signs Asia” on Tuesday.

If the Chinese original equipment manufacturing sector is affected, the risk of retaliatory tariff measures from China against Europe is high, McCabe warned.

EU tariff talks started in June as a response to “unfair subsidies” to Chinese EV makers, which pose “a threat of economic injury” to European EV counterparts.

“This geopolitical or sanction will not go away easily for the next year or two,” Ma said.

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U.S. crude oil rises more than 1% after Fed cuts rates, Israel-Hezbollah tensions escalate https://thomson158reuters.servehalflife.com/u-s-crude-oil-rises-more-than-1-after-fed-cuts-rates-israel-hezbollah-tensions-escalate/ https://thomson158reuters.servehalflife.com/u-s-crude-oil-rises-more-than-1-after-fed-cuts-rates-israel-hezbollah-tensions-escalate/#respond Thu, 19 Sep 2024 19:02:51 +0000 https://thomson158reuters.servehalflife.com/u-s-crude-oil-rises-more-than-1-after-fed-cuts-rates-israel-hezbollah-tensions-escalate/ U.S. crude oil rose more than 1% on Thursday, one day after the Federal Reserve slashed interest rates for the first time in more than four years and as tensions in the Middle East continued to escalate. The Fed surprised the market on Wednesday with a bigger-than-expected cut of a half percentage point. Oil prices, […]

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Baker Hughes CEO on opportunities in AI, new power demand

U.S. crude oil rose more than 1% on Thursday, one day after the Federal Reserve slashed interest rates for the first time in more than four years and as tensions in the Middle East continued to escalate.

The Fed surprised the market on Wednesday with a bigger-than-expected cut of a half percentage point. Oil prices, however, closed slightly lower as rate reductions had largely already been priced in.

The U.S. benchmark has now clawed back its losses this year, though it is still down more than 11% in the third quarter.

Phil Flynn, senior market analyst at the Price Futures Group, said the Fed cut appears to be “shaking out some hedge fund shorts from their bearish oil obsession.”

Here are Thursday’s closing energy prices:

  • West Texas Intermediate October contract: $71.95 per barrel, up $1.04, or 1.47%. Year to date, U.S. crude oil is up less than 1%.
  • Brent November contract: $74.88 per barrel, up $1.23, or 1.67%. Year to date, the global benchmark is down nearly 3%.
  • RBOB Gasoline October contract: $2.06 per gallon, up 2.45%. Year to date, gasoline is down roughly 2%.
  • Natural Gas October contract: $2.348 per thousand cubic feet, up 2.8%. Year to date, gas is down more than 6%.

Crude futures are on the rebound again as tensions soar between Israel and the Iranian-backed militia group Hezbollah in Lebanon. Prices are also finding support after U.S. oil stockpiles fell by 1.6 million barrels last week.

Israeli warplanes and artillery carried out strikes targeting Hezbollah in southern Lebanon on Thursday. The strikes come after pagers and walkie-talkies used by the militia exploded this week, killing dozens and wounding thousands across Lebanon. U.S. officials told NBC News that Israel was behind the pager attack. Israel has not taken responsibility for the attacks.

Israeli Defense Minister Yoav Gallant said Wednesday that his country’s focus is shifting from Gaza to the northern border with Lebanon, where some 60,000 Israelis have been evacuated, as a “new phase” of the war begins.

Oil market analysts have warned for months that an all-out war between Israel and Hezbollah, which until now have traded rocket fire, could force OPEC member Iran to directly intervene, raising the risk of disruptions to Middle East crude oil supplies.

“We continue to highlight Lebanon as the main pathway to oil disruption through direct Iranian involvement in a wider regional war,” Helima Croft, head of global commodity strategy at RBC Capital Markets, told clients in a Thursday note.

Don’t miss these energy insights from CNBC PRO:

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UAW warns of potential strikes at Ford, Stellantis a year after unprecedented work stoppages https://thomson158reuters.servehalflife.com/uaw-warns-of-potential-strikes-at-ford-stellantis-a-year-after-unprecedented-work-stoppages/ https://thomson158reuters.servehalflife.com/uaw-warns-of-potential-strikes-at-ford-stellantis-a-year-after-unprecedented-work-stoppages/#respond Thu, 19 Sep 2024 16:56:36 +0000 https://thomson158reuters.servehalflife.com/uaw-warns-of-potential-strikes-at-ford-stellantis-a-year-after-unprecedented-work-stoppages/ UAW president Shawn Fain and members and workers at the Mopar Parts Center Line, a Stellantis Parts Distribution Center in Center Line, Michigan, picket outside the facility after walking off their jobs at noon on September 22, 2023. Matthew Hatcher | AFP | Getty Images DETROIT – A year after unprecedented strikes by the United […]

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UAW president Shawn Fain and members and workers at the Mopar Parts Center Line, a Stellantis Parts Distribution Center in Center Line, Michigan, picket outside the facility after walking off their jobs at noon on September 22, 2023.

Matthew Hatcher | AFP | Getty Images

DETROIT – A year after unprecedented strikes by the United Auto Workers against the Detroit automakers, the union is once again threatening work stoppages that could disrupt the U.S. automotive industry.

The UAW on Wednesday announced a strike deadline at a Ford Motor tool and die plant that supports the automaker’s Rouge Complex near Detroit – one of two U.S. plants that produce the company’s highly profitable F-150 pickup truck.

The 11:59 p.m. Sept. 25 strike deadline came a day after UAW President Shawn Fain announced plans to hold strike authorization votes at one or more local unions covering Stellantis plants in the U.S.

Both announcements amount to warning shots against Ford and Stellantis and center on union contracts and local issues at the facilities. The union has not announced similar actions against General Motors.

UAW members are covered by national agreements, which include issues such as wages, bonuses and other benefits, as well as local contracts that are tailored to each facility.

Local contracts have historically taken months, if not years, to settle after a national agreement is reached. Sometimes they are not settled at all during the terms of the national deal.

Last year’s auto worker strikes came during historic negotiations over national contracts with all three Detroit automakers at once. The union won record wage increases — 25% over the term of the deal — and reinstatement of cost-of-living adjustments, but labor experts said it could be at the expense of jobs.

UAW President Shawn Fain speaks at DNC

The most recent strike deadline for Ford was called over local plant negotiations involving “job security, wage parity for Skilled Trades, as well as work rules,” according to the union.

A strike at a supporting facility for an assembly plant could impact vehicle assembly if the automaker cannot make contingency plans for the parts. The plant employs fewer than 500 workers.

Ford, in a statement Thursday, said negotiations with the union are ongoing: “Ford invested $15 million in the plant last year and we have been at the table problem-solving. Negotiations continue and we look forward to reaching an agreement with UAW Local 600 at Dearborn Tool & Die.”

The strike deadline takes tensions there a step further than at Stellantis, where the union has announced authorization voting. Strike authorization votes are procedural. They are votes by workers to authorize UAW leaders to call a strike, if warranted. Such votes for the national contract negotiations typically pass with more than 90% of worker approval.

The announced voting at Stellantis comes after months of mudslinging by Fain against Stellantis and its CEO, Carlos Tavares, following product cuts, layoffs and other actions that the union has deemed detrimental to union workers, including the potential to move production of vehicles such as the Dodge Durango out of the U.S.

The union on Monday filed unfair labor practice claims with the National Labor Relations Board against Stellantis, saying the automaker refused to “provide the Union with relevant information” regarding investments and products.

“The company wants you to be scared, but we are 100% within our rights and within our power to take strike action if necessary,” Fain said Tuesday night during an online broadcast.

Stellantis has contended such a strike would be illegal.

Stellantis CEO Carlos Tavares speaks to media on June 13, 2024 following the company’s investor day at its North American headquarters in Auburn Hills, Mich.

Michael Wayland / CNBC

Fain has been adamant that the union won the right to strike over the automakers’ product and investment commitments during national bargaining. However, there remains language in the contracts regarding market conditions, economics and other factors that could grant the company leniency.  

Stellantis Tuesday night after Fain’s strike authorization vote announcement criticized the union leader for his actions and comments.

“Shawn Fain continues to allege that the company has violated the contract, but to date has provided no data or information to back up his claims. Instead, he continues to willfully damage the reputation of the company with his public attacks which is helpful to no one including his members,” Stellantis said in an emailed statement.

Stellantis said a strike “does not benefit anyone – our customers, our dealers, the community and, most importantly, our employees.”

In addition to Monday’s NLRB complaint against the company, Fain said 28 Stellantis locals have filed grievances against the automaker. Those complaints cover about 98% of Stellantis’ UAW-represented workforce, according to the union.

“Once we’ve authorized a strike at a local, we meet with the company seven times and either resolve the issue or take strike action as our union sees fit,” Fain said.

As of the beginning of this year, Stellantis employed roughly 43,000 workers represented by the union.

The union this week also began contract negotiations with Volkswagen. VW workers in Chattanooga, Tennessee, overwhelmingly voted in favor of UAW representation earlier this year.

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‘Data quality’ issues exist for emerging-market credit, says fixed-income fund manager https://thomson158reuters.servehalflife.com/data-quality-issues-exist-for-emerging-market-credit-says-fixed-income-fund-manager/ https://thomson158reuters.servehalflife.com/data-quality-issues-exist-for-emerging-market-credit-says-fixed-income-fund-manager/#respond Thu, 19 Sep 2024 06:57:03 +0000 https://thomson158reuters.servehalflife.com/data-quality-issues-exist-for-emerging-market-credit-says-fixed-income-fund-manager/ ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Paul Benson of Insight Investment, BNY Investments says high-yield debt is an attractive proposition, calling it a “beautifully inefficient market”, but is cautious about emerging-market high-yield credit as a fixed-income investment. . Source link

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Paul Benson of Insight Investment, BNY Investments says high-yield debt is an attractive proposition, calling it a “beautifully inefficient market”, but is cautious about emerging-market high-yield credit as a fixed-income investment.

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