Ford announced today that it is investing $1.8 billion CAD to produce “fully battery electric vehicles” in Canada.
The announcement is part of a deal between Ford and Unifor, an important general trade union in Canada, on a new national labour agreement.
The deal includes several new benefits for Ford employees in Canada:
- Competitive alternative work schedules to maximize production flexibility
- Enhanced temporary employee program
- 2.5% wage increase twice over the life of the agreement
- C$7,250 ratification bonus for full-time permanent employees and $500 for temporary employees
- Reduced grow-in period for new hires from 11 years to eight years
But they also negotiated a deal that should help bring some job security with a new deal to “transform Ford’s Oakville Assembly Complex from an internal combustion engine (ICE) site to also become a BEV manufacturing facility.”
They plan to invest $1.8 billion CAD ($1.35 billion USD) to start producing all-electric vehicles at the factory in Ontario, Canada:
“Based on the collective agreement ratified by employees today, Ford is committing to transform its Oakville Assembly Complex from an internal combustion engine (ICE) site to also become a BEV manufacturing facility, starting in 2024, as well as introducing a new engine program at its Windsor operations.”
Dean Stoneley, president and CEO of Ford of Canada, commented on the deal:
“Working collaboratively with Unifor, and as discussions continue with both the federal and provincial governments, this agreement is an important step toward building a stronger future for our employees, our customers and our communities. By introducing battery electric vehicle production at Oakville Assembly Complex, we are cementing our Canadian operations as a leader in advanced automotive manufacturing.”
The automaker didn’t confirm which electric vehicles it plans to produce in Canada.
Ford employs 3,600 people at the Oakville plant, where it produces the Ford Edge and Lincoln Nautilus.
Until recently, it was also producing the Ford Flex (2009–2019) and the Lincoln MKT (2010–2019).
In terms of electric vehicles, Ford produces the new Mustang Mach-E in Mexico and it plans to start production of the Ford F-150 Electric in Michigan in 2022.
Last month, Ford started construction on a new factory for its electric F-150 pickup truck at its current production site in Dearborn, Michigan.
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Goldman Sachs Agrees To Largest Penalty Ever Of $2.9 Billion In 1MDB Scandal – NDTV
Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday.
Acting US Assistant Attorney General Brian C. Rabbitt said Goldman “accepted responsibility” in the case that involved $1.6 billion in bribes, the largest ever recorded, and massive gains laundered through the US financial system.
Goldman Sachs helped raise $6.5 billion for the Malaysian government’s sovereign wealth fund. The US Justice Department has said more than $4.5 billion was stolen from 1MDB by high-level officials at the fund and their associates between 2009 and 2015.
The investment fund “was looted by corrupt officials and their co-conspirators, including senior Goldman bankers” turning it “into a piggy bank for corrupt public officials and their cronies,” Rabbitt said at a press briefing.
In a first for Goldman Sachs, the company’s Malaysian unit pleaded guilty in a US court Thursday for violations of American bribery law as part of a deal to end the criminal probe in the sweeping case that involved authorities in nine countries.
The guilty plea could curtail activities of Goldman Sachs Malaysia but allows the parent company to avoid admitting wrongdoing in court — which would have damaged its ability to do business.
The parent company pleaded not guilty in US court and agreed to “deferred prosecution” for three-and-a-half years, during which time the firm will face increased monitoring by regulators.
But Rabbitt stressed that despite the deal, the company has been charged in the bribery scandal, “so there has been a significant amount of criminal liability” for Goldman and “imposes meaningful consequences” in the cases.
The Justice Department has charged three individuals in the case including two former Goldman executives. Tim Leissner, the former Southeast Asia Chairman, has pleaded guilty, while Ng Chong Hwa, also known as “Roger Ng,” former head of investment banking for GS Malaysia, is awaiting trial, and Low Taek Jho remains a fugitive.
“Goldman admitted today that, in order to effectuate the scheme, Leissner, Ng, Employee 1, and others conspired with Low Taek Jho” to pay the bribes and ignored red flags, the statement said.
In another stunning turn, the company said it will demand repayment of $174 million in salary and bonuses paid to current and former executives including Chief Executive David Solomon and his predecessor Lloyd Blankfein.
These so-called clawbacks are almost unheard of in corporate cases.
Solomon said in a statement “it is abundantly clear that certain former employees broke the law, lied to our colleagues and circumvented firm controls,” adding, “we recognize that we did not adequately address red flags.”
Included in the total penalty amount, Goldman will pay a $400 fine to the SEC and repay $600 million in earnings, and pay a $154 million fine to the Federal Reserve, which also will require the company to improve its risk management and internal oversight.
The Malaysian government dropped the charges against Goldman in July after reaching a $3.9 billion settlement with the financial giant.
The firm, which posted profits of $3.5 billion in the latest quarter, had set aside more than $3.1 billion as of September 30 “for litigation and regulatory proceedings.”
Goldman shares closed US trading 1.2 percent higher after settling the uncertainty.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Moderna gets 30000 patients for final stage of vaccine trial – BNN
Moderna Inc. has completed enrollment of its 30,000 participants in its final-stage COVID-19 trial, while more than 25,000 volunteers have received their second shot.
The announcement on Thursday is another indication that vaccine trials are moving into their home stretch. Moderna has said it could get an initial readout on whether the vaccine works by late November. The drugmaker is only slightly behind Pfizer Inc., which is working with German biotech BioNTech SE and expects results from its 44,000-person trial as soon as the end of this month.
Moderna shares rose as much as 4.4 per cent on Thursday morning in New York. This year, the stock has more than tripled in value.
Moderna had slowed trial enrollment in September in order to recruit more minorities, a key goal of U.S. health officials. Overall, 37 per cent of volunteers in the trial come from communities of color, the company said. Also, 42 per cent of are at high risk of developing severe cases of Covid-19, either because they are 65 or older or have pre-existing conditions.
Both Moderna and Pfizer say they won’t submit for an emergency-use authorization until they have collected two months of safety data on the participants. That means that even if Pfizer gets positive initial results this month, it won’t submit for an emergency authorization until after it gets the safety results in the third week of November.
Exxon Expected To Announce North America Redundancies Soon – OilPrice.com
Most of Western Canada’s oil production has been restored, according to the Canada Energy Regulator, but U.S. oil producers haven’t had as much luck.
Both countries had to curtail oil production in May due to low oil prices amid the coronavirus pandemic and the oil price war waged by Saudi Arabia and Russia.
The Canada Energy Regulator (CER) now says that about 700,000 barrels of oil production per day has been brought back online after it was forced to cut nearly 1 million barrels per day back in May. The total curtailments as of October now stand at 270,000 bpd.
Last year, Western Canada produced an average of 4.4 million barrels per day.
The oil production rebound tracks oil prices. Western Canadian Select prices were trading around $14 per barrel at the beginning of May but have since more than doubled to $32 per barrel.
Elsewhere in the world, oil production is not rebounding at the same rate. In the United States, oil production fell to 11.5 million bpd in mid-May, down from 13.1 million bpd in March prior to the pandemic and oil price war that tanked prices. U.S. oil production has not yet rebounded, however, and the latest data for the week ending October 16 pegs U.S. oil production at an average of 9.9 million bpd.
In the beginning of May, WTI traded around $22 per barrel. Today, prices have recovered to about $40 per barrel. Still, production is stubbornly low.
There is hope on the horizon, however. Baker Hughes has shown for the last several weeks an increase in the number of new drilling rigs in the United States. The number of rigs actively drilling new wells in the United States rose from 179 in mid-September to 205 in mid-October. That’s the largest four-week increase since the rigs began to drop off.
This rig count movement is a good indication that an increase in production in the United States is in our future.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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