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US auto workers halt strike expansion after concessions on EV battery plant

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The United Auto Workers (UAW) union has said that it will not further expand its strike after winning a major breakthrough, bringing electric vehicle battery plants into the union’s national contract.

In a video appearance on Friday, UAW President Shawn Fain said that the decision would change the future of the union and the auto industry, and that further strike expansions would be momentarily paused.

“Our strike is working, but we’re not there yet,” said Fain.

The agreement would virtually guarantee that workers at the EV battery plant will be brought into the union fold, a concession that could prompt rivals to take similar steps, with strong implications for the form of labour arrangements undergirding the US transition away from fossil fuels.

 

“This defines the transition to EVs,” Harley Shaiken, labour professor at the University of California, Berkeley, told the Reuters news agency. “Clearly, GM’s concession on the master agreement will positively be matched by Ford and Stellantis.”

In a post on social media, David Dayen, editor of The American Prospect, an outlet that has closely followed the strike and labour developments within the industry, called the decision an “enormous win for workers in the EV transition”.

The fate of the battery plants was seen as a substantial obstacle to a final agreement between the UAW and the “Detroit Three” automakers of Ford, General Motors, and Stellantis, the subjects of a nationwide strike that began in mid-September.

“GM has agreed to lay the foundation for a just transition,” Fain said, adding the company had “leapfrogged” the pack in negotiations with the UAW. Fain added that progress had been made with Stellantis but that there were “gaps that still need to be closed”.

Fain said that the change in position from GM, which had previously pushed back against demands to extend agreements to EV plants, came after the union threatened to expand the strike to a plant that makes highly profitable SUVs in Arlington, Virginia.

The union leader said that the strike could still be expanded to such lucrative plants if progress in talks stalls out.

“We know their pain points. We know their moneymakers and we know the plants they really don’t want struck,” Fain said. “And they know we’ve got more cards left to play.”

SOURCE: AL JAZEERA AND NEWS AGENCIES
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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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