What to expect from the tentative agreement that could end GM strike - Fox Business

FOX Business’ Grady Trimble reports on the GM-UAW deal. Then, a panel, including FOX Business panelists Steve Moore and Carol Roth, discuss how other unions in the U.S. may react to this deal.

The United Auto Workers announced a potentially strike-ending tentative agreement with General Motors on Wednesday, and while its exact contents aren't known, it's expected to fix some of the key issues that caused autoworkers to walk off the job more than a month ago.

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The tentative agreement is expected to appease autoworkers who were concerned by GM's plan to idle the Detroit-Hamtramck Assembly Plant in Michigan by placing production of an electric truck there. Meanwhile, the fate of the shuttered plant in Lordstown, Ohio, is unknown.

Ticker	Security	Last	Change	Change %
GM	GENERAL MOTORS COMPANY	36.65	+0.39	+1.08%

The agreement is also expected to make a pathway for temporary workers to become permanent employees after three years of consecutive service to the company. The number of temporary workers on GM's payroll fluctuates, but they typically make up about 7% of its hourly workforce.

In addition, it is expected that GM agreed to back down from making workers pay for a larger share of their health insurance costs. GM autoworkers are responsible for an extremely low cut of their health insurance costs — 3%. GM wanted to up that share to 15%, which is basically half the amount the average American worker pays, but GM employees were not having it.

Picketing United Auto Workers Richard Rivera, left, and Robin Pinkney react to news of a tentative contract agreement with General Motors, in Langhorne, Pa., Wednesday, Oct. 16, 2019. (AP Photo/Matt Rourke)

GM's Mexico production was another sticking point in the negotiations. The company's decision to open and invest in plants in Mexico while closing others in the U.S. is a sticking point for many UAW members on strike.

The company is the largest auto employer in Mexico, which is now home to assembly plants for brands including Ford, Toyota and Honda.

Picketing United Auto Workers Richard Rivera, left, and Will Myatt react to news of a tentative contract agreement with General Motors, in Langhorne, Pa., Wednesday, Oct. 16, 2019. (AP Photo/Matt Rourke)

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GM-UAW 'CATALYST' PETER NAVARRO HELPED SEAL DEAL

GM AND UAW REACH TENTATIVE AGREEMENT TO END MONTH-LONG STRIKE

Local UAW chapter leaders and the UAW GM National Council are expected to vote on the tentative agreement on Thursday. If they approve the deal, it will be up to rank-and-file members to ratify it. UAW members are remaining on strike as they await the results of Thursday's vote.

FOX Business' Grady Trimble contributed to this report.

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2019-10-17 10:20:29Z
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Deal keeps Detroit-Hamtramck open with electric pickup - Detroit Free Press

Eric D. Lawrence and Jamie L. LaReau Detroit Free Press

Published 6:18 AM EDT Oct 17, 2019

Detroit-Hamtramck Assembly Plant would remain open to produce an electric pickup under the proposed deal between the UAW and General Motors, according to people familiar with the tentative agreement.

The news Wednesday confirms earlier Free Press reporting that an electric pickup is slated for the plant closest to General Motors' headquarters at the Renaissance Center in downtown Detroit.

Additional details, including the number of electric pickups to be produced at D-Ham, as it's known locally, how many workers would be needed and when the plant would be retooled, were not immediately available. The fate of the tentative agreement is contingent on a positive ratification vote.

The 4-million-square-foot plant, which straddles the border of Detroit and Hamtramck, was among those slated to be "unallocated" in GM's surprise announcement on future product last year. However, the plant was not idled before the strike, and was still operating on an extension granted in February to produce the Cadillac CT6 and Chevrolet Impala. News about the future of other unallocated plants, such as the one in Lordstown, Ohio, was not available.

Workers on the picket line at D-Ham Wednesday who spoke to the Free Press before the electric pickup news was confirmed sounded pleased at the prospect of a new vehicle but were also wary about what it would mean for them. Automakers have been ramping up production plans for more electrification in their fleets, but EVs are still a fraction of the new vehicle market.

"Any product is a good product. Whether people are ready for an electric pickup ...," pondered Kurt Fiegel, 66, of Roseville, noting that "they didn't have much luck with the Volt."

The Chevy Volt, a plug-in hybrid, was made at D-Ham but was among a number of car models discontinued by GM, with production ending earlier this year. The company still has its all-electric Chevy Bolt, but that vehicle is a relatively low volume offering.

More: GM, UAW proposed tentative agreement's ratification bonus and vacation

More: GM, UAW tentative deal: Everything we know, what's next

More: UAW to boost strike pay to $275 per week

GM finds itself in competition on electric pickups with not just established players that have announced plans for them, but also newcomers, such as Rivian, which has generated lots of interest for its planned electric SUV and pickup.

Rivian, with which GM had reportedly been in talks at one point, has secured significant investments from Ford and Amazon. That company, with offices in Plymouth Township west of Detroit, on Sunday drew a crowd as it showed off its vehicles in Normal, Illinois, where it has its manufacturing plant.

Kristin Dziczek, vice president of industry, labor and economics at the Center for Automotive Research in Ann Arbor, said details on production of any new electric vehicle will be key for D-Ham in part because of the competition.

"Everybody's got electric pickups coming in the next couple of years, even an electric F-150. They're all trying to get that out to market pretty soon," Dziczek said.

The depletion of $7,500 federal tax credits for buyers of electric vehicles from both GM and Tesla raises questions about the companies' abilities to maintain or grow electric vehicle demand as they face competitors that still retain the incentives, she said.

For D-Ham, another issue would be how many electric pickups would be built. If it's 50,000 or less, another product would likely be needed there, she said.

While many predict that electric vehicles are the future for the automotive industry, production of the vehicles themselves are expected to employ fewer workers because the vehicles have fewer parts. 

Getting the news

Word that a tentative agreement with GM had been reached came as Maurice Faust arrived for his four-hour picket shift in the midst of a cold drizzle at D-Ham at noon Wednesday.

"I just got it off my text as I was pulling up in my truck," said Faust, a 42-year GM veteran who lives in Southfield and has worked at the plant since 1997.

Faust, 63, is hopeful the deal will meet the needs of workers, but if not, he said he's prepared to stay on strike longer, noting his weather-appropriate jacket.

"If need be I'll do what I have to do," he said, noting the message behind the strike. "You've got to show them you can starve, just like they can starve."

The announcement of a proposed tentative agreement on the 31st day of the UAW's national strike against GM does not mean workers will automatically return to their jobs. The UAW National GM Council is set to meet Thursday to consider recommending the deal to the full membership and could either continue the strike pending ratification or stop it. 

D-Ham workers walking the picket line in their rain gear Wednesday sounded, like Faust, generally pleased with the news of a potential deal but insisted that certain issues, including job security and a path for temporary workers to become permanent, must be addressed. Several said they thought the presence of GM Chairman and CEO Mary Barra at recent negotiating sessions likely had an impact on talks. 

'Beautiful day to picket'

In spite of the rain, Fiegel said it was a "beautiful day to picket," as he considered the prospect of a settlement. He's three months away from retirement, but remains concerned about the other workers, including a son-in-law, who will deal with the results of any new contract. He'd like to see a better pension benefit, but also a better deal for temps, with some workers making half what others make and creating "an unhappy workplace."

For Kathy Faith, 48, of Casco, "seeing is believing."

While the news of a tentative agreement sounds promising, Faith wants to see details. Like her co-workers, she's also concerned about temporary workers.

"You work for a company for so long, that should count," said Faith, who works in the paint shop.

As for an electric pickup at the plant? That's a positive for Faith because it means D-Ham would stay open, but she also called it a win-lose situation because of the expectation of fewer workers.

If the plant were to get additional products beyond just an electric pickup, "it'd be wonderful," she said.

GM in general should make more products in U.S. plants, Faith said.

"We buy the products, we should be making the products," she said, noting that she means no disrespect to Mexican workers.

Contact Eric D. Lawrence: elawrence@freepress.com or (313) 223-4272. Follow him on Twitter: @_ericdlawrence.

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2019-10-17 10:00:00Z
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Is the G.M. Strike Over? 5 Key Questions, Answered - The New York Times

After a monthlong strike that has idled General Motors plants across the Midwest and South, union leaders will gather on Thursday in Detroit to consider a deal that could send the picketing autoworkers back to the assembly lines.

The details of the tentative agreement have not been announced, but the union, the United Automobile Workers, said it had “achieved major wins.” According to people familiar with the agreement, it includes wage increases and a formula for allowing temporary workers to become full-time employees.

But details about some of the most contentious issues in the negotiations, including the status of plants that G.M. planned to shut down, have yet to emerge. It was also unclear what commitments G.M. made about expanding domestic factory capacity or shifting production to the United States from Mexico, both union priorities.

An end to the strike would come as a relief to the trucking companies and auto suppliers that provide parts to G.M. Since the strike began on Sept. 15, suppliers have had to lay off or cut wages for tens of thousands of workers, as the economic ripple effects of the strike have spread from Canada to Mexico.

What do we know about the deal?

People familiar with the agreement said that it included a signing bonus higher than the $8,000 each worker received in the last contract in 2015, and that it would make no change to the employee share of health care contributions. They said workers would also get 3 percent wage increases in two of the four years of the contract and 4 percent lump-sum payments in the other two.

The deal would provide a formula for temporary workers to become full-fledged employees, they said, but they did not elaborate. The use of temporary employees, who make up 7 percent of the G.M. work force, was reportedly a sticking point in the talks, along with possible modifications to a two-tier wage system that paid less to more recent hires.

What happens next?

If officials of the union’s G.M. locals accept the tentative agreement on Thursday, they could call an immediate end to the strike. They could also continue the walkout until the deal is ratified by a majority of the 49,000 U.A.W. members employed by G.M.

Wiley Turnage, president of Local 22, which represents 700 workers at G.M.’s Detroit-Hamtramck plant, said he needed to review the details of the agreement before deciding whether to vote in favor of it on Thursday.

“It has to be fair to our members,” he said.

Ratification is not a foregone conclusion. The last time the U.A.W. negotiated a contract with G.M., approval was delayed for a month in part because the automaker’s skilled-trades workers rejected the terms.

Why did the U.A.W. go on strike?

One of the union’s main objectives was getting G.M. to reopen a car factory in Lordstown, Ohio, a goal that President Trump endorsed. G.M. closed that plant, and others in Baltimore and in Warren, Mich., as part of a cost-cutting effort that eliminated 2,800 factory jobs and thousands of white-collar positions.

Another sticking point was the automaker’s tiered wage structure: While workers who started with G.M. before 2007 earn about $31 an hour, most of those hired since then make much less, and so-called temporary workers are at the bottom of the scale at about $15 an hour.

What was the economic impact?

Every day the strike continued, the economic ramifications spread throughout the auto supply chain, resulting in layoffs at factories that supply G.M. with parts and disrupting restaurants that rely on the patronage of autoworkers.

In Mexico and Canada, G.M. plants that depend on American factories have been shut down, putting thousands out of work. In Flint, Mich., at least 1,200 truckers and production employees from suppliers were out of work because of the strike, including hundreds from Lear, a supplier of seats to G.M.

The strike also cost the union, its members and G.M. hundreds of millions of dollars in lost dues, wages and revenue. In the United States, 34 G.M. plants went dark, forcing striking workers to make do with a $250-a-week subsidy from the union.

What does the deal mean for the other automakers?

If the General Motors contract is ratified, the U.A.W. will turn its focus to Ford Motor or Fiat Chrysler. Contracts with those manufacturers expired on Sept. 14, but workers continued reporting to assembly lines while the union negotiated with G.M.

G.M. has a smaller U.A.W. work force than its Detroit rivals. But the union took aim at G.M. as the automaker has earned solid profits — it made $35 billion in North America over the last three years — while closing plants in the United States.

The U.A.W. is likely to try to reach similar terms with Ford and Fiat Chrysler, a standard practice known as pattern bargaining.

Neal E. Boudette contributed reporting.

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2019-10-17 09:00:00Z
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Dow Jones Futures: Netflix Earnings Crush Views, Marijuana Stock Cronos Group Soars; IBM Dives - Investor's Business Daily

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Dow Jones Futures: Netflix Earnings Crush Views, Marijuana Stock Cronos Group Soars; IBM Dives  Investor's Business Daily
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-netflix-earnings-marijuana-stocks-cronos-group-ibm/

2019-10-17 02:49:31Z
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Consumer Legalization One Year Later: Aurora Cannabis Reveals Sneak Peek of Plans for NextGen Cannabis Products - Canada NewsWire

NYSE |TSX: ACB

EDMONTON, Oct. 16, 2019 /CNW/ - On the one-year anniversary of consumer legalization in Canada, Aurora Cannabis Inc. ("Aurora") (NYSE |TSX: ACB), the Canadian company defining the future of cannabis worldwide, announced plans for the roll-out of vapes, concentrates, and edibles when they are permitted for sale to consumers in December. The Company has prioritized its resources to prepare for a successful initial launch that will support an ongoing replenishment strategy to help ensure consumers across Canada will have access to a diverse portfolio of high-quality derivative products they want to buy.

You can watch a compilation of our commercial production of vapes, mints, chocolates and gummies HERE. Photos are available on Aurora's Investor website HERE.

"Aurora's Product Development and Insights teams have done tremendous work to formulate new products in a variety of formats that we think will exceed consumer expectations and drive category growth," said Aurora CEO Terry Booth. "Aurora has built industry-leading cannabis capacity and scalability supported by our consumer research and retail distribution bench strength to launch this next generation of cannabis products into the Canadian market. We are ready to ship product as soon as the regulations allow and are excited for consumers and patients to finally have access to a greater selection of product forms. We are already working on expanding the range of new products beyond those that will initially launch."

To support the successful launch of vapes, concentrates, and edibles products, and to continue to ensure sufficient supply for domestic and international markets, Aurora has established production hubs in Eastern and Western Canada at Aurora River (Bradford, Ontario), Aurora Vie (Pointe Claire, Quebec) and at Aurora Sky (Leduc, Alberta).

These centres are intended to provide centralized production, packaging, logistics and distribution capabilities. In total, they comprise more than 450,000 square feet and are strategically located to efficiently distribute Aurora's products to markets across the country. In addition, Aurora Air, a 20,000 square foot manufacturing facility near Aurora Sky at the Edmonton International Airport, will be home to several of the new production lines for edible products. Aurora's next generation products have been formulated to meet or exceed all regulatory requirements. All new cannabis product forms are subject to a legislated Health Canada 60-day review period that begins on October 17, 2019. 

New Product Categories

Vapes
Aurora's customized extraction process uses a proprietary method that retains a high quantity and quality of terpenes and contains no fillers or dilutive agents. Aurora is bringing a new range of high-quality vape products to market at various price points that are targeted to all major consumer markets including closed-loop, 510 thread cartridges, and disposable single-use units. Watch a video of Aurora's vape production HERE.

Concentrates
From seed to extract, Aurora grows, extracts and produces its concentrates with no fillers or dilutive agents. Products are made completely in-house, from 100 per cent cannabis-derived rosin, using a proprietary extraction process. The Company intends to produce popular product forms such as shatter, sugar wax and live rosin for purchase by consumers in Canada.

Edibles
Aurora's new suite of edibles products – which are intended to initially include gummies, chocolates, baked goods, and mints – have been made in consultation with food industry experts and food scientists to create cannabis-infused edibles of the highest quality. Cannabis extract is infused throughout the product to provide consistency, texture and a great flavor.

To help ensure Canadian consumers receive the highest quality products, Aurora has selectively partnered with a variety of organizations across some of the edible product categories it initially intends to focus on, including:

Gummies and Candies: TBA

Aurora has established key partnerships with two leading companies to develop CBD and THC infused gummies and candies. These technical partnerships have positioned Aurora to be a leader in the edible category in Canada and in other jurisdictions in the future as regulations allow.

Chocolates: JACEK Chocolate Couture

JACEK Chocolate Couture ("JACEK") is an award-winning Alberta-based luxury chocolate manufacturer and retailer committed to innovation, artistry, and sustainability. Known for launching seasonal chocolate and confectionary collections, JACEK spreads joy through fine, fashionable chocolate. Aurora has entered into an exclusive two-year global agreement to license JACEK's IP related to the manufacturing and production of cannabis-infused chocolates. Together, JACEK and Aurora intend to develop infused chocolate squares and high-end decadent caramel filled chocolates.

Baked Goods: WG Pro-Manufacturing & Touché Bakery

WG Pro-Manufacturing ("WG") specializes in custom co-packing and co-manufacturing of food, confectionary, and other consumer packaged goods. Touché Bakery ("Touché") is an experienced baked goods manufacturer that works with WG to supply baked goods support for co-packing and co-manufacturing. Aurora has entered into an exclusive partnership with WG and Touché, whereby Touché will produce cannabis-infused baked goods and WG will oversee the co-packing and co-manufacturing services in partnership with Aurora's team at Aurora River, located in Bradford, Ontario. Initial baked goods to be launched include a vegan brownie cookie with additional product formats to rapidly follow.

Watch a video of Aurora's cannabis-infused mints production HERE.
Watch a video of Aurora's cannabis-infused chocolates production HERE.
Watch a video of Aurora's cannabis-infused gummies production HERE.

Anniversary of Consumer Legalization

On the one-year anniversary of consumer legalization in Canada, Aurora acknowledges the hard work and advocacy of patients, champions and the cannabis community that ultimately led to the end of prohibition. Since inception, Aurora has embraced the experience, knowledge, and insight of experts from the cannabis community and has drawn on that in every area of its business – including the development of edibles and ingestibles for the consumer market.

In April, Owen Smith joined Aurora's Corporate Social Responsibility team as a Stakeholder Engagement Specialist for Western Canada. A long-time cannabis trailblazer and activist, Owen was arrested in 2009 for making cannabis-infused vegetable oil products for medical patients, inspired by his sister who was in the final stages of cancer. With the help of community funding, he took his case to the Supreme Court of Canada that unanimously decided restricting medical cannabis access to dried flower infringed upon patients' right to make choices about their health.

"Because of that ruling, thousands of patients – and now consumers – have the right to access cannabis products that come in a variety of formats other than dried flower," said Jonathan Zaid, Aurora's Director of Advocacy and Corporate Social Responsibility. "This is who we are at Aurora. We support and embrace people who push the status quo and help move the whole sector forward. We bring these worlds together to create products people are looking for in the regulated market."

To stay informed of regular updates and insights into operations at Aurora, visit the Aurora Insider, our investor-focused blog

About Aurora 

Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 625,000 kg per annum and sales and operations in 25 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution.

Highly differentiated from its peers, Aurora has established a uniquely advanced, consistent and efficient production strategy, based on purpose-built facilities that integrate leading-edge technologies across all processes, defined by extensive automation and customization, resulting in the massive scale production of high-quality consistent product. Designed to be replicable and scalable globally, our production facilities are designed to produce cannabis at significant scale, with high quality, industry-leading yields, and low-per gram production costs. Each of Aurora's facilities is built to meet European Union Good Manufacturing Practices ("EU GMP") standards. Certification has been granted to Aurora's first production facility in Mountain View County, the MedReleaf Markham facility, and its wholly owned European medical cannabis distributor Aurora Deutschland. All Aurora facilities are designed and built to the EU GMP standard.

In addition to the Company's rapid organic growth and strong execution on strategic M&A, which to date includes 17 wholly owned subsidiary companies – MedReleaf, CanvasRX, Peloton Pharmaceutical, Aurora Deutschland, H2 Biopharma, BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics, Anandia, HotHouse Consulting, MED Colombia, Agropro, Borela, ICC Labs, Whistler, Chemi Pharmaceutical, and Hempco – Aurora is distinguished by its reputation as a partner and employer of choice in the global cannabis sector, having invested in and established strategic partnerships with a range of leading innovators, including: Radient Technologies Inc. (TSXV: RTI), Cann Group Ltd. (ASX: CAN), Micron Waste Technologies Inc. (CSE: MWM), Choom Holdings Inc. (CSE: CHOO), CTT Pharmaceuticals (OTCC: CTTH), Alcanna Inc. (TSX: CLIQ), High Tide Inc. (CSE: HITI), EnWave Corporation (TSXV: ENW), Capcium Inc. (private), Evio Beauty Group (private), and Wagner Dimas (private).

Aurora's Common Shares trade on the TSX and NYSE under the symbol "ACB", and is a constituent of the S&P/TSX Composite Index.

For more information about Aurora, please visit our investor website, investor.auroramj.com

Terry Booth, CEO
Aurora Cannabis Inc.

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur, and include, but are not limited to, the successful production and launch of the Company's next generation products listed in this news release and the associated time frame for such products being available on the market in Canada. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX, NYSE nor their applicable Regulation Services Providers (as that term is defined in the policies of the Toronto Stock Exchange and New York Stock Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Aurora Cannabis Inc.

For further information: For Media: Heather MacGregor, +1.416.509.5416, heather.macgregor@auroramj.com; For Investors: Rob Kelly, +1.647.331.7228, rob.kelly@auroramj.com

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October 17, 2019 at 06:13AM

Air Canada drops 737 Max from flight schedule until Feb. 14 - CBC.ca

Air Canada said on Wednesday it had removed Boeing Co's 737 Max planes from flight schedules until Feb. 14, citing uncertainty around the aircraft's return to service.

Air Canada, which has 24 of the 737 Max aircraft in its fleet, is the first North American airline to extend the cancellation till February, as the grounding drags on longer than expected.

The 737 Max has been grounded worldwide since mid-March following two fatal crashes in Indonesia and Ethiopia that killed 346 people.

United Airlines last week said it was extending cancellations of 737 Max flights until Jan. 6, as regulators continue to extensively review Boeing's proposed software changes to the grounded plane.

Among other U.S. airlines that operate the Max, Southwest Airlines has cancelled flights through Jan. 5 and American Airlines until Jan. 15.

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October 17, 2019 at 03:25AM

Inflation 1.9% in September as lower gas prices weigh on rate - 680 News

The annual inflation rate was 1.9 per cent in September for a second-straight month, keeping the indicator close to the Bank of Canada’s ideal two per cent target.

Statistics Canada says, compared with last year, lower gasoline prices continued to weigh on the overall inflation rate and that last month’s reading was 2.4 per cent when pump prices were excluded.

The numbers in Statistics Canada’s latest consumer price index show inflation has now stayed at 1.9 per cent or higher for seven consecutive months.

The country’s price picture, on its own, is not applying pressure on the inflation-targeting Bank of Canada to adjust interest rates. Economists on average had expected a reading of 2.1 per cent for September, according to financial markets data firm Refinitiv.

Year-over-year price growth was also held back in September by lower costs for internet access services, tuition fees and telephone services, while Canadians paid more for mortgage interest, vehicle insurance and auto purchases.

The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures by omitting volatile items like gas, moved up slightly to 2.1 per cent last month from two per cent in August.

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October 16, 2019 at 07:39PM