Connect with us

Business

Deere, UAW agree on new 6-year contract subject to union vote

Published

on

October 30, 2021

(Reuters) – U.S. tractor maker Deere & Co agreed on a new six-year contract with the United Auto Workers (UAW) union that would be subject to a vote by the company’s striking workers, the company said in a statement on Saturday.

The new deal on wages and employee benefits covers about 10,100 employees across 12 facilities in Iowa, Illinois and Kansas.

“The negotiators focused on improving the areas of concern identified by our members during our last ratification process,” said Chuck Browning, UAW Vice President and Director of the Agricultural Implement Department.

Advertisement

UAW said it will not release details of the tentative agreement until members at Deere locations meet and review terms of their proposed contract.

“Out of respect for the process and our employees, we’re unable to speak to the details of the agreement,” the company said.

About 90% of the union’s members in early October rejected a previous tentative deal agreed between Deere and the UAW, and subsequently decided to go on strike.

The strike is the first against Deere by the UAW in more than three decades and comes in the middle of the U.S. corn and soybean harvest season, at a time when farmers are struggling to find parts for tractors and combines.

The last strike against Deere by the UAW was in 1986 when workers sat out for 163 days.

Advertisement

(This story corrects number of employees, facilities in paragraph two)

(Reporting by Kannaki Deka and Sneha Bhowmik in Bengaluru; editing by Diane Craft)

Continue Reading
Advertisement

Business

Canada’s Shopify records Black Friday sales up 21%

Published

on

November 27, 2021

(Reuters) – Canadian e-commerce company Shopify Inc recorded worldwide sales of nearly $2.9 billion on Black Friday, an increase of about 21% in comparison to last year, the company said Saturday.

New York, London and Los Angeles were among the top-selling cities, the company said, while apparel and accessories was the top-selling product category.

Shopify also said it funded 23,000+ tonnes of carbon removal to counteract emissions from the delivery of every order placed on its platform on Black Friday.

Advertisement

(Reporting by Aakriti Bhalla in Bengaluru; Editing by Nick Zieminski)

Continue Reading

Business

Xiaomi to open car plant in Beijing with annual output of 300,000 vehicles – Beijing govt

Published

on

November 27, 2021

SHANGHAI (Reuters) – Chinese smartphone giant Xiaomi Corp will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit, authorities in the capital said on Saturday.

The plant will be constructed in two phases and Xiaomi will also built its auto unit’s headquarters, sales and research offices in the Beijing Economic and Technological Development Zone, the government-backed economic development agency Beijing E-Town said on its official WeChat account.

Beijing E-Town said it anticipated the plant reaching mass production in 2024, a goal announced by Xiaomi’s Chief Executive Lei Jun in October.

Advertisement

In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.

The company has been opening thousands of stores to spur domestic sales growth for its smartphone business but eventually intends to use these shops as a channel for its plans to sell electric vehicles.

(Reporting by Brenda Goh; Editing by William Mallard)

Advertisement
Continue Reading

Business

Eni sells Snam 49.9% stake in Algeria gas pipelines for 385 million euros

Published

on

November 27, 2021

MILAN (Reuters) -Italian energy group Eni has agreed to sell gas group Snam 49.9% of its stake in strategic pipelines carrying Algerian gas into Italy for 385 million euros ($436 million), the two companies said on Saturday.

The pipelines will be jointly controlled by the two companies, they said in a joint statement.

Italy imports more than 90% of its overall gas needs and Algerian gas currently accounts for around 30% of flows.

Advertisement

“This transaction allows us to free up new resources to be used on our energy transition path,” Eni Chief Executive Claudio Descalzi said.

Eni is working on spinning off a series of oil and gas operations into new joint ventures to help reduce debt and fund its shift to low-carbon energy.

Snam, which owns a 20% stake in the TAP pipeline that carries Azeri gas into Italy, makes most of its money from managing Italy’s gas transport grid.

It has pledged to spend more on new green business lines such as hydrogen and, like other gas grid operators in Europe, is upgrading its gas network to be hydrogen ready.

“In the future, North Africa could also become a hub for producing solar energy and green hydrogen,” Snam CEO Marco Alvera said.

Advertisement

The pipeline companies involved in the deal posted net income of around 90 million euros in 2020.

($1 = 0.8836 euros)

(Reporting by Stephen Jewkes, editing by Giselda Vagnoni)

Advertisement
Continue Reading
Advertisement

Trending