Business

GM workers are still learning a lot about EVs.

This articleGMFollow your favorite stockCREATE A FREE ACCOUNTUAW Kimberly Fuhr inspects a Chevrolet Bolt EV at the General Motors Orion Assembly Plant, Orion Township, Michigan. Kimberly was a Local 5960 worker who was inspecting the vehicle during vehicle production on Thursday May 6, 2021. Brown and his team reskilled, a popular term for improving job skills. They went back to Orion to train approximately 1,000 workers on the subtle and substantial differences involved in assembling an EV. Part of the changes in workers’ duties were due to retooling the body shop and engine line to accommodate components or production processes distinct from EVs. However, the powertrain, which consists of the engine and transmission is remarkably different. A lithium-ion battery pack is mounted beneath the cockpit to replace a gas-powered engine with multi-speed transmission. This energizes an electric motor that emits zero emissions and a single-speed transmission. Brown stated that instead of putting on a gas-powered engine and multi-speed transmission, a lithium-ion battery pack is installed underneath the cockpit. This packs powers a zero-emissions electric motor and single-speed transmission. The Orion plant continued to build two ICE vehicles, the Chevy Sonic, and the Buick Verano, for three years before switching to the Bolt in 2020. In 2021, the Bolt EUV (electric vehicle) was added. Jack Hund, Orion’s launch manager, said that he has overseen many new model introductions at various GM plants over his 23-year tenure with the company. He said that the Bolt was introduced slowly to the assembly line, which can take up a year as the bugs are worked out. “We know it won’t be easy the first time. Hund stated that we have built more [EV] units in the past. “The people on the line were so familiar with the ICE vehicles that it took them a while to get used to it. They had to learn a new skill set to use the EV. For example, they had to learn how to use torque tools to attach parts to the car using a certain pressure. Brown stated that he has worked in an ICE environment all his career. The big change is the high-voltage electrical cables connections. Brown said that all assembly workers must receive specialized training on how to handle these potentially dangerous connections safely. Brown stated that it takes an electrician more to assemble an EV than a mechanic. GM also provides some workers with a virtual component. Reuben Jones, Orion’s plant manager, said that the system allows workers to work on computers and complete the work in a pre-determined order. “They have mental reps who help them once they reach the line. It is crucial to build vehicles in a safe and quality manner. Virtual training has elevated the process to a whole new level. This saves time, money, and allows us to get the product to market faster. “Another training program is offered at GM’s Technical Learning University in nearby Warren, Michigan. The center, which was recently upgraded, houses manufacturing lab facilities that simulate steps along an assembly line. This includes robotics and sheet metal fabrication. Kimberlea Dungy is the global technology learning lead at TCU. She said that in addition to technical training, the center also teaches “human skills”, which include listening, teamwork, critical-thinking skills, and how to communicate with others. Herbert Diess, Volkswagen Group’s former CEO, stated that EVs require 30% less work than ICE vehicles. This means that fewer jobs will be created. Although this assertion has been repeated by other executives, researchers, no empirical studies have been done to back it up. The UAW, for its part, continues to monitor the matter and is vigilant. UAW’s current contracts, with GM, Ford, and Stellantis (formerly Fiat Chrysler), were ratified in September 2019. They help protect workers at Orion assembly plants that are switching from ICE to EV production. The UAW and each company negotiate to bring large EV-related investments to current UAW-represented facilities in order to preserve jobs there and offer reskilling opportunities. Mary Barra, GM CEO, stated that “we’re allocating EVs and components for EVs into the existing footprint. That’s something that we’ll continue doing. It’s not only an advantage due to the workforce, but also because we have the facility. “Historically, there has been anxiety about the loss of jobs. But since EVs have found their ways into the Big Three [assembly plant] plants, we’re learning more about them,” David Michael, UAW Local 5960 communications coordinator, said. Orion has not lost any jobs due to EV production, he stated. In fact, he says, “we see the increase in jobs.” Michael answered a question about the fate of workers whose jobs were specialized in ICE vehicles and are no more needed. He said that they “are now either driving EVs, building EV components or doing other work. They are all fine. We had an assembly line that saw [ICE] engines drop, but now they have electric drivetrains. Orion’s future prospects of job retention and hiring are promising after GM announced earlier this month that it will increase Bolt production from almost 44,000 units this year to more like 70,000 by 2023. Getty ImagesNonetheless, the Orion assembly plant is scheduled for another major makeover. In January, GM announced that it would invest $4 billion in the Orion assembly plant to retool it. This time, it will produce all-electric models for the Chevy Silverado, GMC Sierra, and other pickups to compete against the Ford F-150 Lightning. Orion’s new jobs will be filled by a mix of GM transferees as well as new hires. This latest transition will require a reskilling of Orion’s workforce. “We have a core group working on the electric pickups, interacting avec engineers and suppliers to learn how they will be assembled,” stated Tom Wickham, senior manager of manufacturing communications at GM, in an email. As they did with previous launches, the core group will eventually train the rest of Orion’s team before we start regular production of Silverado & Sierra EVs. “GM also announced that it will partner with South Korea’s LG Energy Solution in the manufacture of EV batteries. This investment will create more than 1,700 jobs. Bloomberg reported in July that laborers at the Ultium Cells plant near Lordstown, Ohio earn an average of $22 per hour, compared with the $32 hourly wage earned by traditional UAW assembly workers. According to Reuters, Ultium stated that it respects workers’ rights to unionize and the efforts by the UAW or other unions to organize battery-cell manufacturing worker at our manufacturing sites. Gordon Lafer, director of the Labor Education and Research Center at University of Oregon in Eugene, stated that “One of the things that I’ve been watching is whether some employers within the [auto] sector are going to use this shift to EVs as an opportunity to lower the pay and benefits and quality of job opportunities.” It’s not clear what the job quality will be. “Concerns over the impact of EVs upon jobs and facilities were a contentious issue during 2019 contract talks between GM & the UAW. This resulted in a six-week UAW strikes at GM plants. The work stoppage cost GM almost $2 billion in lost production, and nearly $1 billion in wages for employees. Both sides agreed to convert GM’s Detroit-Hamtramck facility, which was slated to close, into EV production. Factory ZERO is now the name of the facility that produces the electric Silverado, Sierra pickups, and the electric Hummer. The UAW’s contract to GM expires next spring and production of EVs and batteries will be back on the agenda. Michael said, “It will definitely be a focal point of those negotiations.” The UAW leadership is focused on EVs, and where that work will go. We have a union-friendly president [Biden] that’s passed great legislation that has helped the automakers’ transition into EVs. So we’re going do everything we can leverage every job in America. “Join Us October 25-26, 2022 for the CNBC Work Summit — Dilocation, Negotiation and Determination: The World of Work Right now. Register at CNBC Events

Business

Tucker Carlson leaves Fox News after Dominion settlement for defamation

In this articleFOXAFollow stocks you likeCREATE A FREE ACCOUNTTucker Carlson, the right-wing prime-time host at Fox News, is leaving immediately. The cable network announced this Monday. This announcement came just days after Fox News parent company settled Dominion Voting Systems defamation suit for $787.5 Million. CNBC reported that the settlement did not require the company’s hosts to discuss the lawsuit or apologize for it. FOX News Media announced in a Monday statement that it and Tucker Carlson had agreed to part ways. “We thank him both for his work as a network host and, before that, as a contributing contributor. “There will not be a send-off for Carlson as his last show aired on Friday. Carlson had said he would return Monday when he signed off on Friday. Carlson’s “Tucker Carlson Tonight” has been one of Fox’s most popular programs for years. The company would not comment beyond the press release or whether Carlson had been taken off the air as a result of the Dominion defamation lawsuit. Fox News did make a statement in Carlson’s name. The Fox Corp. Class A share price fell about 3% on Sunday. Carlson’s emails and texts were also included in the evidence that was released before the settlement. Carlson was also among the hosts deposed by Dominion and included in the evidence. Other hosts deposed were Maria Bartiromo and Jeanine Pirro. Sean Hannity, Laura Ingraham and former host Lou Dobbs. “It’s unbelievably insulting to me.” Court documents show that Carlson stated in a text message sent in the weeks following the election: “Our viewers are good people, and they believe it.” Dominion pointed out the drop in Fox’s viewership after election night when the network called Arizona Biden. Carlson and his co-hosts expressed “the danger to them personally” behind the scenes. Carlson wrote to his producer in a message on November 5, “We worked hard to build what you have.” These f —-ers destroy our credibility. It enrages my.” Carlson was one of the witnesses who would have testified if the lawsuit went to trial. Abby Grossberg was also on that list of witnesses. She was a former Fox Producer who worked for Bartiromo, Carlson, and Bartiromo. Grossberg claimed she was forced to give misleading testimony in the Dominion lawsuit. Fox said Grossberg’s “unmeritorious claims” were “filled with false allegations about Fox and its employees”. “Grossberg’s attorneys stated in court documents that she was terminated by Fox as a result of retaliation. She has filed lawsuits against Fox in New York and Delaware, accusing the network of discrimination.Grossberg cheered Carlson’s departure in a statement Monday, saying, “This is a step towards accountability for the election lies and baseless conspiracy theories spread by Fox News, something I witnessed firsthand at the network, as well as for the abuse and harassment I endured while Head of Booking and Senior Producer for Tucker Carlson Tonight. I think this is fantastic for America! It’s a win for cable news viewers, not just Fox. “Carlson replaced Bill O’Reilly’s prime-time slot on Fox after O’Reilly quit the network in 2017 amid controversy. O’Reilly was accused of sexual harassment in the past by former Fox employees. He has denied these allegations. While the Dominion suit was unlikely to have an impact on Fox’s business it was not clear what effect it would have on its programming or hosts. Shortly after Smartmatic, a voting technology company, sued Fox in 2021 for defamation, Dobbs weekday show on Fox Business was cancelled. Dobbs was named as a defendant by Smartmatic in their ongoing lawsuit. The trial is not scheduled to begin until 2025. Fox had said that the show was already being cancelled before the lawsuit. Disclosure: NBCUniversal owns CNBC.

Business

Rupee Gains One Paisa to 82.16 US Dollar

The dollar index fell by 0.04 percent to 108.80. (File)Mumbai: The rupee gained 1 paisa to 82.16 against the US dollar in early trade on Friday, tracking a weak greenback against major currencies and positive sentiment in the domestic equities market.Forex traders said downward movement of crude oil prices also supported the local unit.

At the interbank foreign exchange, the domestic unit opened strong at 82.11 against the dollar and hit the lowest level of 82.17 before trading at 82.16, registering a rise of 1 paisa over its previous close.On Thursday, the rupee closed at 82.17 against the US currency.Participants were also cautious due to expectations of further interest rate hike by the US Federal Reserve and other central banks.

“Upside expectations were abandoned as soon USDINR turned under 82.2. As long as 81.97 is held, expect a bounce today. However, 82.4 seems far away. The 30-share BSE Sensex rose 109.93 or 0.18 percent to 59.742.28. The broader NSE Nifty gained 21.95 points, or 0.12 percent, to 17,646.40. According to exchange data, Foreign Institutional Investors (FIIs), who are net sellers on the capital market today sold shares worth Rs 1,169.32 million.

Business

Sensex and Nifty markets rise in early trade on buying Reliance Industries

The BSE Sensex climbed 134 to 59 766 in early trading. The 30-share BSE Sensex climbed 134 to 59,766.37 points in early trading. The NSE Nifty gained 36.4 points, to 17,660.85. HCL Technologies was the largest gainer among the Sensex companies, climbing nearly 2% in early deals.

HCL Technologies posted a 10.85 percent increase in consolidated profit to Rs 3,983 billion for the fourth quarter 2022-23. Kotak Mahindra Bank was among the other winners. The Q4 results have been mixed, with IT disappointing, and banking showing early signs of continued strength. This trend is likely not to change. There can be a slight pullback in IT after the sharp correction following the Infosys result.

“HCL Tech’s results have not disappointed. Some IT midcaps could beat market expectations.” The Sensex rose 64.55 points (0.11%) to settle at 59.632.35 on the Thursday. The Nifty rose by 5.70 points, or 0.03 percent, to close at 17,624.45. Brent crude, the global oil benchmark, fell 0.09 percent to USD 81.03 a barrel. According to exchange data, Foreign Portfolio Investors (FPIs), sold equities valued at Rs 1,169.32 crore.

Business

DeSantis and his allies intensify their Disney battle as more Republicans criticize him

Ron DeSantis answers a question at a press conference held Monday, April 17th, 2023, at the headquarters of Central Florida Tourism Oversight District (formerly Reedy Creek Improvement District), which a newly appointed board has renamed. Orlando Sentinel Ron DeSantis, his allies and the Republican presidential hopeful are intensifying their fight against Walt Disney Co. despite the criticism from his rivals for his long-running battle with the entertainment giant.

DeSantis has ripped Disney this week repeatedly over its recent moves to thwart his efforts to seize control of the company’s Orlando parks and property. DeSantis, who hasn’t announced his presidential plans, is considered the top Republican candidate for the 2024 GOP presidential nomination. He was promoting a new book that calls Disney a “Magic Kingdom of Woke Corporatism”. “Meanwhile his handpicked Disney World’s Special Tax District board of supervisors increased the pressure on Disney.

The officials took action on Wednesday to regain control of the property they claim Disney wrongfully took away before they took over. “People have suggested that we create a state-run park or try to build more amusement parks. Someone suggested another state prison. Who knows?” DeSantis said.It is the latest chapter of a grim story that began over a year ago, when Disney opposed the controversial Republican Florida law limiting discussion in classrooms about sexual orientation or gender identification. Disney’s stance on the legislation, dubbed by critics “Don’t Say Gay”, sparked an intense feud.

The Republican governor of Florida and the GOP-controlled legislature targeted a special tax district which has allowed Disney to govern itself for decades. DeSantis, who is willing to use his political influence to engage in cultural battles, has become a rising star within the GOP. His transition to the national scene, in apparent anticipation for a presidential announcement has sparked some criticism from his fellow Republicans. Trump, a former DeSantis supporter who is now regularly attacking the governor, wrote on Tuesday that the Governor is being “absolutely ruined by Disney”. “Republican ex-New Jersey Gov. Chris Christie questioned DeSantis this week about his political skills, referencing the Disney row.

Chris Christie said in an interview with Semafor that “that’s not the person I want to sit across from” President Xi Jinping or Russian President Vladimir Putin and trying to resolve what is happening in Ukraine if you cannot see around a blind corner [Disney CEO] Bob Iger has created for you.” Chris Sununu, who spoke on CNN Monday, said that the battle “confuses the entire Republican message,” Politico reports. These Republicans are either running or considered potential candidates for president. They could be DeSantis’ rivals. DeSantis’ press secretary Bryan Griffin responded to the recent GOP criticism by referring to a statement released on Tuesday accusing Disney of passing a “legally defective, 11th-hour agreement” to preserve its special privileges.

Griffin’s statement was a response Christie’s criticism. It said: “That’s an effort to subvert will of the people in Florida, and Governor DeSantis won’t stand for that.” The Reedy Creek Improvement District is a local government entity established in 1967. It gave Disney regulatory control of public services and functions in a 25,000-acre region encompassing its Florida resorts and parks. Disney paid Reedy Creek millions of dollars in taxes to fund these services. This was on top of the local tax obligations.

Florida Republicans passed legislation weeks after Disney denounced this classroom bill. DeSantis then signed the bill. The move raised concerns that Florida taxpayers living in the two counties around Reedy Creek would be hit with a large tax bill if Florida removed Disney’s self governing status. In a February special session, the state legislature scrapped the plan and replaced it with a proposal that allowed DeSantis the power to appoint the five board members.

But last month, the newly chosen board of the governing board — now called the Central Florida Tourism Oversight District – said that their predecessors had stripped many of their rights on their way out. “The bottom line is Disney committed a caper that would have made Scrooge McDuck proud to try and evade Florida laws,” said David Thompson, identified as trial counsel for the board. David Thompson, identified by the board as trial counsel, said that its efforts were illegal and would not stand.

Business

Media outlets and top pro leagues join forces to combat problematic sports betting ads

Kansas City Star The coalition is led by Jonathan Nabavi, NFL vice president of government affairs and public policy. It aims to regulate the sports-betting advertisements that flood television, internet, and print media. The coalition said that as sports betting becomes legal across the country, it is important to set guidelines for how the industry should be promoted to consumers. “Each coalition member feels a sense of responsibility to ensure that sports betting advertising is not just targeted at the right audience, but is also carefully crafted and delivered.

“The coalition describes themselves as voluntary and stated that it will work to ensure that sports-betting advertisements only target adults of legal betting ages, do not promote excessive or irresponsible gaming habits, remain in good taste and aren’t misleading. David Highhill is the general manager of sports wagering for the NFL. He said that legalized sports betting gives fans a new way to interact with their favorite sports.

“But we must not only support problem-gambling prevention, but also be mindful of the way sports betting is advertised and presented to consumers. This coalition will greatly help in this cause. The National Council on Problem Gambling commended the coalition, and promised to collaborate with it in order to “better minimize problem gambling-related harm.”