U.S. union United Auto Workers' leaders on Friday approved a tentative four-year contract with Fiat Chrysler Automobiles NV , sending the proposed pact to 40,000 workers for a ratification vote. The move follows Fiat Chrysler workers' rejection last week of a previous tentative contract. A new tentative agreement was reached on Wednesday night, averting a call by the UAW to have its members strike Fiat Chrysler’s U.S. operations.
U.S. import prices barely declined in September, with oil prices rebounding and the drag on prices from a weak global economy appearing to moderate, Labor Department data showed on Friday. The 0.1 percent decline in import prices might lay a bit of groundwork for an eventual interest rate hike by the Federal Reserve because a smaller downward push on inflation from imports could alleviate the Fed's concerns that inflation is too low.
The minutes of the Fed's September meeting, released on Thursday, indicated further signs of dovishness, with policymakers concerned about a global economic slowdown weighing on America, even before weak September jobs data. "It was more a case of an abundance of caution rather than worry," said Brad McMillan, chief investment officer for Commonwealth Financial Network. Fed Chair Janet Yellen has said import prices have been a major factor in keeping inflation below the Fed's 2 percent target.
The head of the International Monetary Fund tells the BBC that the outlook for China, the world’s second-largest economy, is not all “doom and gloom”.
BBC News – Business
(Reuters) – SABMiller Plc said it had raised its target for annual run rate cost savings to at least $ 1.05 billion by March 31, 2020. The company said additional savings would come from its integrated supply chain, with about 70 percent from procurement and the rest from manufacturing and distribution. SABMiller said it expected to incur incremental non-recurring costs of $ 26 million by 2020. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anupama Dwivedi)
By Bernie Woodall and Nick Carey DETROIT/KOKOMO, Ind. (Reuters) – The latest proposed four-year contract for Fiat Chrysler Automobiles NV's U.S. unionized workers would over time eliminate the much-maligned two-tier pay structure, allowing new hires to reach top pay within eight years, sources said. The proposal agreed by United Auto Workers and Fiat Chrysler negotiators late Wednesday night would also increase the top pay for some second-tier workers to $ 29 in the course of the agreement, up from their current pay of about $ 19 per hour, sources said. The failure of the first agreement led the UAW to threaten a strike against Fiat Chrysler, which was to begin Wednesday at one minute before midnight eastern time.