Financial News

36th Annual Henry Moore Scholarship Golf Classic held on October 3
October 7, 2019
AP-NC Newswatch
October 7, 2019
Financial News

 

 

 

 

 Wall Street down…GE freezing pension for 20,000 workers…British labor union not happy over HSBC cutting 10,000 worldwide jobs

 

TOKYO (AP) – Wall Street is lower as investors start a new week. At 10:37 a.m. Eastern Time, the S&P 500 was down 7 points, to 2,945. The Dow was down 82 points, to 26,492. And the Nasdaq was down 7 points at 7,975.

 

NEW YORK (AP) – General Electric is freezing the pension plans for about 20,000 workers and offering pension buyouts to 100,000 former employees as it attempts to slash debt. The Boston company says its actions would trim its pension deficit about $5 billion to $8 billion, and net debt by about $4 billion to $6 billion. The industrial conglomerate has been selling off assets and streamlining its operations amid sagging profits and other negative developments in recent years and clearing debt has become a priority for CEO Larry Culp.

 

LONDON (AP) – British labor union Unite has expressed dismay over reports that the bank HSBC will slash 10,000 jobs worldwide. HSBC declined to comment today on a Financial Times report that interim chief Noel Quinn plans to pursue immediate savings across the group. The newspaper describes the cuts as an attempt to rein in costs by reducing its headcount among a staff of about 238,000. The bank has already eliminated some 4,700 jobs as it grapples with Brexit uncertainty and global trade squabbles.

 

DETROIT (AP) – Contract talks aimed at ending a 21-day strike by the United Auto Workers against General Motors have taken a turn for the worse, hitting a big snag over product commitments for U.S. factories. A new letter from UAW Vice President Terry Dittes (DIH’-tehz) to workers casts doubt on whether there will be a quick settlement in the contract dispute, which sent 49,000 workers to the picket lines on Sept. 16, crippling GM’s factories.

 

THE HAGUE, Netherlands (AP) – Consumer products giant Unilever, whose brands include Dove products and Lipton teas, says its goal is to halve its use of non-recycled plastics by 2025. The company says the plan to slash use of so-called virgin plastics will require a “fundamental rethink” in its packaging policies. Unilever previously pledged to make all its plastic packaging reusable, recyclable or compostable by 2025 and to use at least 25% recycled plastic in packaging by that year.

 

AP-WF-10-07-19 1442GMT