Page 25 - AT

BUSINESS Monday 7 october 2019
A25

Asian shares mixed GM-UAW talks take turn for

on U.S. jobs, eyes on worse; settlement not near

China trade talks By TOM KRISHER

AP Auto Writer
By YURI KAGEYAMA September showed the DETROIT (AP) — Contract
AP Business Writer U.S. unemployment rate talks aimed at ending a
TOKYO (AP) — Asian dropped to a five-de- 21-day strike by the United
shares were mixed Mon- cade low and employ- Auto Workers against Gen-
day, following a healthy ers were adding jobs at eral Motors have taken a
report on U.S. jobs, while a healthy clip. turn for the worse, hitting
investors cautiously The S&P 500 rose 41.38 a big snag over product
awaited the upcoming points, or 1.4%, to commitments for U.S. fac-
trade talks between the 2,952.01. The index fin- tories, a union official wrote
U.S. and China. ished the week with in an email to members.
Japan’s benchmark Nik- a 0.3% loss. The Dow The letter from UAW Vice
kei 225 lost early gains to climbed 372.68 points, President Terry Dittes casts
be down 0.2% in morn- or 1.4%, to 26,573.72. doubt on whether there John Kirk, right, a 20-year-employee, pickets with co-workers
ing trading at 21,358.56. The Nasdaq composite will be a quick settlement outside the General Motors Fabrication Division, Friday, Oct. 4,
Australia’s S&P/ASX 200 gained 110.21 points, in the contract dispute, 2019, in Parma, Ohio.
rose 0.4% to 6,544.00, also 1.4%, to 7,982.47. which sent 49,000 workers Associated Press
while South Korea’s Kospi The Russell 2000 index of to the picket lines on Sept. union, could not be more A person briefed on the
gained 0.1% to 2,022.84. smaller company stocks 16, crippling GM’s facto- disappointed with General talks said Sunday that the
Markets in China were rose 14.36 points, or 1%, ries. Motors who refuse to rec- union voiced concerns
closed for a holiday. to 1,500.70. If the job mar- Dittes’ letter says the union ognize the experience and about GM increasing pro-
Wall Street ended a ket can remain strong, it presented a proposal to talent of our membership.” duction in Mexico, where
choppy week of trading would allow U.S. house- the company Saturday. He In a statement, GM said it it now builds pickup trucks,
with a broad rally that holds to keep spend- said GM responded Sun- continues to negotiate in small cars and two SUVs.
drove the Dow Jones ing. And that spending day morning by reverting good faith “with very good The person, who spoke on
Industrial Average more strength has been the back to an offer that had proposals that benefit em- condition of anonymity
than 370 points higher. hero for the economy been rejected and made ployees today and builds a because the talks are pri-
The gains Friday also recently, propping it up few changes. stronger future for all of us.” vate, said both sides are
gave the S&P 500 its when slowing growth The company’s proposal The company said it is com- far apart on guarantees of
best day in seven weeks, abroad poses a threat did nothing to address a mitted to talking around new products in U.S. facto-
though the benchmark and President Donald host of items, Dittes wrote, the clock to resolve the dis- ries.
index still finished with its Trump’s trade war with specifying job security for pute. GM leads all companies in
third straight weekly loss. China saps exports and members during the term But Dittes wrote that while automobiles produced in
The job market data for manufacturing. q of the four-year contract. both sides had made prog- Mexico at just over 833,000
Normally in contract talks, ress on important issues two last year, according to
FTC halts ‘misleading’ the union bargains for days ago, the talks now LMC and the Center for
the
from
commitments
“have taken a turn for the Automotive Research, a
real estate seminars company to build new ve- worse.” think-tank based in Ann Ar-
hicles, engines, transmis-
Dittes also sent a sharp let-
bor, Michigan. Of GM vehi-
with HGTV stars sions and other items at ter to GM’s vice president cles sold in the U.S., 22% are
U.S. factories represented
for labor relations Sunday, produced in Mexico.
by the union. saying: “You didn’t even GM’s U.S. factories have
By JOSEPH PISANI “It did nothing to provide have a professional cour- been shut down since the
AP Retail Writer job security during the tesy to explain why you workers walked out Sept.
NEW YORK (AP) — A court has agreed to put a tem- term of this agreement,” could not accept or why 16. Parts shortages also
porary stop to pricey real estate seminars fronted by Dittes wrote. “We, in this you rejected our package have forced the company
HGTV stars after the Federal Trade Commission said proposal for each item we to close plants in Mexico
promises that the classes could make people rich addressed.” and Canada.q
were “misleading” and “bogus.”
In its complaint Friday, the FTC said that Utah-based
Zurixx LLC would hold free real estate events en-
dorsed by HGTV stars, including Tarek El Moussa and
Christina Anstead of “Flip or Flop” fame. But at the
events, attendees would be asked to pay for anoth-
er three-day class that cost $1,997. And those who
paid for those classes would be taught how to apply
for new credit cards and increase the credit limits on
existing cards. Then, according to the FTC, instruc-
tors would suggest using the credit to pay for addi-
tional training that cost more than $41,000.
When customers complained, the FTC said Zurixx
would offer refunds, but only if customers signed an
agreement barring them from writing negative re-
views or speaking to regulators.
Zurixx said in a statement that it welcomes the scru-
tiny and anticipates “a positive outcome as we work
directly and openly with the agencies involved.”
HGTV did not immediately respond to a request for
comment. q