Business

U.S. Auto Workers Go on Strike

Published

3 years ago

September 15, 2023

U.S. Auto Workers Go on Strike

The United Auto Workers union launched simultaneous strikes at three factories owned by General Motors, Ford and Chrysler parent Stellantis early on Friday, kicking off the most ambitious U.S. industrial labor action in decades.

The walkouts at the “Detroit Three” will halt production of the Ford Bronco, Jeep Wrangler and Chevrolet Colorado pickup truck, along with other popular models. UAW President Shawn Fain said the union will hold off for now on more costly company-wide strikes, but said all options are open if new contracts are not agreed.

Fain laid out plans for the unprecedented, simultaneous walkouts in a Facebook Live address less than two hours before the expiration of the old contract.

The walkouts capped weeks of clashes between Fain and Detroit Three executives over union demands for a bigger share of profits generated by combustion trucks, and stronger job security as automakers shift to electric vehicles.

“For the first time in our history we will strike all three of the Big Three,” Fain said.

The strikes involving a combined 12,700 workers will take place at assembly plants operated by Ford (F.N) in Wayne, Michigan, GM (GM.N) in Wentzville, Missouri and Stellantis’ (STLAM.MI) Jeep brand in Toledo, Ohio. They are critical to the production of some of the Detroit Three’s most profitable vehicles.

Fain’s decision to go with targeted walkouts could limit the cost to the union of strike pay. The UAW has a strike fund of $825 million, which pales in comparisons to billions in liquidity the automakers have built up thanks to robust profits from the trucks and SUVs UAW members build.

Stellantis has more than 90 days worth of Jeeps in stock and has been building SUVs and trucks on overtime, according to Cox Automotive data.

But a week-long shutdown at Stellantis’ Jeep plant in Toledo could cut revenue by more than $380 million, based on data from the company’s financial reports.

“This is more of a symbolic strike than an actual damaging one,” said Sam Fiorani, a production forecaster at Auto Forecast Solutions, who added that he had expected more in the first wave of the strike.

“If the negotiations don’t go in a direction that Fain thinks is positive, we can fully expect a larger strike coming in a week or two,” he said.

Fiorani estimated the limited action would stop production of about 24,000 vehicles a week. And while it targets some key brands, like the Bronco, buyers would be willing to wait, for now.

COMPANIES FEAR COST HIKES

The union has said it wants a 40% raise. The companies have offered up to 20%, but without key benefits demanded by the union. None of the Detroit Three has proposed eliminating tiered wage systems that require new hires to stay on the job for eight years to earn the same as veteran workers – a central UAW demand.

Ford said the UAW’s latest proposals would double its U.S. labor costs and make it uncompetitive against Tesla (TSLA.O) and other non-union rivals. A walkout could mean that UAW profit-sharing checks for this year would be “decimated,” the company said.

Stellantis responded to the union walkout by saying it had immediately put the company in “contingency mode” and would take all of the appropriate structural decisions to protect the company and its North American operations, without elaborating.

Fain said earlier this week that Stellantis had proposed shutting as many as 18 U.S. facilities.

GM said it was disappointed by the walkout and would continue to “bargain in good faith.”

Ahead of Fain’s address, GM’s top manufacturing executive Gerald Johnson said in a video that the UAW’s wage and benefits proposals would cost the automaker $100 billion, “more than twice the value of all of General Motors and absolutely impossible to absorb.” He did not detail how the union proposals would result in that cost, or over what time frame.

Fain has rejected the automakers’ assertions that union demands would cost too much, saying the companies have spent billions on share buybacks and executive salaries.

Suppliers and other industries that depend on automakers and their workers could see demand and cash dry up if the UAW shut down Detroit Three’s U.S. manufacturing operations. The standoff has become a political issue with President Joe Biden, facing re-election next year, prominently calling for a deal.

Biden is pouring billions in federal subsidies into expanding sales of electric vehicles. But the shift to EVs could threaten UAW combustion powertrain jobs. The union has not endorsed Biden’s re-election.

“I think the Biden administration just continues to watch this slow-moving car crash as its EV strategy collides head on with unions,” Wedbush analyst Dan Ives said.

UAW President Fain has taken an unorthodox approach to the negotiations, bargaining with all three Detroit automakers simultaneously. Past UAW leaders chose one company to set a contract pattern for the other two. Fain has played the companies against each other, seeking to drive up their offers.

While a deal with one or more of the automakers could come at any time, the disruption is an opportunity for non-union automakers in the United States, including Tesla, Toyota (7203.T), Honda (7267.T) and Mercedes (MBGn.DE).

Those non-union factories, plus imported vehicles, account for more than half of the vehicles sold in the U.S. market.

A full strike would hit earnings by about $400 million to $500 million at each affected automaker per week of lost production, Deutsche Bank has estimated. Some of those losses could be recouped by boosting production schedules after a strike, but that possibility fades as a strike extends to weeks or months.

Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

12 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

13 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

15 hours ago

May 12, 2026

Sahara Weekly

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.

The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.

Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.