General Motors Co. and United Auto Workers (UAW) said they will continue talks on a new labor deal on Monday, as a strike by the union’s members enters its third week.
UAW members went on strike on Sept. 16 seeking higher pay, greater job security, a bigger share of the leading US automaker’s profit and protection of their health care benefits.
“Negotiations will resume first thing Monday morning and we will continue to look for solutions to reach an agreement,” said UAW, a union that represents the automaker’s 48,000 striking hourly workers in the United States.
GM said it would continue the talks aimed at reaching an agreement that “builds a stronger future for its employees and business.”
The strike is the first nationwide walkout at GM since a two-day work stoppage in 2007.
The UAW has been careful about deploying strikes to gain leverage in bargaining since a 54-day walkout that occurred in Flint, Michigan, in 1998 that cost GM more than $2 billion and accelerated the loss of UAW-GM jobs.
General Motors, workers union to continue talks on new labor deal
General Motors, workers union to continue talks on new labor deal
- Members of United Auto Workers went on strike on September 16
- The strike is the first nationwide walkout at GM since a two-day work stoppage in 2007
Closing Bell: Saudi main market edges up to 10,745 points
RIYADH: Saudi equities closed higher on Monday, with the Tadawul All Share Index finishing up 135.69 points, or 1.28 percent, at 10,745.45.
The MSCI Tadawul 30 Index also advanced, rising 22.21 points, or 1.57 percent, to close at 1,436.31, while the Nomu Parallel Market Index slipped 31.80 points, or 0.13 percent, to 23,586.94.
Market breadth was positive on the main market, with 216 gainers against 42 decliners, while Nomu saw 42 stocks advancing and 36 declining.
Trading activity picked up, with 261.7 million shares changing hands, while total turnover reached SR5.10 billion ($1.3 billion).
Among the top performers, Saudi Fisheries Co. led the gains, closing at SR63.90, up SR5.80, or 9.98 percent. Naseej International Trading Co. rose to SR34.94, gaining SR3.16, or 9.94 percent, while Dar Al Arkan Real Estate Development Co. ended at SR16.74, up SR1.16, or 7.45 percent.
Zahrat Al Waha for Trading Co. added 6.84 percent to close at SR2.50, and Alamar Foods Co. climbed 5.75 percent to SR42.70.
On the losing side, Al Masar Al Shamil Education Co. fell 4.36 percent to SR23.90, while Saudi Paper Manufacturing Co. declined 2.82 percent to SR62.05.
United International Holding Co. slipped 2.36 percent to SR153.40, Saudi Aramco Base Oil Co. dropped 2.09 percent to SR98.60, and United Electronics Co. eased 1.90 percent to SR85.00.
On the announcement front, Mouwasat Medical Services Co. announced that its board has approved the establishment of a new hospital in Riyadh’s Al-Narjis District, with a planned capacity of 280 beds and a total investment cost of SR900 million.
The project will be financed through a mix of self-funding and long-term Shariah-compliant bank facilities, with further details on timelines and financial impact to be disclosed at a later stage.
Shares of Mouwasat Medical Services Co. closed at SR67.95, gaining SR1.40, or 2.10 percent.
Saudi Arabian Mining Co. reported a net addition of 7.8 million ounces of new gold resources following extensive exploration and drilling activities across multiple sites, alongside the identification of new mineralization opportunities in gold and base metals.
The company noted that the financial impact of these discoveries has yet to be determined and will be assessed in due course.
Shares of Saudi Arabian Mining Co. closed at SR67.50, up SR3.05, or 4.73 percent.
