DETROIT: Members of the United Auto Workers union at Ford Motor Co. voted Friday to approve a new contract with the company.
The union said in a statement that 56.3 percent of workers who voted were in favor of the deal.
The four-year agreement reached Oct. 31 gives workers a mix of pay raises and lump-sum payments as well as a $9,000 ratification bonus. The company also promises $6 billion in US factory investments. Ford gets to close an engine factory near Detroit but its 600 workers there will get jobs at a nearby plant.
Acting Union President Rory Gamble called the agreement “life changing” for workers and said it eliminates perpetual temporary employees and different wage tiers for workers doing the same jobs. Ford said the deal increases its competitiveness, keeping its cost structure similar to its US-based competitors. It also secures 8,500 US hourly jobs.
The contract will cost Ford $700 million in the fourth quarter, mainly to pay ratification bonuses to its 55,000 hourly workers.
Union spokesman Brian Rothenberg said Friday night he did not have vote totals.
The deal is similar to one ratified by General Motors workers after a bitter 40-day strike this fall.
On Monday, the union will focus bargaining on Fiat Chrysler, the last of the Detroit Three automakers to settle.
United Auto Workers approve new 4-year contract with Ford
United Auto Workers approve new 4-year contract with Ford
- Union: 56.3 percent of workers who voted were in favor of the deal
- The contract will cost Ford $700 million in the fourth quarter
Egypt’s non-oil exports rise 17% as trade deficit narrows
RIYADH: Egyptian non-oil exports increased by over 17 percent year on year in 2025, reaching approximately $48.6 billion, new figures showed.
Latest foreign trade indicators released by the country’s Ministry of Investment and Foreign Trade revealed the trade deficit narrowed by 9 percent over the 12 months, reaching around $34.4 billion, according to a statement.
This supports Egypt’s ambition to enter the global top 50 in trade performance, boost exports to $145 billion a year, and narrow the trade deficit.
It also aligns with the country’s efforts to streamline procedures, maximize the benefits of trade agreements, and protect local industry in line with international agreements.
The newly released data said: “Egyptian gold exports also saw a substantial increase, reaching $7.6 billion in 2025 compared to $3.2 billion in 2024, an increase of $4.4 billion.”
It further indicated that the largest markets for Egyptian non-oil exports in 2025 included the UAE, Turkiye, and Saudi Arabia, as well as Italy and the US.
The most important export sectors included building materials at $14.9 billion, chemicals and fertilizers at $9.4 billion, and food industries at $6.8 billion.
In October, Egypt’s credit rating was raised by S&P Global to “B” from “B-,” while Fitch reaffirmed its “B” rating, citing reform progress and macroeconomic stability.
S&P said at the time that the upgrade reflects reforms implemented over the past period by the country, including the liberalization of the foreign exchange regime, which boosted competitiveness and fueled a rebound in growth.
Prime Minister Mostafa Madbouly also said at that time that both rating agencies’ decisions signal confidence in the government’s reform agenda and its expected returns.
In September, Egypt’s Ministry of Planning, Economic Development and International Cooperation reported that the economy expanded 4.4 percent in fiscal year 2024/25, driven by a strong fourth quarter when gross domestic product growth hit a three-year high of 5 percent.
This reflects the impact of the more flexible exchange rate regime adopted since March 2024, which has helped stabilize the balance of payments and restore investor confidence.
