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UPS CEO Carol Tome has stated that the costs incurred by the company for the newly established Teamsters contract are significantly less than the “$30 billion in new money” claimed by the union. Tome emphasized that the agreement is cost-effective and fair, with the majority of compensation being provided in the first year. The contract’s structured increase in costs is viewed as advantageous for UPS, offering a 3.3% compounded annual growth rate. The agreement also addresses work-life balance for employees while preserving weekend delivery options for customers. Avoiding a work stoppage, the contract has prevented potentially severe economic consequences, with a projected $7 billion loss in the US economy within the first 10 days of a strike. UPS shares have experienced a 14% decline since the announcement of the contract.

Citigroup CEO Jane Fraser has unveiled a corporate reorganization plan aimed at reducing management layers and accelerating decision-making within the company. The banking giant will now be divided into five main business lines that report directly to Fraser, eliminating unnecessary complexity across the firm. The restructuring will also include job cuts, the exact number of which is yet to be determined.

The move comes as Citigroup seeks to revitalize its performance and overcome a persistent stock slump. Despite being the third-largest US bank by assets, Citigroup has struggled to regain its footing since the 2008 financial crisis, partially due to its comparatively smaller domestic retail banking presence. The reorganization is expected to be completed by the first quarter of next year.

The European Commission has initiated an investigation into Chinese electric vehicle (EV) imports, examining whether punitive tariffs should be imposed to protect European producers. The investigation aims to address the influx of cheaper Chinese EVs in global markets, which the EU believes are benefiting from state subsidies. The probe, which covers battery-powered cars from China including non-Chinese brands like Tesla, Renault, and BMW, marks a significant case against China for the EU. Tensions between China and the EU have been increasing, and the EU is seeking to reduce its reliance on China for its green transition.

European carmakers are grappling with the challenge of producing lower-cost electric vehicles and competing with China’s lead in the EV market. China’s share of EVs sold in Europe has risen to 8% and is projected to reach 15% by 2025. Shares of Chinese EV producers fell following the EU announcement, while shares of European carmakers experienced mixed reactions. The investigation will examine a range of unfair subsidies, including prices of raw materials and batteries, as well as preferential lending and provision of land.

The United Auto Workers (UAW) union has made some progress in labor negotiations with the Detroit Three automakers, but a deal has not been reached yet, according to UAW President Shawn Fain. The potential strike of 146,000 U.S. autoworkers is only three days away. While Chrysler-parent Stellantis plans to make a counteroffer, the UAW rejected revised offers from Stellantis, General Motors (GM), and Ford Motor (F) on Friday. The UAW initially sought a 20% wage hike but has since trimmed it down to around 36% in total. Key demands from the union include job security guarantees, restoring defined-benefit pensions for all workers, and an end to the use of temporary workers.

McDonald’s is commencing virtual focus groups as part of an ongoing civil rights audit. The fast food chain has retained the services of WilmerHale law firm to conduct the examination. Shareholders approved the proposal for a civil rights audit by SOC Investment Group last year, which highlighted the need for attention to franchisees. The objective of the audit is to evaluate whether McDonald’s policies adversely affect stakeholders, including franchisees, employees, suppliers, and customers.

Perception Strategies will collaborate with WilmerHale to conduct a Climate and Belonging Assessment to gain deeper insights into the experiences of franchise owners. The process is voluntary, with identities kept confidential. Franchisees have raised concerns regarding the group size and potential retaliation by the company. McDonald’s has a history of responsiveness to shareholders and eagerly awaits the audit’s findings. The audit coincides with previous changes in McDonald’s franchising structure and restaurant grading system and ongoing lawsuits alleging racial discrimination.

UPS CEO Carol Tome has revealed that the costs incurred by the company for the new Teamsters contract are less than the “$30 billion in new money” claimed by the union. While she did not disclose the exact amount, Tome stated that the deal is cost-effective and fair, with a significant portion of the compensation allocated to the first year. Tome highlighted the importance of work/life balance for employees while retaining the ability to deliver on weekends.

The contract agreement prevented a potentially disruptive work stoppage, and UPS will now focus on mitigating labor costs, driving productivity through automation, and providing a positive experience for customers. The article also mentions the CEO’s strategic plans, known as “Better and Bolder,” which involve maximizing profits, increasing worker productivity, and incorporating automation and AI for better customer experiences.

Salesforce has launched Einstein Copilot, a generative AI tool that can be customized by clients across its suite of apps, including Slack and Tableau. The tool can summarize video calls, provide personalized answers, and generate marketing campaign emails. Using human language, a Generative Pre-trained Transformer (GPT) helps answer user questions and produce requested content. Salesforce’s Einstein Copilot taps into customer and enterprise data available on its Data Cloud to generate appropriate responses. Users can embed the assistant into websites or integrate it with messaging platforms like Slack and WhatsApp. This move follows Salesforce’s launch of the Einstein GPT genAI product in March. The company has also expanded its venture capital fund for generative AI startups to $500 million.