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U.S. markets recover from steep losses
DETROIT, May 17 (UPI) -- The United Auto Workers and American Axle were optimistic Saturday they have struck a deal to end a nearly 12-week walkout at the Detroit manufacturer.
Union and the company officials confirmed late Friday they had reached a tentative agreement on a new labor contract. The Detroit Free Press said the walkout was one of the longest in recent automotive history.
"Our members at American Axle have displayed extraordinary solidarity during this strike," UAW President Ron Gettelfinger said in a statement. "The bargaining committee worked extremely hard to achieve this tentative agreement, and they have voted to recommend it to the membership."
The newspaper said American Axle, a maker of automotive drivetrains and chassis, confirmed the deal but declined to comment further. The union members were scheduled to learn details of the proposal at a Sunday morning meeting.
Buyouts of $140,000 and buy-downs of $90,000 in exchange for lower wages were expected to be part of the deal, the Free Press said, with wages expected to be about $14 an hour for non-production workers, and from $17 to $18 an hour for production workers.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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NEW DELHI, May 24 (UPI) --
India's state-run National Aerospace Laboratory will work with Kadet Defense Systems to develop NAL's Hansa trainer aircraft into an unmanned airial vehicle.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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