Source: UAW contract doesn't contain raise
The new four-year contract between General Motors Co. and the United Auto Workers union will bring only a minimal increase in fixed costs for the automaker, a person briefed on the talks said Monday. The agreement, reached late Friday, includes a $5,000 signing bonus and the possibility of sweeter profit-sharing checks for GM's 48,500 factory workers, but most of them aren't likely to see a pay raise. Because recurring costs were contained, GM still will be able to break even in a depressed U.S. auto sales market of around 10.5 million, said the person, who asked not to be identified because terms of the deal haven't been released to union members.
Apple stock value climbs back on top
Apple Inc. stock reached its highest level ever Monday, hitting $411.50 in intraday trading even as the broader market declined. That price was 2.7 percent higher than Friday's close and brought the company's market capitalization to $381.4 billion, albeit briefly. But, even when the stock slipped later Monday to about $410, it was up about 2.4 percent, while the Dow Jones industrial average fell 1.6 percent. Apple is again the most valuable company in America, putting Exxon Mobil, whose market cap Monday was about $356.6 billion, at No. 2.
Labor officials to share pay information
The Labor Department is signing agreements to share information with nearly a dozen states and the Internal Revenue Service as it gets more aggressive in its program to crack down on businesses that cheat workers out of their wages. The information will help Labor officials target businesses that improperly label workers as independent contractors or as non-employees to deprive workers of minimum wage and overtime pay. Improperly classifying workers also lets companies avoid paying workers compensation, unemployment insurance and federal taxes. Patricia Smith, the Labor Department's top lawyer, said sharing information between state and federal agencies could subject businesses to multiple fines.
From Herald news services