Connect with us

Business

Warren Buffett tells Bernie Sanders he won’t intervene in Special Metals strike

Published

on

Warren Buffett (R) talks with Mark Donegan, CEO of Precision Castparts, at the Precision Castparts booth in exhibit hall during the Berkshire Hathaway Annual Shareholders Meeting at the CenturyLink Center in Omaha, Nebraska, April 30, 2016.

Ryan Henriksen | Reuters

Warren Buffett will not intervene in a steelworkers strike at a company owned by his firm Berkshire Hathaway, he told Sen. Bernie Sanders this week.

Sanders wrote to Buffett on Tuesday and asked the Berkshire CEO to get involved in talks between United Steelworkers Local 40 and West Virginia-based Special Metals. Precision Castparts, a subsidiary of Buffett’s conglomerate, owns Special Metals.

In a letter dated Tuesday and released by Sanders’ office on Thursday, Buffett told the Vermont independent he would not step into the labor negotiations. He cited Berkshire’s policy of letting its companies “deal individually with their own labor and personnel decisions.”

“I’m passing along your letter to the CEO of Precision Castparts but making no recommendation to him as to any action,” Buffett wrote. “He is responsible for his business.”

CNBC Politics

Read more of CNBC’s politics coverage:

About 450 Special Metals workers in Huntington, W.V. walked out on Oct. 1. Contract talks are set to drag into 2022 as workers try to stave off possible pay cuts and health-insurance cost hikes.

United Steelworkers Local 40 and Precision Castparts did not immediately respond to requests to comment.

In his letter to Buffett, Sanders asked him to “intervene” in the talks to “make sure that the workers are treated with dignity and respect and receive a fair contract that rewards the hard work and sacrifices they have made.”

“At a time when this company and Berkshire Hathaway are both doing very well, there is no reason why workers employed by you should be worrying about whether they will be able to feed their children or have health care,” the senator wrote. “There is no reason why the standard of living of these hard working Americans should decline. I know that you and Berkshire Hathaway can do better than that.”

Sanders, a labor advocate, has put his weight behind multiple strikes and union drives in recent years. Most recently, he rallied with striking Kellogg’s workers in Michigan this month.

Buffett, one of the 10 wealthiest people in the U.S., has not been as frequent a target of Sanders’ ire as his peers including Jeff Bezos and Elon Musk.

In his letter to Buffett, Sanders noted that the Berkshire CEO has “spoken out eloquently on the crisis our country now faces in terms of growing income and wealth inequality.”

Subscribe to CNBC on YouTube.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Teladoc Tumbled 38% After Big First-Quarter Loss. Is It Just a Pandemic Play?

Published

on

Text size

Source link

Continue Reading

Business

After pandemic drop, Canada’s detention of immigrants rises again By Reuters

Published

on


© Reuters. FILE PHOTO: Two closed Canadian border checkpoints are seen after it was announced that the border would close to “non-essential traffic” to combat the spread of novel coronavirus disease (COVID-19) at the U.S.-Canada border crossing at the Thousand Isla

By Anna Mehler Paperny

TORONTO (Reuters) – Canada is locking up more people in immigration detention without charge after the numbers fell during the pandemic, government data obtained by Reuters shows.

Authorities cite an overall rise in foreign travelers amid easing restrictions but lawyers say their detained clients came to Canada years ago.

Canada held 206 people in immigration detention as of March 1, 2022 – a 28% increase compared with March 1 of the previous year. Immigration detainees have not been charged with crimes in Canada and 68% of detainees as of March 1 were locked up because Canada Border Services Agency (CBSA) fears they are “unlikely to appear” at an immigration hearing, according to the data.

The rise puts Canada at odds with Amnesty International and other human rights groups that have urged Ottawa to end its use of indefinite immigration detention, noting CBSA has used factors such as a person’s mental illness as reason to detain them.

A CBSA spokesperson told Reuters that “when the number of entries (to Canada) goes up, an increase in detention is to be expected.” CBSA has said in the past it uses detention as a last resort.

A lawyer told Reuters her detained clients have been in Canada for years.

In the United Kingdom, too, immigration detention levels rose last year after dropping earlier in the pandemic, according to government statistics. Unlike Canada, the United States and Australia, European Union member states have limits on immigration detention and those limits cannot exceed six months.

The rise in detentions puts people at risk of contracting COVID-19 in harsh congregate settings, refugee lawyers say.

Julia Sande, Human Rights Law and Policy Campaigner with Amnesty, called the increase in detentions “disappointing but not surprising,” although she was reluctant to draw conclusions from limited data.

The number of immigration detainees in Canada dropped early in the pandemic, from a daily average of 301 in the fourth quarter (January through March) of 2019-20 to 126 in the first quarter (April through June) of 2020-21.

FEW NO-SHOWS AS DETENTIONS DROPPED

Detaining fewer people did not result in a significant increase in no-shows at immigration hearings – the most common reason for detention, according to Immigration and Refugee Board data.

The average number of no-shows as a percentage of admissibility hearings was about 5.5% in 2021, according to that data, compared to about 5.9% in 2019.

No-shows rose as high as 16% in October 2020, but a spokesperson for the Immigration and Refugee Board said this was due to people not receiving notifications when their hearings resumed after a pause in the pandemic.

Refugee lawyer Andrew Brouwer said the decline in detention earlier in the pandemic shows Canada does not need to lock up as many non-citizens.

“We didn’t see a bunch of no-shows. We didn’t see the sky fall … It for sure shows that the system can operate without throwing people in jail,” Brouwer said.

He added that detainees face harsh pandemic conditions in provincial jails – including extended lockdowns, sometimes with three people in a cell for 23 hours a day.

Refugee lawyer Swathi Sekhar said CBSA officials and the Immigration and Refugee Board members reviewing detentions took the risk of COVID-19 into account when deciding whether someone should be detained earlier in the pandemic but are doing so less now.

“Their position is that COVID is not a factor that should weigh in favor of release,” she said.

“We also see very, very perverse findings … [decision-makers] outright saying that individuals are going to be safer in jail.”

The Immigration and Refugee Board did not immediately respond to a Reuters request for comment.

Source link

Continue Reading

Business

Nasdaq futures rise as market attempts comeback from April sell-off, Meta shares soar

Published

on

Stock futures rose in overnight trading as the market shook off the April sell-off and investors reacted positively to earnings from Meta Platforms.

Futures on the Dow Jones Industrial Average added 70 points or 0.2%. S&P 500 futures gained 0.7% and Nasdaq 100 futures jumped 1.2%.

The moves came as shares of Meta surged more than 18% after hours following a beat on earnings but a miss on revenue, a sign that investors may see signs of relief in the beaten-up tech sector. Shares were down 48% on the year heading into the results.

Meanwhile, shares of Qualcomm gained 5.6% in extended trading on the back of strong earnings while PayPal rose 5% despite issuing weak guidance for the second quarter.

“I think a lot of people want to believe that earnings are going to pull us out of this, but earnings are not what got us into this,” SoFi’s Liz Young told CNBC’s “Closing Bell: Overtime” on Wednesday. “… But the reality is there are so many macro headwinds still in front of us in the next 60 days that the market is just hard to impress.”

The after-hour activity followed a volatile regular trading session that saw the Nasdaq Composite stoop to its lowest level in 2022, as stocks looked to bounce back from a tech-led April sell-off. The index is down more than 12% since the start of April.

In Wednesday’s regular trading, the tech-heavy Nasdaq ended at 12,488.93, after rising to 1.7% at session highs. The Dow Jones Industrial Average rose 61.75 points, or 0.2%, to 33,301.93 propped up by gains from Visa and Microsoft, while the S&P 500 added 0.2% to 4,183.96.

Investors await big tech earnings on Thursday from Apple, Amazon and Twitter, along with results from Robinhood. Jobless claims are also due out Thursday.

Source link

Continue Reading

Trending