This Afternoon's Top News Stories
Here's a quick look at a few of the headlines making news this afternoon.
Chrysler, CAW reach deal
The Canadian Auto Workers Union has reached a tentative agreement with Chrysler, following successful negotiations with Ford and GM and averting strikes north of the border. In a deal reached late Wednesday, Chrysler agreed to match key wage and benefit clauses negotiated with Ford and GM, according to a report in The Globe and Mail. The deals balance keeping people employed with keeping wages in check.
Weak steel demand closes China factory
China's largest listed steelmaker, Baoshan Iron & Steel, has halted production at a plant in China that has been losing money thanks to low steel prices, high costs, and weak demand, according to a Reuters report. The plant produces steel plates used for ship building, oil rigs, and construction. Baoshan Iron & Steel is a subsidiary of Baosteel Group.
Starbucks to increase Scandinavian profile
Starbucks (NAS: SBUX) has signed a deal with Umoe Restaurant Group to build its presence in Norway and Sweden, The Wall Street Journal is reporting. It is slated to open the first in a series of stand-alone stores in Oslo next year and then spread them into Stockholm.
"We are proud to increase our presence in Scandinavia as part of our growth strategy in Europe, Middle East and Africa, and further develop stores where our customers want and expect us to be," Michelle Gass, president of Starbucks' Europe, Middle East and Africa division, is quoted as saying in a press release. "For our expansion on the high street in Scandinavia we found a strong partner in Umoe Restaurant Group who services renowned brands in the Scandinavian region and has significant local expertise."
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