Latest news with #ElectricBoat
Yahoo
5 days ago
- Business
- Yahoo
UAW Members at General Dynamics Corporation (GD)'s Submarine Division Vote to Ratify New Contract
Union members at General Dynamics Corporation (NYSE:GD)'s Electric Boat unit voted to ratify a new contract on Wednesday. The United Auto Workers (UAW), which represents approximately 2,400 marine drafters at the company, stated that 85% of its members voted in favor of the new five-year agreement, securing a 30% wage increase and improved wage progression. Each member is expected to see a $115,000 increase in compensation during the agreement. A team of workers wearing the company's protective wear, looking off into the dawn. Bill Louis, President of Local 571, stated the following in a statement: 'We did negotiations differently this time. Our members worked hard and got involved in our campaign. After more than a decade of 'living to fight another day,' we finally stood up and won the respect that all workers deserve.' This comes over a month after UAW members authorized a strike at General Dynamics Corporation (NYSE:GD)'s submarine division, amid a labor dispute demanding cost-of-living adjustments to keep up with inflation. General Dynamics Corporation (NYSE:GD)'s Electric Boat is part of the Marine Systems segment and is responsible for building nuclear-powered submarines for the U.S. Navy. While we acknowledge the potential of GD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GD and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: ChatGPT Stock Advice: Top 12 Stock Recommendations and 10 Cheap Rising Stocks to Buy Right Now. Disclosure: None. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
UAW Members at General Dynamics Corporation (GD)'s Submarine Division Vote to Ratify New Contract
Union members at General Dynamics Corporation (NYSE:GD)'s Electric Boat unit voted to ratify a new contract on Wednesday. The United Auto Workers (UAW), which represents approximately 2,400 marine drafters at the company, stated that 85% of its members voted in favor of the new five-year agreement, securing a 30% wage increase and improved wage progression. Each member is expected to see a $115,000 increase in compensation during the agreement. A team of workers wearing the company's protective wear, looking off into the dawn. Bill Louis, President of Local 571, stated the following in a statement: 'We did negotiations differently this time. Our members worked hard and got involved in our campaign. After more than a decade of 'living to fight another day,' we finally stood up and won the respect that all workers deserve.' This comes over a month after UAW members authorized a strike at General Dynamics Corporation (NYSE:GD)'s submarine division, amid a labor dispute demanding cost-of-living adjustments to keep up with inflation. General Dynamics Corporation (NYSE:GD)'s Electric Boat is part of the Marine Systems segment and is responsible for building nuclear-powered submarines for the U.S. Navy. While we acknowledge the potential of GD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GD and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: ChatGPT Stock Advice: Top 12 Stock Recommendations and 10 Cheap Rising Stocks to Buy Right Now. Disclosure: None. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
UAW members at General Dynamics' Electric Boat vote to ratify new contract
(Reuters) -Union members at General Dynamics' Electric Boat submarine-making unit have voted to ratify a new contract, the United Auto Workers said on Wednesday. The union, representing over 2,400 marine drafters at Electric Boat, said 85% voted in favor of the ratification of the new five-year agreement which secures a 30% wage increase over the life of the contract and an improved wage progression. In total, members will see a cumulative $115,000-per-member increase in total compensation during the agreement, UAW said. The ratification comes over a month after members authorized a strike, demanding cost-of-living adjustments (COLA) to keep up with inflation. Electric Boat is a part of the defense contractor's marine systems segment, which assembles nuclear-powered submarines for the U.S. Navy.
Reuters
6 days ago
- Business
- Reuters
UAW members at General Dynamics' Electric Boat vote to ratify new contract
May 28 (Reuters) - Union members at General Dynamics' (GD.N), opens new tab Electric Boat submarine-making unit have voted to ratify a new contract, the United Auto Workers said on Wednesday. The union, representing over 2,400 marine drafters at Electric Boat, said 85% voted in favor of the ratification of the new five-year agreement which secures a 30% wage increase over the life of the contract and an improved wage progression. In total, members will see a cumulative $115,000-per-member increase in total compensation during the agreement, UAW said. The ratification comes over a month after members authorized a strike, demanding cost-of-living adjustments (COLA) to keep up with inflation. Electric Boat is a part of the defense contractor's marine systems segment, which assembles nuclear-powered submarines for the U.S. Navy.
Yahoo
20-05-2025
- Politics
- Yahoo
Connecticut's Broken Promise: When Equal Justice Favors Special Interests
'Equal justice under law.' These four words are inscribed on the front of the U.S. Supreme Court — a reminder that impartiality is a promise woven into the fabric of our constitutional system. When the building was under construction in 1935, a journalist questioned whether the word 'equal' was necessary. But Chief Justice Charles Evans Hughes insisted. In his words, 'plac[ing] a strong emphasis on impartiality' was essential. He was right. As citizens, taxpayers, and participants in our democratic republic, we are entitled to expect impartiality from those who govern us. That's the promise of the Constitution's Equal Protection Clause — and in an era where government often seems to exceed its proper bounds, that expectation has never been more essential. Yet here in Connecticut, too often, that promise is being broken. Our elected officials are placing a thumb on the scale in deference to favored special interests. In the legislature, they're promoting a bill that would fund striking workers with taxpayer dollars. And nowhere has their one-sidedness been more evident than in recent labor disputes unfolding across our state. Politicians who style themselves as champions of working families seem to forget that employers and their families are also their constituents — and all deserve equal consideration. The strike at Pratt & Whitney began on May 5. Since then, a parade of elected officials from both parties have joined the picket line to demonstrate support for the strikers. Lt. Gov. Susan Bysiewicz tweeted that she was 'proud to stand with members of the machinist union.' The Connecticut AFL-CIO amplified her message with enthusiasm. U.S. Sens. Richard Blumenthal and Chris Murphy; U.S. Reps. Rosa DeLauro, Joe Courtney, Jahana Hayes, and John Larson; and state officials including Attorney General William Tong, State Senate Majority Leader Matt Lesser, Sen. Julie Kushner (herself a former UAW director) and Rep. Ron Delnicki also joined in. Such one-sided and full-throated pro-union support only increases the likelihood of another work stoppage. Is this really in the best interests of Connecticut's people — and who is representing the broader public interest? Unions and employers can come to terms without government involvement, as shown by the tentative agreement reached at Electric Boat on May 18. When elected officials take sides in a dispute between private parties — particularly while negotiations are ongoing — they forfeit their ability to serve as honest brokers. They also alienate those of us who are not party to the conflict but depend on sound governance and a functioning economy. We are right to wonder: Who is looking out for us? The expectation in a free society should be simple: If a person or company is acting lawfully, government should not target or intimidate them. And yet, in Connecticut, official behavior can be tinged with partisanship and even punitive intent. Take the case of Avelo Airlines. Because the airline cooperated with a federal deportation order issued by Immigration and Customs Enforcement (ICE), Attorney General Tong threatened to review Avelo's eligibility for state economic incentives. This wasn't in response to illegal activity. It was a retaliatory threat resulting from partisan disapproval against a lawful contract with the federal government. In recent years, it has become a bipartisan mantra that 'no one is above the law.' That's true. But no one is beneath the law, either. Employers engaged in good-faith labor negotiations deserve protection from political harassment. So do businesses acting within the scope of the law — even if their conduct offends the sensibilities of the political class. When politicians pick winners and losers — not in the free market, but in the moral judgment of the state — they corrode the trust our system depends on. They reinforce the suspicion that government no longer serves all its citizens equally, but only those aligned with its preferred ideologies. Trust in government is not a given. It must be earned — and protected. That starts with leaders who recognize that their job is not to champion favored factions, but to serve all of us, without fear or favor. If justice is to be equal, it must also be impartial. The people of Connecticut deserve nothing less. Carol Platt Liebau is the president of Yankee Institute, a Connecticut-based public policy organization.
