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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul><li><a href="https://uhi.abdm.gov.in/">UHI </a>is a network that can enable interoperability in health services.</li><li>Through <keyword id="1766345" type="General" weightage="80" keywordseo="uhi" source="Orion">UHI</keyword> enabled applications, patients can discover, book, conduct and pay for services via an application of their choice. </li><li>e-RUPI is a new fintech initiative for instant payment to healthcare service providers in the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana.</li></ul>Just like <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> revolutionized payment transactions in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Unified Health Interface or UHI will revolutionize digital health service delivery, said Dr R S <keyword id="445" type="General" weightage="80" keywordseo="sharma" source="Orion">Sharma</keyword>, CEO, <keyword id="7183605" type="General" weightage="50" keywordseo="national-health-authority" source="Orion">National Health Authority</keyword>, <keyword id="191419" type="General" weightage="50" keywordseo="ministry-of-health-and-family-welfare" source="Orion">Ministry of Health and Family Welfare</keyword> at IFTA 2022 held in Mumbai. A foundational layer of the Ayushman Bharat Digital Mission (ABDM) stack, <a href="https://uhi.abdm.gov.in/">UHI </a>is a network of open protocols that can enable interoperability in health services. Through UHI enabled applications, patients can discover, book, conduct and pay for services offered by a variety of participating providers via an app of their choice. “UHI facilitates the ease of doing business for health care service providers by granting them access to a large number of users, through the medium of a common platform. This paradigm shift in healthcare delivery also gives rise to a sea of opportunities for the emerging HealthTech ecosystem” said Dr Sharma. Some of the services that will be included in UHI are teleconsultation, lab booking and ambulance services. The healthcare system is also working on enabling payments via e-RUPI, as part of a fintech initiative for instant payment to healthcare service providers - under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, a government funded health insurance scheme. e-RUPI is a person and purpose specific digital instrument based on the architecture of UPI. It’s a one-time, cashless, contactless prepaid digital voucher which can be availed through an SMS or QR Code. It can be redeemed without a card, digital payments app, or internet banking access. “e-RUPI will have myriad use cases: to start with, health, nutrition, education and agriculture are just a few areas that are going to benefit from it. A number of states have already started using e-RUPI for various benefit delivery programmes in their states,” Dr Sharma added. It was launched by <keyword id="12394777" type="General" weightage="50" keywordseo="national-payments-corporation-of" source="Orion">National Payments Corporation of</keyword> India (NPCI) in August <a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1743056">2021</a>. Dr Sharma believes that it is time that we innovate new products in the fintech industry which could be combined with healthtech for an affordable, scalable and accessible digital healthcare ecosystem. IFTA 2022 is a fintech event hosted by <keyword id="8249528" type="General" weightage="50" keywordseo="india-fintech-forum" source="Orion">India FinTech Forum</keyword>, an advocacy group. More than 2,750 fintech companies and over 30,000 individuals are members of this forum. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/urban-company-grants-shares-worth-rs-5-2-cr-to-497-gig-workers/articleshow/95828715.cms">Urban Company grants shares worth Rs 5.2 cr to 497 gig workers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/indonesia-relaunches-multiple-entry-visa-that-was-deactivated-during-the-pandemic/articleshow/95828509.cms">Indonesia relaunches multiple entry visa that was deactivated during the pandemic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/tips-to-make-whatsapp-more-private-and-secure/articleshow/95825054.cms">Tips to make Whatsapp more private and secure</a>

‘United Health Interface will do to service delivery what UPI did to payments’

<ul><li>As a part of the tie-up, MSMEs who are <keyword id="45008" type="General" weightage="100" keywordseo="tata-power" source="Orion">Tata Power</keyword> customers can avail loans up to ₹8 crore, with nil or minimum collateral. </li><li>The scheme requires a minimum down payment of only 15-20% of project cost, says <keyword id="51925" type="General" weightage="80" keywordseo="union-bank" source="Orion">Union Bank</keyword>. </li><li>This tie-up is a part of <keyword id="72269" type="General" weightage="50" keywordseo="ubi" source="Orion">UBI</keyword>’s solar scheme called <keyword id="15535191" type="General" weightage="50" keywordseo="union-solar" source="Orion">Union Solar</keyword>.</li></ul>Indian public sector bank <keyword id="63524" type="General" weightage="50" keywordseo="union-bank-of-india" source="Orion">Union Bank of India</keyword> has tied up with <keyword id="12146018" type="General" weightage="50" keywordseo="tata-power-solar" source="Orion">Tata Power Solar</keyword> Systems, a subsidiary of Tata Power Renewable Energy, to help the micro, small and medium enterprises (MSME) set up rooftop mounted solar units through a term loan. MSME industries who are Tata Power customers can avail loans up to ₹8 crore with nil or minimum collateral. The objective of this collaboration is to improve access to green energy, and help MSMEs save on electricity costs. “The scheme also requires a minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs,” informs Union Bank. This is a part of the bank’s solar scheme called 'Union Solar' which was launched at a pan-India level, to relieve the MSMEs from the stress of higher power costs and grid exigencies. “We are happy to associate with Tata Power in our efforts to help small businesses improve their access to green energy through the solar solution that is reliable, affordable and self-paying in the long run. We expect to see an impressive growth in the use of solar power in the MSME sector that will also make them more competitive in the domestic and international markets,” C M Minocha, chief general manager, Union Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> said. MSMEs can avail the dual services of Solar EPC by Tata Power Solar, financed through term loan facility by Union Bank of India. "In the last few years, the Indian MSME industry is experiencing a behavioural shift towards green energy solutions. We are committed to make TPREL a one-stop solution for the solar rooftop industry,” said <keyword id="14983947" type="General" weightage="50" keywordseo="shivram-bikkina" source="Orion">Shivram Bikkina</keyword>, chief- rooftop, Tata Power Renewable Energy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-shares-tank-over-9-as-4-5-of-its-equity-changes-hands/articleshow/95574534.cms">Paytm shares tank over 9% as 4.5% of its equity changes hands</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistans-default-risk-soars-amid-political-turmoil-says-a-dawn-news-report/articleshow/95574205.cms">Pakistan's default risk soars amid political turmoil says a Dawn news report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mumbai-based-ev-startup-launched-a-two-seater-electric-car-with-no-front-passenger-seat/slidelist/95572118.cms">Mumbai-based EV startup launched a two-seater electric car with no front passenger seat</a>

Union Bank, Tata Power Renewable join hands to help MSMEs switch to solar

<ul class="summary-list"><li>Several US bank executives recently said they don't believe the US is on the brink of a <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword>.</li><li>Europe might not be so lucky, however, and that would also impact the US <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>.</li></ul>Some experts believe the United States is <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-invest-jeremy-siegel-recession-inflation-deflation-fed-2022-6">already</a> in a recession. Some think it's <a href="https://markets.businessinsider.com/news/stocks/us-economy-recession-deeper-gdp-fed-rates-inflation-deutsche-bank-2022-6">heading there</a>. Others say the US will <a href="https://www.businessinsider.com/recession-outlook-inflation-forecasts-encouraging-wall-street-investors-bankers-economists-2022-7">avoid one</a> altogether. But even if the country does avoid its <a href="https://fred.stlouisfed.org/series/JHDUSRGDPBR">second</a> recession in three years, a struggling European economy could hinder US growth in the years to come. With several big <keyword id="11893444" type="UNKNOWN" weightage="60" keywordseo="banks" source="Orion">banks</keyword> <a href="https://www.businessinsider.com/recession-outlook-inflation-forecasts-encouraging-wall-street-investors-bankers-economists-2022-7">reporting</a> <keyword id="6357061" type="UNKNOWN" weightage="60" keywordseo="earnings" source="Orion">earnings</keyword> over the past week, investors and economists have been poring over the comments of banking executives for signals that a recession is on the horizon. Despite inflation-adjusted earnings <a href="https://www.businessinsider.com/millennial-entrepreneur-quit-job-started-her-own-business-great-resignation-2022-07">declining</a> at their fastest rate in 40 years and consumer sentiment <a href="https://www.businessinsider.com/economic-outlook-consumer-sentiment-lowest-level-ever-2022-6">near</a> all-time lows, the earnings commentary struck a decidedly <a href="https://www.businessinsider.com/recession-outlook-inflation-forecasts-encouraging-wall-street-investors-bankers-economists-2022-7">optimistic</a> tone. "While sentiment has shifted, little of the data I see tells me the US is on the cusp of a recession," Citigroup Chief Executive Jane Fraser <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.fool.com%2Fearnings%2Fcall-transcripts%2F2022%2F07%2F15%2Fcitigroup-c-q2-2022-earnings-call-transcript%2F">said</a> last Friday, citing strong consumer spending and the tight job market. But while the data may currently suggest declarations of a recession are unwarranted, the US isn't out of the woods just yet. Even if the <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> <a href="https://markets.businessinsider.com/news/stocks/economy-outlook-fed-soft-landing-extremely-difficult-wells-fargo-ceo-2022-6">plays its part</a> well, a weak European economy could dampen the country's economic growth, making it more difficult for the central bank to achieve its desired "<a href="https://www.businessinsider.com/economic-outlook-inflation-soft-landing-challenging-jerome-powell-federal-reserve-2022-5">soft landing</a>." "We expect a very difficult winter is coming," Citigroup's Fraser <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.fool.com%2Fearnings%2Fcall-transcripts%2F2022%2F07%2F15%2Fcitigroup-c-q2-2022-earnings-call-transcript%2F">said</a> of Europe, "and that's due to disruptions in the energy supply," adding that this is "darkened by the belief that the war in Ukraine will not end anytime soon."If the banks are to be believed, the European economy is indeed weakening, driven by the continent's exposure to the war in Ukraine and the related <a href="https://markets.businessinsider.com/news/currencies/russian-gas-dollar-vs-euro-vladimir-putin-european-energy-crisis-2022-7">energy crisis</a>. Like the US, <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword> is on the rise as well — prices in the <keyword id="11907394" type="UNKNOWN" weightage="60" keywordseo="european-union" source="Orion">European Union</keyword> rose 8.6% in June.If the European economy does falter, the US won't be able to get away unscathed. In 2021, the US exported over <a href="https://www.census.gov/foreign-trade/balance/c0003.html">$270 billion</a> in goods to the European Union, accounting for roughly <a href="https://www.statista.com/statistics/218255/total-value-of-us-trade-in-goods-worldwide-since-2004/">15%</a> of all exports. A weakened European economy could mean fewer exports —and sales — for American businesses. In 2020, the US's <a href="https://www.investopedia.com/investing/how-much-does-us-trade-eu/">top European exports</a> were aerospace products and parts, mineral fuels, and machinery. Texas, California, and South Carolina exported more goods to Europe than any other states.Morgan Stanley CEO James Gorman <a href="https://seekingalpha.com/article/4523385-morgan-stanley-ms-ceo-james-gorman-on-q2-2022-results-earnings-call-transcript">said</a> that while the US and Asia could enter some form of a recession, Europe is "fighting the hardest right now because of the war in the Ukraine, because of the pressure on gas and gas prices."It's not just the banks expressing concern about the European economy either. "For Europe, the risk of a recession is real," the British research firm Oxford Economics <a href="https://www.newstimes.com.ng/economy-is-at-risk-of-recession-by-a-force-hiding-in-plain-sight-more-news-here/">said</a> in a report last week. A Bloomberg survey of analysts over the first week of July put the odds of a recession in Europe at 45%, an uptick from 30% from the prior month's survey. This Thursday, the European Central Bank is <a href="https://www.nytimes.com/2022/07/16/business/global-recession-risk.html">meeting</a> to discuss the path of interest rates moving forward. With the economy inching towards a recession, one might expect the central bank to lower interest rates to incentivize borrowing and spending. Europe's high inflation is a concern as well, however, and the bank may decide higher interest rates are necessary to stifle it. Raising rates would also support the euro, which has fallen to a <a href="https://www.businessinsider.com/strong-us-dollar-exchange-rate-companies-investors-inflation-interest-rates2022-7">20-year low</a> relative to the US dollar. The weakened euro has made US imports more expensive for European consumers and businesses, another development that could discourage spending and harm American businesses.

The US might avoid a recession, but it won't be unscathed if the European economy tanks

<ul class="summary-list"><li>The deputy treasury secretary, Wally Adeyemo, says the threat of secondary sanctions is working.</li><li>Finance flows to Russia have withered as global institutions don't want to lose dollar access.</li></ul>The threat of secondary sanctions on financial institutions that help Russia bypass its own restrictions is proving effective, the US deputy treasury secretary, Wally Adeyemo, has told Reuters.Data cited by the Treasury shows financial flows between Russia and several countries, such as Kazakhstan, Turkey, and the United Arab Emirates, have meaningfully decreased.That's after an <a href="https://www.reuters.com/world/us/us-takes-aim-financial-institutions-with-new-russia-sanctions-authority-2023-12-22/" target="_blank" rel="noopener">executive order was signed last December</a>, giving the US leeway to sanction non-Russian institutions that facilitate restricted transactions with Moscow or are tied to the country's military industry."We are sending an unmistakable message: Anyone supporting Russia's unlawful war effort is at risk of losing access to the US financial system," the national security advisor, Jake Sullivan, then said about the order.Adeyemo said at-risk institutions had since turned more cautious, and some had shown concern about losing access to the US dollar. The currency accounts for nearly <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-china-yuan-global-payments-record-high-swift-2023-12">half of global financial transactions</a>."From their CEOs on down, they started requesting meetings with us to say, 'What can we do to make sure that we keep access to the dollar,'" he told Reuters, adding that large banks were also part of the discussion: "Because ultimately for them, even though they may do some business with Russia, it pales in comparison to the amount of business they do with the United States or the business they do in the dollar."Last week, Reuters cited the December order for <a href="https://www.reuters.com/markets/turkish-russian-trade-hit-by-fresh-us-sanctions-threat-2024-02-19/">complicating payments between Turkey and Russia</a> on energy-supply purchases as Turkish banks tighten compliance. Meanwhile, three of China's Big Four state banks have stopped accepting payments from Russian counterparts in fear of <a href="https://www.businessinsider.com/china-biggest-banks-stop-russia-payments-icbc-ccb-boc-2024-2">secondary sanctions</a>.On Friday, Washington doubled down with a slew of <a href="https://www.bloomberg.com/news/articles/2024-02-24/us-sidesteps-riskiest-sanctions-in-latest-move-against-russia">new restrictions on Moscow</a>, with the White House targeting 500 individuals and entities in countries including Russia, China, and the United Arab Emirates.So far, no financial institution has been targeted based on the December order.Sergei Guriev, an economist, recently said that while the Kremlin had been successful in circumventing the worst impacts of Western sanctions with the help of bank intermediaries in other countries, it was paying to do so through <a href="https://www.businessinsider.com/russia-economy-circumvent-sanctions-china-turkey-banks-putin-price-2024-2">intermediary fees</a>.More pressure is set to come from the European Union as well after members have agreed to <a href="https://www.businessinsider.com/china-india-russia-ukraine-war-vladimir-putin-eu-sanctions-2024-2">sanction firms in China and India</a> over their ties to Moscow.

Financial flows to Russia are drying up as global banks fear losing access to the US dollar, Treasury official says

<ul class="summary-list"><li>Auto workers at the Detroit 3 carmakers are on strike.</li><li>The work stoppage is costing GM and Ford at least $100 million a week, Goldman Sachs estimates.</li></ul>Detroit automakers Ford and General Motors stand to lose $100 to $125 million in revenue per week from the <a target="_blank" href="https://www.businessinsider.com/ford-gm-stellantis-uaw-workers-indefinite-strike-2023-9">United Auto Workers strike</a>, analysts at Goldman Sachs estimate.As of Monday, three factories had been strategically targeted by the UAW: part of a Ford plant in Wayne, Michigan; a GM assembly plant in Wentzville, Missouri; and a Stellantis assembly complex in Toledo, Ohio (one at each of the Detroit automakers). The targeted plants account for nearly 13,000 workers and more than 14,000 vehicles in weekly production.The bank's calculations are based on revenue estimates for Ford and GM based on weekly production of the affected plants, as well as the specific vehicle models that are manufactured at these plants. Ford's Wayne plant makes the Bronco and Ranger while GM's Wentzville plant makes models like the GMC Canyon and Colorado, according to the bank's September 17 note.Though unionized Stellantis workers are also on strike, Goldman Sachs did not estimate the potential impact on the Jeep-maker.In response to the targeted strike, the auto companies are already idling operations elsewhere. GM will likely halt production at its <a target="_blank" href="https://www.npr.org/2023/09/18/1200052537/uaw-strike-worker-job-plant-layoffs-day-4-gm-ford#:~:text=Workers%20are%20out%20of%20jobs%20and%20companies%20won't%20pay%20them&amp;text=General%20Motors%20warned%20that%202%2C000,its%20Wentzville%20plant%20in%20Missouri.">Fairfax plant in Kansas City, Kansas, this week, impacting 2,000 workers</a>, while <a target="_blank" href="https://www.clickondetroit.com/news/local/2023/09/15/600-ford-michigan-assembly-plant-workers-temporarily-laid-off-amid-labor-strike/">Ford has temporarily laid off 600 workers due to a pause at its Michigan Assembly Plant body department</a> (workers are unable to continue production given the strike is impacting that plant's assembly and paint areas).The UAW, which has nearly 150,000 members, is likely to pause labor at additional factories, depending on <a target="_blank" href="https://www.businessinsider.com/uaw-strike-history-what-happened-during-2019-gm-union-stoppage-2023-9">how negotiations go in the coming days</a>.<h2>What's at stake</h2>The UAW went on strike on Friday after weeks of negotiating failed to produce an agreement with the Detroit 3.<a target="_blank" href="https://www.businessinsider.com/uaw-auto-workers-union-negotiations-contract-strike-ford-gm-stellantis-2023-7">Union members are fighting for</a> increased wages, cost-of-living adjustments, the return of pensions, a 32-hour workweek, and more. These demands are especially timely coming off the few years of blockbuster profits that automakers saw during the supply-and-demand crunch of the pandemic.Conversations with automakers continued throughout the weekend, according to both sides, but <a target="_blank" href="https://www.nytimes.com/2023/09/17/business/uaw-strike-ford-stellantis-gm.html">not enough progress was made</a>.A <a target="_blank" href="https://www.businessinsider.com/uaw-union-auto-workers-strike-impacts-auto-industry-contact-negotiaions-2023-9">prolonged work stoppage will not only impact the Detroit 3 and their workers, but the rest of the industry</a> and <a target="_blank" href="https://www.businessinsider.com/auto-workers-union-pay-increases-ford-gm-cars-more-expensive-2023-8">car buyers, too</a>.<a target="_blank" href="https://www.businessinsider.com/uaw-strike-car-shopping-prices-deals-inventory-2023-9">Vehicle shoppers looking for a great deal on a Detroit 3 car</a> can likely say goodbye to the <a target="_blank" href="https://www.businessinsider.com/uaw-strike-high-prices-low-inventory-car-deals-2023-9">incentives that started to creep back up</a> over the summer months. They're also likely to see vehicles<a target="_blank" href="https://www.businessinsider.com/car-buying-prices-inventory-best-deals-dealerships-2023-8"> return to sticker price and above (despite the little pricing progress seen over the past few months)</a>, and even if they opt to shop a non-Detroit 3 vehicle, dealers are expected to hold supply close to their chests.

Ford and GM could be losing $100 million every week with union workers on strike

<ul class="summary-list"><li>United Airlines captain Neil Swindells has resigned as head of the company's pilot union. </li><li>The resignation came after Swindells apologized for remarks made in a private pilot forum.</li></ul><a href="https://www.businessinsider.com/best-airlines-in-world-united-qatar-qantas-etihad-latam-airhelp-2022-12">United Airlines</a> captain Neil Swindells has resigned days after being elected as head of the company's pilot union. Swindells' resignation from United's chapter of the Air Line Pilots Association (ALPA) came after he apologized for remarks that were insulting to <a href="https://liveandletsfly.com/neil-swindells-united/" target="_blank" rel="noopener">gay people, women, and minority groups.</a>He said the comments were made in a private forum. Per CBS News, the comments were noticed by other pilots before his election.In one September 2021 post seen by <a href="https://www.cbsnews.com/news/neil-swindells-united-airlines-pilot-union-comments-apology/" target="_blank" rel="noopener">CBS News</a>, the captain appeared to respond to another user by commenting: "Continuing to get your gay man on today I see."In a separate comment also seen by the news outlet, Swindells said: "And if my Aunt had a penis she'd be my Uncle."CBS News said it was provided with the messages posted under Swindells' name, which were confirmed by other United Airlines pilots.According to<a href="https://www.cnbc.com/2022/12/22/head-of-united-airlines-pilot-union-resigns-after-comments-surface.html?utm_content=Main&amp;utm_medium=Social&amp;utm_source=Facebook#Echobox=1671720349" target="_blank" rel="noopener"> CNBC,</a> days after United announced a <a href="https://www.businessinsider.com/united-new-route-us-to-dubai-new-codeshare-emirates-2022-9">new partnership with Emirates,</a> Swindells posted: "And I'm sure EMIRATES had NOTHING TO DO with the EMIRATES MALE CAPTAIN being flanked" by a United "FEMALE FIRST OFFICER."On Tuesday, Swindells apologized for the comments, which he acknowledged included language "that was often colorful, heated, and inappropriate." But he initially declined to step down, per CNBC.After pressure mounted in the press and within the union, Swindells send out a resignation note to pilots on Wednesday.In the note, seen by CBS news, Swindells said many of the comments had "been taken completely out of context and publicly weaponized." But he added that he could not "ignore their existence and the damaging effect it has had on many of my fellow pilots."Representatives for United Airlines and Swindells did not immediately respond to Insider's request for comment made outside normal working hours.

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