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☆ The East and Gulf Coast ports strike could be a no-win situation for the Biden administration
▼ + stars: | 2024-10-02 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

President Biden said on Tuesday that his administration will be "monitoring for any price gouging activity" that benefits foreign ocean carriers, including those on the USMX board. He also said "foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open." UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. Acting Secretary Julie Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers."

Persons: Biden, Longshoremen, majeure, Daggett, Harold Daggett, Lars Jenson, Pete Buttigieg, Julie Su, Taft, Hartley, Buttigieg, Larry Lindsey, Su, Peter Friedmann, I've, nonfarm, Helene, switchers, they're, Jim Bianco, CNBC's, Peter Boockvar, Alan Baer, Steve Lamar, Taft Hartley, Lamar, CNBC's Jeff Cox Organizations: CMA, U.S, United States Maritime Alliance, Vespucci, Federal Reserve, Transportation, Labor, International Longshoremen's Association, UBS, Maersk, Federal Maritime Commission, ILA, Boeing, The Lindsey Group, Agriculture Transportation Coalition, Bianco Research, Bleakley Financial, USA, American Apparel and Footwear Association, Biden Administration, — Locations: East, Gulf Coast, U.S, autoworkers

☆ Hungary told it can't host EU gathering after the latest clash with Putin ally over Ukraine
▼ + stars: | 2024-07-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +2 min

Hungary has been stripped of the right to host a forthcoming gathering of European Union ministers due to its stance on the war in Ukraine. "We have to send a signal, even if it is a symbolic signal, that being against the foreign policy of the European Union ... has to have some consequences," Borrell told reporters in Brussels on Monday. Borrell said he had made the decision to hold the next gathering in Brussels after almost every EU foreign minister meeting on Monday was critical of Hungary's stated position on Kyiv, Russia and the war in Ukraine. Orban, who's seen as an ally of Russian President Vladimir Putin, has since provoked fury in Brussels by describing EU policy on Ukraine as "pro-war." He nevertheless told reporters that the move was not a "boycotting" of Hungary and that the country would be present at the next gathering.

Persons: Josep Borrell, Borrell, Hungary's, Viktor Orban, Orban, who's, Vladimir Putin, Péter Szijjártó, it's Organizations: European Union, EU, Hungary's, Reuters Locations: Hungary, Ukraine, Brussels, Budapest, Kyiv, Russia, China

☆ Natural gas is starting to resemble oil as a global commodity – here's why that matters and how to play it
▼ + stars: | 2024-07-03 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Natural gas has historically been a regional commodity, with supply limited by pipeline networks. "Natural gas is starting to resemble oil in that there's a more global market emerging for it," Antia told CNBC in an interview. The global capacity to liquefy natural gas has grown 60% since 2014, reaching 483 million metric tons annually as of February 2024, according to the IGU. Cheniere: LNG powerhouse The U.S. dominates the global LNG market, accounting for 21% of global exports last year and shipping 84 million metric tons, according to the IGU. Cheniere Energy , a global LNG leader based in Houston, is an opportunity for investors who want exposure to the growing global gas market, Antia said.

Persons: Shehriyar Antia, PGIM, Antia, Bernstein, Cheniere, Morgan Stanley, Biden, Mark Menezes, CNBC's, Menezes, Trump Organizations: Prudential Financial, CNBC, International Gas Union, Cheniere Energy, York Stock Exchange, Department of Energy, U.S, LNG, European Union, U.S . Department of Energy, European, United States Energy Association Locations: U.S, Houston, Cheniere's, of Mexico, Indonesia, China, India, Japan, South Korea, Europe, Asia, Russia, Moscow, Ukraine, United Kingdom, European Union

☆ Las Vegas hospitality unions ratify contract with Wynn Resorts
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

Nov 22 (Reuters) - Unions representing hospitality staff in Las Vegas said on Wednesday that workers employed at Wynn Resorts (WYNN.O) have voted in favor to ratify a new five-year contract, days after similar moves by its competitors Caesars Entertainment (CZR.O) and MGM Resorts International (MGM.N). The unions, which represent about 5,000 employees at Wynn Resorts properties, said 99% of its members voted in favor of the new agreement. Earlier this week, union members at Caesars and MGM voted to ratify their contracts. The total compensation won by the Culinary Union for workers employed at MGM Resorts, Caesars Entertainment, and Wynn Resorts casino properties is about $2 billion over the five-year contract, according to Ted Pappageorge, secretary-treasurer at Culinary Union . Meanwhile, the unions said separate negotiations for 10,000 workers including cooks, bartenders and housekeepers, are ongoing with 24 smaller casinos and resorts for a new five-year contract.

Persons: Wynn, Ted Pappageorge, Mrinmay Dey, Sonia Cheema Organizations: Wynn Resorts, Caesars Entertainment, MGM Resorts International, Caesars, MGM, Culinary Union, MGM Resorts, Las, Thomson Locations: Las Vegas, United States, Bengaluru

☆ What Meta's Threads app means for Twitter, social media and Meta's own profits
▼ + stars: | 2023-07-13 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Meta Platforms made headlines last week with the launch of Threads , a text-based social media app challenging Twitter and pitting two heavyweight technology leaders against one another. "It's a land grab right now, right now, it's PR," said Paul Meeks, portfolio manager at Independent Solutions Wealth Management. Evercore ISI's Mark Mahaney wrote in a recent note that Threads "poses very little downside" risk to Meta's business, offering "upside optionality" for revenues and profits. Headwinds to Twitter Morfe broadly, Threads may rattle the social media industry and, over the long haul, snatch up some competitor's cherished advertisers. To be sure, Elevation Partners co-founder Roger McNamee said Meta and Threads face a long, uphill climb.

Persons: Mark Zuckerberg, Meta, Meta hasn't, Adam Mosseri, it's, Paul Meeks, Meeks, Evercore, Mark Mahaney, Gene Munster, Mark Douglas, MNTN, CNBC's, Matthew Prince, Musk's, Alex Spiro, Roger McNamee Organizations: European Union, Twitter, PR, Independent Solutions Wealth Management, Meta, Facebook, Elon, Partners

Companies Tesla Inc FollowMarch 31 (Reuters) - A U.S. appeals court on Friday said Tesla Inc (TSLA.O) CEO Elon Musk violated federal labor law by tweeting that employees of the electric vehicle maker would lose stock options if they joined a union. Amid an organizing campaign at Tesla's Fremont, California, plant by the United Auto Workers union, Musk tweeted: "Nothing stopping Tesla team at our car plant from voting union ... But why pay union dues & give up stock options for nothing?" In Friday's case, Tesla had argued that the tweet about unionizing was not a threat and merely reflected the fact that union workers at other auto companies did not receive stock options. The labor board in a separate case last year said Tesla violated labor law by prohibiting workers at the Fremont plant from wearing shirts supporting the union campaign.

☆ EU seeks to use frozen Russian funds to rebuild Ukraine
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 14 (Reuters) - The European Union will on Wednesday launch an ad hoc group to investigate how billions of dollars in frozen Russian funds, including central bank reserves, can be used for reconstruction work in Ukraine, the Swedish government said on Tuesday. "The mandate is to contribute to mapping which funds have been frozen in the European Union ... and secondly how to legally proceed to access those funds," Swedish Prime Minister Ulf Kristersson told a news conference in Stockholm. "It's Russian tax payers, not all other tax payers, who must bear the cost of the necessary reconstruction work," Kristersson added. Among the key assets will be Russian central bank funds expected to amount to tens of billions of dollars, Ahnlid said. "The EU has never before used frozen funds for the reconstruction of a war-torn country, so we are in a sense chartering new territory," Ahnlid added.

☆ Auto loan delinquencies are rising. Here's what to do if you're struggling with payments
▼ + stars: | 2023-02-04 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Fotostorm | E+ | Getty ImagesFor a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. High prices, interest rates have led to bigger paymentsLoan delinquencies can harm your credit scoreWhile the auto loan delinquency rate is edging higher, the default rate is not, according to Cox. "If you're 30 days late, it impacts your credit score," said Brian Moody, executive editor of Kelley Blue Book. What to do if you're struggling with auto loan billsFor car owners who are pretty sure they're heading toward delinquency, it's important to try preventing the problem from snowballing. If you're struggling to keep up because you don't budget well, that's at least potentially fixable, experts say.

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